Turkey Financial News

Posted by meb at August 26th, 2008

Capital Markets Board (SPK) President Turan Erol has said Turkey’s capital markets have channeled $24 billion in financial resources to non-financial sectors since 2004.

These transfers of funds took the form of initial and secondary public offerings, capital increases through cash and dividends additions, private bonds and commercial papers.

In an interview with the Anatolia news agency, Erol said the biggest year for transfers to non-financial sectors was 2007, when $8.76 billion was sent to companies’ coffers from capital markets. “Considering that 2008 has not ended yet and assuming that the current pace will continue until the end of the year, the resources transferred to the non-financial sectors from capital markets will likely surpass 2007,” he predicted. This indicates that Turkey’s capital markets are maintaining their vitality despite a shaky political atmosphere and global economic turbulence, he added. (more…)

Posted by meb at August 21st, 2008

The rising exchange value of the lira is seriously undermining the profitability of investments in the Turkish tourism industry despite a recent rise in activity, representatives of the sector claim.

Pointing out that the lira is still hovering around the same level as six years ago despite inflation, Turkish Hoteliers Federation (TÜROFED) President Ahmet Barut said entrepreneurs in the tourism business are suffering significant losses from the overvalued lira. He explained that 90 percent of foreign visitors use their own currencies during their holidays in Turkey, while hoteliers have to use the lira to pay for their expenses. Exporters and industrialists have also been complaining for the same reason, primarily blaming the central bank’s monetary policies. (more…)

Posted by meb at August 21st, 2008

Various African nations and Turkey have decided to establish a common chamber of commerce so as to ensure better organization of trade relations between them.

The Turkish Union of Chambers and Commodity Exchanges (TOBB) and the Union of African Chambers of Commerce, Industry, Agriculture & Professions (UACCIAP) will work together to establish the Turkish-African Chamber (TAC).

The decision was announced as part of the İstanbul Declaration, read yesterday during a breakfast that was part of the ongoing Turkey-Africa Cooperation Summit, organized jointly by the Foreign Economic Relations Board (DEİK) and the Turkish Confederation of Businessmen and Industrialists (TUSKON). TOBB Chairman Rifat Hisarcıklıoğlu read the declaration out loud at the meeting, in which Turkey’s President Abdullah Gül also participated. (more…)

Posted by meb at August 20th, 2008

Europe’s insurers remain on the hunt for small to midsize acquisitions, with the action likely to center on promising emerging markets to the east and south, the Wall Street Journal reported on Wednesday.

Heavyweights such as AXA SA of France, Assicurazioni Generali SpA of Italy and Zurich Financial Services AG of Switzerland are seeking buying opportunities in emerging markets to offset slowdowns in domestic premium growth, the report said.

The sector’s mergers-and-acquisitions focus will likely take place in countries like Slovenia, Turkey and Ukraine, it added. (more…)

Posted by meb at August 20th, 2008

The increasing significance of boron in a wide variety of industries has made Turkey a leader in determining market prices, industry representatives have said.

Orhan Yılmaz, general manager of Eti Mine Works — a leading mining company in Turkey — said, “Turkey has positioned itself as number one in the world in terms of production and sales capacity of boron minerals.”

“Thanks to large-scale investments since 2005, Turkey has begun to export 95 percent of its boron to 68 countries,” he said. “Today Turkey has 72 percent of the boron mines in the world, and more than half of Turkish boron exports go to Asian countries such as China, Japan and Malaysia.” He stressed that with this potential, Turkey has started to determine the price of boron in the world market. (more…)

Posted by meb at August 20th, 2008

New incentives for encouraging job creation and helping Turkey’s poorest regions could be implemented by as early as 2009.

In addition to the already announced 5 percent cut in payroll taxes, the government is also planning to cover training costs and help companies with investment and borrowing. There will also be assistance for textiles companies that want to relocate their production to Turkey’s east and southeast. (more…)

Posted by meb at August 20th, 2008

According to a survey conducted to create a profile of the accomodation sector in Turkey, group and hotel chains own 61 percent of total bed capacity in the country. The survey shows that foreign group and chains prefer big cities whereas domestic ones prefer coastal towns.

Chain hotels provide the majority of Turkey’s accommodation, with most of the business conducted by domestic companies, a recent survey has revealed.

Nearly 61 percent of Turkey’s accommodation capacity is held by group or chain hotels, with the remaining bed capacity belonging to facilities not connected to groups or chains, according to the survey titled Group and Chain Hotels in Turkey-2008, conducted by the Ekin Group Research Unit for the Mediterranean Hoteliers Association, or AKTOB. According to the survey, 152 groups and chains supply the majority of the bed capacity. The investment, operation and administration of hotels are conducted mostly by domestic companies, the report revealed. (more…)

Posted by meb at August 20th, 2008

Turkey’s first Hilton resort hotel will open in Muğla’s Dalaman district toward the end of 2009 with a 100-million euro investment.

Hilton Hotels Corporation, the world-renowned U.S.-based international chain of full service hotels and resorts, signed a franchise agreement with Göçay Tourism for the construction of Hilton Dalaman Golf Resort & Spa.The resort hotel will be located in Dalaman’s Sarımerge beach and will be comprised of a total of 384 rooms, 52 of which are suites. The resort hotel, which has its own beach and its own quay, will also encompass a 3,000-square-meter house club, a spa and an 18-hole golf course. (more…)