Category: Business

  • The Truth About Istanbul — One Of The Hottest New Financial Centers In The World

    The Truth About Istanbul — One Of The Hottest New Financial Centers In The World

    The Truth About Istanbul — One Of The Hottest New Financial Centers In The World

    Michael Kaplan
    Suada Club

    Suada Club

    Earlier this month, Bloomberg Markets reported Istanbul is planning to build a $2.6 billion dollar financial center that would rival Dubai’s.According to Prime Minister Recep Tayyip Erdogan’s current plans, within three years, a high-rise office building will dominate the modern suburb of Atasehir, now a dusty patch of land on the Asian side of the city.

    The announcement comes in a year where the city’s stock exchange has grown 26 percent. Citigroup and HSBC already have a presence in the city, along with Japanese and Russian multinational banks.

    Meanwhile, a robust banking culture is already making inroads. CEOs seek out the Billionaire Club, a showy multi-level nightclub, while junior executives head to the Suada Club, a man-made party island with an Olympic-sized swimming pool, bars and restaurants in the middle of the Bosporus Strait.

    Istanbul, Turkey straddles Asia and Europe.

    Istanbul, Turkey straddles Asia and Europe.

    Google Maps

    The city of Istanbul flanks both sides of the Bosporus straight, which connects the Mediterranean to the Black Sea, and for millennia has been a waterway of great strategic importance.

    The Bosporus also serves as a barrier between Asia and Europe.

     

    It’s also the world’s 2nd most populous city after Shanghai.

    It's also the world's 2nd most populous city after Shanghai.

    Flickr/Allan Henderson

    Home to about 13.5 million people, Istanbul has the world’s second largest population within in its city limits behind Shanghai. Turkish Prime Minister Recep Tayyip Erdogan has plans for a new airport and a dramatically remodeling of Taksim Square, Istanbul’s central plaza.

    According to the Financial Times, Erdogan’s critics accuse the prime minister of building monuments to himself and fear his plans are being pushed through with insufficient scrutiny.

    But the government is feverishly working on infrastructure to make it feel less crowded and more modern.

    But the government is feverishly working on infrastructure to make it feel less crowded and more modern.

    Wikimedia Commons

    Part of Erdogan’s grand vision is a third bridge crossing the Bosporus to relieve congestion in the crowded city. The project is estimated to cost $2.5 billion and is planned to be completed by 2015.

    The Financial Times reports investors worry about the country’s budget deficit and believe the bridge will push the deficit from 1.4 percent to 2 percent of GDP.

    Though the city’s architecture will always be a beautiful mix of new and old.

    Though the city's architecture will always be a beautiful mix of new and old.

    Aya Sofia Mosque

    Wikimedia Commons

    This is the piece of land slated for Istanbul’s Wall Street. Construction has already begun in the background.

    This is the piece of land slated for Istanbul's Wall Street. Construction has already begun in the background.

    Flickr/ampersandyslexia

    During the first two months of 2012, the Istanbul Stock Exchange’s main ISE National 100 Index was 25 percent higher than during the same period a year earlier and is now nearly four times larger than that of Dubai’s.

    Goldman Sachs recently agreed to pay $240 million for a 13 percent stake in Turkey’s largest non-government power producer.

    Bulge bracket bank CEO’s are already singing the city’s praises — like HSBC’s Istanbul CEO.

    Bulge bracket bank CEO's are already singing the city's praises — like HSBC's Istanbul CEO.

    Spigoo via flickr

    At a finance conference on June 13 in Istanbul, Martin Spurling, CEO of HSBC in Turkey, said:

    “I had no idea how big Istanbul was until I was appointed here. I was shocked. In terms of its location, history, culture, human potential and hospitality, Istanbul’s a great candidate to be an international finance center. We have to explain it to the world a little better.”

    That’s probably why banks like JP Morgan and Citi are setting up shop there so quickly.

    That's probably why banks like JP Morgan and Citi are setting up shop there so quickly.

    Flickr/kuytu

    According to Bloomberg, the Turkish economy expanded by 8.5 percent last year, third fastest among the G20 industrialized nations behind China and Argentina. Foreign banks are moving in to the city including bulge brackets such as Citibank, Deutsche Bank and JPMorgan Chase. 

    You would be able to live much more cheaply in Istanbul than London or New York.

    You would be able to live much more cheaply in Istanbul than London or New York.

    Flickr/leyla.a

    The exchange rate is about 1.8 Turkish lira to dollar.

    According to Numbeo, a 1-bedroom apartment in the center of the city runs around 1,000 Turkish lira per month, or about $550.

    And the city is building everything from massive malls to luxury hotels.

    And the city is building everything from massive malls to luxury hotels.

    Flickr/fsse8info

    The Palladium Shopping Centre in Atasehir houses a movie theater, 24 restaurants and more than 150 shops, including Adidas, Gap and Zara.

    Hurriyet Daily News Reports:

    “According to the center’s master plan revealed by the minister, nearly 560,000-square-meters of offices, 90,000-square-meters of land and 70,000-square-meters of hotels would be constructed. However, the Turkish government has not yet announced how the massive project would be financed.”

    In your free time, you can hangout at this man-made party island in the middle of the Bosporus.

    In your free time, you can hangout at this man-made party island in the middle of the Bosporus.

    Sauda Club

    Named Suada Club, this island has eight restaurants with cuisine ranging from Italian to sushi to seafood.

    This is the Olympic-sized pool on the man-made island.

    This is the Olympic-sized pool on the man-made island.

    YouTube

    It’s billed as the “sweetest getaway resort inside the city.”

    Istanbul’s nightlife is famed too, especially the city’s newest spot. Billionaire’s’ Club.

    Istanbul's nightlife is famed too, especially the city's newest spot. Billionaire's' Club.

    Inside the city’s trendiest hotel, The Billionaire’s Club is Istanbul’s newest nightspot.

    Michae Martin of Jet Set Report writes:

    “Inside Billionaire, the space is arranged like a glimmering disco ballroom accessed through a dramatic staircase that descends into the main dance club for truly grand arrivals. Arranged in white leather furnishings with Louis XIV lines and bedazzled gold trim, seating vignettes are arranged under a ceiling covered in 6-tier crystal chandeliers that could humble even the most bling of billionaires.”

    If you want to relax and get away the city, there are beautiful islands a short boat ride from Istanbul.

    If you want to relax and get away the city, there are beautiful islands a short boat ride from Istanbul.

    flickr: Istanbul 2008

    The New York Times recommends Buyukada, part of a group of islands called The Princes:

    Only two square miles in size, Buyukada, population 7,000, is the largest island in a green, hilly archipelago that rises from the Sea of Marmara like a convoy of basking turtles. The islands — known as the Princes, or, in Turkish, Adalar — are actually a far-flung district of Istanbul, but unlike the city on the mainland, with its roaring traffic, Wi-Fi-ready cafes, skyscrapers, and galleries and concerts that court a global audience, they haven’t seemed to have gotten the text message that the 21st century has arrived. It isn’t entirely clear that the message about the 20th has arrived, either. To set foot on Buyukada is to enter a living diorama of the past, wholly preserved. There are no skyscrapers here, no cars; only bicycles, horse-drawn buggies (called faytons), filigreed mansions and tile-roofed villas set amid flowery lanes, and emerald hillsides that drop down to rugged beaches.

    Want to move farther east?

    Want to move farther east?

    Courtesy of Fullerton Bay Hotel

    Why Wall Streeters Are Picking Up And Moving To Singapore>

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    suada club
  • Siemens to equip the world’s fourth longest suspension bridge with traffic control technology

    Siemens to equip the world’s fourth longest suspension bridge with traffic control technology

    Siemens to equip the world’s fourth longest suspension bridge with traffic control technology

    28/09/2012 06:17 (1 Day 02:03 minutes ago)

    The FINANCIAL — In the construction of the fourth longest suspension bridge in the world, Siemens will be the general contractor responsible for the development, installation and commissioning of all components and systems for the traffic control technology.

    The six-lane bridge is part of a freeway project linking the cities of Istanbul and Izmir in Western Turkey. The customer is the Japanese company IHI Infrastructure Systems Co., Ltd. The volume of the contract for Siemens is worth around 17 million euros. Commissioning is scheduled for 2015.

    Siemens is equipping the almost three-kilometer-long freeway bridge at the eastern end of the Sea of Marmara in Turkey with state-of-the-art traffic control technology. This includes the traffic control system, monitoring technology and components for the technical infrastructure such as communication and camera equipment, energy supply, lighting and ventilation. As Siemens reported, the nucleus is the integrated operations and traffic control technology center. The traffic control system combines all operating and traffic data in the control center, guides the traffic flows and monitors the situation on the freeway bridge. The operations control technology controls lighting, ventilation and energy distribution and supply on the bridge.

    The region around Izmir is prone to earthquakes and therefore requires special monitoring technology. Integrated seismic sensors therefore monitor the stability of the local infrastructure and supply data on the state of components and buildings continuously. Any damage or deformation is detected and reported at an early stage.

    Siemens is also supplying components for the technical infrastructure such as camera surveillance technology and emergency call control centers for the new building in Turkey. Plus the complete lighting system for the bridge, deck and air traffic as well as dehumidification systems for girders, cables and pylons. A SCADA (Supervisory Control and Data Acquisition) system will be used for the process monitoring and control of the system.

    The construction of the bridge and the 420-kilometer-long highway between Istanbul and Izmir is part of the largest freeway project in Turkey to date. This new six-lane bridge connection will cut the travel time between both cities from eight to four hours. The new freeway will also relieve inner-city traffic congestion in Istanbul. The newly constructed highway will shift the traffic to the Istanbul suburbs and lessen congestion in the city center.

    via The FINANCIAL – Siemens to equip the world’s fourth longest suspension bridge with traffic control technology.

  • Envisioning The City Of The Future As A Man-Made Island

    Envisioning The City Of The Future As A Man-Made Island

    Envisioning The City Of The Future As A Man-Made Island

    1670897 slide slide 3 envisioning the city of the future on a man made island

    Take an exclusive first tour of Dror Benshetrit’s hilly, floating metropolis for 300,000 residents.

    Dror Benshetrit’s body of work is staggeringly diverse. In his studio’s portfolio, you’ll find a hard-shell suitcase that expands like an accordion, a line of modular dorm-room furniture designed for Target, and a proposal for the National Library of Israel that looks like a tall, skinny pyramid some rude giant pushed onto its side. The QuaDror, which Benshetrit unveiled last year, showed the designer’s interest in exploring the most fundamental components of architecture and engineering; it’s a little bit hard to describe, so I’ll defer to Linda Tischler’s explanation of “Ingenious Building Gizmo.” But if the QuaDror showed Benshetrit at his most practical and elemental, his more recent project is a complete 180. HavvAda is Benshetrit’s proposal for a man-made island community off the coast of Istanbul, Turkey, and it’s nothing short of a complete re-imagining of the city as we know it.

    For the last 500 years, Benshetrit explained to me, every century or so, someone in Turkey has contrived the construction of a new canal between the Black Sea and the Sea of Marmara. The latest dreamer is Turkish Prime Minister Recep Tayyip Erdoğan, whose proposed Istanbul Canal foreesees completion sometime around 2023. Building such a massive waterway would require digging up a massive amount of dirt–in this case, somewhere in the ballpark of a billion cubic meters of the stuff. Where would it all go? That’s precisely what a developer commissioned Benshetrit to figure out.

    His answer is HavvAda, a man-made island comprised of six hills of varying sizes, each supported by a geodesic dome with residential homes on their outside and communal and commercial spaces on the inside. These six “micro-environments,” as Benshetrit calls them, surround a valley intended for parks and other recreational spaces. From a distance, as seen in the renderings, the island straddles the line between organic and artificial–HavvAda’s hills are a little too perfectly sculpted to be natural, but they’re certainly more pleasing to the eye than, say, six big apartment complexes.

    One possibility that arises from the island’s arrangement is a move to an entirely new form of urban model: a 3-D grid, as opposed to the 2-D one on which our cities currently operate. Instead of reaching up into the sky vertically, buildings wrap around the domes horizontally. The idea is that, in addition to being more structurally efficient, the domes would share infrastructure. With a 3-D grid, Benshetrit said, “instead of each being a selfish, independent building, all the buildings are supporting one another in both structure and infrastructure.”

    The 3-D grid is just one of the ways HavvAda looks to solve some of the problems faced by sprawling metropolises. “Istanbul is a gorgeous city,” Benshetrit said, “but it’s suffering from the same problem that every large, dense, multimillion- resident city has today: enormous traffic, crazy pollution. It’s just a concrete jungle, as we call most of our cities at that scale.” In creating HavvAda, Benshetrit worked with a team of architects, urban planners, engineers, and other experts to identify these central issues and explore some bold ways to solve them. But in addition to loftier goals like sustainability, HavvAda also was designed to alleviate some of the day-to-day frustrations of city living. Ideally, Benshetrit explained to me, you should be able to get from any point in a city to any other point in 12 minutes. One of the advantages of arranging the six domes around a common center area is that such movement throughout the island becomes feasible; HavvAda’s proposed transportation includes a system of walkways and cable cars. Granted, HavvAda would only be about a quarter of the size of Manhattan and hold some 300,000 people, making it a more manageable urban scenario from the start.

    Benshetrit’s quick to admit that HavvAda is more about offering a vision than putting forward a nuts-and-bolts plan of action–he deems it an “evolving proposal”–and he says that one can only go so far in prescribing the form that vision might eventually take. When you’re designing a product or even a single building, he explained, you go into it with some sense of what it will look like, what sort of details you need to consider in its creation. HavvAda is a bit different. “It’s not a full product,” he said, “it’s just a canvas, a motherboard for other designers and other architects to make different storefronts, different types of structures, to make different types of gardens and paths and things like that.” It’s not really the city of the future; it’s more like a blueprint for one. Still, not bad for a big pile of dirt.

    HavvAda will debut this weekend during the kickoff of Istanbul design week.

    1670897 inline inline 2 envisioning the city of the future on a man made island

    via 1 | Envisioning The City Of The Future As A Man-Made Island | Co.Design: business + innovation + design.

  • Domino’s Pizza opens 10,000th Store in Turkey

    Domino’s Pizza opens 10,000th Store in Turkey

    (Best Syndication News) – Domino’s Pizza announced that they have reached a milestone by opening their 10,000th store in Istanbul, Turkey today. The company started their first location almost 53 years ago in Ypsilanti, Michigan. Domino’s Pizza is a mix of franchises and company-owned stores.

    20120927 dominos pizza opens store number 10000 in turkeyTo celebrate their 10,000th store, Domino’s President and Chief Executive Officer, J. Patrick Doyle, was present for the grand-opening event. According to Domino’s Pizza, Turkey is one of the fastest growing markets for them.

    Richard Allison, Domino’s International Executive Vice President, said that the Domino’s Pizza growth has been accelerated over the past decade as the company expanded their stores internationally. Domino’s Pizza has stores in Australia, Mexico, India, and the United Kingdom as well. Currently there are over 250 Domino’s Pizza locations in Turkey.

    The international business for Domino’s has been growing to the point where there are now more stores internationally than in the US. The international business accounts for over half the global sales at around $7 billion.

    Because of the milestone, the new Domino’s Pizza store will be giving away 10,000 pizzas for free through their Turkish Facebook site. The new location will also offer a 50 percent discount for all online orders.

    A new feature called “Pizza Theater” has been incorporated into this store location. The new restaurant design was introduced in the US, Australia, and New Zealand this summer. The “Pizza Theater” lets customers see the people prepare the food.

    By: Dave Reddy

    via Domino’s Pizza opens 10,000th Store in Turkey | Best Syndication.

  • The Latest Legal News, Research and Legal Profiles – Who’s Who Legal

    The Latest Legal News, Research and Legal Profiles – Who’s Who Legal

    Turkey: Intellectual Property

    September 2012

    As foreign investment continues to flow into Turkey, the protection of IP rights is gaining importance. In response to this, regulators have made a great effort in recent years to ramp up enforcement of IP rights, introducing heavier fines and even prison sentences for violations. We recognise 13 of the country’s leading IP lawyers in this section.

    Mehmet Gün & Partners fields three lawyers in this chapter, more than any other firm in the research. Mehmet Gün has a “stellar reputation” and specialises in the licensing and enforcement of IP rights in the pharmaceutical sector. Ug˘ur Aktekin is “highly proficient” in copyright law matters and anti-counterfeiting. Completing the trio is Baris Kalayci: a “first-rate” patent and trademark attorney.

    Two lawyers rank highly from Istanbul Patent. Founding partner Dilek Ustun Ekdial is a “big name” in IP dispute resolution and solves conflicts arising from patent and trademark rights. Güven Çalik is also a founding partner of the firm and is “renowned” for solving disputes related to trademarks and industrial design rights.

    M N Aydin Deris¸ of Deris¸Patents and Trademarks Agency AS¸is an “outstanding” IP lawyer with experience in registering and licensing IP rights in Turkey for domestic and foreign clients in addition to defending rights in litigation.

    Stock Industrial Property Services AS is represented by Omer Dundar, a “distinguished” practitioner with an “impressive” breadth of expertise in the field.

    At NSN Law Office, senior partner Selma Toplu Ünlü is praised for her “leading” practice in IP. Head of the firm’s IP team, she counsels companies on a broad range of IP matters from licensing to complex litigation and prosecution.

    Gökhan Gökçe at YükselKarkınKüçük is “highly accomplished” and specialises in the pharmaceutical sector.

    Founder of CBL Law Office Ceylin Beyli is “well regarded” for her practice in IP, has been involved in several court actions in Turkey and has represented clients before the World Intellectual Property Organization.

    At Morog˘lu Arseven, I¸sik Özdog˘an’s expertise in IP litigation practice is “unrivalled”. She has experience in patent, copyright, trademark and domain name disputes and in conducting seizures of counterfeit goods. In addition, she is a registered expert witness of Istanbul Intellectual and Industrial Property Court.

    Yalın Akmenek, with the firm Akol Avukatlık Bürosu, is a “brilliant” IP lawyer and “very active”.

    Taylan Arihan of Arihan & Arihan is described as a “resourceful” practitioner and advises on patents, trademarks and designs.

    via The Latest Legal News, Research and Legal Profiles – Who’s Who Legal.

  • Turkcell Superonline Bridges Europe, Asia and Middle East to Turn Istanbul Into an Internet Hub

    Turkcell Superonline Bridges Europe, Asia and Middle East to Turn Istanbul Into an Internet Hub

    By Turkcell Superonline

    Published: Thursday, Sep. 27, 2012 – 1:09 am

    ISTANBUL, September 27, 2012 — /PRNewswire/ —

    Turkcell Superonline, the 100% subsidiary company of Turkcell (NYSE: TKC, ISE: TCELL), the leading communications and technology company in Turkey, announces that it has turned Istanbul into an internet hub, lifting the boundaries between countries and initiating the “internet without a visa” era through direct access agreements.

    Turkcell Superonline has nine international gateways, which enable fast and seamless internet access via connections with Europe’s most important internet traffic exchange points in Sofia, London, and Amsterdam, as well as through the Frankfurt POP in Germany.

    Collaborating with Tier-1 telecom operators such as Tata Communications, Deutsche Telekom, Inteliquent, Turkcell Superonline enables access to globally renowned networks directly from Istanbul, adding value not only for its business and partners, but also for the Turkish economy.

    Turkcell Superonline plays a major role in delivering transit data traffic and telecommunications services between Europe, CIS, Asia and the Middle East. As a critical operator, it provides the internet access needs of Iran, Iraq, Georgia, and Northern Cyprus, positioning Istanbul as the intersection point of the global communications network.

    Murat Erkan, General Manager of Turkcell Superonline, says, “Four years ago Turkcell Superonline’s aim had been to transform the Silk Road into the Fiber Road. Today, this is a reality via our fiber network.”

    ABOUT TURKCELL SUPERONLINE

    Turkey’s innovative telecom operator, Turkcell Superonline, continues its fiber optic infrastructure investments without any let up in speed. Turkcell Superonline is the one and only telecom operator to offer households internet connection at speeds of up to 1,000 Mbps. It offers its corporate, residential and wholesale customers voice, data, and value added services.

    ABOUT TURKCELL

    Turkcell is the leading communications and technology company in Turkey, with 34.5 million subscribers and a market share of approximately 53% based on March 31, 2012 results (Source: operators’ announcements). Turkcell is a leading regional player, with market leadership in five of the nine countries in which it operates with its approximately 65.3 million subscribers as of March 31, 2012. The company covers approximately 88% of the Turkish population through its 3G and 99.13% through its 2G technology supported network.

    For further information please contact:

    Nihat Narin Division Head of Investor and International Media Relations Tel: + 90-212-313-1244 Email: nihat.narin@turkcell.com.tr

    Banu Uzgur International Media Relations Manager Tel: + 90-212-313-1506 Email: banu.uzgur@turkcell.com.tr investor.relations@turkcell.com.tr

    SOURCE Turkcell Superonline

    via Turkcell Superonline Bridges Europe, Asia and Middle East to Turn Istanbul Into an Internet Hub – PR Newswire – The Sacramento Bee.