Turkey Financial News

Posted by meb at April 15th, 2008

Global warming has caused increased concern over the saving of water, leading to a period of fast development in the armature sector. The growth of the sector in Turkey, where annual armature sales amount to 2.7 million, has reached 110 million euros ($173 million). Armatures  have begun to be seen as decorations in the house and have led to water savings worth $5 billion.

Mostly pioneered by ECA and Artema, the armature sector is, however, threatened by cheap products from Far Eastern countries. Experts say that these armatures, bought because of their cheap prices, may lead to serious problems in consumers’ health. (more…)

Posted by meb at April 10th, 2008

The London Metal Exchange, the world’s number one non-ferrous market, is officially launching its futures trading in steel April 28 and Martin Abbott, the man in charge, has good news for Turkish producers, traders and investors alike.

Turkey is going to be one of the four major hubs for the LME, he told the Turkish Daily News in Istanbul, a city he and his colleagues have become increasingly acquainted with in the last few months. The LME, founded in 1877, has been offering futures contracts for aluminum, copper, nickel, tin, zinc, lead and even plastics up to now. The move in steel comes amid a worldwide commodities boom and reinforces London’s position as the world’s leading business center. Futures contracts are financial risk management tools that enable companies to hedge their price risk exposure by agreeing to buy or sell a particular volume of product for delivery on a fixed future date at a price agreed today.

Profound changes in industry: 

“We were looking into [trading in steel] for the last few years,” Abbott told the TDN Monday. “And the reason is the changes in international steel industry, over the last decade in particular.” Industrialization of China and other emerging economies, including some (more…)

Posted by meb at April 10th, 2008

Capacity utilization in manufacturing industry dropped to 81.2 percent in March.

Turkish Board of Statistics said in its monthly tendency survey on Thursday that capacity utilization in manufacturing industry, which was 82 percent in March, 2007, dropped 0.8 points to 81.2 percent in March, 2008.

Capacity utilization was 79.3 percent in February, 2008.

source: The New Anatolian

Posted by meb at April 9th, 2008

İstikbal, a subsidiary of leading Turkish conglomerate the Boydak Group, has developed a new fabric that blocks 98.5 percent of electromagnetic waves and heralds it as an innovative product with potential applications in both homes and industry.

The company started out with research and development at its Kayseri facilities with the aim of producing a fabric not injurious to health using nanotechnology that would provide healthier sleep for consumers. However the project yielded unexpected results, creating a fabric that can be used in a wide range of fields from construction to the defense industry. The “Biocare” fabric blocks electromagnetic waves from electronic appliances such as mobile phones, microphones, microwave ovens and wireless communication devices. (more…)

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…)