Turkey Financial News

Posted by meb at April 8th, 2008

Turkey’s industrial production index rose 7.5 percent in February 2008 compared to February 2007.

Turkish Board of Statistics (TUIK) stated on Tuesday that the rise in industrial output index had been 8.1 percent in February 2007.
Accordingly, mining sector index rose 13.1 percent, manufacturing industry sector index grew 6.6 percent, and electricity, gas and water index climbed 12.4 percent in February, 2008 compared with same month of the previous year. (more…)

Posted by meb at March 28th, 2008

Turkey has a rich potential for mining, according to TÜPRAG Metals Mining General Manager Mehmet Yılmaz. Yılmaz gave a speech at Dokuz Eylül University yesterday on “Turkey’s Gold and Metals Resources.”

He said gold mining could significantly contribute to the economy if the country’s reserves are used properly and efficiently, adding that Turkey has 6,500 tons of gold reserves. He said this was equal to $250 billion at current price levels and that when value added is considered, this value jumps to $800 billion. (more…)

Posted by meb at March 27th, 2008

The only Turkish company rising in the world patent league, Arçelik, is now breaking new ground.   With a new system called Divide&Cool (DAC) - Divisible Cooling Technology, Arçelik, the leading company of one of Turkey’s biggest conglomerates, Koç Holding, and the only Turkish company in the world patent league, has managed to operate with one compressor per fridge split into seven sections around a kitchen. Through this system, some kitchen drawers are turned into deep freezers.

“We developed this brand new product after three years of research and development work. It will win through built-in kitchen products,” Arçelik’s General Manager Aka Gündüz Özdemir. (more…)

Posted by meb at March 21st, 2008

Aksigorta ranks as one of two companies at the top of the Turkish Customer Satisfaction Index (TMME) in the health insurance and automobile insurance sectors.

The company received 80 points in its category, according to the TMME results for the fourth quarter of 2007, prepared by the Turkish Society for Quality (KalDer). Aksigorta, which has been operating since 1960, witnessed a 6-point increase compared to 2006, as the only company to increase its rating among the top five companies. (more…)

Posted by meb at March 17th, 2008

Magnitogorsk Iron and Steel Works (MMK), the largest enterprise in the Russian steel industry, partnered with Atakaş Metallurgy Industry And Trade And Port Administration to invest in Turkey’s iron and steel sector.    The Russian company’s investment is worth $1.4 billion.

The MMK, which has a market value of $11.1 billion, and Atakaş Group, which employs 700 personnel, laid the foundation of an iron and steel plant, which will begin operations in November 2009. The plant will attain full capacity in 2010 and start producing 2.5 million tons annually. (more…)

Posted by meb at March 17th, 2008

Interest in earthquake insurance is soaring in Turkey, located along one of the world’s most active seismic belts, even if it the sector is not giving policyholders what they want.

Compulsory Earthquake Insurance (ZDS), a policy implemented by the Natural Disasters Insurance Association (DASK) after the earthquake Aug. 17, 1999 had been provided to 2.7 million policyholders by the end of January 2007. While this figure is an indication of slow but crucial development, DASK aims to provide policies to a total of 5 million homes within the next five years. (more…)

Posted by meb at March 15th, 2008

Borusan Holding, operating in steel, distributorship, logistics and telecommunications, is preparing to make the largest investment in its history.

The company, which saw a $3 billion turnover with 28 percent growth in 2007, announced its decision to allocate $381 million in investments this year. Besides collaborating with the world’s leading steel company ArcelorMittal on hot rolling investment, Borusan will also invest in energy and logistics. (more…)