Posted by meb at February 27th, 2009
The global downturn in the steel market highlights the need for steel futures as they could help the industry to hedge its risk when prices fall, the Chief Executive of the London Metal Exchange said.
“I think the fact that we’re going through a downturn in the steel cycle is not hurting the contract,” Martin Abbott said. “If anything, it probably is heightening the awareness of the contract.” (more…)
Posted by meb at February 27th, 2009
The Turkish Petroleum Corporation (TPAO) has said they have discovered rich oil reserves during their oil exploration in the southeastern province of Diyarbakır.
According to TPAO, the recently discovered reserves are the largest oil reserves ever found in Turkey. The reserves in Diyarbakır’s Taştan village are predicted to amount to 16 million barrels of crude oil. TPAO General Manager Mehmet Uysal, on a visit to the region on Friday, confirmed that the news was accurate. (more…)
Posted by meb at February 27th, 2009
Turkish durable goods maker Arçelik and its television-manufacturing unit Grundig Elektronik have decided to merge in order to increase their competitiveness, the companies said on Friday.
Shares in Grundig were 17.2 percent higher at 0.68 lira after the deal was announced, bringing gains over the last two days to 40 percent. Arçelik shares were 4 percent at 1.82 lira. The companies are both part of the Koç Holding conglomerate. Arçelik announced that it was also raising its capital to 649.9 million lira ($382 million) from 400 million lira in a rights issue. It also said it was selling shares in finance company Koc Finansal Hizmetleri to other Koc group companies for 250 million lira. (more…)
Posted by meb at February 26th, 2009
Turkcell, Turkey’s biggest mobile phone operator, sees enhancing profitability and launching new technology investments as a way out against the current crisis. The company plans to invest a total of $1.6 billion in the region.
Turkcell, Turkey’s largest mobile phone company, is planning to invest $1.6 billion this year. Allocating $1.3 billion for technological projects in Turkey, the company plans to make international investment, particularly in Ukraine and Belarus, worth $300 million in 2009. (more…)
Posted by meb at February 26th, 2009
Turkey should brace itself for a far worse crisis than the one it survived back in 2001, says Ulrich Zachau, the country director of the World Bank.
Turkey should not expect to see a recovery in its economy any time soon. In fact it should prepare to battle against a crisis that will be far worse than the one it experienced in 2001, according to the country director of the World Bank.
“This will be a far worse crisis than experienced in 2001,” said Ulrich Zachau, during the speech he delivered at the third “Risk Management Summit” organized in Istanbul yesterday by Active Academy. Growth in Turkey’s economy will slowdown and unemployment will continue to rise, reported Anatolia News Agency, citing Zachau. The fact that Turkey’s financial sector still maintains its strength is a big advantage, Zachau said. However, the impact of the global economic crisis on corporations and the rest of the economy is the real risk this year. (more…)
Posted by meb at February 26th, 2009
The lira’s depreciation against the euro and the dollar will bring about positive results for tens of thousands of Turks who rely on tourism for their livelihood, the British economy daily Financial Times claimed yesterday.
Noting that the lira has fallen by about one-third against the dollar and nearly a fifth against the euro, the daily reported that this situation is creating a reason for Europeans to choose Turkey as their holiday destination, since foreign visitors will now be able to enjoy the same service with much less expense in Turkey.
The daily cited Ahmet Barut, chairman of the Turkish Hoteliers’ Federation (TÜROFED), who said being out of the eurozone has become an advantage for Turkish businesses, specifically tourism operators. (more…)
Posted by meb at February 25th, 2009
Turkish contractors could share in $1-1.5 billion from projects in Georgia after the country secured $4.5 billion in investment credit from international institutions, Trade Minister Kursad Tuzment said on Wednesday.
Georgia would soon start to implement important infrastructure projects regarding $4.5 billion investment credit procured from international institutions, the Anatolian Agency reported Tuzmen as saying.
Georgia plans to make investments in motorway, energy, housing, public buildings as well as infrastructure investments with the credit. (more…)
Posted by meb at February 25th, 2009
A recent application to the Commodity Futures Trading Commission, or CFTC, the regulatory authority that arranges futures contracts in the United States, opens way for individual US investors to trade on futures contracts in Turkey.
The path is opening for U.S. investors to put money into the Turkish Derivatives Exchange, or VOB, based in the Aegean city of İzmir.
The Commodity Futures Trading Commission, or CFTC, the regulatory authority that arranges futures contracts in the U.S., was applied to in order to enable U.S. individual investors to trade on VOB contracts. A deal has been made with Sidley Austin, the U.S. law firm, where U.S. President Barack Obama did his internship, to represent VOB under the roof of CFTC. (more…)