Turkey Financial News

Posted by meb at December 12th, 2008

Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum has bought a 40 percent stake in private developer Damac Properties that plans to invest $6 billion in a Turkish coastal project, Vatan daily reported on Friday.

The project includes construction of hotels, houses, shopping malls and marinas on the southwest coast of Turkey, which attracts millions of tourists every summer.

“Dubai’s Sheikh al-Maktoum will gain a right in the project by buying 40 percent in the group,” said Cenk Fis Unlucerci, an official at Debba, a subsidiary of Damac Properties in Turkey, was quoted as telling Vatan newspaper. (more…)

Posted by meb at December 12th, 2008

The State Planning Organization (DPT) has said almost 90 percent of small- and medium-sized enterprises (SMEs) in Turkey need to take out loans so as to withstand the negative affects of the ongoing global financial crisis.

According to recent research carried out by the DPT, Turkish SMEs have being experiencing serious problems in finding enough working capital with which to continue day-to-day operations. “The lack of capital has led to a decline in exports. Twenty-seven percent of the companies asked have said their exports have fallen because they have not had enough capital,” the research underlined. (more…)

Posted by meb at December 12th, 2008

Turkey earned 6.3 billion USD from privatization in 2008. Also it will gain 4.2 billion USD after hand over procedures of other privatized companies are completed.

Turkey earned 2.04 billion USD from privatization of Petkim Petrochemical Holding, 2.2 billion USD from TEKEL (state-owned tobacco company), 1.9 billion USD from public offering of Turk Telekomunikasyon and 89.2 million USD from its hand over procedures in 2008.
source: Today’s Zaman

Posted by meb at December 12th, 2008

EMI Music and Warner Music Group Wednesday announced a new agreement to extend their existing marketing and distribution partnership in India and the Middle East and enter into their first partnership in Turkey.

Under the agreement, EMI Music will continue to serve as the distributor of WMG’s repertoire in India and the Middle East – a role it has had since 2005 – and will become WMG’s local digital distributor as well, Market Wire reported. (more…)

Posted by meb at December 6th, 2008

The total amount of Turkish manufacturing capacity utilized in November fell by a record amount — 9.7 percent — compared to the same month last year, according to recently released figures.

The latest “Trends in the Manufacturing Sector” survey, conducted by the Turkish Statistics Institute (TurkStat), was released yesterday, indicating that just 72.9 percent of total industrial capacity is now used. The figures were derived from the provisional results of 4,862 industrial establishments.

TurkStat cited the main reason for businesses failing to operate at full capacity as decreasing demand in the domestic market due to the negative effects of the ongoing financial turmoil in global markets. In addition, a shortage of raw materials and high energy prices have led to a decline in the utilization of industrial capacity, noted TurkStat. (more…)

Posted by meb at December 6th, 2008

Monster, the world’s largest online career firm operating in 52 countries with 5,000 employees, opened in Turkey.

US ’Monster’ enters Turkey The U.S.-based firm renewed its Turkey Web site, www.monster.com.tr, within the framework of its “Developing Markets Strategy.”

“We are looking forward to developing the recruitment processes in Turkey as well as aiming a rapid growth in this market,” John Hyland, managing director of Monster’s Developing Markets division, said in Istanbul.

“The significant increase in foreign investments in Turkey during the past years has created a wide range of career opportunities. This is one of the aspects that encouraged us to launch our Turkey operation,” said Hyland, who is also vice president of Monster Worldwide. (more…)

Posted by meb at December 5th, 2008

The Turkish-Korean Joint Venture (TKJV) has won a tender for construction of a vehicle tunnel underneath the Bosporus. The TKJV released a written statement Thursday saying the project, expected to cost $1 billion, could be finished within the next four-and-a-half years.

The project will be based on the build-operate-transfer (BOT) model. The tube is anticipated to ease traffic in the city of 15 million.

The new tunnel will be constructed on a two-tier system with traffic flowing in opposite directions. At 14.6 kilometers long, including sections both underwater and above ground, it will start in Sirkeci on the European side and end in Göztepe on the Asian side of the city. (more…)

Posted by meb at December 5th, 2008

An IMF delegation would visit Turkey to discuss the final details on the new deal after the local holiday next week, while various media reports circulate over the financial extent of the agreement.

The state-run Anatolian Agency said the Turkish government prefers a short-term regular stand-by for 1.5-2 years in order to get an immediate financial support over the country quota. The report did not say how much financial support Turkey seeks to get.

It also said an IMF delegation would visit Turkey to discuss the final details on the new agreement after the religious holiday ends on December 15.

Earlier Reuters news agency reported the government is expected to seek a loan agreement with the IMF amounting to $25 billion; while broadcaster NTV said the report was denied by the officials. (more…)