Turkey Financial News

Posted by meb at March 20th, 2008

Europe’s 500 leading real estate investors have selected Russian capital of Moscow and Turkish metropolis of Istanbul as the most suitable cities for real estate and contracting business investments.

According to a research conducted by PricewaterhouseCoopers and Urban Land Institute, Istanbul, which was at the 11th place in the “Emerging Trends in Real Estate in Europe” list in 2007, was ranked the 2nd this year. (more…)

Posted by meb at March 20th, 2008

The process has started for the establishment of nuclear power plants in Turkey, with bylaws establishing the rules and conditions governing competitors in plant construction, facility operation and the sale of energy generated published in the Official Gazette yesterday.

The regulations were drafted by officials from the Ministry of Energy and Natural Resources in accordance with the opinions of the Council of State. (more…)

Posted by meb at March 20th, 2008

A document released yesterday by the World Bank on its Web site details positive developments in Turkey’s economy, education, science and healthcare systems.

The assessment, titled “Turkey’s Development Results,” noted that Turkey is making progress in its development across a range of sectors, including modernization of the cadastre and land registry systems, increased efficiency within the energy sector and the assistance provided to growing businesses for accessing needed capital. “The country as a whole is moving forward, and it is seeing results,” the bank stated. (more…)

Posted by meb at March 20th, 2008

Konya Chamber of Commerce chairman and Association of Islamic Chambers President Hüseyin Üzülmez has stated that Islamic and Gulf countries favor Turkey and Malaysia for investment.

Üzülmez told the Anatolia news agency yesterday that developed countries, including the EU member states, the US, Japan and China, seek to attract the $2 trillion Gulf market. (more…)

Posted by meb at March 20th, 2008

After enjoying a long period of growth with foreign investors pouring, Turkish markets are now at a critical juncture.
A case to close the ruling Justice and Development Party (AK Party) filed by Supreme Court of Appeals Chief Prosecutor Abdurrahman Yalçınkaya dealt a heavy blow to Turkish markets on Monday, leading to the heaviest losses seen among the world markets with a drop of roughly 7.5 percent. Monday alone saw $14 billion evaporate from the İstanbul Stock Exchange (İMKB). Indeed all markets were rocked the same day by the sale of Bear Stearns to JPMorgan Chase for a price far lower than its actual value, signaling the coming of a recession in the US economy. This turmoil was felt more in Turkey. (more…)

Posted by meb at March 19th, 2008

Foreign investors who are active players at the Istanbul Stock Exchange (IMKB) have begun to change their investment choices, since the beginning of the year, when U.S. subprime mortgage-related recession worries spread and caused fluctuations in global markets.

Foreign investors, who carried out sales worth $922 million in January, the largest net sales of the last eight years at the IMKB, made net purchases worth $150 million in February. Foreign investors, whose net purchases totaled $4.5 billion at the bourse in 2007, withdrew $771 million from the IMKB during the first two months of this year. (more…)

Posted by meb at March 19th, 2008

The trade volume between Turkey and European Union (EU) increased by 8.5 percent last year and reached 99.5 billion euros.

According to EU’s statistical institution
Eurostat, imports from EU to Turkey increased by 5 percent in 2007 and reached 52.6 billion euros while Turkey’s exports to the EU increased by 12 percent in 2007 and reached 46.9 billion euros.

Turkey succeeded in bringing down its trade deficit with the EU to 5.7 billion euros in 2007 from 8.3 billion euros in 2006.

Turkey was EU’s fifth biggest market with imports worth 52.6 billion euros in 2007.

Turkey ranked seventh in the world with its exports to the EU in 2007.

source: The New Anatolian

Posted by meb at March 19th, 2008

Belgian chocolate brand mark Godiva has merged into Yildiz Holding according to a written statement by Ulker Group of Turkey.

The statement said Yildiz Holding, which owns Ulker Group, signed an agreement with U.S. Campbell Soup Co. in December 2007 to acquire Godiva, and the legal procedures of the agreement have been concluded.

Yildiz Holding and its affiliates paid 850 million USD to Campbell Soup Co. for Godiva and thus recorded a very important development in world chocolate industry.

The statement said Yildiz Holding positioned Godiva an independent company under the chairmanship of Jim Goldman, and Goldman would also manage global operations of Godiva.

source: The New Anatolian