Turkey Financial News

Posted by meb at October 25th, 2011

Baghdad could cooperate with Turkish companies in all fields, according to the Iraqi capital’s governor Salah Abdul-Razzaq.

Speaking at the inauguration of the “Turkish-Iraqi Trade Summit” in Istanbul on Tuesday, Abdul-Razzaq said that Iraq allocated $30 billion for new projects in 2011 and this figure would go higher next year.

Iraq is among the 10 countries in the world with most needs for public works. As such, there is a need for investments worth billions of dollars in Iraq.

Iraq presents highly important opportunities for investors, Abdul-Razzaq said. “We can cooperate with Turkish companies in Baghdad in many diverse fields. Turkish companies make quality production at prices lower than those of Europe. We regard Turkish companies closer to us than others. We want to see Turkish companies in infrastructure, tourism and telecommunications fields in Iraq.”

Posted by meb at October 25th, 2011

The ongoing unrest in North Africa and the Middle East have directed many investors from Gulf countries to Turkey. The newcomers include many Islamic bankers, says to top executive of Dubai-based Noor.
Turkey has attracted significant investments from Gulf countries as well as Islamic bankers due to the Arab Spring in the Middle East and North Africa, according to the top executive of the Dubai-based Noor Islamic Bank.

“Turkey served as the safe haven regarding investments from the Middle East,” said Hussain Alqemzi, Noor’s chief executive officer, speaking to the Hürriyet Daily News yesterday on the sidelines of the Islamic Investment and Finance Forum in Istanbul.
“Certainly we would like to see more stability in the region, which would pave the way of the investment climate,” Alqemzi said, adding that the Noor Islamic Bank has been mandated to arrange and manage more than $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, making it the most active United Arab Emirate bank in the country.
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Posted by meb at October 20th, 2011

The Turkish Central Bank’s already moderate foreign exchange reserves, which fell to $85.9 billion Turkish Liras as of Oct. 14 down from $93 billion at the end of July, signal a risky shrink as the bank continues to sell U.S. dollars in a bid to defend the value of the lira.

The figure announced by the bank yesterday comes after a big campaign of dollar sales that started this week. The Central Bank sold more than $1 billion in total on Oct. 18 in a direct intervention and a daily auction. It sold an additional $750 million of dollars in yesterday’s auction.

The bank has sold $6.45 billion since it started its daily forex auctions on Aug. 5. (more…)

Posted by meb at October 20th, 2011

This is the best time to invest in Turkey, according to a recent report that will be presented to U.S. investors and fund managers who decide on the flow of millions of dollars in funds.

The Boston Consulting Group’s Turkey branch and the Foreign Economic Relations Board of Turkey (DEİK) will present today a report on the “Global Advantage of Turkey” at the Turkey Investment Conference in New York, hosted by the American Turkish Society and Goldman Sachs.
Automobiles, textiles, chemicals, steel and food are underlined as export champion industries in the report. It also emphasizes Turkey’s importance technologically and socially, not just the country’s strategic importance. (more…)

Posted by meb at April 19th, 2011

The Turkish Central Bank will probably keep its benchmark interest rates at a record low until year-end and may extend higher reserve requirements for banks into 2013, according to Istanbul-based Türk Ekonomi Bankası, or TEB.

The Central Bank has cut interest rates by 75 basis points since December to help slow capital inflows, while increasing reserve requirements to cap growth in loans and contain the current-account deficit. The bank last increased the reserve requirement for one-month deposits to 15 percent from 10 percent on March 23. (more…)

Posted by meb at April 11th, 2011

Aiming for growth in parallel with the fuel oil market in Turkey, BP’s local branch plans to open 40 new filling stations in the Turkish market this year, a written statement from BP Turkey said Friday.

Speaking at the Petroleum Istanbul 2011 fair that started Thursday, BP Turkey Fuel Manager Richard Harding said BP offers service quality to its customers with more than 600 filling stations in Turkey.

“We target a strong growth in 2011 in parallel with the fuel oil market. We plan to expand our station network, increase productivity and take 40 more stations in operation,” Harding said. “Being a company that has invested in the Turkish energy sector and economy since 100 years, we will continue investing with our innovative perspective in the upcoming period.” (more…)

Posted by meb at October 19th, 2009

The Turkish economy has registered superb improvement in competitiveness in recent years and proven its potential as a magnet for international investors, world-renowned strategist Professor Michael Porter has said. Addressing a group of businessmen and reporters on Saturday at a conference organized by İşTcell, a Turkcell brand directed at corporate customers, Porter, director of Harvard Business School’s Institute for Strategy and Competitiveness, said that if Turkey were traded on the stock market, he would definitely make an equity investment in the country.

During the first part of his speech, Porter described the major premises of creating strategies and determining and developing a competitive approach and the role of leaders in the competitiveness of a company. He also shared his views on possible strategies that may be adopted during times of economic crisis. He devoted the second part of his speech to discussing Turkey’s economic strategies, including an in-depth analysis of the business world’s role in these strategies. (more…)

Posted by meb at September 24th, 2009

World stocks hit their highest in nearly 12 months on Wednesday and the dollar touched a one-year low before steadying, but investors remained cautious ahead of the Federal Reserve’s policy decision later in the day.

The İstanbul Stock Exchange shares gained 0.89 percent following the end of the first session. Crude oil fell towards $71 a barrel, pressured by doubts over US demand after industry data showed a surprise build in crude stockpiles. The MSCI world equity index was up 0.2 percent at 291.69 points after rising to 292.08, its highest since early October last year. The FTSEurofirst index of top European shares rose 0.4 percent on the back of stronger financial stocks. The MSCI index has risen 28 percent so far this year. (more…)