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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
Published in Turkey

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
Published in Turkey

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

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.