Turkey Financial News

Posted by meb at March 26th, 2008

Despite the global economic crisis, Turkey’s banks aim to continue hiring new staff and open new branches in the upcoming period.   The banks, which have been grabbing the attention of foreign investors with their customer-focused activities in recent years, plan to hire approximately 20,000 people this year.

Considering Turkey’s population, the size of its economy, economic power, per capita deposit and per capita loan figures, the banking sector is still in a development process and it has further growth potential, said Ekrem Keskin, secretary general of The Banks Association of Turkey (TBB). (more…)

Posted by meb at March 26th, 2008

The Mass Housing Administration (TOKİ), which slowed down its construction projects during the winter, is now ready to implement more than 100 bids for 22,000 houses in four months.   The new projects are expected to vitalize the real estate sector as well as the construction sector.

TOKİ, which is currently evaluating proposals for new projects involving more than 1,400 houses in seven cities, will sign a contract for bids for 1,300 houses. Thus, TOKİ will have concluded the projects for the construction of 25,000 houses in the first half of the year. (more…)

Posted by meb at March 26th, 2008

Vodafone announced plans to allocate YTL 3 million to charity throughout Turkey this year, through the newly established Vodafone Foundation Turkey.

Each year Vodafone Group donates 100 million British pounds to charities and NGOs around the world. Seventy million pounds are allocated to the 23 national foundations it has established in countries it operates in, while 30 million pounds are administered by the U.K. based Vodafone Foundation headquarters. (more…)

Posted by meb at March 26th, 2008

Turkey’s first toll road tender utilizing the build-operate-transfer (BOT) model will be held on Oct. 7.  The announcement for the Gebze-Orhangazi-İzmir toll road tender was published in yesterday’s Official Gazette.

The tender will be conducted through sealed bids. The announcement noted that the bid documents can be acquired for YTL 100,000 and that the bid bond will be equal to the 3 percent of the offer.  The tender will take place at the Highways General Directorate in Ankara. (more…)

Posted by meb at March 26th, 2008

The Council of State rejected yesterday an appeal of the Nov. 22, 2007 Supreme Privatization Board (ÖYK) decision to sell petrochemicals producer Petkim to the SOCAR-Turcas-Injaz consortium.

The Union of Petroleum, Chemicals and Rubber Workers (Petrol-İş) had appealed the sale of 51 state shares in Petkim to the SOCAR-Turcas-Injaz consortium. (more…)

Posted by meb at March 24th, 2008

Turkish overland transportation is not the only sector affected negatively by the customs quotas implemented by European Union countries. These quotas also hit Turkey’s external trade and industry sectors hard, according to the International Transporters Association (UND).

“The quota implementation is contradictory with the Customs Union agreement, which was compiled as of Jan. 1, 1996,” said Çetin Nuhoğlu, chairman of the Turkish Society for Quality (KalDer) who spoke at a conference titled “The Solution Strategies For The European Union (EU) Transport Quotas.” The panel was held within the framework of UND’s 34th general board meeting in Istanbul Friday. (more…)

Posted by meb at March 23rd, 2008

The Revenue Board of Antalya, on the Turkish Riviera, has opened bids for immovable properties owned by the Treasury in the city to contribute to the Turkish economy.

In a public auction on March 27, 11 immovable properties in Antalya’s Manavgat district will be put up for sale. According to the sales announcements, the Treasury intends to sell 5,657 square meters of land for YTL 1.64 million ($1.31 million). (more…)

Posted by meb at March 23rd, 2008

Turkish luxury tourism is on the rise, a great opportunity for the country’s tourism industry, known for its long struggle with low revenues.

Today’s Zaman spoke with Enrique Acrich Eckert, the Turkey regional manager for Barceló Hotels & Resorts, a Spanish luxury hotel chain based in Palma de Mallorca with a history spanning three-quarters of a century. With its balanced mix, offering a high-quality standard to both tourists and business, the company’s strategy is an excellent example of what is needed to push Turkey to the top of the world’s hotel industry league. (more…)