Turkey Financial News

Posted by meb at November 17th, 2008

İstikbal, a global Turkish brand in home furnishing, has opened two stores in Dubai, the most populous city of the United Arab Emirates.

Furniture firm eyes Dubai For advertising in Dubai, Boydak Group’s subsidiary İstikbal has enlisted Bülent İnal to play a reporter in their commercials. İnal is known for his role in the Turkish series “Ihlamurlar Altında” (Under the Lime Tree) and has built a significant fan base in the Arabic world.

It is the first time the firm has worked with a star abroad, said Boydak Holding Chairman Bekir Boydak. “We were obliged to enter these markets strongly. A popular actor will be influential in this respect. New films are on the agenda.” (more…)

Posted by meb at November 13th, 2008

Russian natural gas dealer Gazprom announced yesterday that it will lower the price of natural gas it sells to Turkey.

“The natural gas that Turkey imports from Russia will be 20 percent cheaper in 2009,” Sergey Komlev, the president of Gazprom’s export department, said yesterday in İstanbul. Komlev said the price of natural gas was decided in line with oil prices in global markets and since oil prices had fallen recently, Gazprom would decrease the price of natural gas supplied to Turkey. Turkey currently pays $400 per cubic meter of natural gas that is imported from Russia. Komlev also underlined that Russia sold natural gas to Turkey at a cheaper price than it does to European countries. (more…)

Posted by meb at November 12th, 2008

Turkish automotive output shrank more than 20 percent in October, industry data showed on Tuesday, as the vital export sector felt the impact of the abrupt downturn in European vehicle demand.

Turkey’s Automotive Industry Association (OSD) said vehicle production tumbled 20.5 percent year-on-year to 80,301 units during the month, while exports slid 27.5 percent to 54,928.

Car production fell 24.2 percent during the same period to 45,057 units, with car exports dropping 32.5 percent, it said.

The Turkish automotive sector has enjoyed strong growth in recent years, which continued in the first half of 2008, but it has since turned negative. In September output dipped 0.8 percent. (more…)

Posted by meb at November 5th, 2008

While the economic crisis becomes a nightmare for many Turkish companies, others interpret the hardship generated by the financial crunch as a great opportunity for growth and expansion. The firms that gained experience from the 2001 economic crisis in the country, are now able to create advantages out of the recent turmoil.

Instead of allowing the global economic crisis to turn into a nightmare, some Turkish firms have preferred to see the current turmoil as the creation of opportunity.

Unlike many Turkish companies that have downsized, suspended investment and dismissed staff, some have continued to move toward growth, by keeping consumer demand in mind and by offering favorable prices. Firms that emerged from the 2001 economic crisis slowly growing in the shadows now have a loyal customer portfolio and are ahead of competition in terms of creating brands. (more…)

Posted by meb at October 30th, 2008

Turkey and Poland have agreed to establish the Common Economic Committee as a means to help drive up trade volume between the two countries to $5 billion by 2010.

Visiting Poland with several businessmen, the minister of state for foreign trade, Kürşat Tüzmen, held a joint news conference yesterday with Poland’s Deputy Prime Minister and Minister of Economy Waldemar Pawlak to announce the establishment of the committee.

The committee will be created soon, and its convention will alternate annually between Turkey and Poland. In each meeting, the committee will take into consideration the level reached in commercial ties and suggest regulations to improve relations accordingly. (more…)

Posted by meb at October 29th, 2008

The Turkish automotive sector, which has been feeling the effects of the current crisis in global markets, is hoping to escape the turmoil with the help of a reduction in the Private Consumption Tax (ÖTV) that the government plans to institute in the near future.

The auto sector has fallen on hard times. Many car dealers have had to revise their targets for 2008. The sector longs for the kind of situation it found itself in at the end of last year, when car sales were up.

Vedat Gizer, president of Çukurova’s Authorized Car Dealers Union (YODER), said yesterday that the auto sector was struggling with stagnation and that they were looking forward to the tax reduction. “We had been seeing a boom, especially in the last four months of 2007, but now car sales are about to cease totally,” he explained. He underlined that with the recent increase in foreign exchange rates the sales of imported cars have declined dramatically and many companies will not be able meet their targets for 2008. “People will think twice before purchasing a car because of the uncertainty in the economy and the increase in interest rates,” he said, emphasizing that most consumers take out loans when buying a car. He noted that the forthcoming reduction in the ÖTV, recently announced by Finance Minister Kemal Unakıtan, would help automotive companies reach their targets. (more…)

Posted by meb at October 27th, 2008

Turkish delegation to give trade relations with Poland a boost Turkish State Minister Kürşad Tüzmen and a delegation of 120 businessmen will travel to Poland today in an effort to boost commercial and economic relations.

The Turkish delegation will remain in Poland until Wednesday.

During his visit Tüzmen will meet with Polish Deputy Prime Minister and Minister of Economy Waldemar Pawlak, the chairman of the Polish-Turkish Interparliamentary Friendship Group, Tadeusz Iwinski, and other high-ranking officials. Tüzmen will seek opportunities to develop trade relations between the two countries. Also, selected Turkish exports including leather, shoes, garments, textile products, carpets and olive oil will be showcased in Poland. (more…)

Posted by meb at October 23rd, 2008

Turkey’s Agriculture Minister Mehdi Eker said on Wednesday that Turkey wants to enhance its relations with Saudi Arabia in the area of agriculture.

Eker received a delegation from Saudi Arabia, headed by Saudi Commerce and Industry Minister Abdallah bin Zainal Ali Reza. Speaking in Ankara during the visit, Eker said a group of Saudi businessmen wanted to make agricultural investments in Turkey. He said Turkey also wanted to undertake joint projects with Saudi Arabia. He said they would assess the demands of both parties, adding that they would begin working on projects if they can reach agreement on certain points in line with the interests of both countries. (more…)