Turkey Financial News

Posted by meb at February 29th, 2008

Turkcell, Turkey’s biggest mobile-phone company, may buy a cellular operator in eastern Europe as it seeks to grow outside Turkey, said Turkcell’s Chief Executive Officer (CEO) Süreyya Ciliv at a press conference in Istanbul yesterday.

“Turkcell is interested in various companies in eastern Europe,” Ciliv said, declining to give further details.

Turkcell has a unit in Ukraine and is also in talks to acquire a stake in Syriatel, which has a 54 percent share of the Syrian cellular market. Those discussions should reach a ‘successful conclusion’ by the end of March, Ciliv said. (more…)

Posted by meb at February 29th, 2008

The confidence in global markets has been discredited due to a structural imbalance caused by the United States subprime mortgage crisis, said Sabancı Holding Chairwoman Güler Sabancı in a meeting to announce the holding’s 2007 results and expectations for this year yesterday.

“This crisis affected expectations, brought on pessimism and introduced a global deceleration and even a recession jeopardy. We should gain a new perspective for the future,” she said evaluating the financial outlook of 2007.

There is a liquid surplus in developed markets, said Sabancı, adding, “eventually this accumulated liquidity will be directed somewhere. Turkey should not miss out on that opportunity.” (more…)

Posted by meb at February 29th, 2008

The decision by the Four Seasons Hotel to enlarge its existing building over an archaeological site in the historic Sultanahmet neighborhood of Istanbul has sparked debate over whether the desire to preserve the city’s heritage is being sacrificed to possible profit from tourism.

The hotel, a transformed prison from Ottoman times which itself was built on Byzantine and Roman ruins, currently has a 130-room capacity that it plans to increase by 50 with the additional building. The extension has drawn severe criticism despite the fact that the hotel has been granted the legal right to do so. (more…)

Posted by meb at February 29th, 2008

Turkey’s protection of intellectual property rights has been ranked 49th among 115 countries in the 2008 International Property Rights Index (IPRI), indicating that Turkey has much work to do. 
Turkey’s rank was 51 in terms of its legal and political environment for property rights. With respect to physical property rights, Turkey ranked 52nd. It was placed 51st in the general ranking of the index. Finland topped the general ranking list and it was followed by Norway, Denmark, the Netherlands and Germany. Despite its fame as a leading global figure for intellectual property rights, the US was only 19th in the general ranking. (more…)