Turkey Financial News

Posted by meb at March 28th, 2009

Constitutional reform is likely to be at the center of the government’s efforts after the local elections this weekend. In an effort to rejuvenate negotiations with the European Union, party leaders are expressing flexibility toward their stances on the required constitutional changes and the parliamentary commission to address the issues

After the local elections, the government is expected to push for amendments to the Constitution as part of a renewed focus on the reform process for EU negotiations. The ruling party will likely first seek a consensus from opposition parties. (more…)

Posted by meb at March 28th, 2009

With Turkey’s export markets — particularly those in the EU — being strongly affected by the adverse effects of the ongoing global financial crisis, “diversifying export markets” has become the motto of Turkey’s foreign trade policy, a safe way to provide fresh opportunities to Turkish exporters who have lost ground in their traditional markets due to shrinking demand.

In this way, both the government and entrepreneurs have intensified their quest to diversify export markets, a move that has a critical role in keeping the negative at bay. (more…)

Posted by meb at March 28th, 2009

Turkey and the International Monetary Fund, or IMF, have made progress toward a new loan accord and will press forward with negotiations at the G-20 meeting in London, Prime Minister Recep Tayyip Erdoğan said, according to CNN Turk news channel.

Erdoğan said he would meet IMF Managing Director Dominique Strauss-Kahn in London at the start of April, according to the channel. (more…)

Posted by meb at March 28th, 2009

A meeting between Gazprom CEO Alexei Miller and Turkish Energy Minister Hilmi Güler yesterday focused on ways Russia and Turkey could expand their existing cooperation on natural gas.

Heavy emphasis was placed on expanding the Blue Stream pipeline, which presently runs from Russia to Turkey under the Black Sea. The proposed new pipeline, with the working title “Blue Stream 2,” is expected to expand output capacity by 10 billion cubic meters per year. (more…)

Posted by meb at March 25th, 2009

Turkey’s flag carrier Turkish Airlines (THY) will purchase five new Boeing 777-300ER aircraft, the company said in a statement issued to the Istanbul Stock Exchange on Wednesday.

The aircraft will be delivered one a month starting from October 2010 through to February 2011, the company said. (more…)

Posted by meb at March 25th, 2009

Turkish Prime Minister Tayyip Erdogan announced Wednesday new economic measures including value added tax (VAT) cuts for the sale of businesses and in the furniture sector for three months in a bid to revive the country’s slowing economy.

The government will reduce value-added tax in the furniture sector, for the sale of businesses, and on some industrial machines used by Small and Medium Sized Enterprises (SMEs) to 8 percent from the previous 18 percent, Erdogan said at an election rally campaign meeting in Turkey’s central province of Cankiri. (more…)

Posted by meb at March 24th, 2009

Turkish asset prices rose on Tuesday, supported by increasing global risk appetite and hopes for a near-term loan agreement with the International Monetary Fund.

The lira currency firmed to 1.6540 against the dollar in interbank trade, gaining nearly one percent from a close of 1.6690 on Monday.

“Global markets have managed to sustain an upward trend for some two weeks. This trend has brought the lira back to 1.65 levels from around 1.80 (against the dollar) in spite of the message from global economic data,” said a foreign currency dealer at one bank who declined to be named. (more…)

Posted by meb at March 24th, 2009

Turkish markets joined soaring world markets as investors were cheered by the US government’s plan to help banks remove as much as $1 trillion in bad assets from their books. The benchmark index of the İstanbul Stock Exchange (İMKB) rose 755.77 points, or 3.14 percent, in the morning trading session over Friday’s closing level and reached 24,794.66 points.

The highest level reached during morning trade was 24,832.84 points, from where the index subsequently retreated. (more…)