Turkey Financial News

Archive for the ‘Uncategorized’ Category

Closure case against ruling AK party creates shockwaves

Saturday, March 15th, 2008

The chief prosecutor of the Supreme Court of Appeals applied to the Constitutional Court on Friday evening demanding that Prime Minister Recep Tayyip Erdoğan’s ruling Justice and Development Party (AK Party) be disbanded.

Abdurrahman Yalçınkaya filed a court request for the closure of the AK Party, accusing it of “being a hotbed of anti-secular activities.” The party won 47 percent of the votes in last year’s general election. (more…)

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Turkey’s first shopping center for wedding needs

Thursday, March 13th, 2008

Marry Mall, Turkey’s first shopping center especially designed to cater for wedding needs, will open on April 30.

Marry Mall, constructed by Porte Group, is located at the entrance of Block B of EGS Business Park opposite Atatürk Airport. Beşir Ustaoğlu, assistant general manager of Porte Group, said besides being an exciting step, marriage is one of the most difficult events to organize, adding that they decided to build this marriage-themed shopping center considering the new couples who want to celebrate their wedding ceremony in the best possible way. (more…)

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Turkey, Iraq & Syria to initiate water talks

Wednesday, March 12th, 2008

Turkey, Syria and Iraq have decided to bury the hatchet over water issues and cooperate by establishing a water institute that will consist of 18 water experts from each country to work toward the solution of water-related problems among the three.

This institute will conduct its studies at the facilities of Turkey’s Atatürk Dam, the biggest in the country, and plans to develop projects for the fair and effective use of trans-border water resources. This rapprochement among the three countries has led to acceleration of the construction of the Ilısu and Asi dams. Until several years ago, international strategists would argue that a war over water resources would inevitably erupt in the Middle East. But the recent agreement among Turkey, Syria and Iraq seems to discredit this thesis. (more…)

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Inflation expected to be around 7.5 percent in 2008

Friday, March 7th, 2008

International ABN-AMRO bank thinks macro-economic figures will be better in Turkey in 2009, but the year-end inflation will be around 7.5 percent in 2008.

According to a report of the Netherlands-based bank, Turkey’s inflation will be up this year, but will drop next year.

The bank forecast Turkey’s year-end Gross Domestic Product (GDP) growth around 4.5 percent in 2008. It also said public debts will be around 54.8 percent of the GDP and current (accounts) deficit will be 8.5 percent of the domestic product. (more…)

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Turkey, reassured on EU, backs ‘Club Med’ plan

Wednesday, March 5th, 2008

Turkey is ready to take part in a planned Mediterranean union after receiving assurances that it is not meant as a substitute for Ankara’s eventual membership in the European Union, Turkish officials said on Tuesday.
The Mediterranean union is a pet project of French President Nicolas Sarkozy, a strong opponent of Turkey’s EU bid, but he has had to water down the original plan under pressure from Germany and other member states that felt it was too divisive.Sarkozy and German Chancellor Angela Merkel said on Monday they had reached a compromise on the proposal, but gave few details. (more…)

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Turkey 49th in property rights protection

Friday, February 29th, 2008

Turkey’s protection of intellectual property rights has been ranked 49th among 115 countries in the 2008 International Property Rights Index (IPRI), indicating that Turkey has much work to do.
Turkey’s rank was 51 in terms of its legal and political environment for property rights. With respect to physical property rights, Turkey ranked 52nd. It was placed 51st in the general ranking of the index. Finland topped the general ranking list and it was followed by Norway, Denmark, the Netherlands and Germany. Despite its fame as a leading global figure for intellectual property rights, the US was only 19th in the general ranking. (more…)

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EBRD to offer new financing facilities to Turkey

Thursday, February 28th, 2008

The European Bank for Reconstruction and Development (EBRD), which is getting prepared to withdraw from the countries in central Europe, plans to make investments in Turkey in the upcoming period.

Until 2010, EBRD will cut its financial support to the 8 former Eastern Block countries which have become EU member states in 2004, sources said.

The bank, known as the “World Bank” of Europe, plans to intensify its activities and investments in Turkey after such date. (more…)

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Corruption seeps into natural gas

Friday, February 22nd, 2008

The energy minister delayed a raid on the state-owned pipeline company BOTAŞ’s offices and forced the retirement of officials involved in a corruption case involving the company’s officials in the tender for the scheduled building of a natural gas depot under the Salt Lake in central Anatolia, according to an indictment prepared by an Ankara prosecutor.

Prosecutor Mehmet Tamöz briefed Energy Minister Hilmi Güler on the matter and was asked to delay the operation, the indictment said. The minister suspended all BOTAŞ officials involved and forced some to resign. (more…)

Posted in Energy & Transport, Uncategorized | No Comments »