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Category archives for: Economy

Turkish success closely linked to recovery in Greece and Italy

This photo shows a banner with the former Greek Premier’s portrait featured as a clown, in a rally against a new austerity package in Athens’ Syntagma square on June 2. REUTERS photos

Turkish and global economies depend on the success of newly established Italian and Greek governments in saving the countries from crisis, a former Turkish minister says Unless newly established Greek and Italian governments are successful in addressing the countries’ current economic problems, the European economy will enter a serious slowdown period and further negatively affect […]

Drug firms say layoffs on the way by yearend

This photo shows a locked-up drug store during a 2009 protest by pharmacists. DHA photo

Drug companies in Turkey might resort to serious layoffs by the end of 2011, following a recent government decision to decrease drug prices. Name brand drugs that have equivalent generic brands will be sold for a maximum of 60 percent of the reference value to drugstores, according to a Council of Ministers decision published Nov. […]

Government plan ready to sell ‘unqualified’ land

The Turkish Finance Ministry will be authorized to tranfer land to TOKİ and municipalities, according to new planned legislation. AA photo

Unqualified state land will be subject to sale after new related legislation is approved by the Turkish parliament, generating revenues of 26 billion Turkish Liras. About 1 million houses and 1.74 million square meters of land whose cadastre works have been completed, all under the status of unqualified state-owned land also known as 2-B land, […]

Turkey 19th most valuable brand in world

Turkey ranked 19th in a global list of countries with most valuable brands with a total value of 373 billion U.S. dollars, according to a global brand valuation research. Turkey ranked 19th in a global list of countries with most valuable brands with a total value of 373 billion U.S. dollars, according to a global […]

Turkey to recover from possible ‘eurodoom’ faster than other economies

The Turkish economy has improved its resilience against external shocks by strengthening its public finances and reducing the budget deficit thanks to the fiscal discipline it has adhered to for the past decade. PHOTOSUNDAY’S ZAMAN,Turgut Engin

For most economists, the 17-member single currency area eurozone is bound to collapse and there will be consequences for all the nations around the world. Yet Turkey, with its strong public finances, low budget deficit and political stability, will be one of the few economies to exhibit a speedy recovery if and when the global […]

Turkish banks resilient, Fitch says

This photo shows New York premises of Fitch Ratings. AP photo

In a new special report, Fitch Ratings says that Turkish banks’ credit profiles have remained sound in 2011 despite considerable market and regulatory challenges. Fitch continues to view the medium-term outlook for the sector as favourable. However, the near-term outlook for the Turkish economy is uncertain, which in turn clouds immediate prospects for the banks. […]

Turkey’s gold supply up at record-high levels

The ‘Republican Coins,’ produced by Turkey’s State Mint, are classified as standard and decorative. Anatolia is the first area in the world to mint coins. AA photo

Turkey’s gold production increased to record levels in the first 10 months of the year, as the demand for gold has also surged despite the appreciation of gold in value recently, the top manager of the country’s state-run mint says The production of gold in Turkey’s State Mint has reached an all-time record with 58 […]

No happy ending at Cannes summit

US President Obama talks with Turkish PM Erdoğan (R) during a family photo at the G-20 Summit in Cannes. The two leaders earlier had a mutual meeting during which the US president expressed his condolences on the recent death of Erdoğan’s mother. AP photo

Leaders of the 20 biggest countries have failed to agree on concrete steps to prevent the European debt crisis spread. Still, the Financial Stability Board has announced that it will urge 29 crucial global lenders to adopt stricter regulations. The leaders of the world’s 20 most powerful economies struggled to reach concrete resolutions at their […]

Eid al-Adha boosts sales, stimulates economy

The religious festival contributes to the economy also through the sales of livestock people buy to sacrifice as an act of obedience to God.

“We started to celebrate the Eid two weeks ago,” says a shopkeeper in the Mavi store in İstanbul’s Capitol Shopping Center. “Our sales increased by almost 40 percent in the last two weeks. Once again, this year’s Eid al-Adha has put a smile on our faces.” The Capitol Shopping Center is jam-packed. Despite plenty of […]

Turkey’s e-commerce grows at rapid pace

‘Almost one in five people in Turkey now shops online,’ Soner Canko says. Photo by Pakart Photography

The total revenue earned through online payments increased by 52 percent to 16.9 billion Turkish Liras in the year’s first nine months compared to the same period last year, according to data released yesterday. “Almost one in every five people in Turkey now shops online,” said Soner Canko, general manager of the Interbank Card Center […]

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