Category: Business

  • Wall Street Journal: State of the Economy Best countries to invest, China, Brazil, India, Turkey and Albania

    Wall Street Journal: State of the Economy Best countries to invest, China, Brazil, India, Turkey and Albania

    World’s best countries to invest, China, Brazil, India, Turkey and Albania.

    China has averaged more than 9.5 percent growth annually since it embarked on market reforms in 1978.

    The remarkable economic growth in China in the last 10 years have changes the landscape of China and the global economy.

    Economic growth is not only important to China, it is also becoming increasingly important to the world.

    Chinese power has increased considerably in economy, military, geopolitical, trade and financial affairs.

    China is indeed one of the world’s greatest power. China’s economic growth accelerated to 10 percent this year.

    China is the world’s fastest-growing major economy.

    China is the world’s largest producer of steel and world’s larges consumer of copper, iron ore, aluminum, ferrochrome, chrome ore and nickel.

    Hundreds of billions of dollars are invested presently by China in natural resources in Africa, Australia, Brazil, Russia, Iraq, Europe, Canada, East Asia, and US.

    China’s has largest foreign exchange reserves in the world $2.65 trillion.

    Brazil is in the top ten on the world’s largest economies. Brazil’s economy may expand 7.5 percent this year.

    Brazil is the largest country in South America Brazil is the fifth most populous country in the world and the fifth largest country in the world in terms of geographical area. Brazil has becoming increasingly important to the world’s economy.

    Brazil boasts well developed agriculture, mining, manufacturing, energy and service sectors.

    Since 2003, Brazil has improved its macroeconomic stability, built foreign reserves, reduced debt, kept inflation rates under control and committed to fiscal responsibilities.

    Brazil witnessing unprecedented economic growth in 2007 and 2008.

    read more at: https://www.prlog.org/11021790-worlds-best-places-to-invest-china-brazil-india-turkey-and-albania.html.

  • Vietnam and Turkey’s Trade to increase

    Vietnam and Turkey’s Trade to increase

    Viet Nam News spoke with Turkish Ambassador Ates Oktem on the occasion of his country’s national day today.Turk Amb to viet

    Viet Nam and Turkey are aiming to achieve a two-way trade turnover of US$1 billion in 2010. In the first eight months of this year, it was about $400 million – a major increase as from the same period last year. Do you think the two countries will be able to achieve this year’s trade target?

    In spite of the global economic crisis, the volume of trade between Turkey and Viet Nam is promising to reach $1 billion in 2010.

    The Governments of Turkey and Viet Nam have been encouraging and facilitating economic and trade relations and co-operation by creating the necessary legal framework and infrastructure. Turkish and Vietnamese businessmen are looking to develop economic and commercial relations.

    The Agreement on the Reciprocal Promotion and Protection of Investment and the Agreement on Avoidance of Double Taxation between Turkey and Viet Nam are in their concluding phase. These agreements will serve to create a secure business environment for our private sectors. Both sides want to hold joint economic and trade committee meetings. Business forums held in Istanbul in November 2008 and Ha Noi in October 2009 were successful. Businessmen from both sides had the opportunity to exchange views on issues of mutual interest. Meanwhile, the Joint Business Council will serve as a permanent consultation mechanism between the private sectors. It comes under the auspices of the Turkish Union of Chambers of Commerce and Commodity Exchanges and the Viet Nam Chamber of Commerce and Industry, and will contribute to strengthening commercial relations. These positive developments in recent years have given impetus to our economic and commercial relations.

    Efforts have been made to promote co-operation between Turkish and Vietnamese business communities by encouraging greater participation in activities such as trade fairs, conferences, seminars and workshops in high-priority sectors such as textiles, machinery and food. That, in conjunction with greater contact and dialogue between businesses and industry on both sides, leads us to believe we will achieve a bilateral trade volume of $1 billion either in 2010 or 2011.

    Turkish Airlines plans to begin flying between Istanbul and HCM City by the end of 2010. How will this benefit the two countries?

    Turkish Airlines will launch its flights from Istanbul to HCM City as from December 29, 2010, within the framework of the Bilateral Air Services Agreement Between the Government of the Republic of Turkey and the Government of the Socialist Republic of Viet Nam for Scheduled Air Services Between Their Territories and Beyond. That agreement and a memorandum of understanding was signed by the General Directorate of Civil Aviation of Turkey and the Civil Aviation Administration of Viet Nam on March 17, 2009.

    Turkey, because of her geographic location and close historical and cultural ties across a vast landscape, will serve as a crucial bridge for dialogue and interaction between civilisations at the heart of Eurasia. It will serve as a bridge between Viet Nam, Europe, the Middle East and the Caucasus.

    Viet Nam is pushing ahead with its renewal cause in order to actively participate in the development of ever closer economic relations within ASEAN. It is also striving to promote economic interactions between ASEAN and its partners throughout the world. Viet Nam is an ideal bridge for Turkey to link with other Southeast Asian countries.

    Flights by Turkish Airlines between Istanbul and HCM City will help Turkish and Vietnamese businessmen interact, as well as tourists travel between the two countries. These flights will pave the way for developing and strengthening our bilateral economic, commercial and cultural relations.

    Turkey actively sends workers overseas as part of its economic development plan. Viet Nam has a similar policy. How successful has your programme been?

    The emigration of Turkish citizens to Western Europe to compensate for a labour shortage started in the early 1960s. Turkey signed Labour Force Agreements with Germany in 1961; Austria, Belgium and the Netherlands in 1964; France in 1965 and Australia in 1967. The immigration of Turkish labourers into Western Europe continued until 1974. From this date onwards, Turkish labourers began to focus on North Africa, the Middle East and the Gulf countries. Following the disintegration of the Union of Soviet Socialist Republics, the labour force was directed towards the Russian Federation. This transformation helped to open up the Turkish economy to the world and benefited Turkish contractors undertaking infrastructure projects in the region.

    From the 1970s onwards, Turkish immigrants in Western Europe began to think of their move as permanent rather than temporary. Today, the majority of Turks living abroad, a considerable number of whom have obtained citizenship in their destination countries, are permanent residents.

    Today, approximately 5 million Turkish citizens live abroad, of which about 4 million reside in EU countries, 300,000 in Northern America, 150,000 in Australia and 200,000 in the Middle East.

    Turkish immigrants have contributed significantly to the Turkish economy as well as to the economic development of the immigration countries. Most of them also contribute to their destination countries’ political, social, cultural and economic life, not only as blue-collar labourers but also as professionals in many areas, such as academics, scientists, doctors, journalists, engineers, lawyers, entrepreneurs, artisans, politicians, athletes, etc. Numerous Turkish migrant workers have left their labourer identity behind and have established their own business. The number of companies established by Turkish businessmen in Western Europe has risen to approximately 140,000, 70,000 of them in Germany alone. These enterprises are providing jobs for 640,000 employees (330,000 in Germany). Their total annual turnover exceeds 50 billion euros – 32.7 billion euros in Germany alone. According to the latest statistics, the annual expenditure of Turks living in Western Europe amounts to 22.7 billion euros.

    Turkey welcomes the active participation of its citizens in the social, economical, cultural and political life of the immigration countries while maintaining ties with their motherland, original culture and mother-tongue.

    In June, Viet Nam and Iraq officially joined the Conference on Interaction and Confidence-Building Measures in Asia (CICA), which is chaired by Turkey. How will Viet Nam’s membership of CICA benefit these countries and the organisation itself?Kiz kulesi1

    CICA member states desire to establish a firm foundation for common action to promote co-operation in the CICA region in the spirit of equality and partnership, and thereby contribute towards peace, progress and prosperity in Asia. CICA member states are determined to create an environment of comprehensive and indivisible security in Asia, where all states co-exist peacefully and their peoples live in peace, freedom and prosperity.

    Viet Nam’s membership of CICA will help its development efforts, particularly as the country is also an active member of ASEAN and fully supportive of common efforts to strengthen and boost co-operation and dialogue between Asia and Europe.

    On the other hand, Viet Nam will benefit from co-operation within the framework of CICA, which is a multilateral forum for close ties, political dialogue and interaction, comprehensive consultation and decision making based on consensus.

    Could you briefly describe to our readers some of Turkey’s main attractions – cultural and work-wise?

    Turkey’s tourism industry has grown rapidly since 1980. The number of tourists visiting Turkey in 1980 was close to 1.5 million. This figure went up to 26.5 million in 2008. Meanwhile, tourism revenue in 1980 was $326 million, in 2008 it was $21.91 billion.

    Istanbul, which was the capital city of the Ottoman Empire, has become a modern city, while preserving its magnificence and history. Visitors are fascinated by Istanbul’s history and culture – its museums, palaces, mosques, churches, bazaars and natural attractions.

    The Cappadocian region is renowned for its beauty and history. Early settlers inhabited the rock formations known evocatively as Peri Bacalari Chimneys. They carved out houses and churches inside these formations and adorned them with frescos, which carry the traces of the thousands of years of civilisation.

    If someone said the most scenic vistas in Anatolia could be found on the coast of the Aegean, he would not be exaggerating. The bays and peninsulas, coves and golden beaches stretch the length of the beautiful coastline. At almost every turn, you will encounter theatres, temples and agoras (open places of assembly) in the ancient cities of Bodrum, Fethiye, Marmaris, Kusadasi. — VNS

    Vietnam News

  • Turkey’s Trade Deficit Widens

    Turkey’s Trade Deficit Widens

    By JOE PARKINSON

    ISTANBUL—Turkey’s trade deficit widened almost 70% on the year in September to $6.7 billion, data showed Wednesday, marking the fastest expansion since April and stoking concerns that the emerging market’s structural imbalance could pose a longer-term threat to growth.

    According to figures released Wednesday by the official statistics agency Turkstat, September’s $25 billion of imports rose five times as fast as exports, underscoring the powerful impact of domestic demand in an economy that’s expected to expand 6.8% this year, after tying China for the fastest growth in the Group of 20 in the second quarter, at 10.3%.

    The wider-than-expected expansion of the deficit—which has expanded $48.7 billion since January—helped push Turkish assets lower, with the lira and stocks sliding on the disappointing data and investor profit taking.

    Economists cautioned that the deficit was likely to widen further as elevated consumer confidence and credit growth continued to outpace weak demand for Turkish exports from Europe, Ankara’s key trading partner.

    “Turkey’s external deficit continues to deteriorate very rapidly as September trade gap came in much wider than expected … the macro economic backdrop will likely accentuate imbalances of wide current account gap and possibly sticky-high inflation beyond a base-effect induced moderation in coming few months,” HSBC said in a research note.

    Turkey’s central bank governor, Durmus Yilmaz, warned in Tuesday’s inflation report that the current account deficit was a growing concern that may require some “restrictions on demand.”

    Turkey usually runs a deficit as it imports investment goods and raw materials to process primarily for Western and other markets, and it also relies on energy imports.

    Write to Joe Parkinson at joe.parkinson@dowjones.com

  • OBAMA & The largest tax hikes in the history of  America

    OBAMA & The largest tax hikes in the history of America

    Warren G Speh [sptsmnwgs@juno.com]

    “It takes twenty years to build a reputation and five minutes to lose it. If you think about that, you will do things differently”
    -Warren Buffett

    money

    In just six months, on January 1, 2011, the largest tax hikes in the history of  America  will take effect.

    They will hit families and small businesses in three great waves.

    On January 1, 2011, here’s what happens… (read it to the end, so you see all three waves)…

    First Wave:

    Expiration of 2001 and 2003 Tax Relief

    In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families.

    These will all expire on January 1, 2011.

    Personal income tax rates will rise.

    The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed).

    The lowest rate will rise from 10 to 15 percent.

    All the rates in between will also rise.

    Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.

    The full list of marginal rate hikes is below:

    ·         The 10% bracket rises to an expanded 15%

    ·

    ·         The 25% bracket rises to 28%

    ·

    ·         The 28% bracket rises to 31%

    ·

    ·         The 33% bracket rises to 36%

    ·

    ·         The 35% bracket rises to 39.6%

    Higher taxes on marriage and family.

    The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income.

    The child tax credit will be cut in half from $1000 to $500 per child.

    The standard deduction will no longer be doubled for married couples relative to the single level.

    The dependent care and adoption tax credits will be cut.

    The return of the Death Tax.

    This year only, there is no death tax.  (It’s a quirk!) For those dying on or after January 1, 2011, there is a 55 percent
    top death tax rate on estates over $1 million.  A person leaving behind two homes, a business,
    a retirement account, could easily pass along a death tax bill to their loved ones.  Think of the farmers who don’t make much money, but their land, which they purchased years ago with after-tax dollars, is now worth a lot of money.  Their children will have to sell the farm, which may be their livelihood, just to pay the estate tax if they don’t have the cash sitting around to pay the tax.  Think about your own family’s assets.  Maybe your family owns real estate, or a business that doesn’t make much money, but the building and equipment are worth $1 million.  Upon their death, you can inherit the $1 million business tax free, but if they own a home, stock, cash worth $500K on top of the $1 million business, then you will owe the government $275,000 cash!  That’s 55% of the value of the assets over $1 million!  Do you have that kind of cash sitting around waiting to pay the estate tax?

    Higher tax rates on savers and investors.

    The capital gains tax will rise from 15 percent this year to 20 percent in 2011.

    The dividends tax will rise from 15 percent this year to 39.6 percent in 2011.

    These rates will rise another 3.8 percent in 2013.


    Second Wave:

    Obamacare

    There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011.  They include:

    The “Medicine Cabinet Tax”

    Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).

    The “Special Needs Kids Tax”

    This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be p art icularly cruel and onerous: parents of special needs children.

    There are thousands of families with special needs children in the  United States  , and many of them use FSAs to pay for special needs education.

    Tuition rates at one leading school that teaches special needs children in  Washington  ,  D.C.  (  National   Child   Research   Center  ) can easily exceed $14,000 per year.

    Under tax rules, FSA dollars can not be used to pay for this type of special needs education.

    The HSA (Health Savings Account) Withdrawal Tax Hike.

    This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAsand other tax-advantaged accounts, which remain at 10 percent.

    Third Wave:

    The Alternative Minimum Tax
    (AMT) and Employer Tax Hikes

    When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise-the AMT won’t be held harmless, and many tax relief provisions will have expired.

    The major items include:

    The AMT will ensnare over 28 million families, up from 4 million last year.

    According to the left-leaning  Tax   Policy   Center  , Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families-rising from 4 million last year to 28.5 million.  These families will have to calculate their tax burdens twice, and pay taxes at the higher level.  The AMT was created in 1969 to ensnare a handful of taxpayers.

    Small business expensing will be slashed and 50% expensing will disappear.

    Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000.

    This will be cut all the way down to $25,000.  Larger businesses can currently expense half of their purchases of equipment.

    In January of 2011, all of it will have to be “depreciated.”

    Taxes will be raised on all types of businesses.

    There are literally scores of tax hikes on business that will take place.  The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.

    Tax Benefits for Education and Teaching Reduced.

    The deduction for tuition and fees will not be available.

    Tax credits for education will be limited.

    Teachers will no longer be able to deduct classroom expenses.

    Coverdell Education Savings Accounts will be cut.

    Employer-provided educational assistance is curtailed.

    The student loan interest deduction will be disallowed for hundreds of thousands of families.

    Charitable Contributions from IRAs no longer allowed.

    Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA.

    This contribution also counts toward an ann ual “required minimum distribution.”  This ability will no longer be there.

    PDF  Version  Read more: <http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171>; http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8waPq1

    And worse yet?

    Now, your insurance will be INCOME on your W2’s!

    One of the surprises we’ll find come next year, is what follows – – a little “surprise” that 99% of us had no idea was included in the “new and improved” healthcare legislation . . . those who backed this administration will be astonished!

    Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that’s a private concern or governmental body of some sort.

    If you’re retired?  So what… your gross will go up by the amount of insurance you get.

    You will be required to pay taxes on a large sum of money that you have never seen.  Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt.  That’s what you’ll pay next year.

    For many, it also puts you into a new higher bracket so it’s even worse.

    This is how the government is going to buy insurance for the15% that don’t have insurance and it’s only part of the tax increases.

    Not believing this???  Here is a research of the summaries…..

    On page 25 of 29: TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001,
    as modified by sec. 10901) Sec.9002  “requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer sponsored group health coverage that is excludable from the employees gross income.”

    – Joan Pryde is the senior tax editor for the Kiplinger letters.
    – Go to Kiplingers and read about 13 tax changes that could affect you.  Number 3 is what is above.

    Why am I sending you this?  The same reason I hope you forward this to every single person in your address book.

    People have the right to know the truth because an election is coming in November!

  • OMV Takes Over Turkey’s Biggest Fuel Retailer for $1.4 Billion

    OMV Takes Over Turkey’s Biggest Fuel Retailer for $1.4 Billion

    OMV AG, central Europe’s biggest oil company, has agreed to take over Turkey’s biggest fuel retailer for 1 billion euros ($1.4 billion) to tap faster growth in emerging markets.

    OMV will buy Dogan Sirketler Grubu Holding AS’s 54.17 percent holding in Petrol Ofisi AS, boosting its stake to 95.75 percent from 41.58 percent, OMV said in a statement yesterday after markets closed. Before completion, likely within three months, Petrol Ofisi will distribute $488 million in dividends to shareholders, with $203 million going to OMV, 265 million to Dogan and $21 million to free-float investors.

    OMV is expanding in emerging markets to tap faster demand growth. Petrol Ofisi has 3,140 gasoline stations in Turkey, where oil consumption rose 5.8 percent in 2008, according to BP Plc. That compares with a 0.1 percent decline in Austria.

    OMV wants to maintain a “strong investment grade credit rating and therefore does not exclude raising equity as one of the available funding options,’’ it said in the statement.

    OMV has held a stake in Petrol Ofisi since 2006, when it bought 34 percent of the company for $1.06 billion.

    “Turkey represents a strategic bridgehead to the resource- rich Caspian Region and the Middle East,’’ the company said in the statement.

    To contact the reporter on this story: Zoe Schneeweiss in Vienna at zschneeweiss@bloomberg.net.

    To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

    via OMV Takes Over Turkey’s Biggest Fuel Retailer for $1.4 Billion – Bloomberg.

  • Turkey, the UK’s Favourite Destination

    Turkey, the UK’s Favourite Destination

    The UK weather is rapidly becoming colder and UK residents may be thinking of embarking on a short break during the upcoming winter season. Turkish beaches seem to be at the very top of the destinations list for such breaks during 2010.

    oludeniz

    According to new figures released by UK market research agency, GfK, Brits embarking on beach holidays seem to favour Turkish beaches above all others. GfK’s figures were released ahead of the World Travel Market, which is set to be held in London mid-November. The figures have also shown that Turkey is one of the top five destinations for growth in the UK travel market.

    This new popularity is mostly due to the all-inclusive holiday market seeing steady growth and the number of operators providing packages for Turkey. However, it’s not only the Brits who enjoy Turkey’s beach holidays, the Mediterranean nation expects its tourism sector to expand by more than 12% between 2010 and 2013, according to PricewaterhouseCoopers.[…]

    Turkey’s Minister of Culture and Tourism, Ertugrul Gunay, said “Turkish tourism has been a spectacular success this year and the future remains bright, with visitor numbers continuing to grow.”

    He may well be right, as the nation’s largest city, Istanbul, was voted European Capital of Culture during 2010.[…]

    PRWeb