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Goldman Says Turkey Has Highest Rates in Region After Switch

Turkey has the highest rates in emerging Europe, the Middle East and Africa, Goldman Sachs Group Inc. said, after it started following the country’s overnight money market rates instead of the central bank’s benchmark.

December 1, 2011
Published in Turkey
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Turkey's October Trade Deficit $8bn, Below Forecast

ISTANBUL: Turkey's trade deficit widened 26 percent year-on-year in October to $7.98 billion, data showed on Wednesday, less than a forecast deficit of $8.3, trade deficit rose 63.5 percent to $90.18 billion from $55.17 billion in the same period of last year. The pace of yearly growth of Turkish imports declined to 15.1 percent from its peak of 48.7 percent in February while the pace of yearly growth of Turkish exports stood at 8.9 percent from its peak of 32 percent in August.

December 1, 2011
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Turkish Groups Organizing Earthquake Relief

Several Atlanta-based Turkish business and cultural groups are organizing a relief fund for victims of a 7.2-magnitude earthquake that hit the eastern part of that country Oct. 23.

More than 270 people have been confirmed killed by the quake and several aftershocks, while thousands are homeless. Atlanta’s Istanbul Center and Turkish American Chamber of Commerce of the Southeast U.S. are accepting donations to the Istanbul Center Turkey Earthquake Relief Fund for relief and reconstruction.

Contributions can be mailed to the Istanbul Center’s office at Two Midtown Plaza, 1349 West Peachtree St., Suite 1010, Atlanta, Georgia 30309.

Donations can also be sent online via PayPal from the center’s website at www.istanbulcenter.org or wired directly to the fund at Wells Fargo & Co. bank account number 6020584402.

The Atlanta chapter of the American Turkish Friendship Council is also collecting funds to repair a school or dormitory in the eastern city of Van, Turkey, which is in the region most badly affected by the quake.

Donations to this fund can be sent to: ATFC, 1266 West Paces Ferry Rd., Unit 257, Atlanta, Georgia 30327. Checks should be made out to the American Turkish Friendship Council and have Van Earthquake Relief Fund in the memo line.

CHICAGO TURKS RALLY FOR EARTHQUAKE RELIEF
Turkish-Americans in the Chicago area are hoping to raise at least $50,000 for relief efforts, in the aftermath of a devastating earthquake in their homeland.

More than one hundred people died in the eastern city of Ercis, where the quake was centered, with another hundred confirmed dead in Van, about 30 miles away. Over a thousand people were injured, when the powerful quake hit Sunday, and rescue officials feared the casualty tolls would go much higher.

“There is a possibility that we will have a thousand people killed by the devastation of the earthquake,” said Suleyman Turhan, President of the Turkish American Federation of the Midwest. “That’s going to come out by the time the rescue efforts are completed in a couple of days.”

Dramatic rescue pictures were beamed worldwide by Turkish television networks, from a nation which knows the heartbreak of such powerful forces of nature all too well. More than 17,000 died when a quake hit northwestern Turkey, including the city of Istanbul, in 1999.

Rescue teams responding to the weekend quake in Van province worked through a cold night, searching for those who might still be alive in the rubble.

“The thing we don’t know yet is that all those people, much more in rural areas, they haven’t reported back as to the casualties,” said Fatih Yildiz, Turkish consul general in Chicago. “Since it happened in the middle of the day, no one knows where those people were during the earthquake.”

Search teams have expressed hope that some collapsed residential buildings might have been empty, with many residents at work when the tremor hit.

Turkey lies at the intersection of three major fault lines, and quakes are not an unusual occurrence there. Because of that, and especially in the aftermath of the 1999 quake, special precautions have been taken in new construction, and the nation has gone to considerable effort to train rescue teams.

“That’s what we are trying to do nowadays in Turkey,” said Yildiz, the Chicago consul general. “You know, raise awareness about how you cope with the effects of the earthquakes. In fact, how to live with the facts that earthquakes bring to the life of the people in Turkey.”

Indeed, the Deputy Prime Minister Besir Atalay said some 15,000 tents had been distributed in the earthquake region, and that field kitchens had been set up to feed an estimated 25,000 people.

The tragedy struck during what was to have been a festive time this week, the 88th anniversary of the founding of the Turkish republic.

“We are somewhat being tested in terms of our solidarity and standing together against some odds that nature brings us,” Yildiz said, noting that there has been a tremendous outpouring of support for the earthquake victims from throughout the nation. The government said over 1200 aid workers from over 30 nearby towns, and at least 145 ambulances had joined in the rescue efforts.

Chicagoans wishing to help with the relief efforts can donate through the website of the Turkish American Society of Chicago. The address is www.tascweb.org.

Source: http://www.nbcchicago.com/news/local/132501253.html#ixzz1by8TQjPv

FUNDRAISER AT CLIFTON RESTAURANT TO AID VICTIMS OF TURKEY QUAKE
CLIFTON — A fundraiser will be held Thursday at Toros Restaurant to raise money for victims of the recent earthquake in eastern Turkey that killed more than 400 people.

Members of about a dozen Turkish-American cultural and business groups from North Jersey and New York will attend show their support, said organizer Derya Taskin, of Paterson. The public also is invited to the fundraiser, which includes food donated by the restaurant and desserts from Taskin Bakery.

People may donate what they wish to relief efforts, which will be used in nonprofit and government relief efforts, Taskin said. The restaurant is located at 489 Hazel St. and the event starts at 7 p.m.

The fundraiser is part of a greater effort by the Turkish-American community to help earthquake victims. About 4,689 Turkish residents live in North Jersey, according to the latest census figures, with the highest concentrations residing in southern Passaic and southeast Bergen counties.

Helping Hands Relief Foundation, based in Carlsdadt, has collected about $10,000 in donations since the earthquake struck Sunday, said the group’s president, Nevzat Yilmaz.

Several people also have called to offer their services if Helping Hands decided to send a team of volunteers to the region, as it has to Haiti, Kenya and other disaster-struck areas. “We are keeping in touch with organizations [in Turkey] and if they need people to help, we will organize a group,” Yilmaz said. Source: Northjersey.com
Foto: AA

October 27, 2011
Published in Turkey
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Pharma Deals Help Fuel Growth in Turkish M&A

Raise your hand if you think the hottest emerging market for M&A is either India, China or Brazil. Well, if you raised your hand, you're wrong. A Bloomberg analysis found dealmaking in Turkey has grown faster than in any of the other big emerging markets. The value of Turkish buyouts has grown by 59% to $8.8 billion over the past year, while M&A fell in the other three.

October 7, 2011
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Trendyol.com Raises $26 Million in New Funding

ISTANBUL, TURKEY and PALO ALTO, CA- Trendyol.com, the leading and fastest-growing fashion e-commerce company in Turkey, has announced that it has raised $26 million from Kleiner Perkins Caufield & Byers and existing investor, Tiger Global, to fuel continued growth and scale operations. Notably, this is Kleiner Perkins Caufield & Byers' (KPCB's) first investment in Turkey -- raising attention for both Trendyol.com and the rapidly-expanding Turkish Internet and e-commerce ecosystem. KPCB has invested some of the world's most respected technology companies including: Google, Amazon.com, Twitter, AOL and Zynga. Trendyol.com highlights the unprecedented Internet and e-commerce growth market in Turkey, as well as company growth statistics in this infographic: www.trendyol.com/trends.

August 10, 2011
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Trendyol.com Raises $26 Million in New Funding

U.S. Companies See Growth Potential in Turkey

By Mike Lally* - Strategically positioned at the crossroads of Europe, Asia and the Middle East, Turkey has embarked on a major renewable energy and energy efficiency program. The country aims to increase its clean energy share to 30 percent of its power supply by 2023 — the 100th anniversary of the Turkish republic. With over $40 billion in investment expected in this area by 2020, U.S. companies will see major business development opportunities in solar, wind, geothermal, hydro and all elements of energy efficiency.

August 10, 2011
Published in Turkey
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Turkish e-Commerce Founder to Support New Entrepreneurs

Aksoy Group, the founder of sahibinden.com, Turkey's most visited e-commerce platform with over 2 billion monthly page views, is aiming to support promising internet projects through its newly established "Aksoy Internet Ventures".

Aksoy Group Vice-Chairman Taner Aksoy said "We founded sahibinden.com in 2000, and the Turkish information technology sector has developed and undergone a major change since then. It's a great pleasure for us to witness the whole process, especially after having secured a place among the most experienced companies. Nowadays, without a doubt, raising funds for the right project will not be so difficult in such a promising sector. Our differentiation will be to share our vision and experience on top of our financial support. Shortly, Aksoy Internet Ventures brings 'smart money' "

Aksoy said the company was willing to invest in a portfolio of companies diversifying risk. "We are primarily considering investing in Turkey. We may get involved in projects that directly target foreign markets, as well as those that are extending from Turkey to abroad." Investors who share a common vision with Aksoy Internet Ventures will also have the opportunity to co-invest in these new projects, the group said.

June 22, 2011
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Sir Brian Souter in Buy-out of Turkish Ferry Operator

The sale by the Turkish city's government includes 52 vessels that transport more than 50 million people each year, across the Bosphorus and around the Sea of Marmaris. The chief executive of Stagecoach transport group used his investment company to lead the buyout. His investor group has a 30% stake in Istanbul Deniz Otobuslen (IDO) ferries.

Souter Investments is partnered by Ann Gloag, Sir Brian's sister and co-founder of Perth-based Stagecoach, Edinburgh financier Sir Angus Grossart and three Turkish-based companies, including the operator of the country's largest airport.

The sale, denominated in US dollars at $861m, includes 25 sea buses, 19 fast ferries and 17 conventional ferries.

There are nine inter-city and five inner-city lines serving 35 piers, with sales last year of £142m.

June 16, 2011
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Lebanese Bank Interested in Turkish Lender

Lebanese lender Bank Audi is interested in acquiring Tekstilbank of Turkey, daily Sabah reported Thursday but did not say where it obtained the information. The newspaper also reported that Tevfik Bilgin, head of the Banking Regulation and Supervision Agency, previously said some banks that “believe in Turkey's potential” may take their place in the market.

Bank Audi, owned by the Audi Saradar Group, is active in 11 countries. As of the first quarter of the year, its assets totaled $28.9 billion, while its consolidated net profit was $90.4 million.

In comparison, Tekstilbank has 44 branches and 75.5% of it is owned by GSD Holding, which is run by businessman Turgut Yılmaz. The rest of the bank is being publicly traded. Its asset size totals 2.7 billion Turkish Liras. Its net profits for the first quarter were at 5.6 million liras. Turgut Yılmaz is the brother of Mesut Yılmaz, a former prime minister.

June 2, 2011
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Turkey Property Now Third Most Popular With Russian Buyers

Turkey is now the second most popular choice among Russian buyers according to a survey conducted at a major Moscow property show. Leading Russian overseas property magazine International Residence conducted the survey of 499 Russian buyers at the Moscow International Investment Show in March. They found that Turkey was the third most popular country among Russians looking at overseas property, beaten by Bulgaria in first and Spain in second.

Other findings of the survey were that 49% planned to buy in the next 12 months, 66% were looking for apartments, and 53% were buying for lifestyle reasons compared to 12% looking to make an investment. The survey also found that 40% of buyers were looking to spend between 100,000 Euros and 250,000 Euros, a higher percentage than has been seen at previous shows.

May 24, 2011
Published in Turkey
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Turkey Telecom Sector Forecast to 2012

The telecommunication sector in Turkey has grown at a rapid pace during the past few years, driven by government support and initiatives aimed at liberalization and privatization of the sector. Besides, other factors, such as favorable demographics coupled with rising disposable income and a desire to avail hi-tech telecom services have been fostering the growth of Turkish telecom market.

The authors have examined the Turkish mobile market and has found that it currently posses a lot of potential as the penetration rate was around 85% at the end of 2010. With the initiation of 3G services in Turkey, the telecom sector will witness significant changes in the coming years. With the rapidly improving mobile infrastructure and intense competition among the three mobile operators (Turkcell, Avea, and Vodafone), the mobile subscribers will grow at a CAGR of around 8% during 2011-2014 and the penetration rate will exceed 108% by 2014-end.

May 24, 2011
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BMW Targets Brazil, Russia, Turkey, S. Korea for Two Factories

Bayerische Motoren Werke AG, the world's largest maker of luxury vehicles, is considering adding two auto factories in emerging markets as it seeks to extend its lead over Volkswagen AG's Audi.

BMW is evaluating sites for a plant in Brazil as well as another factory in Russia, India, South Korea or Turkey, Chief Executive Officer Norbert Reithofer said today at the company's annual shareholders' meeting in Munich.

"The people in these countries want more individual mobility," Reithofer said in a speech. "We want to further our lead in the premium sector."

The maker of BMW, Mini and Rolls-Royce cars is expanding in emerging markets as it looks to guard its independence and fend off Audi, which aims to overtake BMW as the luxury-car leader by 2015. BMW's joint venture plant in Shenyang, China, is boosting investment to 1 billion euros ($1.42 billion) from 560 million euros.

May 13, 2011
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US Ambassador Says Turkish-American Economic Ties to Benefit from Defense Industry

US Ambassador to Turkey Francis J. Ricciardone addressed to companies who participated in this year's IDEF fair.

US Ambassador to Turkey Francis J. Ricciardone has said in a meeting in İstanbul that as Turkey's military industry complex grows, it will become one of the major areas of cooperation in Turkish-American economic relations.

The ambassador was speaking at a reception he hosted on Wednesday for companies participating at the International Defense Industry Fair (IDEF) and said this fair would help both Turkish and American firms find new opportunities and partners.

Noting that he was proud of the American contribution to Turkey's success in the defense industry, the ambassador said soldiers, diplomats and civilians of both countries worked together to establish peace and security in the world, citing examples from Somalia and Libya.

May 11, 2011
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Turkey to Build 2 'New Cities' for Istanbul

ISTANBUL (AP) — Turkey on Wednesday announced plans to build two earthquake-resistant developments in the Istanbul area to lure residents away from dangerous neighborhoods.

Prime Minister Recep Tayyip Erdogan said the first of two "new cities" would be built on abandoned quarries and coal pits at the edge of Istanbul's European side. The second would be located on unused land on the Asian side, he said, without providing further details.

The two new urban centers would have a population of about 1 million each.

Erdogan said studies for the project would begin soon after Turkey's June 12 elections, while construction would start next year. The main aim of the project is encourage people living in Istanbul's earthquake-prone areas to move, he said.

May 11, 2011
Published in Turkey
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