Category: Business

  • Alabama Istanbul Center opens new branch in Hoover

    Alabama Istanbul Center opens new branch in Hoover

    By Jon Anderson | janderson@al.com

    on February 20, 2013 at 2:12 PM, updated February 20, 2013 at 5:50 PM Print

    HOOVER, Alabama – The Alabama Istanbul Center plans to celebrate the opening of a new office in Hoover on Monday.

    staticmapThe nonprofit foundation, which seeks to promote Turkish culture and build bridges with people of other cultures, has opened an office at 2146 Centennial Drive off Lorna Road near the Landmark at Magnolia Glen apartment complex.

    The foundation was established in 2006 to promote a better understanding and closer relations between Turkish and American individuals and communities, as well as other communities in Alabama, according to its website.

    The main office has been in Mobile, but the center’s executive director, Umut Gunebir, moved to Hoover, and management of the organization will be at the Hoover office, said Ayse Zengul, a volunteer who is coordinating the grand opening celebration. The office in Mobile probably will close within a year, though the group still will have activities there, Zengul said.

    The Alabama Istanbul Center center also works in Auburn, Huntsville, Montgomery and Tuscaloosa. The Hoover office is more centrally located for management of those activities, Zengul said.

    The broader Istanbul Cultural Center has operations in Florida, Georgia, South Carolina and Tennessee as well.

    The group’s major activities include trips to Turkey, essay contests and dinners to promote dialogue, Zengul said. The group also offers classes to teach about Turkish cooking, art and music, he said.

    “There are going to be a lot of art and cultural-related activities there” at the office in Hoover, Zengul said.

    The goal of the center is to contribute to world peace by proactively helping solve educational, cultural, environmental, social and humanitarian issues.

    Monday’s celebration at the new branch in Hoover is scheduled from 2 to 5 p.m. and is supposed to feature Turkish cuisine, a demonstration of a traditional Turkish art technique and live music. Speakers are to include Veysel Yurdakul, governor of the Bitlis province in Turkey, Alabama Sen. Jabo Waggoner, R-Vestavia Hills, and University of Alabama at Birmingham Provost Linda Lucas.

    For more information, contact the Alabama Istanbul Center at 567-9524 or visit the group’s website.

    This article was updated at 3:47 p.m. with additional information.

    To see more news from Hoover, go to www.al.com/hoover

    via Alabama Istanbul Center opens new branch in Hoover | al.com.

  • Turkey: the central bank and conflicting signals

    Turkey: the central bank and conflicting signals

    Turkey’s central bank specialises in Solomonic decisions. Like the Biblical Jewish king, the bank’s approach to thorny monetary and financial questions is to give a bit to both sides in a dispute. The question, is, however, whether it cuts in equal halves.

    General Images of The Lira, Turkey's CurrencyThe bank displayed its split screen approach again on Tuesday, announcing it was inching down interest rates by 25 basis points (bringing its borrowing rate to 4.5 per cent and the lending rate to 8.5 per cent), but also introducing tougher reserve requirements on banks. This followed a near identical decision in January.

    In the eyes of Tim Ash at Standard Bank, such hyperactive moves help put the bank “probably at the front of the pack in running the most complicated monetary policy the world has ever seen.” In a less confused vein, he adds: “The combo of lower policy rates to try and deter hot money inflows and prevent the over appreciation of the lira and macro prudential policy to counter the impact on domestic credit growth continues.”

    The tactic of cutting interest rates while putting measures in place to stop bank lending getting out of hand is one Ankara started a few years ago as it wrestled with the country’s then runaway economy.

    Today, however, the Turkish economy has slowed down considerably. In Tuesday’s note, the bank says “rebalancing between the domestic and external demand continues as envisaged”, adding that domestic demand is following “a moderate pace”.

    That loss of economic speed infuriates some politicians, notably Zafer Caglayan, economy minister, who complains that growth last year was just 2.5 per cent, in comments clearly directed at the central bank.

    The minister argues that the country could be growing at 6 per cent without inflation or the current account deficit being a concern.

    Nor are Ankara’s central bankers necessarily immune to calls for higher growth. Murat Ucer of GlobalSource Partners in Istanbul notes a certain asymmetry in the bank’s approach.

    To begin with, there is the question of whether the growth in lending or the currency’s valuation is the more pressing issue.

    Ucer sees a contrast here. First there is credit growth – currently at an annualised rate of over 20 per cent compared with a target of 15 per cent. Then there is the lira’s real exchange rate, which he notes is “barely past” the 120 mark (in an index the bank calculates) that the bank holds warrants monetary easing to bring the currency down.

    He adds: “The “mix” that entails lower rates/higher reserve ratio requirements on the Turkish lira side is also not doing much – at least so far – in curbing credit growth.”

    Inflation expectations also play a big part. Ucer notes a difference between the language of the bank’s January statement, which said core inflation indicators were “expected to continue their downward trend” and Tuesday’s announcement, which held that they were “expected to follow a mild course.” In theory “a mild course” could be in either direction.

    As a result, Ucer detects a “pro-growth bias” in the bank’s deliberations.

    That may not be too surprising. At some point you have to decide whether to blow on the fire for heat or on the soup to cool it. But it is not to everyone’s liking.

    For instance, Ilker Domac at Citibank predicts that the bank will have to return to orthodox monetary policy, because of factors such as inflation, which pushes the real exchange rate ever higher as the nominal exchange rate fails to keep pace. It could be a question of history repeating itself, he argues.

    After all, last time around Turkey’s bout with unorthodoxy ended with a dramatic increase in interest rates.

    via Turkey: the central bank and conflicting signals | beyondbrics.

  • The Arab Jeff Bezos: Startup Turkey

    The Arab Jeff Bezos: Startup Turkey

    The Arab Jeff Bezos: Startup Turkey Takeaway #2

    ala.suleiman2

    Arab literature is an oral rather than written tradition. Rich in prose and poetry families and communities would gather around the storyteller to regale in fantastic tales. Modern times have made that more difficult. Amman-based computer engineer Ala Suleiman hopes to revive this custom. His two-year old company Masmoo3 produces and publishes audio books for the Arab world.

    Elmira Bayrasli
    Contributor

    “The majority of Arabic speakers do not feel comfortable or understand other languages,” he told me during eTohum’s Startup Turkey event this past weekend in Antalya. “We’re giving Arabic speakers a chance to have books by audio.” The United Nation’s Educational, Scientific, and Cultural Organization (UNESCO) put out a report several years back that shows illiteracy in the Arab world is twice the global average. Suleiman believes that moving books from written to aural format will reduce that number. “I am a good listener for audio books in English,” he said. “It is good to do this while traveling or driving to work.”

    Working with his sister, a sound engineer, Suleiman secures the rights for published works then hires narrators to read them in what he says is “proper classic Arabic.” The company works with 20. Masmoo3 has published 40 books that users can access on the web, mobile apps as well as in the air. Suleiman has brokered deals with Emirates and Qatar Airlines to carry content, specifically Masmoo3′s children’s book series. He is working with local radio stations to produce a series for the region. Oasis500, a Jordan-based seed investor and accelerator backs Masmoo3.

    “We want to increase the availability of knowledge and make listening to books an interesting experience for an Arabic-audience,” he said.

    Suleiman is not alone. A number of other Arab entrepreneurs have thrown their proverbial hats into the digital book market. They include: Jamalon, a Jordanian online bookseller and another Oasis 500 company; Neelwafurat, a Lebanese company that has been selling Arabic books since 1998 before launching iKitab; Qordoba Books, an online reading and publishing platform and Sacha Books, an Egyptian startup that produces interactive digital stories for children. Wamda’s Editor Nina Curley notes that among the challenges these companies face is digitalizing content and reaching the masses. Digitalization costs up to $50 per title. Add in licensing fees, that’s a pretty penny. Awareness is another challenge.

    When I asked Suleiman what he thought about these challenges he stared at me, “Yes,” he paused with a smile, “there are problems all the time. We must still try to make it.” That more than Suleiman’s bald looks reminded me of Amazon founder Jeff Bezos, who once remarked, “What’s dangerous is not to evolve.”

    via The Arab Jeff Bezos: Startup Turkey Takeaway #2 – Forbes.

  • Solen Istanbul — a treat from Turkey

    Solen Istanbul — a treat from Turkey

    Spicy Turkish dishes including Lahmacun and Kofta Izgara delighted people. PHOTO: PUBLICITY

    KARACHI: A Turkish man’s gastronomical obsession, a bit of dreaming and a great deal of destiny is what brought Turkish restaurant Solen Istanbul to Pakistan.

    Restaurateur Mehmet Celal Ulutatar came to Karachi to set up a business venture, and realised during his stay how much potential the port city has. “I see a lot of potential in Karachi for Solen Istanbul. Destiny brought me here,” said Ulutatar at the opening of his restaurant at Dolmen City Mall in Clifton on Friday.

    Solen Istanbul, which is a chain of restaurants, has five outlets in Turkey’s capital Istanbul. At the event, the excited Turkish Consul General Murat M Onart said that he had been hoping that a Turkish restaurant would open in the city. “It is sheer luck. Whatever I dream of becomes true. It was just a dream which has finally become a reality.”

    Guests present at the event were treated to Turkish delicacies, including Lahmacun — a round, thin piece of dough flattened and topped with minced meat and chopped vegetables. The herbs included onions, tomatoes and parsley and the bread was baked to perfection. Turkish pizza, made by stuffing pita bread with spicy minced meat, red tomatoes and bell pepper was also served to guests who kept asking for more.

    Chefs, Abdullah, Abdul Hakim and Omar Farooq were specially flown into Karachi to train the staff. The local crew was taught to cook Turkish cuisine including Kofta Izgara (grilled meatballs) and Sutlac (rice pudding).

    Onart, who is very hopeful of the restaurant’s success said, “Pakistanis would love the splendours of Turkish cuisine — we are as obsessed with food as them!” Endorsing his statement, Ulutatar added, “I hope that people find the food extraordinary for their taste buds.” He also recommended that people try Iskender, a Turkish shawarma.

    Among the locals present at the event to host the Turkish expats was Talha Nawabi, who said, “It is surely going to be a treat for those who enjoy Turkish cuisine.” Nawabi added that people are losing interest in fast food and that Solen Istanbul will become a hit because most of the meat is grilled.

    For Pakistanis accustomed to spicy and chatpata food, Turkish cuisine may seem a little bland. Authentic Turkish food concentrates on retaining the flavour of the meat instead of adding spices, so Solen Istanbul’s fate really depends on whether or not desi foodies can live without their mirchi.

    Published in The Express Tribune, February 19th, 2013.

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    via Solen Istanbul — a treat from Turkey – The Express Tribune.

  • Anatolia completes drilling operations on the Sinan Licence in Turkey (Scandinavian Oil-Gas Magazine)

    Anatolia completes drilling operations on the Sinan Licence in Turkey (Scandinavian Oil-Gas Magazine)

    Anatolia Energy Corp. reports that Giremir-1, the initial exploration well on the Sinan Licence in Turkey, has completed drilling operations at a total depth of 1,250 metres. The well was drilled ahead of schedule and on budget at an estimated cost of US$1.4 million. The well penetrated the Upper Sinan Formation at a depth of 1,066 metres.

    6-1007Giremir-1 satisfies the drilling commitment on the Sinan Licence pursuant to the Company’s Joint Venture agreement with Calik and as required by the General Directorate of Petroleum Affairs (‘GDPA’), Turkey’s energy regulatory body. While no hydrocarbon shows were encountered during drilling or logging, Giremir-1 satisfies the work commitment of the Sinan Licence and also satisfies the district drilling obligation which includes the Bismil Licences.

    Satisfying the drilling commitment and retaining the acreage was a key management priority given the value believed to be held in the Sinan and Bismil Licences, which encompass 17,833 (8,917 net) and 245,699 gross (122,850 net) acres, respectively. The Licences are well-located within the Dadas Shale Oil trend as well as the Cretaceous and Ordovician conventional oil plays. Giremir-1 provides Anatolia with a cost-effective way of advancing the regional strategy for shale oil development in what management believes to be a world class shale oil resource.

    Tags: Anatolia Energy Corp.

    via Anatolia completes drilling operations on the Sinan Licence in Turkey (Scandinavian Oil-Gas Magazine).

  • Turkey’s Creeping Alcohol Ban  Reaches New Heights

    Turkey’s Creeping Alcohol Ban Reaches New Heights

    A Turkish Airlines Boeing 737 is seen through a window of another passenger plane at the airport in the Mediterranean coastal city of Antalya

    A Turkish Airlines Boeing 737 is seen through a window of another passenger plane at the airport in the Mediterranean coastal city of Antalya Aug. 9, 2007. (photo by REUTERS/Fatih Saribas)

    By: Kadri Gursel for Al-Monitor Turkey Pulse. Posted on February 19.

    The neo-Islamist Justice and Development Party (AKP) that has ruled Turkey for more than 10 years, parallel to boosting its strength and effectiveness, has for a while also been pursuing a multi-phase campaign to exclude alcohol consumption from public life and make it invisible.

    About This Article

    Summary :

    Turkey’s ruling Justice and Development Party’s campaign to ban alcohol has now reached Turkish Airlines, writes Kadri Gursel.

    Original Title:
    Turkey’s Stealth Alcohol Ban Now Reaches Skies
    Author: Kadri Gursel
    Translated by: Timur Goksel

    None of the underhanded alcohol bans systematically expanded over the years were ever justified on religious grounds. Rather, the justification for banning alcohol sales and consumption has always been to protect public health and public order.

    The latest example of these stealthy moves comes as the national Turkish Airlines (THY) stops serving alcoholic drinks in all its domestic business-class flights, apart from those to six particluar destinations. Alcohol was already unavailable on domestic economy-class flights.

    As usual, the latest ban was justified by officials on non-religious grounds. The chairman of the THY executive board, Hamdi Topcu, said in a statement published by Radikal on Feb. 19 that abolishing alcohol service was “purely for economic reasons.” A communiqué issued by THY on Feb. 13 had announced that alcohol service in business-class flights was being eliminated because of “low demand and logistical reasons.”

    Of 36 domestic flights, 16 offer business-class service. The destinations of 10 out of the 16 flights now without alcohol service are conservative Anatolian cities where alcohol has been practically banned for a long time.

    Alongside the alcohol ban in domestic flights, it was announced that the number of THY international flights that will not serve alcohol have increased from two to eight since the beginning of the year. The first two countries were Iran and Saudi Arabia, where there is a strict ban on alcohol. To these two countries were added the destinations of Karachi and Islamabad in Pakistan, Cairo and Alexandria in Egypt, Baghdad and Erbil in Iraq, Mogadishu in Somalia, Dakar in Senegal and Niamey in Niger. THY gave the reason for expanding the list as a “’requests by concerned countries.’’

    Alcohol is freely available in some of these countries, fully banned in some and partially banned in others.

    In Turkey, there is no question of banning the sale of alcohol and its consumption in all parts of the country. No such move is to be expected anytime soon. But since the AKP took over power in the central government and local administrations, it has been implementing a gradual “salami-slice” strategy against the sale and consumption of alcohol in public spaces.

    A citizen of the Turkish Republic who enjoys shooting the breeze over a couple glasses of wine or raki with friends after work now has a diminishing number of locations and even towns where he can do that.

    Turkey has had alcohol-free provincial towns for a long time. In the Black Sea region and inland towns governed by local AKP administrations, there is no question of alcohol sales in public spaces. You can drink only in bars and restaurants of five-star hotels. One reason for this is the social pressure imposed by conservative circles, and the other is the bureaucratic pressure applied by the AKP, which utilizes public-administration tools and privileges to curb alcohol consumption.

    For the first time, in 2011, just before the month of Ramadan, Istanbul banned pubs and restaurants from serving alcohol in the city’s cosmopolitan leisure center Beyoglu (formerly Pera) from putting tables on sidewalks, under the pretext of obstructing pedestrian and vehicle traffic. This was a step to make alcohol consumption invisible during Ramadan.

    In April 2012, for the first time ever, the governor of the inland province of Afyon issued an edict declaring consumption of alcohol in spaces open to the public “indefinitely prohibited.” Only after the public’s reaction was the step scaled back, applying “only to parks.”

    Forcing alcohol-serving facilities to move to outside of Anatolian towns was already a widespread practice. In 2012, we witnessed the ban of alcoholic-beverage sales in the restaurant of the Grand National Assembly. In 2012 sale of alcohol and its consumption were banned in university campuses. In July, beer sales in a music festival sponsored by a beer company at an Istanbul university campus were banned shortly before the festival was to begin, through direct intervention by the government.

    Government officials admit that there is no alcoholism problem in Turkey. Nevertheless, it is impossible to justify the government’s persistence in trying to declare it an illegal commodity as an effort to protect public health. Protecting public health has nothing to do with stopping serving of alcoholic drinks in official state functions and at high-level diplomatic receptions.

    It is all about the government and the state’s new Islamist/conservative masters imposing their politicized beliefs on others and thus building a new exclusionist and intolerant political culture.

    The same goes for banning alcohol in most of THY’s domestic flights, but there is also a socio-economic dimension to this. Social pressure is now working on business-class travel.

    It is generally the AKP elite who uses the business-class in flights to Turkey’s stiffly conservative cities, where it is impossible to drink in public spaces. This elite is the AKP ministers, members of parliament, provincial party heads, governors, senior officials and businessmen of the conservative bourgeoisie, who are labeled “Anatolian tigers.”

    These powerful people who support alcohol bans or approve of them in their towns tend to become visibly irritated if a passenger sitting next them asks for a glass of wine and begins to sip it. Complaints and even direct interventions are common. Social pressure works because this intolerance corresponds to the conservative political culture that is prevailing in the country.

    The six THY flights on which alcohol is still served are to Istanbul, Ankara, Izmir, Antalya, Bodrum and Dalaman. These are the cities and regions that are open to the world and to tourism, without serious problems with a liberal lifestyle. The powers that be do not yet have the power to ban alcohol on these flights, but THY no longer deserves to use its “Globally Yours” slogan on all its flights.

    Kadri Gürsel is a contributing writer for Al-Monitor‘s Turkey Pulse and has written a column for the Turkish daily Milliyet since 2007. He focuses primarily on Turkish foreign policy, international affairs and Turkey’s Kurdish question, as well as Turkey’s evolving political Islam.

    Read more: http://www.al-monitor.com/pulse/originals/2013/02/turkey-alcohol-ban-turkish-airlines-akp-islamist.html#ixzz2LQt1dPN4