Turkish politician and economist Kemal Derviş is the early frontrunner to replace Dominique Strauss-Kahn at the International Monetary Fund.

William Hill is offering odds of 5/2 on Derviş, the former Turkish finance minister, becoming the IMF’s next managing director. He is followed by Montek Singh Ahluwalia, deputy chairman of India’s Planning Commission, at 5/1.

Germany’s Axel Weber is third favourite at 7/1. Singapore’s Tharman Shanmugaratnam – who was promoted to deputy prime minister earlier on Wednesday – and former UK prime minister Gordon Brown are both available at 8/1.

The ATAA Board of Directors empowered a Nominations Committee, chaired by Ms. Lale Iskarpatyoti, a former ATAA VP, and served by President-Elect Ergun Kirlikovali, Past President Nurten Ural, Former President Tunca Iskir, and Former President and Founder Ulku Ulgur.  All candidates were nominated and selected in strict accordance with the ATAA bylaws and procedures.  Those candidates that were nominated expressed their voluntary and explicit agreement that the nomination of each was appropriate and that their candidacy met both the spirit and word of the ATAA charter, bylaws and mission.  The Election Process was overseen by the Teller's Committee, which was approved by the Board of Directors.

Turkey's top aerospace company and the Sierra Nevada Corporation, or SNC, a United States’ satellite company owned by a Turkish American, have agreed to cooperate to jointly make satellites for Middle Eastern companies, officials from both firms told the Hürriyet Daily News on Wednesday.

"I think we can do lots of business in this area," said Muharrem Dörtkaşlı, general manager of Turkish Aerospace Industries, or TAI. "Sierra Nevada has all the qualities we seek.”

"We selected a Gulf country to focus our efforts toward to make satellites for Middle Eastern countries," Fatih Özmen, president and chief executive of SNC, on the sidelines of the International Defense Industry Fair, or IDEF, 2011, Turkey's most major defense fair held bi-annually.

Global Capital Management LTD, the alternative asset management arm of Global Investment House (Global), announced that the Global Buyout Fund (the Fund) has reached an agreement to acquire a stake in Yargici Konfeksiyon Ihracat ve Ticaret A.S. (Yargici), the leading upmarket women's apparel and accessories retailer in Turkey. Transaction will be finalized subject to regulatory approval.

Founded in 1978, Yargici is a premium retailer of women's apparel and accessories, operating in Istanbul (17), Ankara (2), Izmir (2), Bodrum (1) and Paris (1) with 23 stores and employs 252 people. Target customer base of the company is concentrated in the upper-middle to high income segment, within the range of A and B+ classes and aged between 19 and 55. The Company's sales grew at a CAGR of 32% between 2008 and 2010, whereas the women's apparel market grew at a CAGR of 2% during the same period.