The Singapore Airlines started to operate direct flights between Istanbul and Singapore on Monday.
Monday, 22 November 2010 15:24
The Singapore Airlines started to operate direct flights between Istanbul and Singapore on Monday.
A Singapore Airlines plane took off from Istanbul’s Ataturk Airport with 94 passengers aboard. It is expected to arrive in Singapore on Tuesday.
The flag carrier of Singapore will fly between Istanbul and Singapore for four times a week, on Mondays, Wednesdays, Fridays and Sundays.
“Direct flights will reduce the flight time between the two cities by two hours and 25 minutes,” Singapore Airlines Turkey’s director general Ang Beng Siong said during a ceremony at the airport.
Previously, the airline company was flying between Istanbul and Singapore via Dubai.
The airline is a subsidiary of Singapore government investment and holding company Temasek Holdings which holds 54.5% of voting stock.
Singapore Airlines has diversified into related industries and sectors, including ground handling, aircraft leasing, aviation engineering, air catering, and tour operations.
Representatives of a European energy giant told a press conference in Istanbul on Friday that the company intended to expand its Turkish operations, following the recent purchase of a local petrol supply chain.
Wolfgang Ruttenstorfer, CEO of Austrian giant OMV told the press conference the company intended to turn the recently purchased Petrol Ofisi, Turkey’s largest chain of petrol stations, into an energy company by integrating all their Turkish operations. “We value the company very much and plan to create a complex energy company out of it for actualization of all our future energy investments in Turkey. We will do this by integrating the gas and power investments operating beneath it,” he said.
He said OMV is happy with its employees at the chain and only plans to modernize the stations. The group is not considering any reduction of the number or employees, he said.
The Austrian giant, with operations in oil, gas, electricity and renewable energy, aims to develop Turkey into its third business hub, following Vienna and Bucharest, by integrating the country into its core market for refining and marketing, or R&M, thus also establishing Turkey as a link to resource supplies in both northern Iraq and the Caspian.
Benefiting from an integrated business model
Ruttenstorfer made a presentation at the conference which mainly focused on the company’s expansion and its future plans in regions throughout Eastern and Southeast Europe and Turkey. OMV has 20 percent R&M market share in the region, he said.
“Integrated activities from upstream assets, supply and logistics, refining to marketing and trading and power generation are key advantages for OMV,” he said.
He also noted that Turkey played a key role in the company’s integrated regional business scheme due to its proximity to Caspian and northern Iraq oil reserves. “As a market distribution line, Petrol Ofisi is of utmost importance for the integrated business model we plan to launch in Turkey and its surrounding regions because of its optimal logistics position in leveraging seaborne product supply potentials,” he said.
Potential participation to a refinery
Ruttenstorfer stressed that growth in energy demand is currently mainly driven by emerging nations – as developed countries are recording only limited growth. According to the company’s estimates, by 2015 the energy demand growth rate in Turkey will be 12 percent for oil, 31 percent for gas and 37 percent for power, making Turkey an essential component in the OMV portfolio.
Regarding Turkey’s exploration and production opportunities, Ruttenstorfer said his company might consider a minority participation in a possible refinery in Ceyhan, in the Mediterranean province of Adana, provided that they anticipate an integration benefit for equity crude.
No green investments in Turkey
Ruttenstorfer said both the dynamics in the renewables sector and the carbon emissions regime continued to be a driving force for significant changes currently shaping the energy landscape in Europe and that the EU was again striving to limit carbon dioxide emissions to 30 percent, adding that the regulatory regime may change to incentivize investments in secure peak capacity – which would impact power economics.
He also said renewable energy investments constituted a significant portion of OMV’s overall business and investment strategy. However, Ruttenstorfer also said the company currently has no plans to invest in Turkish renewables, although they were keeping an eye on developments in the sector.
The U.S. dollar has declined against 12 of its 16 most-traded counterparts this year, according to data compiled by Bloomberg. Photographer: Alastair Miller/Bloomberg
The dollar may fall below 75 yen next year as it becomes the world’s “weakest currency” due to the Federal Reserve’s monetary-easing program, according to JPMorgan & Chase Co.
The U.S. central bank, along with those in Japan and Europe, will keep interest rates at record lows in 2011 as they seek to boost economic growth, said Tohru Sasaki, head of Japanese rates and foreign-exchange research at the second-largest U.S. bank by assets. U.S. policy makers may take additional easing steps following the $600 billion bond-purchase program announced this month depending on inflation and the labor market, he said.
“The U.S. has the world’s largest current-account deficit but keeps interest rates at virtually zero,” Sasaki said at a forum in Tokyo yesterday. “The dollar can’t avoid the status as the weakest currency.”
The Fed said on Nov. 3 it will buy $75 billion of Treasuries a month through June to cap borrowing costs. The central bank has kept its benchmark rate in a range of zero to 0.25 percent since December 2008. The Bank of Japan on Oct. 5 cut its key rate to a range of zero to 0.1 percent and set up a 5 trillion yen ($59.9 billion) asset-purchase fund.
The dollar traded at 83.38 yen as of 12:04 p.m. in Tokyo after falling to a 15-year low of 80.22 on Nov. 1. The greenback declined to post-World War II low of 79.75 yen in April 1995. The U.S. currency has declined against 12 of its 16 most-traded counterparts this year, according to data compiled by Bloomberg.
Tightening Unnecessary
There’s no need for any monetary tightening in the U.S. as even prolonged easing won’t heighten inflationary pressures with the balance sheets of banks and households still hurting from the fallout of the global financial crisis, Sasaki said.
Ten-year Treasury yields may decline to around 2.25 percent over the next year, and their premium over similar-maturity Japanese yields won’t widen, he said. The benchmark 10-year Treasury yielded 2.89 percent today.
The world economy is likely to expand 3 percent next year amid the extra liquidity provided by central banks, “repeating a pattern from early 2002 to the end of 2004” when improving risk appetite boosted stocks and commodities and the dollar fell 25 percent against the yen, Sasaki said.
With monetary easing in the U.S., Japan and Europe likely to bolster the global recovery and increase demand for yield, the yen is poised to weaken against other currencies beside the dollar to levels last seen in early 2007, Sasaki said.
Japan will refrain from selling the yen even if it strengthens against the dollar, following international criticism of foreign-exchange intervention, he said. The nation intervened in the currency markets for the first time in six years on Sept. 15 when the yen climbed to a 15-year high.
To contact the reporter on this story: Shigeki Nozawa in Tokyo at snozawa1@bloomberg.net.
To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net
https://www.bloomberg.com/tosv2.html?vid=&uuid=90a3d4d1-d357-11ed-9133-55546f6d5541&url=L25ld3MvYXJ0aWNsZXMvMjAxMC0xMS0xOC9kb2xsYXItdG8tYmVjb21lLXdvcmxkLXMtd2Vha2VzdC1jdXJyZW5jeS1kcm9wLXRvLTc1LXllbi1qcG1vcmdhbi1zYXlz, Nov 18, 2010
BRUCHSAL: Purchasing power levels are rising in Europe, despite the challenging conditions currently observable in many countries across the region.
Research firm GFK reported that shoppers from 42 markets boasted a combined €7.9bn ($10.8bn; £6.8bn) with which to buy consumer goods in 2010.
This constituted a 2.1% improvement on 2009, and equated to €11,945 per person covering all the nations featured in the analysis.
While arguing such an increase could represent the “beginning of a recovery” from the financial crisis, the company also suggested affluent economies were struggling for growth.
“There are … no major shifts in the purchasing power levels of the wealthier countries evaluated by the study, with the exception of Sweden,” it said.
“Here per capita purchasing power rose significantly due to the revised 2009 figures and 2010 exchange rate fluctuations.”
Germany, France and Italy retained the top three places in the annual rankings, according to GfK’s estimates.
However, although the last of these nations recorded a total of €985.5bn, its per capita score of €16,333 fell in the middle of the pack, and people living in Milan typically carry 21% more fiscal muscle than those in Rome.
The Baltic states suffered particularly heavily during the downturn, and Estonia was the leading player in this area, albeit with a median amount of just €4,938.
Staying in Eastern Europe, Slovenia overtook Portugal and registered an individual budget of €10,045, making it the most successful of the recent additions to the European Union.
Elsewhere, residents of Moldova, Ukraine and Belarus generally enjoyed less than one-third of the standard expenditure.
Among the markets witnessing favourable trends was Finland, posting a 3.2% uptick to €17,500, a figure that considerably greater in Helsinki and its environs.
Turkey also strengthened its position in the recession, to €5,107, but 28% of domestic disposable income is concentrated around Istanbul, which has a purchasing power density 14 times higher than Ankara.
Data sourced from GfK; additional content by Warc staff, 22 November 2010
via Purchasing power rises in Europe – Warc News – Warc.
SIALKOT: A six-member delegation of leading leather goods exporters left Sialkot for Turkey on Saturday, for a week-long study visit under the auspices of the United Nations Industrial Development Organisation (Unido).
The head of the delegation, Muhammad Anwar Butt, told media that the Sialkot exporters would learn advanced leather and leather goods manufacturing technology from Turkish exporters and manufacturers, while visiting manufacturing facilities in Istanbul and Azmir (the big industrial cities of Turkey). The Pakistani exporters would also share their experiences and observations.
He said that the trip would also be helpful in the early transfer of advanced leather technology to Sialkot which would help upgrade and modernise the industry, enabling it to meet global challenges under the World Trade Organisation (WTO) regime.
Butt said that Unido had offered technical assistance and expertise to strengthen the leather industry which could be capable of meeting the international demand and quality standards. Unido has initiated a development project for this purpose which included provision of latest machinery for garments to the Leather Product Development Institute Sialkot, practical training and foreign study tours for hands-on knowledge.
Published in The Express Tribune, November 21st, 2010.
via Exporters leave for Turkey – The Express Tribune.
Turkey imports nearly 4.7 tons of tomato seeds, according to a report by the Ankara Chamber of Commerce. AA photo
Turkey’s agricultural production is heavily reliant on seed imports, according to a recent report by the chamber of commerce in the capital city of Ankara. Turkey is paying the price for its low agricultural technology, the report says
Turkey’s seed import costs have reached $860 million over the last eight years, according to a recent report from the Ankara Chamber of Commerce, or ATO.
The country is “paying the cost of its low agricultural technology by importing seeds,” mainly from France, United States, Germany, the Netherlands, Germany and many other countries, the report said, adding that Turkish agricultural production was dependent on these imports.
Turkey imports tomatoes seeds from France, cucumber, gherkin and watermelon seeds from the United States and cabbage seeds from Germany, the chamber’s report said.
According to data from the Agriculture and Rural Affairs Ministry, Turkey produced 385,000 tons of seeds last year, 290,000 tons in 2008 and 324,000 tons in 2007.
Insufficient production
Although wheat ranked first on the ministry’s seeds production list at nearly 227,800 tons last year, Turkey’s annual wheat seed demand remains approximately 600,000 tons, the report said, thus meaning Turkish production has only been able to meet 40 percent of current demand.
The ministry also said Turkey produced 36,000 tons of barley seeds, 29,000 hybrid corn seeds, 58,800 tons of potato seeds, 10,800 tons of cotton seeds, 9,300 hybrid sunflower seeds, 5,000 tons of rice seeds, and 2,700 tons of vegetable seeds in 2009.
Top seed import: tomatoes
The Turkish seed market posted a total value of $650 million last year with total imports worth roughly $158 million, according to official data.
Turkey recorded total exports of $339 million between 2002 and 2008, but the total import of seeds reached $860 million over the same period, the report said.
Moreover, Turkish seed imports reached $158 million while exports remained at $70.7 million last year, the report said, adding that tomatoes led the way on the imports list.
Accounting for nearly 40 percent of total vegetable production in Turkey, tomato cultivation in the country heavily relies on foreign seeds.
Turkey ultimately produced nearly 10.7 million tons of tomatoes last year, the report said, adding that most of the seed demand was met by importing nearly 4.7 tons of tomatoes seeds, mainly from France.
Cucumbers and gherkins, meanwhile, were second on the report’s list. Turkey grew nearly 1.74 million tons of cucumbers last year and produced 8.98 tons of cucumber seeds. In the same year, the country imported nearly 37.2 tons of cucumber or gherkin seeds, mainly from United States.
Despite the heavy reliance on imports, ATO noted that there had been promising developments in the production of local seeds, such as those of green peppers. According to the ministry, nearly 80 percent of green pepper production is conducted with Turkish pepper seeds.
Turkey imported 1.83 million tons of green pepper seeds and exported nearly 11.8 tons of green pepper seeds in 2009, according to the ministry.
The Singapore Airlines started to operate direct flights between Istanbul and Singapore on Monday.
