A Chinese business delegation currently visiting Turkey will purchase marble and travertine from the western province of Denizli for the ECO City, to be built on 2 million square meters in China, Arslan Erdinç, chairman of the Aegean Union of Mine Exporters, said Tuesday.
Speaking to reporters, Erdinç said the delegation met with producers of marble and declared it would import marble and travertine.
“China has great potential as a market. The purchase to be made by the Chinese delegation will carry Turkish-Chinese trade relations a step further,” Erdinç said.
The ECO City to be built in China is a joint project of the governments of China and Singapore.
ISTANBUL—Turkey’s trade deficit widened sharply in October, official data showed Tuesday, underlining the emerging economy’s growth but spotlighting an imbalance that analysts say leaves it exposed to external shocks.
According to the Turkish statistics institute, or Turkstat, the October trade deficit expanded to $6.3 billion from $2.7 billion a year earlier, exceeding market expectations of a $5.8 billion deficit.
Driving that expansion was a 35.5% year-to-year rise in imports, to $17.3 billion. Export growth moderated 8.8%, to $11.0 billion, Turkstat said.
The news sent Turkish bonds and the lira lower, extending losses generated by euro-zone debt worries, although shares held firm after sharp declines a day earlier.
Economists said the widening deficit reflected Turkey’s strong consumer-fueled economic growth, but cautioned that with export growth moderating and imports still surging, the trade deficit and, critically, the current-account deficit, were likely to widen further.
“Disappointingly, the data show export growth slowing with imports continuing to boom,” said Timothy Ash, an emerging markets economist at RBS in London. But the figures, he added, are “consistent with a 5% current-account deficit for the full year in 2010.”
Turkey’s economy has recovered rapidly from the economic crisis, posting 10.3% growth in the second quarter, tying China for the fastest growth in the G-20.
But some policy makers and economists are starting to worry that the heavy dependence on imports and domestic demand is magnifying a potentially fatal flaw in its impressive rebound from economic crisis: a blossoming current-account deficit financed by volatile hot money, or speculative investments.
Turkey’s Central Bank Governor Durmus Yilmaz recently warned that the quality of the Turkey’s deficit financing was “a concern,” which may require policy to place “restrictions on demand.”
In September, Finance Minister Mehmet Simsek also expressed doubts about the “quality of financing” entering the country.
For some economists, the starring role that hot money plays in funding Turkey’s yawning current-account deficit is a red flag that could cause problems if another bout of risk-aversion were to drive investors away from emerging markets and into safe havens, such as the U.S. dollar or gold.
“We’re talking about a $40 billion current-account deficit in Turkey this year, which needs financing. The big problem is that the moment the global environment changes and there is a drop in risk appetite, then the money may leave, and then we’re in trouble,” said Murat Ucer, an Istanbul-based analyst at Global Source Partners, an economics-research consulting firm.
Write to Joe Parkinson at joe.parkinson@dowjones.com
via Turkey’s Trade Deficit Spotlights Risks – WSJ.com.
TouchIT Technologies, Inc. announced yesterday that they have appointed el-Haceb as Distribution Partner for Lebanon. el-Haceb will be carrying the full range of TouchIT Products which are available now for both trade and direct accounts.
Ronnie Murphy, President of World Wide Sales at TouchIT Technologies, said, “el-Haceb is a great fit for the business. el-Haceb’s 25 years of experience and contacts in the country will be a great asset for the TouchIT product range.”
Ibrahim Shatila, CEO at el-Haceb, said, “Traditionally, el-Haceb has concentrated in the corporate services markets for IT products. With the TouchIT range of products, we will be able to sell the product in our existing channels, but will also expand our reach into education, building on our vast experience and contacts in the region.”
el-Haceb plans to establish a “special package” for the Lebanese market. This includes both government approved local educational content software, as well as training and installation services. “Our discussions with local partners for the educational content are moving along nicely and we already have interest from large school groups in the region,” Ibrahim Shatila added.
“The Middle East is proving to be a hive of activity for TouchIT Technologies,” commented Ronnie Murphy. “This has been one of our focus regions for growth which we expect to continue,” he concluded.
Headquartered in Istanbul, Turkey, TouchIT Technologies designs, produces, and markets touch-based visual communication products. Their focus is to produce innovative touch-based interactive products for use in both Education and Corporate environments.
The Company manufactures a large range of touch screen and touch board products to suit all types of applications from 42″ LCD touch-screens to large interactive whiteboard displays and audience response systems. Their touch-based interactive whiteboard combines a world class enameled steel low glare surface with their touch technology. The Company’s touch-based interactive LCDs are not overlays. Their touch technology is embedded into the screen creating one of the world’s first fully integrated large format interactive LCD ranges.
TouchIT Technologies, Inc. has manufacturing facilities in Istanbul, Turkey and Sales Offices in London, UK, Co Limerick, Ireland and Boston, Massachusetts, USA.
For more information visit: www.touchittechnologies.com
via TouchIT Technologies, Inc. (TUCN.OB) Announces the Appointment of el-Haceb as New Distribution Partner – International Business Times.
Turkey’s Finance Minister Mehmet Simsek has announced that a tender for the operating rights to a port regeneration project in Istanbul’s Karakoy neighborhood will be held in the first quarter of 2011.
The project embodies a cruise ship port, hotels and retail outlets and is expected to bring in a fortune of several billions of dollars to the Treasury’s purses. He further provided some details as to recent privatization deals, also underlining planned sales of government assets, particularly mentioning highways and bridges, which would be made through the transfer of operating rights for 25 years. bne.
via Balkans.com Business News : Turkey: Istanbul’s Karakoy port tender in Q1 of 2011.
The Turkish Transportation Minister has announced a third airport in İstanbul will be constructed on the European side and that it will have a yearly passenger capacity of 60 million.
Passengers waiting at the İstanbul Atatürk’s Airport international flight terminal. Currently, the two airports in İstanbul are not enough to reduce the density in the air traffic.
Speaking to the Anatolia news agency on Monday, Minister Binali Yıldırım said the civil aviation sector in Turkey has witnessed crucial developments in recent years that have resulted in increased density of air traffic across Turkey and especially in İstanbul. He noted that there are currently two operating airports in İstanbul — the İstanbul Atatürk and Sabiha Gökçen airports — and they are working on a third airport to be constructed in İstanbul.
Yıldırım underlined that the next airport will be constructed on the European side, although they have not decided on the exact area yet. “The new airport in İstanbul will have a capacity of at least 60 million passengers-per-year. There will be at least two independent landing fields, and it is expected to be one of the most important airports in Europe. It will be tendered with a Build-Operate-Transfer (BOT) model and will cost approximately $5 billion, including the connecting highways to this airport,” said the Minister. He added that Sabiha Gökçen Airport had decreased the density of Atatürk Airport and with the planned third airport İstanbul’s problems with air traffic congestion will be significantly eased.
Transportation Minister Binali Yıldırım noted that the two operating airports in İstanbul are not enough to meet the air traffic demand of the major Turkish city and announced that a third airport will be contstructed in İstanbul, on the European side
Separately, Yıldırım also touched upon unfinished subway projects in İstanbul and Ankara. He said the responsibility for the projects has recently been transferred from local authorities to the Transportation Ministry, but they are waiting approval from the cabinet. Yıldırım said the Transportation Ministry and the Transportation Ministry’s General Directorate of Railroads, Ports and Airports Construction (DLH) will continue with the unfinished subway projects in the two major cities in Turkey. “It is not definite but we, as the ministry, think that the same construction companies will continue subway construction in İstanbul, while in Ankara we will work with the companies that we would like to continue and otherwise tender the subway project again. We would like to complete these projects as soon as possible and give priority to subway projects. It is expected that subway construction will be completed in two to two-and-a-half year’s time” said the minister.
Answering a question regarding the Sürat Railway Project, Yıldırım noted the project started in the year 1974 and that only 60 kilometers of rail have been constructed since then. He said the Sürat Railway Project’s aim was to connect Ankara with İstanbul passing through the Ayaş Tunnel and that the total length of the railway was estimated as 260 kilometers. “We are not considering completing this project as well but are thinking of rehabilitating the Ankara-Ayaş part of the project in such a way that trains could travel at speeds of up to 250 kilometers per hour. This rehabilitation will cost approximately TL 150 million, and in this way, we could at least make use of the completed part of the project and spend less money,” said Yıldırım.
Hilton is planning to boost its Turkey investments with new hotels in the Central Anatolian province of Konya, as well as other locations, top company officials have said.
Hilton Worldwide announced in a press release on Nov. 24 the opening of its second Hilton Garden Inn hotel in Turkey, in the Central Anatolian city of Konya.
There will be five DoubleTree hotels under the Hilton brand open in Turkey within the next year, DoubleTree by Hilton Vice President Gary Steffen said recently during a visit to the chain’s Istanbul-Moda location.
Hilton Worldwide announced in a press release on Nov. 24 the opening of its second Hilton Garden Inn hotel in Turkey, in the Central Anatolian city of Konya.
“The Istanbul-Moda Doubletree by Hilton is the first hotel to open by any brand within the Hilton Worldwide organization on the Asian side of the city of Istanbul. So this opening is extremely important for us, along with our network of other DoubleTree by Hilton hotels that are open or soon will open,” Steffen said.
“DoubleTree by Hilton Istanbul-Moda has a central location with easy access to ports, both airports of Istanbul, stations of the metrobus, bus and train and also the Bosphorus Bridge. The hotel also provides easy access to the organized industrial zone on the Anatolian side. And the hotel will provide fantastic Bosphorus and sea views,” he said.
DoubleTree by Hilton part of Hilton Worldwide portfolio of hotels
Steffen said there were 11 hotels and resorts currently being run by Hilton Worldwide in Turkey and added that there were 16 hotels and resorts in the Hilton Worldwide development pipeline set to open during the next several months.
“Every opening in the Hilton Worldwide portfolio of hotels leads to our company’s future success to providing great hotels in Turkey to the world’s travelers. So we look forward to the opening of the DoubleTree by Hilton Istanbul-Moda and our brand’s four additional Turkish hotels as part of the company’s success in early 2011,” Steffen said.
Free cookies to guests
Steffen said every guest would have the opportunity to taste the legendary chocolate chip cookies that are special to DoubleTree by Hilton hotels.
“Our DoubleTree cookies by Hilton are delicious. We have shared more than 225 million of our cookies with our guests during the past 20 years. But they mean much more than that. Our DoubleTree by Hilton cookies are warm and welcoming symbols of our hospitality and culture,” he said.
Steffen also said the management team of DoubleTree by Hilton Istanbul-Moda will showcase the brand and its unique personality and caring hospitality.
Hilton Garden Inn to open second Turkish hotel
Hilton Worldwide announced Nov. 24 that it would open its second Hilton Garden Inn hotel in Turkey in the Central Anatolian province of Konya.
The latest opening marks the continued growth of Hilton Worldwide in Turkey, a strategic development market with 16 hotels in the pipeline that will more than double the Hilton Worldwide portfolio of hotels operating in Turkey by 2013, according to a press release by the company.
“We are delighted to be opening our second Hilton Garden Inn hotel in Turkey. This is a particularly exciting market for us, with both guests and investors interested in our award winning brand; the new Hilton Garden Inn Konya represents a fantastic addition to our global portfolio,” said Adrian Kurre, global head of the Hilton Garden Inn.
The Hilton Garden Inn Konya is located in a prime location in the exclusive and historic city center, adjacent to the Mevlana Center, one of Turkey’s most significant cultural attractions.
The Hilton Garden Inn Konya will offer 210 guest rooms and 18 suites, a contemporary designed lobby, 24-hour business center, complimentary Wi-Fi Internet access throughout the hotel, remote printing capabilities, the Garden Sleep System bed and proximity to the airport.
The hotel has capacity for up to 475 guests in its large ballroom and separate meeting facilities for up to 220 delegates.
The hotel will feature the Sumac Grill restaurant, offering international and Turkish cuisine and a lobby bar. Guests can enjoy cooked-to-order breakfasts and the 24-hour Pavillion Pantry, offering a range of healthy snacks, desserts and fresh drinks. The hotel also features an on-site fitness facility, and for those who want to get some exercise in the comfort of their own room, the Hilton Garden Inn Stay Fit Kit.
Guests can earn and redeem Hilton Honors points at the hotel and take advantage of benefits enjoyed by over 26 million members worldwide.
“We are looking forward to welcoming guests to our new Hilton Garden Inn Konya. Our guests will experience the best in Turkish hospitality, with all of the hallmarks of the world renowned Hilton Garden Inn brand,” said Hilton Garden Inn Konya General Manager Serhan Dora.
Hilton Worldwide has had a presence in the Turkey since 1955, with the iconic Hilton Istanbul. The new hotels joining the Hilton Worldwide portfolio in the next three years will each represent one of the seven brands active in Europe including the luxury Waldorf Astoria Hotels & Resorts and Conrad Hotels & Resorts; full-service Hilton Hotels & Resorts and Doubletree by Hilton; and mid-market Hilton Garden Inn and economy Hampton by Hilton.
