Landmark Istanbul Hotel Threatened by Stall on Restoration
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updated 4:57 PM UTC, Apr 10, 2025
Four Turkish Banks Account for 60% of Sector's Profit
Turkey’s top four banks play a very prominent role in the sector. State-owned Ziraat and three private banks, Garanti, Is and Akbank, have the lyon’s share in assets, deposits and profits. According to the latest report from the Union of Banks, TBB for short, as of end September, the country’s largest lenders accounted for 54.2 percent of assets, 57.3 percent of deposits and 59.7 percent of net earnings with Ziraat leading in all three categories.
By end September, the banking sector’s combined assets stood at TL 886.1bn and deposits at TL 569.3bn. As for after-tax profits, they reached TL 16.3bn in nine months.
Fitch Says Turkey Faces Economic Stability Challenges
Turkey’s central bank faces challenges in ensuring growth and inflows of foreign capital don’t threaten macroeconomic stability, and the bank’s success will feed into the country’s debt rating assessment, Fitch Ratings said. “One of the challenges the central bank faces is to reduce inflation and prevent the economy overheating in a challenging policy environment, including large capital inflows and low global interest rates,” Fitch analyst Edward Parker said.Valeura Energy Buys Stake in Natural Gas Exploration Licence in Turkey
Calgary, Canada- Valeura Energy Inc. (TSXV:VLE) says it has bought an interest in the Edirne exploration licence in Turkey's main natural gas producing region for $3.1 million, expanding its presence in the country. The Calgary-based company says it will own a 35 per cent interest in the licence, which covers land in the Thrace Basin, the main natural gas producing region of Turkey. It bought the stake from Edirne Enerji Petrol Arama Uretim Ve Ticaret Limited Sirketi, a wholly-owned affiliate of Australia's Otto Energy Ltd. The deal is expected to close around Dec. 22. Turkey JV Hires Manager for Refinery Construction
State Oil Co. of Azerbaijan Republic (SOCAR) and TURCAS Rafineri AS (STRAS) has awarded Fluor Corp. a project management consultancy for a refinery to be built in Aliaga, Turkey. TURCAS is a joint venture of SOCAR and Petrol AS. The planned refinery will be integrated into the Petkim petrochemicals complex on the Aegean coast. Fluor will act as PMC for the SOCAR and TURCAS Aegean Refinery (STAR) project and will assist STRAS in selecting and managing the engineering, procurement, and construction contractor and provide overall project and construction management.
TurkPower Corporation Announces Significant New Coal Power Plant Mandate
New York, NY- TurkPower Corporation (OTCBB: TRKP) (the "Company") announced that is has signed a consulting and sell mandate with the owner of a lignite fired thermal power plant project, to consult in the development, construction and financing of its 500MW capacity lignite thermal power plant ("TPP") project in Konya, Turkey. The TPP project comes including a lignite mine which is dedicated exclusively as the fuel source for the project. The economical lignite reserves are calculated to be 152,000,000 million metric tons and can supply the TPP for up to 42 years; life cycle of the TPP is 30 years. The mine shows an average lignite thickness of 12 meters and the licensed mining area is 1,852 acres and the license is valid for 42 years. Site exploration studies for a bankable mining plan were conducted by North American Coal Corporation. Total investment necessary to fund the project is approximately $1.26 billion, of which 30% is to be in the form of equity. French firm acquires Turkey's Multinet for $90 million
Groupe Cheque Dejeuner has said it purchased Turkish meal ticket provider Multinet from businessman Hayyam Garipoğlu. The transaction, announced at a press conference in Istanbul, is worth $90 million. Cheque Dejeuner ranks among the top three meal card providers in the world, alongside Sodexho and Edenred. Multinet, which was seized by the Savings Deposit and Insurance Fund, or SDIF, in July last year, was handed back to original owner Garipoğlu in accordance with a protocol dated April 9 of this year, the Daily News has learned. Sabanci Goes for Energy
Guler Sabanci, chairperson of Sabanci Holding, one of Turkey’s largest conglomerates, is betting on energy. The bulk of the diversified group’s $1.5bn investments this year will be in electricity as the company tries to take advantage of “the serious transformation of Turkey’s energy sector,” Sabanci explains in an interview in FT’s special report on Turkey published on December 7th, 2010. The conglomerate, which now has half of its consolidated revenues in financial services, aims to seize a 10 per cent share of the fast-growing power market by 2015 through the jointly-owned generator and distributor Enerjisa.
AES Corp, Koc form JV to Develop Power Projects in Turkey
US power producer AES Corporation has entered into an agreement with Koc Holding to form a joint venture to develop and operate power generation projects in Turkey. Under the deal, AES will buy almost 50% interest in Turkish utility Entek Elektrik Uretimi from Koc unit Aygaz. UBM Acquires Turkish Trade Fairs & Media Company
Hong Kong based trade fair organizer United Business Media (UBM) announced that it has agreed to acquire a 65% stake in Rotaforte International Trade Fairs & Media, the owner of the Istanbul Jewelry Show. Financial terms of the deal were not disclosed. The announcement follows UBM’s pending $289 million acquisition of Canon Communications in the U.S.
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Crown to Expand Presence in Turkey
Crown Holdings, Inc. (NYSE: CCK), a leading supplier of metal packaging products worldwide, announced today a major expansion of its beverage can production capacity in Turkey. The investment plan includes increasing capacity at the Company's existing two-line facility in Izmit, near Istanbul, and the construction of a new manufacturing plant in the Osmaniye region, in south-central Turkey.
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Turkish Reforms, A Wake-Up Call for Israel
Mehmet Celebi
Turkey’s landslide referendum outcome —which will enhance civil liberties and individual rights—was watched closely by hundreds of millions of Muslims around the world, and serves as yet another opportunity for the country to show leadership in the region. As a prominent Arab scholar told me recently “If Turkey fails, what alternative is there for the Muslim and Arab world?”
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President Bill Clinton to Speak at Istanbul Bilgi University
İstanbul, Turkey - September 29, 2010 - İstanbul Bilgi University will host a speech by President Bill Clinton, the honorary chancellor of Laureate International Universities, on October 2, 2010. President Clinton will speak to 500 guests, including Bilgi students, alumni and faculty as well as Turkey’s leaders in education, government and business. Armenian businessman Plan to Build A Hotel in Van
Chairman of Chamber of Commerce and Industry of Van Zahir Qandashoglu told Turkish “Dunya” paper that the number of people to visit Holy Cross of Van on 19 September has grown. The chairman of the chamber told the paper that after that event an Armenian businessman plans to invest about $50 million to build five-star hotel in Van.
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