Turkcell chairman starts talks to resolve disputes

Posted by meb at April 26th, 2011

The chairman of Turkcell, Turkey’s leading mobile phone operator, has started talks to resolve disputes after an annual general meeting last week, said the company in a filing with the Istanbul Stock Exchange, or ISE, on Monday.

TeliaSoner, 38 percent stakeholder in the company, said earlier Friday that the Turkcell board was in a deadlock after shareholders on Thursday failed to agree on removing Chairman Colin Williams and on a dividend from profits last year, Bloomberg reported Friday. (more…)

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TeliaSonera says it plans to stick with ownership in Turkcell

Posted by meb at April 19th, 2011

Swedish telecommunications operator TeliaSonera is going to stick with Turkcell, Turkey’s largest mobile operator where it holds a 38 percent stake and who is now trying to get more independent directors appointed to the board, Chief Executive Officer Lars Nyberg said in a telephone interview on Tuesday.

“If you, as the biggest owner, consider leaving because a company is going through some difficulties, you are then more of a short term investor,” Nyberg said. “TeliaSonera is a telecom operator, we love this asset and we intend to keep it.” (more…)

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99 pct of Turkish children on Facebook, says report

Posted by meb at April 15th, 2011

Social networking site Facebook is the most popular website among Turkish youth, used by 99 percent of Turkish children, according to a report released by the Internet Foundation on Wednesday.

Jointly conducted by the Internet Foundation, Ankara’s Middle East Technical University (ODTÃœ) and the Information Technologies and Communications Authority (BTK), the report revealed that all children, aged 9-16, who participated in the study were Facebook users. Titled “Children’s Habits in Using Social Networking Sites,” the report also indicated that 38.4 percent of children use the Internet once-a-day, 30 percent use it more than once per day and 23 percent are online more than once a week. (more…)

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Turkish mobile phone market keeps contracting

Posted by meb at October 19th, 2009

The number of mobile phones sold in the first half of this year was down 8 percent over the same period of the previous year, thanks largely to an increased propensity for saving amid a global economic crisis, despite promotions offered by mobile operators, a recent survey has shown.

The Turkey division of the international research company GfK found in a market survey that nearly 450,000 less mobile phones were sold in the first six months of the year. In the January-June period of 2008, Turks purchased 5.46 million devices, whereas they bought slightly more than 5 million phones in the same period of this year. (more…)

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First Turkish-made satellite settles into orbit

Posted by meb at September 24th, 2009

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

According to reports, Turkish satellite Ä°TÃœpSAT1, 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…)

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Tax claims have ‘no legal basis’

Posted by meb at September 10th, 2009

Explaining the main points of the record-breaking tax fines against Doğan Media Group, Soner Gedik, the group’s chief financial officer, says the levy has no legal basis. The levy rests upon the claim that share transfers are not exempt from value added tax, but the law clearly states the opposite, Gedik says. Meanwhile, a brokerage says the tax decision has hit investor confidence in Turkey

Evaluating the record 3.755 billion Turkish Liras ($2.5 billion) tax levy imposed on Doğan Media Group, Chief Financial Officer Soner Gedik said the decision has no legal ground. Gedik’s arguments against the fine, the second against the group this year, were also supported by a prominent tax expert.

Speaking to daily Vatan, Gedik answered questions about the fine, emphasizing that transfer of shares is a practice exempt from value added tax, or VAT, and the share transfer between DoÄŸan Media Group, or DMG, companies, created no extra revenue for the group. Gedik also estimated that in the past four years, share transfers surpassing $128 billion have been conducted in Turkey. “Nearly three-fourths of this amount was conducted as common stock transfer [as was the case in DMG],” he said. “After this [practice] against us, I guess all such sales will be regarded as cloudy. If the interpretation of the Finance Ministry official is correct, all these sales will be inspected.” (more…)

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Record TL 3.76 billion tax fine jolts DoÄŸan

Posted by meb at September 8th, 2009

DoÄŸan Yayın Holding, DoÄŸan Group’s conglomerate in the publication business that runs newspapers like Hürriyet, Milliyet, numerous magazines and TV channels, sustained the record amount of tax fine, the highest ever imposed on a Turkish company

The Finance Ministry inflicted a grueling fine of TL 3.76 billion ($2.53 billion) to the company for evading tax regarding its accounts for a time period covering 2005, 2006 and 2007.

The harsh blow of the record fine was due to the findings of investigations by controllers that the DoÄŸan companies concealed the profits that stemmed from the share transfers among the partners and avoided to pay the Corporate Tax and Value Added Tax (VAT) on the revenues from the share transfers.

The investigation reports also asserted that the fines didn’t include the penalties for delaying the payments of these debts, which will later be calculated and added to the total amount. The calculation of the delay penalty will start from 2005 and will cover the time period until the projected time of the clearance of the debts. This is estimated to create a tremendous cost on the company considering that the rate of default penalty is monthly 2.5 percent for 2009 alone. (more…)

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Avea records YTL 2.1 bln in profit in 2008

Posted by meb at March 5th, 2009

Avea grew by 23 percent in 2008 compared to 2007 and increased its market share in Turkey to 18.5 percent from 13.5 percent; also we increased our subscribers by 2.2 million to 12.2 million,” Avea CEO Cüneyt Türktan announced during a press conference in Ä°stanbul.

Türktan said the company invested TL 465 million in infrastructure in 2008, increasing its coverage area to over 95 percent of the country. He added that the company had made a total of $1.3 billion in investments in the Turkish GSM market during the last four years. (more…)

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