Turkey Financial News

Posted by meb at March 16th, 2009

Turkish carmakers, including Tofas Turk, a joint venture between Italy’s Fiat and local group Koc and commercial vehicle maker Karsan, gained in Istanbul trading as the new stimulus package, including tax cuts on new vehicles, takes affect on Monday.

Tofas advanced the most in nine weeks, adding more than 5 percent in the first trading session later lost its early gains and closed 1.5 percent, while Karsan gained the most in four months, up nearly 14 percent. (more…)

Posted by meb at March 15th, 2009

Some 2,000 businessmen from Turkish businesses abroad will be gathering in Istanbul for a two-day meeting aiming to increase Turkish exports.

“With the Turkish businessmen working abroad, we will show a united front against the global economic crisis,” said State Minister Kürşad Tüzmen on Sunday.

“There will be a large meeting in Istanbul on April 10 and 11. We will meet with 2,000 Turkish businessmen and entrepreneurs living abroad. Local businessmen will also attend this meeting. This meeting, which was organized in collaboration with the Undersecretariat for Foreign Trade, or DTM, and Foreign Economic Relations Council, or DEİK, will help us make some decisions that have the utmost importance for the participating companies as well as the Turkish economy,” Tüzmen said. (more…)

Posted by meb at March 15th, 2009

The jewelry industry of Turkey needs the government to ease taxes on jewelry sales in order to weather the crisis with minimum damage. Annulling the 20 percent private consumption tax implemented on diamond sales would be quite beneficial also for the government, says Alaattin Kameroğlu, chairman of the Istanbul Chamber of Jewelry

Nearly 2,000 jewelry shops have had to pull down their shutters since the beginning of the global economic crisis. The valuable stones and metal industry worth $10 billion is currently trying to revive domestic demand in order to survive the negative climate. (more…)

Posted by meb at March 15th, 2009

A fourth stimulus package announced by the government has raised hopes that the markets will take a deep breath amid the uncertain atmosphere caused by the ongoing global financial turbulence.

The new package, the total cost of which is expected to be TL 5.5 billion, brings noteworthy tax cuts and incentives to help troubled sectors. The package will go into force following Cabinet approval, expected to take place soon. (more…)

Posted by meb at March 15th, 2009

TUI Türkiye, the Turkish branch of TUI Travel PLC, one of the world’s leading international leisure travel groups, is fostering interest in the Turkish tourism industry by improving the quality and enhancing the content of its services, which explains the ever-rising demand for the company’s services from customers worldwide, even during the prevailing uncertainty that is mostly attributed to the ongoing global financial crisis. (more…)

Posted by meb at March 14th, 2009

The global crisis has bottomed out, according to Erkin Şahinöz, chief economist at Eczacıbaşı Securities in Istanbul. The USdollar will start to fall, while those investing in gold may suffer this year, Şahinöz says, adding that investors may start buying Turkish stocks provided they are able to ’forget that they have bought shares’ for the next 18 months.

The U.S. dollar, having appreciated 11 percent against the Turkish Lira since the start of the year, has come to the end of the line, according to the chief economist at Eczacıbaşı Securities.

“The greenback will not rise to these levels anymore,” Erkin Şahinöz told business daily Referans. “It will decrease to 1.50 liras.” The U.S. dollar was trading at just above 1.70 liras on Friday, having fallen 5.7 percent since its peak of over 1.80 on March 9. (more…)

Posted by meb at March 14th, 2009

Mark Mobius, the investor who oversees more than $3.5 billion invested in Turkey, said Turkey, Egypt, China and Brazil are countries to invest in.

Emerging markets are more attractive compared to developed ones, as they will recover faster, Mobius, chief of Templeton Asset Management, said in an interview with Newsweek magazine. (more…)

Posted by meb at March 14th, 2009

The International Monetary Fund (IMF) has come up with more flexible terms for a possible standby deal with Turkey, saying it is ready to resume talks and is expecting the Turkish government to invite the fund to Ankara to continue discussions.

The IMF’s reassessment is largely due to a firm stance taken by the Turkish government, analysts concluded. Turkey suspended talks with the IMF last month and announced that a deal is not possible so long as the IMF insists on several new conditions that Prime Minister Recep Tayyip Erdoğan described as “unacceptable.” Following the news from the IMF, the US dollar continued to decrease in value against the Turkish lira, dropping below 1.7 on Friday after a week of upsurge in which it reached 1.8. (more…)