Turkey Financial News

Posted by meb at April 5th, 2009

Despite the oppressive effects of the ongoing global financial crisis and the sentiments many have long been expressing that, particularly in the industrialized provinces, the ruling party would experience serious losses in the March 29 local elections, the Justice and Development Party (AK Party) sustained only minor damage from the elections, having eventually garnered the majority of the votes in these cities.

One of the best examples of this is Bursa, the car manufacturing hub of Turkey, which has experienced a sharp contraction in exports and production whilst thousands of people have lost their jobs since the crisis began. However, the ruling AK Party candidate collected 43 percent of the votes in the municipal elections, an indicator that the crisis had little effect on the people of Bursa when they made their choice. (more…)

Posted by meb at April 5th, 2009

US President Barack Obama is expected tomorrow to address Turkey’s Parliament — the Parliament that rejected a government motion on March 1, 2003, to allow US troops to open up a northern front against Iraq from Turkey, thus leading to the reference to the “March 1 syndrome” when talking about the bilateral relationship of the two NATO allies.

As a matter of fact, the address in itself can be read as a message of support and respect for Turkey’s parliamentary democracy, not to mention Obama’s planned tête-à-tête meetings with leaders of the opposition parties represented in Parliament, the members of which were elected in July 2007 through fully democratic means and thus are fully representative. Recalling May 2003 remarks by then-US Deputy Secretary of Defense Paul Wolfowitz may be more helpful in comprehending the significance of Obama’s choice to address Turkey’s democratically elected deputies. (more…)

Posted by meb at April 5th, 2009

Scores of individuals, including Duncan Blake, a Scottish executive and president of food processing company Merko, are detained in an operation targeting stock manipulation and insider trading. According to allegations, the suspects inflated shares of four companies, in collaboration with company executives, pocketing millions of dollars in illegal profiteering

Turkish police detained 54 individuals on Thursday in an operation described as a crackdown on the biggest manipulation in the history of the Istanbul Stock Exchange.

Duncan Blake, a Scottish executive and head of the British Chamber of Commerce in Turkey was among those detained. Blake is the president of Merko, a food processing company.

The manipulation is alleged to have created illegal profiteering to the tune of 20 million Turkish Liras, or $12.5 million. (more…)

Posted by meb at April 5th, 2009

Turkey has spent approximately 1.1 billion Turkish Liras for the three-month long local elections period, amid a global financial crisis.

Election expenditures were made to persuade more than 48 million voters to vote for various candidates throughout the nation. Out of the total figure, the Treasury aid for the ruling Justice and Development Party, or AKP, the Republican People’s Party, or CHP, and the Nationalist Movement Party, or MHP, reached 195.3 million liras. (more…)

Posted by meb at April 5th, 2009

Turkey aims at signing a three-year long loan agreement with the International Monetary Fund as soon as possible, the country’s economy minister Mehmet Simsek said, Sabah daily reported on Sunday.

Simsek said a three-year deal would be more beneficial than an 18-month long agreement, not only in terms of the funds obtained, but also because of its importance in terms of providing a stronger structural framework and extending the predictable term. (more…)