Category: Business

  • Turkish businesswomen make a difference

    Turkish businesswomen make a difference

    Turkey’s largest companies are increasingly assigning women to key positions and corporate boards. Of the top executives in these companies, 26 percent are women – well above the EU average.

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    Just last week, Siemens, the German engineering giant, elected renowned Turkish business women Güler Sabanci to its supervisory board. She is a member of the Sabanci family, one of the wealthiest in Turkey, but it is her individual efforts and achievements as the head of the family conglomerate which have earned her international acclaim. She was named by Forbes in 2012 to its list of the world’s most powerful 100 women.

    The selection of Sabanci, however, came as a surprise to many in Europe. Turkey  is more famous in Western media for unpleasant headlines, such as the rise of political Islam, the headscarf debate, violence against women, or her comments on extrajudicial killings.

    But now, Sabanci has prompted fresh interest in the West on the role of women in Turkey’s business world.

    While the European Union is busy discussing ways to increase the number of women in top position with a gender quota, Turkey’s largest companies have already set the pace with an impressive number of successful women executives in top corporations.

    Measures decrease gender gap 

    Güler Sabanci, türkische Unternehmerin, Aufsichtsratsmitglied der Siemens AG.
Copyright: Sabanci Holding The high number of female executives in Turkey is astonishing, explained Sabanci

    Lale Saral Develioglu, Deputy General Manager and Chief International Business Officer of Turkey’s communication and technology giant, Turkcell, is one of those female executives. She is in charge of the group’s subsidiaries in eight countries, including Turkcell Europe, overseeing billions of euros in business operations.

    “The high number of female executives in Turkey often astonishes our counterparts in Germany and in other European countries. We are very proud of that,” she told Deutsche Welle.

    Women face more challenges in business life and in their careers, according to Develioglu, but drawing up rules on gender equality and closely following their implementation in the company are key to decreasing the gender gap.

    Today, around 35 percent of the business executives in Develioglu’s company are female. The rate of overall female personnel is nearly 50 percent.

    “We pay special attention to gender equality. Equal pay for equal work has long been an established rule in our company, and it is also a norm in almost all Turkish companies,” Develioglu said, adding how the ongoing problem in Europe in terms of equal pay has been puzzling for many Turkish professionals. “We have introduced measures to prevent gender discrimination in recruitment and promotions, we are trying to provide utmost care for a balance between personal and business life. And we are also closely following the implementation of these rules,” she stressed.

    Special health insurance for the mothers and their children, support for baby nurseries, or private rooms in company buildings for breastfeeding mother are among the measures offering a better work environment for women, which, according to Develioglu, are helping to close the gender gap at work and enhance career opportunities of women.

    The other side of the coin

    info: 
http://medya.turkcell.com.tr/gorsel/Lale_Saral_Develioglu-4.JPG 
info: Lale Saral Develioglu is Vice General Manager, Chief International Business Officer of TURKCELL. She is also the chairwoman of the board of directors of TURKCELL EUROPE.
credit: we are free to use this photo, free of charge, with giving credit to the TURKCELL. (©TURKCELL ) 
“Turkish women leaders make a difference”. 
I have contacted with the press sections of the organizations; we are free to use them with giving credit to the organizations. Zugeliefert von Ayhan Simsek.
We pay special attention to gender equality, says Lale Develioglu

    Despite these positive figures, however, Turkey ranks at the bottom in Europe in overall female participation in the workplace. Discrimination and violence against women are still among the most pressing problems in the country.

    The female share on the executive boards of Turkish companies throughout is not more than 10 percent, says Murat Yeşildere, Turkish managing partner of international human resources firm Egon Zehnder. The rate would be even lower if family businesses, where female members may have a say in management, are excluded.

    Overall employment figures are even worse. The president of Women Entrepreneurs Association of Turkey, Sema Kendirci, says female employment has been falling across Turkey in the last decade. The total female employment rate has dropped from 35 to almost 25 percent in the last 10 years, which is lower than any European country.

    Rich potential of women wasted

    Yet, female business leaders in Turkey are confident they can change this picture by reaching out to unemployed women through special projects to promote skills and career advancement.

    Develioglu, of Turkcell, says there is a need for more progress in the field of gender equality and for using the great potential of women, which is wasted due to their exclusion from the workforce.

    According to Develioglu, participation of women to business life, in each and every level of the company, has a positive impact.

    BILD 3
http://img2.turkcell.com.tr/site/tr/turkcellhakkinda/Documents/kardelenler1.jpg 
info:
Young Turkish girls, who continue their education with the support of the scholarship project “Snowdrops”.
Snowdrops program has provided support to 96 thousand Turkish girls from low income families, in leading them to become comprehensively educated and qualified professionals. 
credit: we are free to use this photo, free of charge, with giving credit to the TURKCELL. (©TURKCELL ) 
“Turkish women leaders make a difference”. 
I have contacted with the press sections of the organizations; we are free to use them with giving credit to the organizations. Zugeliefert von Ayhan Simsek.
‘Snowdrops’ is a project to educate disadvantaged girls

    “Today, more than ever before, companies need diversity. They need diversity in order to develop different approaches, to make progress,” said Develioglu, underlining the positive contributions of women in business life.

    Turkey’s female business elite are working with NGO’s to develop projects to reach out to women. One of these projects, “Snowdrops,” has been a success story. “Since 2000, the Snowdrops project has reached out to thousands of girls lacking the means to go to school, providing 95,000 scholarships so far for their education,” Develioglu said. “We are now providing 10,000 scholarships annually for girls in order to support equal opportunities in education.”

    Another model project, Women Power for the Economy, has provided micro-credits for 55,000 low-income female entrepreneurs and will reach out to an estimated 100,000 more women in the next 4 years.

    Leaders of the business community, together with the government, have also launched a new initiative – Equality in the Workplace – signing a declaration to decrease the gender gap in the Turkish economy.

    Although Turkey still offers a murky picture in terms of women rights, rising female participation in all levels of business life are providing a new perspective.

    As Lale Develioglu stressed, the presence of women business leaders does not only enrich the companies they work for, but also encourages other women to follow in their footsteps.

    Selcuk Oktay contributed from Istanbul.

  • Saxo Bank launches new office in Istanbul

    Saxo Bank launches new office in Istanbul

    Denmark-based online trading and investment firm Saxo Bank has opened its latest overseas branch in Istanbul, following the purchase of 89.54% of Deger Menkul Degerler in May 2012.

    Apart from supporting the existing institutional client base, the new office will help customers by providing access to international financial markets.

    Egemen Kaya has been appointed as the head of the new office, who was previously working as head of emerging markets and precious metals desk at Saxo Bank’s headquarters in Denmark.

    Kaya said the low inflation and interest rates in Turkey, presents an attractive scenario for Turkish investors to invest in various international market products including Forex, international stocks, futures and options.

    “By having a presence in this young and buoyant market, Saxo Bank and its Turkish subsidiary Saxo Capital Markets Menkul Degerler are now positioned well to facilitate these demands,” Kaya added.

    Saxo Capital Markets Menkul Degerler provides retail investors access to 20,000 financial instruments, including over 50 forex pairs, 8,300 CFD, Single Stock CFD on over 21 global stock exchanges, CFD ETFs, Stock Indices CFDs, Futures, Contracts Options among others.

    Established in 1992 and headquartered in Copenhagen, the Saxo Bank Group trades in Europe, Asia, Middle East, Latin America and Australia.

    via Saxo Bank launches new office in Istanbul – Banking Business Review.

  • Turkey earns $160 mln from visits to historical objects

    Turkey earns $160 mln from visits to historical objects

    ephesus37Baku. Shamil Alibayli – APA. Aya Sofya Mosque in Turkey was the most interesting place for tourists last year.

    According to APA, 3,345,347 tourists visited Aya Sofya Mosque last year. The second interesting place was Topkapi Palace (3,334,925 visitors). The third place was held by demolitions of Ephesus (1,888,172 visitors). In general, 28,781,308 tourists visited demolitions and museums of this ancient city last year.

    Turkey earned $160 mln from the visits to historical objects in 2012.

    via APA – Turkey earns $160 mln from visits to historical objects.

  • Lego Accused Of Racism Amid Claims Jabba’s Palace Resembles Istanbul’s Hagia Sophia Mosque

    Lego Accused Of Racism Amid Claims Jabba’s Palace Resembles Istanbul’s Hagia Sophia Mosque

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    Racism, Hagia Sophia, Jabba The Hut, Jami Al-Kabir, Princess Leia, Return Of The Jedi, Star Wars, Turkish Cultural Community Of Austria, Hans-Solo, Jabba’s Palace, Lego, Racist, UK News

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    A Turkish community in Austria has accused Lego of racism amid claims a model from its Star Wars range resembles a renowned mosque.

    The model in question is Jabba’s Palace – a dome topped structure housing the slobbering Star Wars villain Jabba the Hut.

    It includes an arsenal of toy weapons and urges fans to free Hans Solo from the structure – as goes the plot in the film Return of the Jedi. It is also the location where Jabba enslaves Carrie Fisher’s character Princess Leia.

    lego star wars jabba the hut palace

    Lego model Jabba’s Palace, which retails for £119.99

    But the product has offended some, who believe it looks much like Istanbul’s Hagia Sophia mosque.

    The matter came to light after the item was spotted in a toy shop range at Christmas.

    In a statement, the Turkish Cultural Community of Austria, called on Lego to apologise for affronting religious and cultural feelings.

    It says: “What Lego are recommending parents buy as a Christmas gift? The answer is pure racism,” the Austrian Times reports.

    In the statement, also seen by The Telegraph and The Daily Mail, the group refers to Jabba the Hut as a “terrorist” who likes to smoke a hookah and have his victims killed.

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    Istanbul’s Hagia Sophia mosque

    It adds: “It is apparent that, for the figure of the repulsive bad guy Jabba and the whole scenery, racial prejudices and hidden suggestions against Orientals and Asians were used as deceitful and criminal personalities.”

    It also claims the model is similar to the Jami al-Kabir mosque in Beirut and adds the “Combination of temple building and bunker facilities where shots are fired cannot be appropriate for children between 9 and 14 years old.

    “One would expect more empathy and responsibility from a manufacturer of toys that has produced toys and models that are good for teaching for decades.”

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    The group has claimed it is considering legal action against Lego and urges parents “not to buy toys of war or toys of discrimination”.

    A spokesman for Lego has denied any link between Jabba’s Palace and the mosque.

    She said: “The Lego Star Wars product Jabba’s Palace does not reflect any actually existing buildings, people, or the mentioned mosque. The Lego mini-figures are all modelled on characters from the movie.

    “We regret that the product has caused the members of the Turkish cultural community to come to a wrong interpretation, but point out that when designing the product only the fictional content of the Star Wars saga were referred to.”

    via Lego Accused Of Racism Amid Claims Jabba’s Palace Resembles Istanbul’s Hagia Sophia Mosque.

  • Why Experts Are Praising Turkey’s Gold Policy

    Why Experts Are Praising Turkey’s Gold Policy

    Adrian Ash, BullionVault | Jan. 25, 2013, 10:50 AM | 717 | 1

    Adrian Ash

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    Adrian Ash is head of research at BullionVault, the world’s largest private-investor marketplace for physical gold and silver bullion

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    AMID the brouhaha over Germany’s gold reserves at the Bundesbank, there’s another central bank using gold actively to bolster its currency and financial stability.

    The strategy looks the same – sitting on big stockpiles of the stuff. But the aim differs, because gold is much closer to the everyday financial system. The tactics differ too. Because the central bank hasn’t bought and paid for this gold. Private citizens have.

    “Gold-based deposit accounts [in Turkey] surged 15% this year through the end of July,” explained BusinessWeek back in October, “three times the increase in standard savings accounts.”

    “Although much criticised for its use of ‘unconventional measures’,” the Financial Times added in December, “few would argue that the decision last year by Turkey’s central bank to allow the country’s banks to buy gold was anything less than a roaring success.”

    Buying gold isn’t quite right. Starting in October 2011, the central bank began allowing commercial banks to hold a portion of their “required reserves” – needed to reassure depositors and other creditors they had plenty of money to hand – in physical gold bullion. Starting at 10%, that proportion was then raised to 30%.

    Private citizens were similarly encouraged to hold their gold on deposit with their banks. That gold was thus transferred to the central bank’s balancesheet. Et voila! Privately-owned gold now backed the nation’s finances. A smart idea, which has coincided with Turkey’s currency rising, interest rates falling, huge current-account shrinking, and government bonds regaining “investment grade” status.

    Publicly targeting some of Turkey’s estimated 2,200 tonnes of “under-the-pillow” gold, currently worth some $119 billion, the CBRT’s governor Erdem Basci has meantime been awarded The Banker magazine’s prestigious “Central Banker of the Year 2012” award. But with everything going so swimmingly, might Turkey risk over-heating?

    Well, the CBRT this week cut its key interest rates – and raised the amount of gold which commercial banks choosing to use bullion as required reserves must hold with it. That fine-tuning is a bid to a) deter foreign investors from buying Lira and so pushing it Lira too high, too fast, and b) prevent those inflows boosting the pace of domestic credit growth by giving the banks too much money to play with.

    See, with Turkey’s mess of the early 2000s now fading from memory (it knocked 6 zeroes off the Lira in 2005), the currency recently neared 12-month highs against both the US Dollar and the Euro. “Amid accelerating capital inflows” from foreign investors, said the central bank in Tuesday’s policy statement, “recent credit growth has been faster than envisaged.

    “In order to contain the risks on financial stability, the proper policy would be to keep interest rates at low levels while continuing…to implement a measured tightening [of credit] through reserve requirements.”

    Reporting from Istanbul, Reuters notes that the CBRT raised its “reserve option coefficients” for Gold Bullion and non-Lira currencies. In other words, it forced commercial lenders who choose to hold a proportion of their cash reserves in gold or foreign exchange to deposit more with the central bank.

    “The measures will transfer as much as $2.9 billion in foreign exchange and gold from lenders to the central bank’s reserves,” says Bloomberg, “as well as withdrawing 300 million Liras from local-currency markets.”

    Analysts at Goldman Sachs had forecast this move last week, noting after comments from Turkish central bank governor Basci – and also noting last month’s rise of 2% in the Lira’s exchange rate to the Dollar – that CBRT “has shifted focus towards the financial stability risks posed by accelerating capital inflows.”

    Using interest rates and other tools, it would “lean against these inflows and their subsequent FX appreciation pressures,” said Goldman’s analysts. The CBTR this week cut its annualized rate for overnight loans to 8.75%. That compares with the 12% charged 12 months ago, when inflation ran to double-digits and the Lira was still struggling to find its floor, says the Wall Street Journal’s Emerging Europe blog.

    Can you imagine such a policy, let alone such a turnaround. Of course, not all of Turkey’s gold policy can be fully guessed by analysts outside, and there are still plenty of risks to Turkey’s growth and stability too. Not least its current account deficit…perhaps the 7th worst in 2012 at $59 billion (IMF forecast).

    Still, that was down from second place – behind the ever-winning United States of course – in 2011. That spot is now taken by the dear old United Kingdom, a nation which all-too famously sold half its national gold reserves at multi-decade lows between 1999 and 2002. A decade later our deficit with the rest of the world yawned above $80 billion last year.

    The UK could of course play a similar gambit to Turkey. Indeed, Bullion Vault set forth just such a modest proposal to Parliament early last year.

    “Make private gold deposited at the Bank of England free of capital gains tax. This would dramatically increase the financial firepower of the bank at a time when our commercial banks need support, as might our currency very soon.”

    Some hope! And in the absence of a central bank, or government, willing or able to tackle stability on your behalf, UK savers might want to note that gold did for Turkish households back when the Lira collapsed – time and again – on the currency market.

    Gold price chart, no delay   |   Buy gold online at live prices

    Adrian Ash is head of research at BullionVault – the secure, low-cost gold and silver market for private investors online, where you can buy gold and silver vaulted in Zurich on just 0.5% dealing fees.

    (c) BullionVault 2013

    Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

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  • Fraport signals interest in new Istanbul airport

    Fraport signals interest in new Istanbul airport

    The operator of Germany’s biggest airport in Frankfurt has indicated it’s contemplating bidding for an operating concession for Istanbul’s new and third hub. It’s billed to become the world largest airport.

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    Germany’s Frankfurt airport operator Fraport on Friday signaled its interest in obtaining an operating concession for the third aviation hub in Istanbul, Turkey, to be opened in 2017.

    “We’ll be looking at the call for bids very carefully,” Fraport told Reuters news agency, adding that no tender-related documents were available yet. The company said Turkey was a very interesting market and stated that it had already fared well in the country as the majority shareholder of the Antalya airport for holidaymakers.

    Istanbul’s new hub is scheduled to deal with some 90 million passengers a year, with the potential of eventually welcoming 150 million people which would make it the biggest airport in the world.

    One more try

    “Should we take part in the bidding for Istanbul, we’d most likely do that together with a partner to spread risks,” Fraport said. Usually, the company applies for an operating concession with a validity of several decades.

    However, recent attempts to obtain such concession have all failed. Last month, Fraport was unsuccessful in securing a concession for one out of seven Portuguese airports up for tender.

    Besides Antalya, Fraport already operates a hub in Lima and two others in Bulgaria. The company gets about a fifth of total revenues from its business abroad.

    hg/hc (Reuters, dpa)

    via Fraport signals interest in new Istanbul airport | Business | DW.DE | 25.01.2013.