Category: Business

Turkish Group Negotiating Possible Rescue of Bankrupt THINK

SYNOPSIS: BD Otomotive group owns and operates production facilities in Turkey and Italy for the conversion of light commercial vehicles into electric vehicles, and related activities.

Istanbul, Turkey, 6 July 2011 – Sustainable transport group BD Otomotive (BD OTO AS) is in advanced negotiations with the Norwegian court-appointed Trustee of THINK Global – the electric vehicle maker – to rescue the brand from bankruptcy.

BD Otomotive is a Turkey-based investment group behind a host of successful corporate ventures across Europe, which in recent years has focused on electric transportation. The group owns and operates production facilities in Turkey and Italy for the conversion of light commercial vehicles into electric vehicles (EVs), automotive battery pack assembly, and a new recycling plant for lithium-ion and other industrial batteries.

The group has also made major investments into EV charging infrastructure, and owns and operates charging stations across Turkey.

In addition, the company operates sales and service networks across Europe to market its sustainable mobility products, and also is an appointed distributor of Fisker Automotive cars and BYD commercial vehicles and buses.

Chairman of BD Otomotive, Osman Boyner, said: “Our intentions are simple – to bring THINK out of bankruptcy and make it the affordable urban EV for Europe it was always designed to be. We have the manufacturing capabilities and sales network to do this, and combined with a core group of retained THINK talent in Norway we aim to launch new platforms and the next generation of vehicles if successful in our bid.”

He added: “We know our aspirations are realistic and are extremely hopeful for the future of the brand.”

Negotiations between BD Otomotive and the Norwegian court-appointed Trustee in charge of THINK Global are ongoing. The negotiations’ conclusion will be subject to a further announcement.

via Turkisk Group Negotiating Possible Rescue of Bankrupt THINK: EVWORLD.COM.

July 6, 2011
A Soft Spot for Turkish Goat-Milk Ice Cream

By FLORENCE FABRICANT

Sara Krulwich/The New York Times

The very notion of goat-milk ice cream is uncommon enough. But Sophia Brittan, below, churns into even more exotic territory with her Turkish-style goat-milk ice cream at Victory Garden, in Greenwich Village.

Street vendors in Istanbul sell ice cream called dondurma that they work into improbably elastic strands, almost like mozzarella, thanks to the addition of salep, a wild orchid root. Ms. Brittan’s version comes in three flavors: vanilla, herbal and, the sweetest of the three, mastic, a kind of natural gum used in the eastern Mediterranean.

For her soft-serve goat-milk ice cream, without salep, the flavors include herbs with pistachio, rose, tangy plain and mastic, in addition to dark chocolate, vanilla, coffee and salted caramel. Sundaes with herb, nut and flower toppings are also sold.

Victory Garden, 31 Carmine Street (Bleecker Street); (212) 206-7273. Turkish-style dondurma ice cream is $5 for a serving. Soft-serve goat-milk ice creams are $3 for mini, $4.50 for regular and $5.25 for large with a topping.

via A Soft Spot for Turkish Goat-Milk Ice Cream – Food Stuff – NYTimes.com.

July 6, 2011
Red Crescent Signs Off-Take and Marketing Agreement With Link Investment
Positions Red Crescent to Generate Cash Flow from Its Zinc Projects in 2011

TORONTO, ONTARIO, Jul 05, 2011 (MARKETWIRE via COMTEX) — (NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Red Crescent Resources Limited /quotes/zigman/1318962 CA:RCB -11.25% , a mineral exploration and development company focused on base metals in Turkey, today announced that it has signed an off-take and marketing agreement for all its attributable production of direct shipping ore (DSO) and concentrates with Link Investment and Consulting LLP, a London-based company specializing in the trading, investment and marketing of non-ferrous ores and concentrates. Under the terms of the agreement, Link Investment will also provide Red Crescent a revolving credit facility as well as take an equity position in the Company.

“Our agreement with Link Investment is strategic on a number of levels,” said Mr. Alan Clegg, Chairman, President & CEO of Red Crescent Resources. “It effectively positions us to generate cash flow from our zinc projects in 2011, allows us to diversify our shareholder base and establish an initial revolving finance facility of US$1.8 million. Equally important, our arrangement allows us to tap into Link’s long experience in the trading, investment and marketing of ores and concentrates, which will fill a gaping hole in our intellectual capital base and drive additional value to our operations in time. Combined, these elements will help to accelerate our strategy of becoming a low-cost producer of base metals with diversified projects in Turkey.”

Mr. Cem Elmastas, Founder of Link Investment said. “Following our transaction in D. R. Congo, the agreement with RCR fits the strategy of Link to become a diversified company, assisting miners and investors in structuring custom made solutions in the global markets. We are confident in RCR’s ability to develop its various projects in Turkey, a highly prospective area well known to our team, and in our own ability to continually enhance our support to RCR going forward.”

Key highlights of the off-take and marketing agreement:
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        1.  An Equity Placement - Link Investment has acquired 3,086,734 common
            shares in Red Crescent Resources at a price of CAD$0.45/share from SAT
            Enerji A.S. a major RCR shareholder indirectly controlled by Chairman &
            CEO Alan M. Clegg. The necessary regulatory announcement and insider
            trading report for this placing has been made on SEDI.
        
        2.  Pre-Export Revolving Finance Facility - Link Investment has granted to
            Red Crescent an initial facility of US$1.8m for the coverage of
            equipment purchase and production of DSO and concentrates at its Hakkari
            and Tufanbeyli projects.
        
        3.  Extension of Pre-Export Revolving Finance Facility - subject to the
            successful operation of DSO and Concentrate supplies as envisaged from
            September 2011 onwards, Link will make available a further minimum
            US$1.8m to be invested in increasing saleable production. It is the
            stated intention of Link to increase the revolving financing by up to
            US$4.0m.
        
        4.  Equity Option Award -SAT Enerji A.S. (controlled indirectly by Alan M.
            Clegg, Chairman of RCR) has granted Link Investment an exclusive anytime
            option to acquire and convert the outstanding principle balance of the
            RCR financing facility in consideration for the transfer to Link
            Investment of common shares of RCR held by SAT Enerji A.S.
        
        5.  Marketing and Sales - it is intended that Link will be appointed as Red
            Crescent's exclusive marketing arm through a formal marketing agreement
            within three months of the execution of the initial agreement.
        
        
        
```
Link Investment is a company maintaining its corporate offices in London, United Kingdom and specializes in the trading, investment and marketing of non-ferrous ores and concentrates on a worldwide basis. The key personnel of Link have extensive experience in their fields, maintaining a strong global network of contacts with investors, producers, consumers and international merchants, as well as a strong history of working in Turkey.

Alan Clegg, a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information contained in this news release.

The statements made in this press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections.

About Red Crescent Resources

Red Crescent Resources /quotes/zigman/1318962 CA:RCB -11.25% is a Turkey-based junior mining company targeting historically inaccessible areas where no modern application of exploration techniques or technology has been applied, with high potential for discovery of significant base metal deposits. For more information, please visit: www.redcrescentresources.com .
```
        
        Contacts:
        TMX Equicom
        Joe Racanelli
        416 815 0700 ext 243
        jracanelli@equicomgroup.com
        
        Red Crescent Resources
        Alan Clegg
        +90 530 662 8964
        +27 82 469 8378
        +90 312 448 2926 (FAX)
 
www.redcrescentresources.com            
        
        
```
SOURCE: Red Crescent Resources Limited
```
        mailto:jracanelli@equicomgroup.com
 
            
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July 6, 2011
Turkey seeks trade balance with Kenya

Turkey Kenya Business Council chairmen Ali Bozatli and Abdulwalli Shariff of Kenya said although Kenya and Turkey were big nations, trade relations between them were still low.

The pledge comes as it shifts policy to a combination of trade and investment. Turkish ambassador to Kenya Tuncer Kayalar says the country will contribute to establishment of textile and construction materials, making factories in Kenya in a bid to reduce trade imbalance that exists between the two nations.

Bilateral trade between Kenya and Turkey has grown from $76 million (Sh6.7 billion) in 2009 to $100 million (Sh8.9 billion) in 2010, and is heavily in favour of Turkey.

We can contribute

The country exports are mainly steel, fertiliser, wheat flour, paper products and construction materials. Kenya exports tea, leather, tobacco and tomato seeds.

“We can contribute to setting up of industries in Kenya,” Mr Kayalar said after launching Turkey Kenya Business Council in Nairobi.

“We want to establish production here so that value addition stays here for Kenya to start exporting high value products.”

The ambassador said that with the business council, his government expects trade between Kenya and Turkey to grow more sustainably.

“Apart from trade, it is investment that counts for us,” he told reporters. “As Turkey, we see it necessary to contribute to employment creation in this country.”

Turkey Kenya Business Council chairmen Ali Bozatli and Abdulwalli Shariff of Kenya said although Kenya and Turkey were big nations, trade relations between them were still low.

Ensure it succeeds

Mr Shariff said the council would do its best to ensure it succeeds in improving trade between the two countries and increasing

Turkish investment in Kenya.

Mr Bozatli said Turkey, located between Asia and Europe, presents Kenyan businesses with opportunities to reach two continents.

Mr Kayalar said that to encourage foreign companies set up shop in Kenya, the government should give them incentives such as those provided to companies operating in Export Processing Zones.

via Daily Nation: – Business News |Turkey seeks trade balance with Kenya.

July 5, 2011
Pegasus adds extra Istanbul and North Cyprus flights

Responding to travellers’ needs as always Pegasus Airlines, renowned as Turkey’s most dynamic privately owned airline, has added additional direct flights to its schedule for summer 2011 in response to heavy demand.

The extra flights will run between London Stansted and both Istanbul and North Cyprus starting Thursday 21 July until 6 September 2011. With Pegasus, the airline that made flying easy, there is now an even better choice of flights to choose from this summer!

Prices start from £77.99 including taxes and charges for flights between London and Istanbul and from £107.99 including taxes and charges between London and North Cyprus. Tickets are available to book now on www.flypgs.com.

City.Mobi

Also in Europe today, City.Mobi is celebrating the success of its new guide to Istanbul.

City.Mobi offers the most comprehensive mobile travel guides available, with over 800 cities in 200 countries listed. Each is developed by the City.Mobi team to combine into a single global travel directory.

However, each city retains its own mobile identity via a dedicated domain. Already on offer are Brussels.Mobi, Paris.Mobi, Sanfrancisco.Mobi and Sydney.Mobi.

Istanbul.Mobi is the latest in this illustrious line up, offering click to call functionality – which means no scribbling down telephone numbers.

Most entries are also linked to websites where users can quickly access more detailed information if needed.

Other key features include information on accommodation, restaurants, attractions, entertainment, nightlife, shopping, and transport.

City.Mobi guides include user reviews and traveller utilities such as a translation guide, currency converter, news and local weather guide.

via Pegasus adds extra Istanbul and North Cyprus flights | News | Breaking Travel News.

July 4, 2011
Turkish Economy Expands 11%, But Investors Point to Pitfalls

Turkey’s economy grew at an eye-watering 11% pace in the first quarter, outshining China and confirming Turkey as a regional rising tiger.

The official year-to-year growth figure, announced Thursday, easily beat market expectations, at a time when many of Turkey’s neighbors in Europe and the Middle East struggle with political turmoil and economic crises.

Turkey’s good fortune stands in stark contrast to most neighbors in the European Union, in particular Greece, whose leader last week called on his citizens to emulate the success of his country’s old rival.

Its rapid growth swept Prime Minister Recep Tayyip Erdogan re-election June 12, solidifying his position at the head of the region’s emerging political and economic power.

But in what is fast emerging as a paradox, foreign investors are in no hurry to snap up Turkish assets.

Markets are concerned about what the government plans to do to control a ballooning current-account deficit above 8% of gross domestic product and rising—an imbalance seen as a sign of overheating, despite relatively benign inflation numbers.

Turkey’s trade deficit for May doubled from the year-earlier period, adding to the current-account imbalance. Imports to Turkey expanded by 42.6%, almost four times as fast as its exports at 11.7%, Turkstat, the state statistics agency said.

In a sign of that investor nervousness, the Istanbul Stock Exchange has been one of the worst performers among emerging markets this year, down by 9.75% since early May.

Currency traders, meanwhile, have been selling off the lira, which has fallen nearly 19% since November.

Turkey faces other issues, too. It produces minimal quantities of oil and gas. Meanwhile, manufacturers face high costs relative to competitors, economists say, and so tend to use imported semi-finished goods rather than produce their own components. As a result, as Turkey produces more, it imports more.

via Turkish Economy Expands 11%, But Investors Point to Pitfalls – WSJ.com.

July 2, 2011