Turkey Financial News

The only Turkish company rising in the world patent league, Arçelik, is now breaking new ground.   With a new system called Divide&Cool (DAC) - Divisible Cooling Technology, Arçelik, the leading company of one of Turkey’s biggest conglomerates, Koç Holding, and the only Turkish company in the world patent league, has managed to operate with one compressor per fridge split into seven sections around a kitchen. Through this system, some kitchen drawers are turned into deep freezers.

“We developed this brand new product after three years of research and development work. It will win through built-in kitchen products,” Arçelik’s General Manager Aka Gündüz Özdemir. (more…)

Turkish Highways Directorate General opened Wednesday a tender for construction of Gebze-Orhangazi-Izmir highway, including Izmit Gulf transition.

Within the framework of the project, an Izmit suspension bridge and by-ways will also be constructed. The directorate general had opened two international tenders for construction of the suspension bridge so far, however the tenders were cancelled. (more…)

As the benchmark IMKB-100 index of the Istanbul Stock Exchange has witnessed a 28.4 decline since the beginning of the year, largely due to the U.S.-based credit crunch, the stock value of local companies seems to have been swept away.

Adding to that the impact of the rise in exchange rates, the market value of Turkish companies trading in the stock exchange deteriorated by $90 billion down to $200 billion as of March 21, compared to $289.98 billion at the end of 2007. (more…)