Turkey Financial News

Posted by meb at October 19th, 2009

Groupama, a leading European insurance, banking and financial services group, has decided to join forces with Turkey’s Başak Sigorta and Güven Sigorta under one brand in an attempt to expand operations in Turkey.

Becoming the third-largest insurance company, Groupama now aims to continue an ambitious investment plan with its Turkish branch. It announced last week the launch of “Groupama Sigorta” and “Groupama Emeklilik,” by merging Başak and Güven insurance companies. Groupama acquired Başak Sigorta and Başak Emeklilik in 2006 and Güven Sigorta and Güven Hayat in 2008.

“We joined two strong rooted companies’ forces by bringing local and international expertise together. With this merger, our clients will benefit from a strong service offering, an innovative product proposition and the strength of one of the leading international insurance companies, which already proved itself to more than 16 million customers all over the world,” said Jean-Francois Lemoux, international general manager of Groupama. (more…)

Posted by meb at September 24th, 2009

General Electric, or GE, a global media, technology, services and manufacturing company, has begun to invest in future technologies at its engine-parts division in Turkey’s northwestern city of Eskişehir, according to a GE executive.

The firm will produce new compressor-wing technologies only in Turkey, said GE Turkey Managing Director Kürşat Özkan. The investment totals nearly $50 million, he added.

Speaking about the global crisis and its impacts, Özkan said that GE will continue its activities in Turkey. “We have started investing in future technologies here in our Eskişehir division, although there is a capacity surplus in the world. New compressor-wing technologies will be produced only in Turkey.”

The firm has already started developing some of its production technologies in Turkey, he said, adding, “It may not sound reasonable to make such a manufacturing investment in a period marked with demand contraction in the market, but we will have positioned ourselves once the market demand returns.” (more…)

Posted by meb at September 24th, 2009

The first satellite manufactured in Turkey, created by the İstanbul Technical University (İTÜ) flight and space sciences faculty’s space engineering department, has settled into orbit around the Earth.

According to reports, Turkish satellite İTÜpSAT1, launched from Sriharikota by the Indian Space Research Organization (ISRO) at 9:21 a.m. local time yesterday on a PSLV C-14 rocket, settled into its orbital path, 720 kilometers above the surface of the earth, at 9:41 a.m. The cube-shaped satellite travels at a speed of nearly 7.5 kilometers per second, orbiting the Earth once every 90 minutes. It will take photographs of the Earth’s continents. (more…)

Posted by meb at September 8th, 2009

The industrial production will show signs of significant recovery in the final quarter of the year, according to Industry and Trade Minister Nihat Ergün. ‘But no one should expect a rapid and speculative rally. What’s important is to take healthy steps and enable a stable growth.’ DHA photo.

The pace of decline in Turkish industrial output slowed in July for the fifth consecutive month as the deepest contraction on record eased.

Industrial output fell 9.2 percent from a year ago, following a decline of 10.3 percent in June, the Ankara-based Turkish Statistical Institute, or TurkStat, said on its Web site Tuesday. Output was expected to decrease 9 percent, according to the median estimate of 12 economists polled by Bloomberg.

“It’s clear that the contraction will continue in the third quarter of the year,” said Özgur Altuğ, an economist at BGC Partners in Istanbul. (more…)

Posted by meb at April 26th, 2009

Turkey’s four-day 9th International Defense Industry Fair (IDEF’09), due to start tomorrow in İstanbul, will host high-ranking defense officials from about 14 African countries for the first time while the level of participation from Europe at senior levels will be quite low.

However, exhibition booths where advanced arms will be exhibited still belong mostly to European and US arms manufacturers. Defense ministers from 14 African countries, including Ethiopia, Gambia, Tanzania and Uganda, will be present at the fair, while no senior US officials are expected to participate. However, US arms producers, including Lockheed Martin and Boeing, will exhibit their products at the fair. (more…)

Posted by meb at April 26th, 2009

An international defense industry fair will open in the Turkish city of İstanbul on Monday.

The International Defense Industry Fair (IDEF’09) will be inaugurated at the TUYAP Fair, Convention and Congress Center in İstanbul.

Leading defense industry firms in Turkey and the world will participate in the fair to stay open till April 30. (more…)

Posted by meb at April 26th, 2009

The Nourah of Riyadh, the megayacht produced in the Kocaeli Free Zone, was delivered to its owners with a ceremony Friday. The yacht, which cost 40 million euros, will be used by Saudi Prince Mohammad Bin Abdulaziz.

Speaking at the ceremony at the free zone, State Minister Kürşad Tüzmen said Turkey has become the third in yacht production, while standing at No. 7 in shipbuilding.

The 65-meter-long yacht is the biggest megayacht produced in Turkey. “We like to break records,” Tüzmen said. “With a new record, we will build a 75-meter-long yacht here next time.” (more…)

Posted by meb at March 20th, 2009

IMFA Group, India’s leading manufacturer of ferroalloys, is planning to invest in the Central Anatolian province of Sivas, the Sivas Chamber of Commerce and Industry (STSO) said in a statement on Thursday.

The province is home to rich underground mineral reserves, the statement noted.

IMFA Group will cooperate with Turkey’s Yazici Group in its investment, the statement said. IMFA Group General Director Arvind Mishra paid a visit to the STSO’s headquarters as part of his research into investment opportunities in Sivas and had talks with the STSO Chairman Osman Yıldırım on Thursday. (more…)