Turkey Financial News

Posted by meb at January 8th, 2009

Turkey saw $18.4 billion in mergers and acquisitions (M&A) in 2008, with the 172 deals recorded for the year representing a 30 percent decline over 2007, a new report has indicated.

According to Deloitte Turkey’s annual M&A report, released yesterday, excluding privatizations, which rang in at about 38 percent ($7 billion) of the total volume, this number was 30 percent below the total for 2007. With the increasing force of the ongoing economic crisis, which picked up momentum in the last quarter of 2008, M&A activity in the last three months of the year was 60 percent below that of the previous year’s fourth quarter figures, the report noted. (more…)

Posted by meb at January 2nd, 2009

As Turkish retailers bid farewell to 2008 amid quarrels over high rent prices in shopping malls, the first quarter of 2009 is poised to see a remarkable decline in the amount of new shopping mall investments.

The Turkish retailing sector expects a serious stagnation in the first quarter of the new year. Currently 267 new shopping malls in Turkey are either operating, under construction or are planned. Of these, 89 are in İstanbul.

United Brands Association (BMD) Chairman Ekrem Akyiğit told Today’s Zaman that he expects 80 percent of new shopping malls to delay opening in 2009. According to Akyiğit, shopping mall managers now understand that opening a new mall in every single city will not bring profit. (more…)

Posted by meb at December 23rd, 2008

Turkish Airlines (THY), Turkey’s national air carrier, announced yesterday that it had bought 49 percent of Bosnian Airlines (B&H Airlines).

In a written statement, THY said the partnership agreement was signed after the Bosnian government approved the sale. The sale was approved on Nov. 23, but THY Chairman Candan Karlıtekin said they continued talks with their Bosnian counterparts to finalize the sale. THY is expected to have three representatives on the B&H Airlines executive board and does not plan to go beyond the 49 percent share. (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

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

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 4th, 2008

South Korea’s SK Engineering & Construction Co said on Thursday its consortium won a underwater tunnel order worth $1 billion in Istanbul.

SK Engineering, an unlisted unit of SK Group, said in a statement it partnered with a Turkish company, Yapi Merkezi, and four South Korean builders to bid for the project. (more…)

Posted by meb at November 25th, 2008

The government has prepared and is about to put into action a wide-ranging and challenging action plan to eliminate the unregistered economy, which is accepted as seriously affecting the Turkish economy. More than 40 percent of the labor force is illegally employed in Turkey.

The Action Plan against the Unrecorded Economy comprises 105 major regulations and aims to make the fight a top priority for the state regardless of which political party is in power.

The plan, which will be put into action by the Social Security Institution (SGK), the Banking Regulation and Supervision Agency (BDDK), the Capital Markets Board (SPK), the Customs Undersecretariat, the Energy Market Regulatory Agency (EPDK) and the State Planning Organization (DPT), is expected to be fully implemented within two years. (more…)