Turkey Financial News

Posted by meb at October 31st, 2008

The U.S. government is seeking to provide financial support to energy projects in Turkey, senior officials from the Washington administration said.

“The U.S. is committed to the westward flow of the Caspian energy resources and recognizes Turkey plays a very important role in this regard… The U.S. government is ready to provide tangible support for the energy sector working in partnership with the Turkish government,” Jeffrey Kupfer, the U.S. Deputy Secretary of Energy, told a group of journalists on the sidelines of the World Economic Forum on Europe and Central Asia on Thursday.

Kupfer is leading a high-level American delegation including Robert Mosbacher, the president of the U.S. Overseas Private Investment Corporation, John McAdams, COO of U.S. Export-Import Bank and Larry Walther, the director of the U.S. Trade and Development Agency. (more…)

Posted by meb at October 31st, 2008

A decision for unlimited government guarantees on deposits in banks should be taken when deemed necessary and there is no need at the moment for such a decision, the CEO of Garanti Bank said on Friday.

“It is a very important discussion whether to implement (full guarantee on deposits) or not. Therefore I think (the government) made the preparations and put it in its pocket. They will disclose it when needed but I don’t think we would need it,” Ergun Ozen told HotNewsTurkey on the sidelines at the World Economic Forum on Europe and Central Asia meetings in Istanbul.

He added that if such a decision is taken they, as Garanti Bank, would not object to it. (more…)

Posted by meb at October 31st, 2008

LUKOIL, Russia’s second-largest oil producer, has raised a three-year $250 million loan at 6.5 percent from a group of banks to finance its purchase of Turkish petrol retailer Akpet, it said on Friday.

The lenders were ABN Amro, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, Dresdner Kleinwort, ING and West LB.

LUKOIL President Vagit Alekperov said at the time the acquisition was announced that the price was $500 million. (more…)

Posted by meb at October 31st, 2008

Vision3, a Gulf investment fund made up of three financial institutions, has signed an agreement of intent with Turkey to invest 6 billion USD.

The fund consists of Ithmaar Bank B.S.C., Abu Dhabi Investment House and Gulf Finance House under the umbrella of a project called Vision3 to invest in agriculture and infrastructure. (more…)

Posted by meb at October 31st, 2008

For the first time ever, Turkey is hosting the Millionaire Fair, where ultra-luxury consumer goods are displayed for curious visitors.

The trade fair, which opened yesterday in İstanbul, is expected to draw around 15,000 visitors from countries as varied as Azerbaijan, Kazakhstan, Russia, Syria and Ukraine. CNR Holding General Manager Rüştü Barkay noted that several luxury hotels in İstanbul were full due to visitors flying in to the city to attend the Millionaire Fair.

Speaking at yesterday’s opening, Barkay said the decision over where this year’s event would be held was made between Dubai and İstanbul and that in the end, after much debate, İstanbul succeeded in attracting the event. (more…)

Posted by meb at October 31st, 2008

The World Economic Forum (WEF) opened a regional meeting in Turkey on Thursday, which organizers hope will shape solutions to the global economic crisis.

The three-day meeting, which ends on Saturday, will also focus on business opportunities that might arise from the crisis, energy and resources security, Central Asia’s role in the world and Turkey’s position as a bridge among Europe, Asia and the Middle East.

Speaking on the opening day of the WEF meeting on Europe and Central Asia 2008, Professor Klaus Schwab, the founder and executive chairman of the WEF, articulated that the regional meeting’s main task as to try to comprehend what caused the crisis and then work towards a collective solution. Responding to a question posed by Today’s Zaman about the diverse panels discussing a wide range of topics and concrete solutions that could be drawn from these sessions, Schwab said: “We are still in the area of understanding [what the crisis is and what caused it]. (more…)

Posted by meb at October 31st, 2008

The Turkish economy is “on a dangerous path” and in urgent need of funding, according to articles in three prominent newspapers yesterday.

Citing a “newly published estimate” by Deutsche Bank, The Washington Post claimed Turkey “alone could need $90 billion” in international funding, due to its high current account deficit. Listing countries that needed support from the International Monetary Fund, or IMF, the newspaper pointed to the fact that some of those are new democracies located in strategic regions. Pakistan tops the list, according to the newspaper, while “South Africa, Poland, Romania, Baltic states and Turkey could be next.” (more…)

Posted by meb at October 31st, 2008

Mixed messages on the future of the global economy proliferate as leaders make moves to bring optimism to markets worldwide and international newspapers shred Turkey’s stance amid the turmoil. The national currency hovers around 1.50 per US dollar even as the Istanbul bourse takes a hefty 7.4 percent jump.

An interest rate cut by the U.S. Federal Reserve and the International Monetary Fund approval of an emergency loan program to emerging markets bring optimism to the global economy again, as stock markets worldwide, including Turkey, rally. But articles in three respected newspapers cast a shadow over how Turkey will cope with its economic problems. (more…)