Turkey Financial News

Posted by meb at September 14th, 2009

Pomegranate producers in Tarsus, a town in the Mediterranean city of Mersin, aim to make higher profits as Iran, the world’s top pomegranate supplier, is likely to see low yields this year.

Turkey ranks second in pomegranate production, and plantations cover nearly 45,000 dunams in Tarsus, which is on the sixth spot in terms of pomegranate cultivation, said Ali Ergezer, chairman of the Tarsus Chamber of Agriculture.

Due to high demand in domestic and foreign market, the pomegranate on a land of 500 dunams was sold while still on branch prior to harvest, said Ergezer. “But the producers that hear about the developments in Iran reject the merchants who offer prices between 80 kuruş and 1 Turkish Lira for a kilogram. The producers aim to keep the product and sell at or over 1.5 liras.”

The area of pomegranate plantations, which totaled 500 dunams 10 years ago, has reached 100,000 dunams with incentives, Ergezer said. “This year, 40 percent of the total planted area will be harvested in the middle of November. Due to climate conditions, the quality and yield will surpass expectations.” (more…)

Posted by meb at September 14th, 2009

Following the end of extended tax reductions for motor vehicles on Sept. 30, the government is expecting to keep the lights on at the Turkish automotive industry with a different version of incentives.

Speaking to the Anatolia news agency, officials from the Finance Ministry said the government could introduce incentives for the replacement of old vehicles with new ones. Having initially introduced tax cuts on motor vehicles on March 16 for a period of three months, the government decided to extend the terms for another three months on June 15. The private consumption tax (ÖTV) on motor vehicles with engines of up to 1,600 cubic centimeters was set at 27 percent, while the tax on commercial vehicles was changed to 3 percent. Extended for a second time, the tax incentives are due to expire at the end of September.

Noting that they have studied examples of incentives for old vehicles in foreign markets, the Finance Ministry officials said the government could consider introducing such incentives in the coming months, expecting to keep the recovery going in the auto industry. Encouraged by recent tax cuts, the Turkish auto sector has enjoyed a remarkable increase in sales. (more…)

Posted by meb at September 8th, 2009

As gold production levels in Turkey continue to increase steadily every year, a report prepared by the Ministry of Energy and Natural Resources has noted that while total gold production in Turkey was 11.1 tons in 2008, this amount is expected to rise to 38 tons in 2010.

The report explains that while Turkey has been the top gold-producing nation in Europe since 2006, its gold production could in fact rise to 38 tons in 2010, making it a global leader in gold production. Turkey’s gold production contracted from 5.3 tons in 2003 to 3.2 tons in 2004, it then proceeded to break new records in subsequent years.

In 2005, Turkey produced 4.1 tons of gold, in 2006 it produced 8.1 tons, in 2007 it produced 9.2 tons and in 2008 it produced 11.1 tons of gold. Experts believe that Turkey will produce 16 tons of gold this year.

The same report also states that while the current total global reserves of workable gold are 49,000 tons, a full 6.5 percent of this is currently being produced by the nations of China, South Africa, the US, Australia and Indonesia. These world leaders in gold production carry out 46 percent of annual global production. (more…)

Posted by meb at July 17th, 2009

Best Buy, the largest US consumer electronics retailer, will enter the Turkish market in October.

As part of the company’s expansion plans, Best Buy will open its first store in the western province of İzmir. The US company plans to open two more stores by the end of the first quarter of 2010, one in the capital city of Ankara and the other in another western province, Bursa. TeknoSA, Turkey’s largest consumer electronics retailer, has over 220 stores spread throughout 67 cities in Turkey and employs over 3,000 people. (more…)

Posted by meb at April 29th, 2009

TORONTO – Eldorado Gold said on Monday it could boost production at its Kışladağ mine in western Turkey at least 30 percent and reduce operating costs dramatically. (more…)

Posted by meb at April 28th, 2009

The International Defence Industry Fair (IDEF’09) opened yesterday at the TÜYAP Fair, Convention and Congress Center in İstanbul’s Büyükçekmece district.
Prime Minister Recep Tayyip Erdoğan, Chief of General Staff Gen. İlker Başbuğ, State Minister Egemen Bağış, Defense Minister Vecdi Gönül, military commanders and foreign guests participated in the opening ceremony. Turkey is expected to sign agreements with Germany, Australia and Syria for cooperation in the defense industry. (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 14th, 2009

Within the past eight months more than 160,000 people employed by the ready-wear and textile industry have lost their jobs, according to the president of the Istanbul Ready-Wear and Apparel Exporters’ Association, or IHKİB.

He also suggested some measures that might bring back the previous employment figures.

No measures have been taken to provide specific support for Turkey’s textile industry, according to IHKİB’s Hikmet Tanrıverdi. “Support related to apparel manufacturing exporters was not a part of any measures packages announced,” he said about the government’s stimulus packages. The number of employees covered by insurance in the ready-to-wear and textile-manufacturing industry was 862,978 in May 2008. That figure dropped by 158,088 to 704,890 in January of this year, Tanrıverdi said (more…)