Turkish Forum

Category: Business

  • ‘Number of Turkey’s millionaires to almost double by 2014’

    ‘Number of Turkey’s millionaires to almost double by 2014’

    There will be 20,000 more people with a total wealth of more than $1 million in Turkey by 2014, the Dutch ING bank said on Monday.

    dollar

    ING Bank Personal and Private Banking Assistant General Manager Cenk Tabakoğlu appeared at a press conference to announce the results of an analysis by the bank based on International Monetary Fund (IMF) and World Bank data. In its analysis, the bank suggests that the number of millionaires (in US dollar terms) in Turkey will see a substantial increase from the present 25,000 to exceed 45,000 over the next three years.

    According to this analysis, Tabakoğlu said last year the number of people with total liquid capital of over TL 100,000 was 652,000 and this is expected to climb to 739,000. The total liquid capital they possess, on the other hand, is expected to increase from last year’s TL 193.4 billion to over TL 220 billion in 2011 and TL 357 billion by the end 2014.

    Turkey has experienced rapid economic growth in the past few years and the per capita gross domestic product (GDP) has increased from just above $2,000 in 2003 to over $10,000 last year. In 2010, the country became the fastest growing economy worldwide following China and Argentina. This swift economic growth was a common experience among some of the world’s major developing economies. And this growth has also translated into more wealth for those countries’ richest people. Referring to the IMF and World Bank data, ING also underlined that the total wealth of higher-income persons in the so-called BRIC countries — Brazil, Russia, India and China — for example, saw a 26.8 percent rise in the past five years. The same cluster of people in Turkey, however, became 11.4 percent wealthier on average between 2006 and 2010. The number of people in the higher income category, however, increased by 24.9 percent and 9.7 percent in BRIC countries and Turkey, respectively.zaman

  • Nissan preparing to launch Turkey production

    Nissan preparing to launch Turkey production

    EMRE ÖZPEYNİRCİ

    ISTANBUL – Hürriyet

    Nissan plans to begin producing cars in Turkey. Hürriyet photo
    Nissan plans to begin producing cars in Turkey. Hürriyet photo

    Investing in Turkey is inevitable for Japan’s Nissan Motors to grow in the domestic market, just like French carmaker Renault, according to Carlos Ghosn, chief executive officer of Renault and Nissan.

    Following the “Everything is ready, let’s produce Nissan together,” invitation of Oyak, Renault’s local partner, Ghosn is expected to come to Turkey on July 5 to launch the investment process.

    After some meetings in Istanbul and northwestern industrial province of Bursa, Ghosn will go to the southern province of İskenderun to examine other lands proposed by Oyak Group for a possible investment of Nissan. Ghosn is also expected to meet with Turkish Prime Minister Recep Tayyip Erdoğan and Industry and Trade Minister Nihat Ergün to ask for the removal of obstacles for a possible investment.

    Ghosn had first announced the company’s investment plan in the domestic market during an automotive fair in Paris last September. In parallel to the increasing importance of the Turkish market, Nissan may be obliged to plan an investment in Turkey, Ghosn had said. Following this statement, Nissan Deputy President Gilles Normand also confirmed that an investment plan in Turkey is on the company’s agenda.

    “Experiences of Renault in Turkey are a good example for us,” Normand said. “We will examine necessary infrastructure and cooperation opportunities. Nissan’s share in the global automotive market is around 5.6 to 5.7 percent, while this figure is at 1.5 percent level in the Turkish market. We are not happy with our performance. We will work quickly to improve it.”

     

  • BMW Targets Brazil, Russia, Turkey, S. Korea for Two Factories

    BMW Targets Brazil, Russia, Turkey, S. Korea for Two Factories

    May 12 (Bloomberg) — Bayerische Motoren Werke AG, the world’s largest maker of luxury vehicles, is considering adding two auto factories in emerging markets as it seeks to extend its lead over Volkswagen AG’s Audi.

    BMW is evaluating sites for a plant in Brazil as well as another factory in Russia, India, South Korea or Turkey, Chief Executive Officer Norbert Reithofer said today at the company’s annual shareholders’ meeting in Munich.

    “The people in these countries want more individual mobility,” Reithofer said in a speech. “We want to further our lead in the premium sector.”

    The maker of BMW, Mini and Rolls-Royce cars is expanding in emerging markets as it looks to guard its independence and fend off Audi, which aims to overtake BMW as the luxury-car leader by 2015. BMW’s joint venture plant in Shenyang, China, is boosting investment to 1 billion euros ($1.42 billion) from 560 million euros.

    The automaker, which is also planning to invest 2 billion euros in German plants, is adding assembly of the X3 sport- utility vehicle to a factory in Chennai, India, as part of an expansion.

    BMW will pay a record profit-sharing bonus to its employees this year based on 2010 results. Employees paid under collective-bargaining agreements will receive an average of 5,840 euros, the equivalent of 1.6 times monthly wages. The company confirmed its goal of increasing profit this year and selling more than 1.5 million vehicles. BMW aims to hire 2,000 people this year to support its expansion, Reithofer said today.

    Record Dividend

    BMW is proposing a dividend of 1.30 euros per share after 2010 net income surged to 3.23 billion euros from 210 million euros a year earlier. The investor payout is a record for the company, Reithofer said today.

    The German carmaker earned more money per car than ever in its 95-year history in the first quarter, because of surging deliveries of the revamped 5-Series sedan and lower spending on supplies. BMW made a profit of 4,462 euros per car on average, compared with 4,145 euros at Daimler AG’s Mercedes-Benz and 2,981 euros at Volkswagen’s Audi.

    Sales of BMW’s 5-Series more than doubled to 85,400 vehicles in the first quarter, fuelling a 21 percent advance in total sales to 382,800 autos. BMW said May 4 it expects to sell a “well over” 1.5 million vehicles this year, a record, surpassing the 2010 level of 1.46 million.

    China, U.S.

    China’s growing economy and a rebound in spending in the U.S. are driving record demand for vehicles from the three German luxury-car makers. VW reported first-quarter earnings before interest and taxes more than tripled because of demand for Audi in China. Daimler’s operating profit rose 71 percent, led by sales of the Mercedes S-Class.

    Audi’s operating profit was 10.6 percent of sales in the first quarter, compared with 9.3 percent for Daimler AG’s Mercedes and 11.9 percent for BMW’s automotive division.

    BMW is expanding its lineup to reach a goal of selling more than 2 million cars and SUVs annually by 2020. It has created the “i” electric-car sub-brand, which will start in 2013 with the i3, a battery-powered city car. BMW is also planning the i8, a hybrid supercar based on the Vision Efficient Dynamics prototype. The sub-brand’s models will have frames built largely of carbon fiber and display a blue ring around the BMW logo.

    The company is developing front-wheel drive models for the BMW brand and plans to expand the Mini line with a coupe and roadster. The manufacturer is also pushing into transport- related services and experimenting with short-term rentals as it seeks to appeal to consumers more interested in gadgets such as Apple Inc.’s iPhone. The company started a $100 million venture- capital unit and invested in the MyCityWay guide service.

    –Editors: Jim Silver, Tom Lavell.

    via BMW Targets Brazil, Russia, Turkey, S. Korea for Two Factories.

  • Turkey steel production and demands remains high in 2011.

    Turkey steel production and demands remains high in 2011.

    Metals: Turkey steel production and demands remains high in 2011.

    Metals: Turkey steel production and demands remains high in 2011.

    Russian steelmaker Magnitogorsk and Turkish steelmaker Atakas Group plant to reach full rolled steel capacity of 2.5 million tons in 2012 .

    Russian steelmaker Magnitogorsk and Turkish steelmaker Atakas Group plans to have $2.5 billion in sales in 2012 .

    The Magnitogorsk and Atakas companies started producing hot rolled coils at the $2.1 billion plant near Iskenderun in southern Turkey on May 2011 .

    Turkey ranked as the 10Th biggest steel producer in the world in 2010. In the first quarter of 2011, Turkey produced 7.9 million tons of steel to an annual increase of 31 percent.

    Turkey’s melting production capacity reached 42.7 million tonnes in 2010 from 19.8 million tonnes in 2000, up by 115 %.

    Capacity increase on a year on year basis was around 12 % in 2010. Ongoing investments will bring Turkey’s melting capacity to 45.5 million tons at the end of 2011.

    The Iron, chrome ore, ferrochrome and steel industry is the third largest exporting sector in the Turkish economy and one of the major driving forces for Turkey’s export capacity.

    Turkey is one of the biggest exporters of steel products and the world’s leading exporter of Rebar.

    In 2010 Turkey exported $12.2 billion dollars steel products.

    The Middle East , European Union and US is Turkey’s most important steel export destination.

    Demand for steel products in industrial sectors , construction, automotive, mechanical engineering, white goods is growing in Turkey.

    Albanian_Minerals is increasing production row materials for steel to supply growing demand from Chinese and Turkish companies for chrome ore and Iron ore.

    prices of iron ore and chrome ore are expected to rise

    .http://www.prlog.org/11485027-metals-turkeys-steel-production-and-demands-remains-high-in-2011.html

    Sahit_Muja

    Albanian_Minerals

    New York

    via WSJ: Metals: Turkey steel production and demands remains high in 2011..

  • Wind energy Vestas receives order for 72 MW in Turkey

    Wind energy Vestas receives order for 72 MW in Turkey

    Vestas has received a wind power order for delivery of 36 x 2 MW wind turbines for a wind farm in Turkey.

    Wind energy Vestas receives order for 72 MW in Turkey

    With reference to Vestas Wind Systems A/S’ company announcement No. 20/2011 of 11 May 2011, Vestas has received through Aksu Temiz Enerji Elektrik Üretim Sanayi ve Ticaret Anonim ªirketi an order from Ayen Energy for delivery of 36 units of the 2 MW platform turbines for the Aksu wind power plant to be installed in the city of Kayseri, Turkey.

    The order comprises supply, installation on-site and commissioning of the turbines, a VestasOnline® Business SCADA system, as well as a seven-year service agreement including the Active Output Management package ‘AOM 4000’. The AOM 4000 is a full-scope service contract, consisting of scheduled and unscheduled maintenance and consumables, which offers solid risk management for customers, who want an availability guarantee measured against an agreed threshold. This type of contract offers customers assured performance avoiding unforeseen operational costs of any kind.

    Delivery of the turbines is scheduled to start in Q2 2011 and the project is expected to be completed in Q4 2011.

    The order has been placed by Aksu Temiz Enerji Elektrik Üretim Sanayi ve Ticaret Anonim ªirketi, a subsidiary of Ayen Energy, which has installed hydroelectric power plants and a natural gas plant. In addition, Ayen Energy has already built one wind power plant, and is currently in the process of constructing two others; the three of them represent a total wind capacity of more than 80 MW.

    Fahrettin Amir Arman, Board Member states: “We consider that Vestas has the proven technology able to meet the requirements of the Aksu project and that they are the wind turbine supplier and service provider which best can meet our needs. We are currently diversifying the energy portfolio of our company, and we see wind energy as a competitive, sustainable and complementary energy source. This 72 MW project, which will be the largest wind power plant we have installed so far, is an important step towards the diversification of our energy investments. We look forward to working together with Vestas, the global wind technology leader, on this project.”

    “We are extremely pleased that Ayen Energy has selected Vestas as preferred supplier for their largest wind investment, the Aksu project. Having been selected on the grounds of our solid experience, global track record and technological leadership, we hope that this project will lay the foundations for a long-lasting collaboration between the two companies,” expresses Ali Neyzi, Vice President of Vestas Türkiye.

    “The Aksu project directly supports Vestas’ vision: ‘Wind, Oil and Gas’. Ayen Energy’s investment in wind power is a good example of how energy companies around the world are diversifying their energy portfolio. Moreover, it shows the important role that wind can play going forward in Turkey and other parts of the world, as an energy source on a par with more traditional energy sources,” concludes Juan Araluce, President of Vestas Mediterranean.

    The Aksu wind power plant has an estimated annual production of 205,000 MWh per year, which corresponds to an annual emission saving of around 98,000 tons of CO2 emissions. Furthermore, it will provide enough electricity to cover the residential electricity consumption of almost 415,000 people in Turkey.

    Vestas Mediterranean is one of the seven Sales Business Units in the Vestas Group and it manages all sales, construction and service operations in the countries of the Mediterranean region, Middle East, Latin America, Caribbean as well as approximately 70 per cent of the African continent. As of 31 December 2010, this sales business unit delivered cumulative capacity close to 10 GW, representing 22.5 per cent of Vestas’ global capacity and had a workforce of 3,000 highly skilled and fully committed employees in the Mediterranean area. In the past three years, Vestas Mediterranean has accounted for approximately 35 per cent of the global sales in the Vestas Group.

    Vestas has been operating in Turkey since 1984 when it installed its first turbine. In January 2008, Vestas established an office in Istanbul, Vestas Türkiye, which is responsible for all sales, construction, service and maintenance operations in Turkey and the Middle East. All Vestas Türkiye’s activities have been certified by ISO 9001, ISO 14001 and OHSAS 18001 – the international standards for the quality, environment and occupational health and safety. As of 31 December 2010, Vestas has delivered 375.91 MW in Turkey.

    via REVE – Regulación Eólica con Vehículos Eléctricos -.

  • Bank warns of weaker growth in UK

    Bank warns of weaker growth in UK

    Bank of England governor Mervyn King has slashed growth forecasts for the UK
    Bank of England governor Mervyn King has slashed growth forecasts for the UK

    The Bank of England has braced the country for weaker growth as rocketing energy bills and tough Government cuts continue to squeeze household spending.

    In its quarterly inflation report, the Bank cut growth forecasts for the next two years and warned inflation will fall back later than previously expected in 2013.

    The Bank warned energy bills could surge as much as 15% this year, far ahead of its previous expectations, piling pressure on the cost of living and dampening growth.

    Despite the uncertain outlook, economists said the report suggested interest rates will increase from 0.5% to 1% by the end of the year.

    Bank governor Mervyn King said the soft patch in growth will be temporary but the recovery will hinge on business investment and exports. He warned the squeeze on household budgets may have further to go.

    It is the fourth time the Bank has downgraded its growth forecast in the year since the coalition Government was formed.

    The report reopened the debate over the severity of Chancellor George Osborne’s austerity measures and the ability of the economy to withstand the cuts, with Shadow Treasury chief secretary Angela Eagle saying: “Cutting too deep and too fast, as this Conservative-led Government is doing, is a vicious circle.”

    The Bank downgraded its expectations for gross domestic product in 2011 to around 1.7%, from about 2% in its February report. In 2012, GDP is expected to be around 2.2%, from just under 3%.

    The rate of inflation, currently at 4%, is now expected to hit 5% this year and remain above the Government’s 2% target throughout 2012 before falling back – but only if interest rates rise in line with market expectations from the third quarter of 2011.

    The gloomier outlook reflected the impact of surging energy prices – such as crude oil in the wake of political unrest in Libya – and the impact disappointing real wages will have on spending.

    London Evening Standart