Turkish Trade Deficit Almost Doubles to Record $9.8 Billion

Turkey’s trade deficit jumped 91 percent from a year earlier in March, as central bank policies failed to slow growing domestic demand that draws in imports of goods and raw materials. The deficit was $9.8 billion in the month, compared with $5.1 billion a year earlier, the statistics office in Ankara said on its website today. The figure exceeded a median estimate for a $7.8 billion deficit in data compiled by Bloomberg.

Turkish Contractors in Turkmenistan Facing Payment Crisis

Image Turkish construction companies in Turkmenistan are on the edge of big losses as the government rejects to pay an alleged $1 billion for completed or ongoing projects, businessmen say. The Turkmen government is either seizing equipment or offering new and attractive contracts to overcome upcoming legal problems, they say Turkish construction companies in Turkmenistan are hardly financing their ongoing projects in the country as the government is not doing any payments, according to some businessmen.

Turkish construction firms doing business in Turkmenistan are facing financial problems as the government is rejecting to pay the cost of completed projects worth $1 billion, according to contractors speaking to the Hürriyet Daily News & Economic Review on Sunday.

“More than 40 Turkish construction firms have been subjected to mistreatment,” said Tarık Bozbey, head of the Mediterranean Exporters Union and head of Bozbey Construction. “Turkish firms there are in a serious financial struggle.”

Bozbey said that because the Turkmen government was not making its obligatory payments the construction of some projects could not be completed. The government seized construction vehicles and equipment from some Turkish firms “illegally,” according to Bozbey. “This means billions of dollars in losses for the firms,” he said, adding that the Turkmen state had violated international laws by mistreating the Turkish firms.

Turkish Defense Industry Targets Latin American Countries

Image Turkish defense industry companies' new target has become Latin American countries. Turkish defense industry companies continue to make promotions and marketing in all corners of the world. Following a recent protocol signed in Indonesia that was worth 400 million USD, the Turkish Undersecretariat of Defense Industry (SSM) is helping Turkish defense industry companies to market their goods in Latin American countries.

Dogan Agrees to Sell Two Turkish Newspapers for $74 Million

ImageTurkish businessman Aydin Dogan agreed to sell the Milliyet and Vatan newspapers to DK Gazetecilik & Yayincilik AS, owned by the Demiroren and Karacan groups, for $74 million. Dogan will sell Milliyet for $48 million and Vatan for $26 million, unit Dogan Gazetecilik AS (DGZTE), which controls the newspapers, said in a filing with the Istanbul Stock Exchange today.

Businessman Invites Swedes for Cheap Labor, Regional Access

ImageTurkey offers Swedish investors vast opportunities for cheap employment and regional access, according to İshak Alaton, chairman of Turkish-Swedish Business Council at Foreign Economic Relations Board of Turkey, or DEİK.

It is beneficial for foreign firms to consider Turkey for future investment plans, said Alaton during his meeting with Swedish Trade Minister Dr. Ewa Björling and an accompanying delegation in Istanbul on Wednesday.

“While you would pay a minimum 2,000 euros for an employee’s monthly salary in Sweden, you could employ a quality employee for as little as 400 euros in Turkey,” she said.

Turkey could cooperate more with Swedish firms in biotechnology, information technology and energy, she added.

Ziraat Bankasi Opens Branch in Jeddah

Image JEDDAH: With the opening of the branch of a leading Turkish bank in Jeddah, trade and commerce between Turkey and Saudi Arabia will reach new heights, said Turkish Prime Minister Recep Tayyip Erdogan here on Saturday.

Speaking at the opening ceremony of Ziraat Bankasi's first branch in Rowadah district, Erdogan said, “It will further enhance cooperation between Turkey and the Kingdom in the fields of development, agriculture and construction. It has added a new chapter in our ties with Saudi Arabia. It will also immensely help thousands of Turkish pilgrims who come to the Kingdom for Haj and Umrah,” he added.

A large number of Saudi businessmen, officials and Turkish community members witnessed the glittering opening ceremony and lauded Erdogan for his efforts to boost Saudi-Turkish ties.

THY Airlines Orders More IAE V2500 Engines

Image EAST HARTFORD, CT--(Marketwire - March 13, 2011) - Turkish Airlines (THY), the national carrier of Turkey, has again selected the International Aero Engines AG V2500 SelectOne™ engine to power its A320 family aircraft. IAE will deliver 10 firm engines in 2013.

This follow-on order is valued at up to $200 million and will power A321 aircraft.

"We have been very pleased with the exceptional relationship we share with International Aero Engines, as well as the performance of its V2500 engine," said Mr. Hamdi Topçu, Chairman of Turkish Airlines. "It has helped us to maintain our reputation that reinforces our image as a leader in one of the most demanding aviation markets."

Melco Lands Two-Satellite Contract with Turkey

Image PARIS — Mitsubishi Electric Corp. (Melco) of Japan, in its biggest-ever commercial satellite award, has bested its U.S. and European competitors to win a Turkish government contract to build two telecommunications satellites, Melco announced March 8.

The Turkish Transportation Ministry announced the deal March 7, saying it is valued at $571 million including the satellites’ launches in 2013 and 2014. A launch-vehicle selection was not announced. The long-running competition to build the Turksat 4A and Turksat 4B satellites featured bids by Lockheed Martin Commercial Space Systems of Sunnyvale, Calif., and a team composed of Astrium Satellites of Europe and Orbital Sciences of the United States.

Turkey Chooses Taggant Technology for Museum Entrance Security

Image The Ministry of Culture and Tourism in Turkey has recently decided to implement INKSURE's machine readable taggant solution for the security of the country's museum and historical site entrance tickets. The Ministry will implement the solution on entry tickets and smart museum entry cards for the next six years. As of 1 January 2011, the cards include a high-security hot-stamped hologram and the tickets include a hologram label. This solution makes the tickets and cards extremely difficult to counterfeit, yet very easy to authenticate in the field. The hologram contains overt security features created by MTM Security, a Turkish hologram manufacturer and covert security features created by InkSure Technologies, an American machine-readable taggant technology manufacturer.

US Technology Retailer Best Buy to End Operations in Turkey

American technology retailer Best Buy, which entered the Turkish market 14 months ago by opening a store in the western province of İzmir, has decided to end operations in Turkey. Announcing Best Buy’s new business strategies on Tuesday, company CEO Brian Dunn said: “It is expected that Best Buy, which entered the Turkish market to improve the returns of its stakeholders, will exit the market and Best Buy stores will [also] be closed in China.”A departure from the Turkish market will mean that Best Buy will end all its current operations and close its two stores in the country.
Subscribe to this RSS feed