Turkey Financial News

Posted by meb at August 26th, 2008

The Dutch real estate investment fund Corio would build a shopping center in Turkey’s southern town of Tarsus as it seeks to strengthen its presence in the country, the company said in a statement on Tuesday.

Corio said the shopping center, which would be build under the cooperation with Acteeum Group, is planned to be approximately 25,000 square meters.

“The total investment in the Tarsus shopping centre will be approximately 50 million euro and the net initial yield upon delivery is at least 8%, which is in line with Corio’s other investments in Turkey,” the company added in its statement. (more…)

Posted by meb at August 20th, 2008

Europe’s insurers remain on the hunt for small to midsize acquisitions, with the action likely to center on promising emerging markets to the east and south, the Wall Street Journal reported on Wednesday.

Heavyweights such as AXA SA of France, Assicurazioni Generali SpA of Italy and Zurich Financial Services AG of Switzerland are seeking buying opportunities in emerging markets to offset slowdowns in domestic premium growth, the report said.

The sector’s mergers-and-acquisitions focus will likely take place in countries like Slovenia, Turkey and Ukraine, it added. (more…)

Posted by meb at August 20th, 2008

New incentives for encouraging job creation and helping Turkey’s poorest regions could be implemented by as early as 2009.

In addition to the already announced 5 percent cut in payroll taxes, the government is also planning to cover training costs and help companies with investment and borrowing. There will also be assistance for textiles companies that want to relocate their production to Turkey’s east and southeast. (more…)

Posted by meb at August 20th, 2008

Turkey’s first Hilton resort hotel will open in Muğla’s Dalaman district toward the end of 2009 with a 100-million euro investment.

Hilton Hotels Corporation, the world-renowned U.S.-based international chain of full service hotels and resorts, signed a franchise agreement with Göçay Tourism for the construction of Hilton Dalaman Golf Resort & Spa.The resort hotel will be located in Dalaman’s Sarımerge beach and will be comprised of a total of 384 rooms, 52 of which are suites. The resort hotel, which has its own beach and its own quay, will also encompass a 3,000-square-meter house club, a spa and an 18-hole golf course. (more…)

Posted by meb at August 15th, 2008

Citigroup is not planning to leave the Turkish market and it would be very surprising for the bank if a global player decides to leave Turkey, Referans daily reported Steve Bideshi, the chief executive of Citigroup as saying on Friday.

It would not be understandable to leave a market like Turkey which is growing and has a good economic atmosphere, Referans quoted Bisdeshi as saying. “People and strategies could be changed if things do not go well. But a market should not be quit.” (more…)

Posted by meb at August 14th, 2008

Turkey has contributed to the balance sheets of the global giants significantly, reported daily Hürriyet yesterday.

Many firms, including TeliaSonera, Vodafone, Pepsi, Coca Cola, ING, Phillip Morris and Zentiva, said in their financial statements that the demand from Turkey has boosted their balance sheets.

The top sectors that influenced foreign investors in terms of growth include tobacco, telecommunication, beverages, personal care, pharmaceuticals and automotive. Turkey ranked 12th among the countries that contributed to Pepsi’s growth. Meanwhile, the growth of Coca Cola in Turkey has surpassed the firm’s global growth. (more…)

Posted by meb at August 14th, 2008

Turkey may still attract foreign direct investment (FDI) of $15 billion this year, International Investors Association of Turkey, YASED, Yased said on Wednesday, in line with its previous forecast.
Yased said FDI in the first half of the year was $7.6 billion, bringing the total in the 12 months to June up to $17.3 billion, in a report.

“It appears that the end-year forecast of $15 billion which we made is still achievable,” the Yased report said.

FDI in 2007 stood at $22 billion and in May, Economy Minister Mehmet Simsek said the 2008 total was expected to be between $14 billion and $16 billion, lower than an official target of $18.5 billion. (more…)

Posted by meb at August 13th, 2008

Dogan Yayin Holding, Turkey’s biggest media group, bid for the rights to run the sports-betting game, Iddaa, together with Italy’s Lottomatica Videolot Gestione SpA and SNAI SpA, the company said in a statement on Tuesday.

Dogan will have a 50 percent stake in the consortium, while its Italian partners, Lottomatica Videolat SpA and SNAI SpA, will hold 47 percent and 3 percent of shares respectively, the statement made to the Istanbul Stock Exchange said. (more…)