Turkey expects an investment of €40 billion in renewable energy sector by 2020 – located at the crossroads of Europe, Asia and the Middle East, Turkey has ventured on a major renewable energy and energy efficiency programme, Zaman reported.
Turkey’s aim is to increase its clean-energy share to 30% of its power supply by 2023, the 100th anniversary of the Turkish Republic. Seeing the economic growth of Turkey, the US Embassy there said that a growth of 8.9% in 2010 and 11% in the first quarter of 2011, has caused a sharp increase in energy demand. Several US firms will see business-development opportunities in solar, wind, geothermal, hydro and all elements of energy efficiency – around 6-8% annual growth in energy demand by 2020 is expected, with an addition of 50,000MW predicted for the grid. Public and private-sector investment will fund many of these projects, under the supervision of US companies.
The high energy costs in Turkey, combined with the need to lower production costs to remain competitive internationally have made Turkish firms hunger for US equipment and technology in both renewable energy and energy efficiency. The US Commercial Service at the US Embassy in Turkey receives five to seven inquiries per month for potential US suppliers of renewable energy and energy efficiency equipment, services and technology.
In addition, US exporters can offer trade finance to their Turkish importers and US EximBank and the European Bank for Reconstruction and Development offer attractive terms to fund sales of American equipment. Recently, the US giant AES acquired a near 50% share in AES-Entek Electric Company, a joint venture with Koc Group, which focus on existing and new generation opportunities, including renewables. GE also recently announced a 530MW project, with the Turkish MetCap Energy Investments in Karaman, Turkey. The project will feature a 22MW GE wind farm, a 50MW eSolar “power tower” solar thermal system and GE’s new FlexEfficiency turbine technology.
Last year, US firm Clipper Wind opened a representative office in Istanbul. The US Department of Energy, in partnership with GE Ecoimagination, Shaw Group and Johnson Controls will develop a pilot project in energy efficiency using US technology. The US firms have significant business opportunities in Turkey in sectors such as wind turbines, geothermal exploration, drilling and geophysical engineering services, geothermal power plant equipment, biomass power generation, waste-to-energy systems and solutions, hydroelectric power plant equipment supply, solar power generation systems microturbines, cogeneration systems, coal gasification, coal-bed methane systems and solutions, energy efficiency systems and solutions and fuel cells and heat pumps.
via US companies see business opportunities in Turkey – New Europe.
Posted by Lisa McTigue Pierce — Packaging Digest, 8/17/2011 9:44:31 AM
Pepsi Istanbul canPepsico Beverages Turkey has teamed up with Rexam Beverage Can to design a can for Pepsi Istanbul’s new limited-edition lemon and mint twist on the classic soda.
The 33cl cans, produced at Rexam’s Manisa Plant in Turkey, were designed by Hülya Avsar, one of country’s most famous celebrities and spokesperson for local Pepsi Campaigns.
Rexam worked closely with Pepsi to produce the sparkling varnish technique, which is available for the first time in Europe on these limited-edition cans. The effect of the varnish compliments the packaging’s design, a night scene of a city skyline with twinkling lights and stars, making it eye-catching and ensuring maximum differentiation from other products on the shelf.
The promotional Pepsi Istanbul cans, and flavor, are a seasonal product for summer 2011.
“With Pepsi Istanbul only being available for the summer, it is crucial for us to have a distinctive and eye catching design for the cans so that all Pepsi fans will see it and want to try the new flavor,” explains Gözde Kütük, Pepsi assistant brand manager. “The shimmering effect maximizes the association with superstar Hülya Avsar, giving the cans a strong on-shelf impact and making it a unique and special experience for consumers.”
Nazey Erdilek, from Rexam Beverage Can Turkey, comments on Rexam’s relationship with Pepsi: “We have a long standing relationship with Pepsi supporting them with their regular orders whilst additionally helping to launch new and promotional products. We were pleased to be able to take the idea of using the Sparkling Varnish to Pepsi and to see how great the finished cans look.”
Pepsi Istanbul will be sold exclusively in Migros Group supermarkets in Turkey.
Source: Rexam
via Pepsi Istanbul adds sparkle to new soda can – 2011-08-17 13:44:31 | Packaging Digest.
VANCOUVER – Eldorado Gold Corp. (TSX:ELD) says a recent feasibility study supports a planned US$354-million expansion at its 100 per cent owned Kisladag gold mine in western Turkey.
Since operations began at Kisladag in 2006, continued exploration of the deposit has resulted in a doubling of the proven and probable reserve ounces to 10.2 million ounces, the company said in a release Friday.
“Kisladag, with an average expanded production rate of approximately 475,000 ounces annually, will contribute significantly to the continued growth of Eldorado’s high quality production base,” president and CEO Paul Wright said in a comment on the study results.
On the basis of the work carried out to date, Eldorado estimates the Phase 4 expansion at Kisladag will be completed in the third quarter of 2014, including the time required for permitting and preparation of the mine plan and infrastructure.
Based on expanding production by the 2014 deadline, the study estimated that 6,218,000 ounces of gold would be recovered at Kisladag in the 2012-2026 period.
A total initial capital investment of US$354 million is required to achieve the increased throughput, including new mining equipment, crushing, screening and an ADR plant, expanded infrastructure costs and a contingency of about US$35 million, Eldorado said.
Sustaining capital through the planned mine life is estimated at US$960 million, comprised mainly of additional mining equipment, leach pad expansions and capitalized waste mining.
Life of mine cash costs are estimated at between US$430 and $450 and ounce, with total cash cost projected at US$450 to $470 an ounce.
via Feasibility study supports expansion of Eldorado’s Kisladag mine in Turkey – Winnipeg Free Press.
For decades, thousands of Turks immigrated to the West, in particular Germany, in search of work. Now Turkey’s economic prosperity has young Turks abroad looking homeward.
Growing racism and continued economic problems in Europe and the United States are prompting many young Turks, from the diaspora and expatriate student populations, to find work in Turkey. A Turkish immigration specialist believes that 8,000 to 10,000 young people with Turkish backgrounds return each year. (Photo: Justin Vela)
Over the past few years, Ayhan Kaya, an immigration specialist at Istanbul’s Bilgi University, put the annual return rate of young people with Turkish roots at between 8,000 and 10,000. Many, according to Kaya, are fleeing “European economies in turmoil.” Some young Turks also feel alienated in Europe, where economic difficulties have helped feed “racism, xenophobia and Islamophobia,” Kaya noted.
One such European returnee is 26-year-old Senol Yelen. Born in Bünde, Germany, to Turkish immigrants, Yelen moved to Izmir earlier this year. With his language skills and knowledge of Europe, it took him only three days to find a job as an export manager at Bambi Mobilya, a company that makes sofas and beds that is looking to expand its European exports. “I have training in Europe. I lived in Europe. I know the German culture and mentality,” Yelen said.
Yelen prefers life in Turkey. “I see in Turkey big growth. Turkey is a country with many possibilities. Germany is not so good to work and to live in,” he said.
According to research conducted by Faruk Şen, chairman of the Istanbul-based Turkish-German Education and Scientific Research Foundation, continuing economic uncertainty in Europe and the United States is the major reason why young Turks, whether they are from diaspora communities or are expatriate students, are returning. “The young people and the academic people come back to Turkey because they see no chance in Europe,” Şen said. Older people, finding adjustment harder, are less likely to return.
Onur Kabadayi, 29, is an example of a student expatriate who decided to return. Originally from Ankara, Kabadayi had big dreams when he helped found a web company in Chicago in 2006. He had completed a master’s degree at Northwestern University and stayed on to run the company, Networked Concepts, which created interactive online video products.
In 2008, the global financial crisis soured investor sentiment. “The crisis started; the funds were draining,” he said. “We found some small investment, but never got enough.”
Casting about for what to do next, Kabadayi moved to Istanbul to hawk his skills and take advantage of his American education. After four months, he was hired as an Internet product manager at Hurriyet, Turkey’s largest newspaper. Today, he runs Hurriyet’s social media products and manages a team monitoring the country’s blogger community. He is still interested in running his own business, but considers the move a success.
Not all returnees are making a smooth transition. Born in New York to Turkish immigrants, Ferdi Ferhat Özsoy, 26, is among those who have struggled to find a full-time job.
A pivotal moment for Özsoy came in 2008, when he heard Prime Minister Recep Tayyip Erdoğan boast of Turkey’s growing prosperity and regional influence during a speech in New York. “His advice I remember clearly — telling the people to become American citizens, to establish themselves. He said it was good to have a solid Turkish voice in the United States. But he also explained how Turkey had changed. They had brought inflation down, good stuff,” Özsoy recalled.
Özsoy, who had studied to be a history teacher, could not find a job in 2009 in New York. But he had always wanted to live in Istanbul. His family and friends in the United States told him he was “crazy” for wanting to live in Turkey.
After returning, he began studying for a master’s degree and found work as a freelance translator. “You gotta be a hustler to be in Istanbul,” said Özsoy, speaking in English, his words spiced by a New York accent. A permanent job has been more difficult to find. One interviewer was straightforward enough to tell Özsoy he was not Turkish enough, that he was too American. Other interviewers expressed disappointment with his resume. “They wanted to see big names, like Harvard. They say, ‘Why did you go to Brooklyn College?’”
Still, the statistics bolster Özsoy confidence that he will land a permanent job when he receives his graduate degree.
In May 2011, youth unemployment in Turkey dropped to 17.5 percent compared to 19.8 percent during the same period the previous year, according to TurkStat, the government statistics agency. The official figures additionally show that total unemployment fell to 9.4 percent in May 2011 from 11 percent the previous May. Critics say government unemployment figures under-report the number of people who are out of work. They also accuse the government of carefully crafting Turkey’s economic narrative in ways that conceal warning signs of an overheating economy.
Despite lingering suspicions, many of Özsoy’s Turkish friends back in New York are curious about his experience in Turkey and are considering moving themselves. He tells them the key is to have some kind of support. The building his parents built with money saved from working in the United States provides him with a place to live rent-free as he searches for stable work. “When we talk about the American dream I think my parents accomplished that,” he said. “This building proves that. If you don’t have something, it will be a problem.”
Editor’s note:
Justin Vela is a freelance reporter based in Istanbul.
via Turkey: Young Turks Abroad Returning Home to Chase Economic Dreams | EurasiaNet.org.
Turkish EU minister said, “our prime minister earlier said he would not go to Davos. Now Davos told us that ‘we can come to Turkey.”
Turkish EU minister said on Tuesday that Klaus Schwab, founder and executive chairman of the World Economic Forum, told Turkish Prime Minister Recep Tayyip Erdogan that they were eager to hold a summit in Istanbul.
Replying to a question on meeting between Erdogan and Schwab in Istanbul, EU Minister and chief negotiator for EU talks Egemen Bagis said, “Schwab said they are eager to hold a summit in Istanbul in which the East and the West as well as the North and the South will meet. He asked Erdogan’s permission on this matter. Erdogan told Schwab that you can work on a draft program, then we will review it.”
“Our prime minister earlier said he would not go to Davos. Now Davos told us that ‘we can come to Turkey’,” he said.
I look at the financial statements of the big banks. 10-Qs and the like. I’ve concluded that, for the most part, it’s a waste of time. There are usually 70 or so pages of numbers and discussion. Tons of data. But what is missing is a realistic appraisal of what the assets are actually worth.
Rather than go blind looking at small print I just look at market capitalization and assets. The balance sheet assets are a good proxy for what has to be funded. The market cap (shares outstanding X current market price) is the only number one can look at that is “real”. It is real because the “tape” and the market say so. It is a much more reliable number than what the accountants, auditors and management tell you.
Market cap is critical because there is a presumption that a big bank can go to the equity market and issue preferred and common stock equal to about 10% of the existing market valuation. A big equity valuation is a cushion in troubled times.
Societe Generale, Paris is a big bank that has been much in the news this week. SoGen is a top tier global bank. They have a very large deposit base and consumer business. They are also a big global trading bank. SG is well managed. I would call it one of the Crown Jewels of the financial picture in France. It is a classic Too Big to Fail.
Having said all those nice things about SoGen I also have to point out that it has a very thin margin of market valuation to support its huge balance sheet. The market cap/asset ratios for SoGen, Wells Fargo and JPM:
Looking at this one sees the problem. SoGen is levered 4-6 X’s the US banks.
Under normal circumstances my way of looking at things is irrelevant. It only becomes significant when there are problems. Today we have problems.
There are monstrous gobs of liquidity in the world. But every day that goes by that liquidity is getting more and more risk adverse. Globally there is about $60 Trillion of funded debt of one form or another. That huge amount has to be rolled over constantly. A very substantial portion of this has maturities of less than six months. It is a “faith based” system. The assumption is that there will always be ample liquidity from the holders of cash to roll over everything without a hiccup. At the moment there is not much faith in that system.
The nice folks at FTAlphaville put up this interesting chart Friday afternoon. It tells the story perfectly. Everything is green except the month of August and the very short end of the funding spectrum. The red area is a Short Squeeze.This is also a big Red Alert!
The lower the equity cap of any financial, the greater the risk that there are funding problems. This is what did in Lehman. Almost overnight they lost their funding sources. (Note: This is what happened to Drexel in 1989. I was there. It took ten days to go from soup to nuts.)
SoGen, being what they are, will not be the first bank to suffer liquidity problems. I used their equity numbers to make a point. It is the second tier Euro banks that are going to get squeezed. I have no doubt but they are already feeling the pinch.
I can’t see this going on much longer. We may have already passed the point where the downward spiral on funding availability is irreversible without global central banks stepping in.
.
That brings us to Jackson Hole. Damn near everyone I read is thinking that Bernanke is going to pull a rabbit out of his hat next weekend. Some new form of monetary stimulus will be announced and all will be well for the markets once again. I don’t agree.
While the US has some major league problems, those issues can’t be addressed by the Fed. There is nothing more that the Fed can do. With short-term rates at zero (and planted there for years to come) and the ten-year at 2% there is nothing left to be done. Or is there?
I maintain the next move by the Fed is to massively open up the dollar swap lines with European central banks. I don’t think Bernanke wants to announce this significant step at Jackson Hole. It is an EU issue and the Fed can’t take the lead on this. Opening the swap lines will prove to be very unpopular in the US. Politicians will jump on it as a bailout of Europe while America is struggling.
Bernanke is going to take some heat, when this happens (I think this is now a certainty, just not sure of the timing). But I also think that Bernanke is pushing (as I write) for this to happen. The only option left for Bernanke is to put another half trillion or so into the global system. He can’t do that in the US, but he has a great excuse today to do it in Europe.
I maintain the forum for this is not Jackson Hole. There is too much theater in all of this already. The Europeans don’t want this to be a circus (more than it already is). They want to be seen as responding to an EU problem, they don’t want to be seen as a slave to Bernanke and the Jackson Hole confab.
The announcement of the swap lines will not come from Wyoming. It will happen on a Sunday night. It either happens before next weekend, or the weekend after. Given that things are rapidly unwinding in the EU funding markets I don’t think they want to wait another two full weeks to put a band aid on the problem. They have to do something sooner than that. If they don’t, they risk a full scale liquidity blowout before September. If the blowout were to happen it would be very difficult to reverse. They have to (attempt) to get ahead of the problem before it is a crisis.
I think there is a decent chance this important next step takes place outside of Jackson Hole. It could happen this Sunday night. If I’m wrong, and we get nothing, the European funding markets are going to collapse next week. It will be very difficult to reverse the damage that this will cause. All the central bankers know this. They know that there is not much time left to act. They can’t wait another two weeks.
