Turkey Financial News

Posted by meb at February 27th, 2008

The dairy sector, which has drawn the attention of many domestic and foreign investors, has declared 2008 a year of investment with some companies increasing capacity and others setting up new plants.

Bursa-based Sütaş, which ranks among Turkey’s top three dairies, plans to complete construction of a new facility worth $90 million in June. The firm last year began the construction of the factory that will have a capacity to process 1,300 tons of milk a day. Once completed the factory will employ 1,000 people. Sütaş is also planning to establish a bait factory, farmer training center and a stud cattle farm.

“Our aim is to contribute in the development of modern dairy business in Aksaray and its surrounding area,” said Muharrem Yılmaz, Sütaş chairman. (more…)

Posted by meb at February 27th, 2008

Turkey’s wealthiest person is Mehmet Emin Karamehmet, owner of Çukurova Holding, according to the “100 Richest Turks” study by Forbes magazine.

Karamehmet, who also owns the majority share in Turkcell, the nation’s biggest mobile phone company, has an estimated wealth of $4.3 billion, according to the March issue of Forbes’ Turkish edition, not yet on newsstands. Karamehmet is followed by Şarık Tara, of construction giant Enka, with $4.1 billion and Hüsnü Özyeğin, who has $4 billion, of Fiba, reported the daily Sabah yesterday. Özyeğin was ranked first on last year’s list, and Tara ranked fifth. The top positions constantly change due to fluctuations in the stock market, the magazine said, and the list was handed over to Forbes United States on Feb. 8 (more…)

Posted by meb at February 27th, 2008

A report detailing the feasibility of a highway project that includes the construction of a third bridge over the Bosporus will be submitted to the State Planning Organization (DPT) next month.

According to information provided by Ministry of Transportation officials yesterday, the most important part of the project is the building of a third bridge over the Bosporus. The route of the new bridge will stretch from Akyazı on the Anatolian side and the Kınalı junction on the European side. (more…)

Posted by meb at February 27th, 2008

Companies looking to enter and increase their share in the Russian market, where Turkish businessmen have $5.5 billion in investments, have been advised to focus on branding and high quality standards.
Turgut Gür, the head of the Foreign Economic Relations Board’s (DEİK) Turkish-Russian Council subsidiary told the Anatolia news agency that some foreign companies had faced extortion in Russia prior to the year 2000. But he went on to say such practices have stopped because the state’s authority has been strengthened in recent years. (more…)

Posted by meb at February 26th, 2008

Akbank has been chosen Turkey’s most valuable financial brand, according to a survey by “Brand Finance,” the brand valuation consultancy firm, and The Banker magazine.

With a brand value of $631 million and a brand rating of “A,” Akbank, Turkey’s second-biggest company by market value, ranked 178 in the Global 500 Financial Brands Index survey.

İşbank, following Akbank with a market value of $577 million and brand rating of “B,” was the 188th institution in overall ranking. The bank is Turkey’s biggest lender. (more…)

Posted by meb at February 26th, 2008

Foreigners who own summer houses in Turkey’s popular summer resorts rent them out over the Internet, placing the country seventh out of 112 countries in demand for holiday homes, according to a study by the Web site holidaylettings.co.uk.

Turkey even surpassed Spain’s Balear Islands’ Canary Islands and South Africa among the developing markets. Gordon Lyons, the manager of International Property Agents, said that the estate renting sector was on the rise in Turkey although it was still not easy to fly here at reasonable prices. (more…)

Posted by meb at February 26th, 2008

The weight of foreigners in the Turkish insurance sector is gradually increasing with acquisitions going on since 2006 as Turkey draws record amounts of foreign investment, but the sector complains that price discipline is still non-existent.

Foreign share in the sector’s aggregate nominal capital, which has approached 20 percent, is expected to increase in the upcoming period. However, besides capital and know-how contributions, the sector wants foreign insurance groups to introduce non-price competition and rational pricing perception. (more…)

Posted by meb at February 26th, 2008

Turkey’s tourism industry continued its upward trend after completing a solid tourism year in 2007, recording a 9.6 percent surge in the first month of 2008. 
According to “Arriving and Departing Visitors” figures released by the Culture and Tourism Ministry yesterday, 1.4 million people passed through Turkey’s border gates in January, up from 1.37 million in January 2007; 782,786 were arriving foreigners and the remaining 631,578 were returning Turkish citizens. (more…)