TR Defence
Category archives for: Economy

Hollywood to showcase Turkish guns

Turkey’s Utaş Makine Sanayii has signed a deal with an American distributor in Hollywood for its UTS 15 rifle to be used in Hollywood action film productions, according to daily Zaman. The UTS 15 rifle has already been used in the joint American-Canadian science fiction television show Fringe. Eight UTS 15 rifles will also be […]

Gov’t expects $150 bln in 2012 export revenues

Economy Minister Zafer Çağlayan has announced that the Justice and Development Party (AK Party) government’s export target this year is to earn $149 billion in revenue from goods sold to overseas markets. Speaking to the Anatolia news agency, the minister made comparisons between Turkey and other economies, particularly those in Europe, with respect to a […]

Turkish government sets minimum wages for 2012

Turkish government has set minimum wage for workers above 16 years old at net 701.1 Turkish liras for the first half of 2012 and at net 739.8 TL for the second half of next year. Turkish Labor and Social Security Minister Faruk Celik said the rise marked a 5.91 percent increase for the first half […]

Budget returns to surplus with $233 mln in November

Finance Minister Mehmet Şimşek (Photo: Today's Zaman)

The Turkish central administration’s revenues exceeded its expenditures by TL 2.14 billion ($1.14 billion) in the month of November, pushing its cumulative budget’s balance back to surplus with only a month left to go before year-end. According an announcement from the Finance Ministry on Thursday, the Turkish budget produced a TL 439 million ($233 million) […]

Turkey breaks historic record as exports reach $134 billion

Speaking at a conference hosted by the Ankara Chamber of Commerce in Ankara, Çağlayan said Turkey had reached the highest level of exports in its history as of Thursday. (Photo: AA)

Turkey’s exports have reached $133.97 billion in the past 12 months, indicating that the country has now broken a new record with the highest level of exports in the history of the republic, Economy Minister Zafer Çağlayan said at a meeting in Ankara on Thursday. Turkey sold $114 billion worth of goods to overseas markets […]

Russia’s RenCap bets on rapid growth in Turkey

The headquarters of Renaissance Capital in Moscow is seen in this company photo. The investment bank recently acquired Mira Securities, an Istanbul-based brokerage. Company photos

The recent buyer of a Turkish brokerage, Renaissance Capital, is aiming for the top in all aspects of the Turkish capital markets. Speaking to the Daily News, the acting CEO for Turkey points toward economic ties between Turkey and Russia. It remains to be seen whether Turkey, along with other fast-growing emerging economies, will be […]

Exports volume falls in November, figures say

Employers work at assembly lines at a production facility of a furniture exporter in the southern province of Antalya. The country’s November exports stand at $10.7 billion. Hürriyet photo

Turkey’s exports decreased by more than $1 billion last month compared with October, according to recent data revealed by the Turkish Exporters’ Assembly. Still, the figure is nearly 14 percent higher than November 2010. The assembly’s data reflect a big hike in exports to African countries as Germany remains the top market Turkey’s export trade […]

Moody’s says Turkey’s rating could be upgraded

Photo: Reuters

Turkey’s rating could be upgraded if the country pursued fiscal and monetary policies that reverse the recent growth in internal and external imbalances, Moody’s Investors Service said on Wednesday.  “Credit-positive pressure could also develop if the government consolidates its buffers, such as foreign-exchange reserves; these would improve the sovereign’s resilience to balance-of-payment shocks,” it said […]

HSBC chief economist: Soft landing for Turkish economy in 2012

Melis Metiner (Photo: Today's Zaman)

Turkey’s economy is set for a soft landing in 2012, continuing to grow, yet at a slower pace, HSBC chief economist Melis Metiner told Today’s Zaman on Tuesday. Speaking after an HSBC press breakfast, Metiner said she expected Turkey to experience a soft landing next year, with growth slowing “from a projected 7 percent in […]

Nokia Siemens to lay off 17,000 worldwide

A woman walks past the Nokia Siemens Networks (NSN) headquarters in Espoo. REUTERS photo

Wireless equipment maker Nokia Siemens Networks will slash 17,000 jobs – almost one-quarter of its work force – in a move to cut annual costs by 1 billion euros ($1.35 billion) by 2013, company officials said yesterday. The joint venture between Finland’s Nokia Corp. and Siemens AG of Germany said it would focus on mobile […]

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