Turkey Financial News

Posted by meb at August 27th, 2008

Turkey’s car exports to the world’s major oil producing and exporting countries increased tremendously in the first seven months, while a slowdown was seen in exports to the European market.

Turkey’s total automotive exports rose 40.9 percent to $15.94 billion in the given period compared to the same period a year ago, the latest figures by the Uludağ Exporters’ Union (UİB) have shown. There are some countries, however, to which Turkey’s auto sales increased at rates varying between 108 percent and 445 percent. Parallel to the unprecedented increase in the wealth and prosperity of oil producing countries, which enjoyed billions of petrodollars as a barrel of oil climbed to as high as $150, the demand of oil-rich nations’ citizens for cars saw a significant increase, as well. Auto sales to the Russian market amounted to $1 billion in the first seven months, increasing 108 percent over the same period of the previous year. (more…)

Posted by meb at August 27th, 2008

Account holders’ personal details have been found on a computer sold on eBay, banks said on Tuesday, adding to fears over data security.

Media reports said details of more than a million customers of Royal Bank of Scotland, American Express and NatWest were found on the computer sold for 35 pounds on the auction and shopping website. RBS said the information included historical data related to credit card applications and data from other banks, but would not disclose further details.

The Daily Mail said names, addresses, mobile phone numbers, bank account numbers, sort codes, credit card numbers, mothers’ maiden names and even signatures had been left on the hard drive. (more…)

Posted by meb at August 27th, 2008

Although foreign investors inflow to Turkey has been rising over the past few years, the country’s ‘non-investment grade’ level remains unchanged. This is not only a problem for foreign investors; it also is a problem for all newborn children in Turkey, says Ersin Özince, the Banks Association of Turkey chairman, urging change…

There is no need to grade the Turkish government’s economic performance separately, as Turkey’s current credit rating is already an indicator of its economic report card, according to the chairman of the Banks Association of Turkey.

Both prior to and following the court case to possibly close down the ruling Justice and Development Party, or AKP, Turkey’s credit rating in the eyes of all rating agencies remained at a “non-investment grade” level, said Ersin Özince, the managing director of İşbank, Turkey’s largest publicly traded bank. (more…)

Posted by meb at August 27th, 2008

Zurich Financial Services, which purchased Turkish general insurer TEB Sigorta at the beginning of the year, has finalized a campaign to promote the name change as of yesterday. The company will operate in Turkey as “Zurich Sigorta” from now on.

“We are an insurance company whose aim is not to follow the market, but to lead the market in every country that we operate. We also aim for permanent, consistent and a high level of profitability,” Lutz Bauer, Zurich Financial Services Central and Eastern Europe chief executive, told members of the press in Istanbul yesterday. (more…)

Posted by meb at August 27th, 2008

The Turkish Promotion and Publicity Agency has announced that Perfect Wind, a leading French energy company, is expected to invest 210 million euros in Kırşehir, Turkey, for the establishment of a modern power plant there.

According to a statement released Tuesday by Perfect Wind, which operates in the field of renewable energy, the company is also planning 1.5 billion euros of renewable energy investment in Turkey over the next five years. Expressing his gratitude, Gazi Kalkan, Perfect Wind Turkey representative, thanked the Turkish Promotion and Publicity Agency for their help in overcoming the obstacles during the process of applying to carry out the project. (more…)

Posted by meb at August 26th, 2008

Despite the ongoing global credit crunch, stable and promising markets such as Turkey continue to attract private equity investments. The first half of the year saw $2 billion in private equity fund investments.

While private equity fund exits reached a record high last year, Turkey continues to attract private equity investments, according to an Ernst & Young report released yesterday.

Private equity firms usually require an “exit route” in order to realize a return on their investments. At the time of exit, the firm may not sell all the shares it holds. In the case of a flotation, private equity firms are likely to continue to hold the newly quoted shares for a year or more. (more…)

Posted by meb at August 26th, 2008

Fund managers are increasingly upping their exposure to Turkey, as political and economic pressures have eased over the summer, the Financial Times reported on Monday.

he main factor of the increased fund flow is shown as the Constitutional Court’s decision to survive the ruling Justice and Development Party (AKP) in a closure case in late July.

“Since then, the high court has ruled the AKP is legal, which has ended the political risk. Oil prices have come off their peak, which helps Turkey’s current account. And the central bank has removed the credit tightening it had put in place. All this has eased the problems, and valuations have been looking cheap,” Ghadir Abu Leil-Cooper, head of the emerging Europe, Middle East and Africa team at Baring Asset Management, told FT. (more…)

Posted by meb at August 26th, 2008

The Dutch real estate investment fund Corio would build a shopping center in Turkey’s southern town of Tarsus as it seeks to strengthen its presence in the country, the company said in a statement on Tuesday.

Corio said the shopping center, which would be build under the cooperation with Acteeum Group, is planned to be approximately 25,000 square meters.

“The total investment in the Tarsus shopping centre will be approximately 50 million euro and the net initial yield upon delivery is at least 8%, which is in line with Corio’s other investments in Turkey,” the company added in its statement. (more…)