Turkey Financial News

Posted by meb at March 6th, 2009

Eric Cador, vice president of the Personal Systems Group in the Europe, Middle East and Africa region (EMEA) of computer giant Hewlett-Packard (HP), has said the company expects to overcome the destructive effects of the ongoing global financial crisis with new investments in Turkey.

Speaking at a meeting on Thursday in Ankara to announce the establishment of a computer production plant by HP and US-based Foxconn Technology Group in the Turkish city of Çorlu, Cador said HP would come out of the global crisis stronger with Turkey’s help. He noted that they expect the facility to start operations by the beginning of 2010 and that they hope it will produce 200,000 desktop computers annually. He also said they expect to provide job opportunities for around 2,000 people in Turkey. (more…)

Posted by meb at February 25th, 2009

A recent application to the Commodity Futures Trading Commission, or CFTC, the regulatory authority that arranges futures contracts in the United States, opens way for individual US investors to trade on futures contracts in Turkey.

The path is opening for U.S. investors to put money into the Turkish Derivatives Exchange, or VOB, based in the Aegean city of İzmir.

The Commodity Futures Trading Commission, or CFTC, the regulatory authority that arranges futures contracts in the U.S., was applied to in order to enable U.S. individual investors to trade on VOB contracts. A deal has been made with Sidley Austin, the U.S. law firm, where U.S. President Barack Obama did his internship, to represent VOB under the roof of CFTC. (more…)

Posted by meb at February 19th, 2009

Five companies, including U.S. auto parts giant Gates, Turkish-Dutch joint venture Cappadocia Textile and Italian automotive electronics giant Eldor have announced plans to build plants in Turkey’s Aegean province of Izmir before the end of 2010.

The new investments are expected to create 3,000 new job opportunities, the Anatolian Agency reported.

Turkey has started to receive offers of major investments after tax incentives were resumed and promotional activities took place overseas, the president of the Executive Board of the Aegean Free Zone Development and Operating Company (ESBAS), Kaya Tuncer, told to the agency. (more…)

Posted by meb at February 18th, 2009

Saudi Arabia’s Hail Agricultural Development Co. (Hadco) said on Monday it would look at investing in Turkey and Kazakhstan after moving into Sudan under a government plan to ensure steady food imports.

Hadco plans to invest about $45.3 million in the next two years developing the 22,830 acres (9,239 hectares) of farmland in northern Sudan it obtained under a 48-year lease from the state, said Mohammed Rasheed Al-Balawi, executive in charge of agriculture business at Hadco. (more…)

Posted by meb at February 15th, 2009

U.S. oil company Chevron has expressed an interest in exploring oil reserves in the Black Sea with the Turkish Petroleum Corporation (TPAO), an official from the Corporation said on Sunday.

TPAO has received offers from many companies for exploring oil in the Black Sea, TPAO’s Deputy Director General Yurdal Oztas told Anatolian Agency. (more…)

Posted by meb at February 12th, 2009

Vodafone will spend 1 billion Turkish Liras ($610 million) upgrading the network of its Turkish unit this year, said Serpil Timuray, the unit’s chief executive officer, at a news conference yesterday in Istanbul.

Vodafone has spent $1.5 billion in Turkey since acquiring wireless company Telsim in 2006, doubling the network’s capacity, she said.

Posted by meb at February 11th, 2009

There is no safe harbor for investors anywhere in the world in the short term, but it is possible to say that there are some opportunities in Turkey, Ulrich Zachau, the country director of World Bank in Turkey said on Wednesday.

It is the right time for Turkey to develop reforms aiming to raise its long-term economic growth, Zachau said at an international conference in Istanbul on “Turkey: A Safe Harbor for Investors”.

Policies and reforms would be the best intervention in the global economic crisis, and the underlined importance of making investments that contributed to employment, he said

Zachau also forecast serious problems in some countries, including Turkey, due to a shortage of foreign loans soon and said that the country’s financing need would be greater this year than in 2008.

Highlighting the importance of employment creation, Zachau said that the Turkish government had not taken a significant step in relation to labor reforms in 2008, which had direct relation to the current fall in employment, particularly among young people and women.

The World Bank country director enumerated short-time policies that need to be implemented to avoid economic recession as preserving employment, granting incentives, and protecting people under sensitive conditions.
source: Hurriyet daily news

Posted by meb at February 5th, 2009

Many investors are still interested in Turkey, according to Ayşe Yüksel, a partner of Chadbourne & Parke. However, they are waiting for asset prices to drop as it has become harder to find financing to cover big purchases, she says

Foreign investors are still interested in Turkey despite the ongoing global crisis, according to the Turkish partner of Chadbourne & Parke, a global law firm.

“Turkey is in a much better situation compared to the United States, Europe and the United Kingdom,” said Ayşe Yüksel, who also is the head of Chadbourne’s Middle East and North Africa, or MENA, and Turkey Corporate Practice Group. (more…)