Turkey Financial News

Posted by meb at August 20th, 2008

New incentives for encouraging job creation and helping Turkey’s poorest regions could be implemented by as early as 2009.

In addition to the already announced 5 percent cut in payroll taxes, the government is also planning to cover training costs and help companies with investment and borrowing. There will also be assistance for textiles companies that want to relocate their production to Turkey’s east and southeast. (more…)

Posted by meb at August 20th, 2008

According to a survey conducted to create a profile of the accomodation sector in Turkey, group and hotel chains own 61 percent of total bed capacity in the country. The survey shows that foreign group and chains prefer big cities whereas domestic ones prefer coastal towns.

Chain hotels provide the majority of Turkey’s accommodation, with most of the business conducted by domestic companies, a recent survey has revealed.

Nearly 61 percent of Turkey’s accommodation capacity is held by group or chain hotels, with the remaining bed capacity belonging to facilities not connected to groups or chains, according to the survey titled Group and Chain Hotels in Turkey-2008, conducted by the Ekin Group Research Unit for the Mediterranean Hoteliers Association, or AKTOB. According to the survey, 152 groups and chains supply the majority of the bed capacity. The investment, operation and administration of hotels are conducted mostly by domestic companies, the report revealed. (more…)

Posted by meb at August 20th, 2008

Turkey’s first Hilton resort hotel will open in Muğla’s Dalaman district toward the end of 2009 with a 100-million euro investment.

Hilton Hotels Corporation, the world-renowned U.S.-based international chain of full service hotels and resorts, signed a franchise agreement with Göçay Tourism for the construction of Hilton Dalaman Golf Resort & Spa.The resort hotel will be located in Dalaman’s Sarımerge beach and will be comprised of a total of 384 rooms, 52 of which are suites. The resort hotel, which has its own beach and its own quay, will also encompass a 3,000-square-meter house club, a spa and an 18-hole golf course. (more…)

Posted by meb at August 16th, 2008

Akbank has successfully obtained a 1 billion euro syndicated loan from a group of 53 banks from 20 countries. The signing ceremony for the syndicated loan, which falls due in one year and was extended at the London interbank offered rate (LIBOR) plus 0.75 percent, was held yesterday in İstanbul.

Akbank General Manager Zafer Kurtul, together with Managing Director Bülent Adanır and representatives from the 53 lending banks, attended the ceremony.

Noting the significance of the syndicated loan having been extended amid a troubled financial atmosphere marked by major liquidity problems, Kurtul said the process represented “the highest syndicated loan amount” granted to a developing country since the beginning of 2008. (more…)

Posted by meb at August 15th, 2008

Turkish Airlines, or THY, enjoyed strong growth in the first seven months of the year, enjoying record growth after a partnership with Star Alliance commenced in April.

Turkish Airlines, or THY, grew 11 percent in domestic lines, 20 percent in international lines and 15.4 percent in total within the first seven months of the year, Temel Kotil, general manager of THY, announced in Istanbul on Tuesday. “Joining Star Alliance, whose member carriers transport some 30 percent of all air travelers in the world, in April, provided a 42.9 percent record increase in the number of transit passengers of THY in the first seven months of 2008,” said Kotil. “The income from sales constituted 73 percent of the aggregate sales last year. This figure increased to 75 percent in the first seven months of this year,” said Kotil. (more…)

Posted by meb at August 15th, 2008

Citigroup is not planning to leave the Turkish market and it would be very surprising for the bank if a global player decides to leave Turkey, Referans daily reported Steve Bideshi, the chief executive of Citigroup as saying on Friday.

It would not be understandable to leave a market like Turkey which is growing and has a good economic atmosphere, Referans quoted Bisdeshi as saying. “People and strategies could be changed if things do not go well. But a market should not be quit.” (more…)

Posted by meb at August 15th, 2008

Turkey faces a big dilemma amid the changing political landscape of the Caucasus, as it looks to strengthen its position as a transit country for energy routes, and the mounting pressure to balance its relations with Russia and the United States.
Russia’s message in the five-day clashes in the Caucasus was clear: The region is still the backyard of Moscow, which is the main actor that would ensure the energy supply security for Europe.
In other words the sudden spark in the conflict that brought Georgia to its heels, reasserted Russia’s claim as the dominant force in the region, and dealt a blow to the U.S. prestige. (more…)

Posted by meb at August 15th, 2008

Turkey and Iran yesterday signed a series of agreements to further cooperation in a number of areas, including terrorism and organized crimes during a landmark visit by Iranian President Mahmoud Ahmadinejad, but fell short of signing an energy deal that US had opposed.

A joint statement, released just before a joint press conference between Ahmadinejad and Turkish President Abdullah Gül at the historic Çırağan Palace in İstanbul said that the two countries will continue to discuss further cooperation in the field of energy. Officials earlier said that the two sides were unlikely to reach an agreement on the terms of the deal because the Iranian side presented new demands. The disagreement reportedly centered on pricing and new investment conditions. (more…)