Category: Business

  • A Turkish Fashion Magazine, Ala, Is Unshy About Showing Some Piety

    A Turkish Fashion Magazine, Ala, Is Unshy About Showing Some Piety

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    The magazine Ala uses Eastern European models, including this woman from Ukraine, partly because their pay is relatively low.

    By DAN BILEFSKY

    ISTANBUL — Across a neon-lighted corridor in a hyper-designed modernist loft here, a group of Eastern European models posed coquettishly for a magazine spread, their heads covered in brightly colored scarves.

    Except for the religious headgear, the shoot could have been for any glossy fashion magazine. But Ala — called the “Vogue of the veiled” in the Turkish news media — is no conventional publication. In an unlikely fusion of conservative Muslim values and high fashion, it unabashedly appeals to the pious head-scarf-wearing working woman, who may covet a Louis Vuitton purse but has no use for the revealing clothing that pervades traditional fashion magazines.

    One of Ala’s founders, Ibrahim Burak Birer, 31, a religious Muslim and a former marketing analyst who favors jeans and designer jackets, said he decided to start the magazine — its name means “the most beautiful of the beautiful” in Turkish — after seeing a transsexual with strap-on breasts in a transparent dress on the cover of an international fashion magazine.

    “We realized that there was a gap to be filled for conservative Muslim women in Turkey who have a different worldview,” he said in an interview at Ala’s sleek offices, where young women in head scarves sit hunched over Apple computers. “Until now, most fashion magazines have offered a lifestyle centered on being sexy, being skinny and eating sushi. But not all women dress like those girls from ‘Sex and the City.’ ”

    Ala adheres to strict Islam-inspired sartorial guidelines: arms and heads must be covered; tight pants and skirts above the ankle are forbidden. But, Mr. Birer said, the Koran has no prohibition on five-inch stiletto heels. “You can be elegant and sophisticated,” he said. “Female beauty is O.K. as long as it’s not seductive.”

    The success of Ala, which has attracted 30,000 subscribers since its founding in June, reflects the rise of an Islamic bourgeoisie in Turkey that has prospered under the Islam-inspired Justice and Development Party of Prime Minister Recep Tayyip Erdogan.

    This religious merchant class, which sees nothing incompatible between wearing a head scarf and driving a Mercedes, is altering the society in a country once dominated by a secular elite that banned the wearing of head scarves in public institutions. In Istanbul today, religious businessmen endure six-month waiting lists for $150,000 BMWs, while hip young women in head scarves, skinny jeans and bright red lipstick throng the more than 80 shopping malls in the city. Head scarves are also now ubiquitous on college campuses.

    In Ala, page after page of beautiful women in designer head scarves underscore Turkey’s growing comfort with such outward displays of religion.

    Yet for all of Ala’s avowed restraint, the magazine and its attention-grabbing images of pouting models staring suggestively in their costly outfits have been criticized by some religious scholars. They argue that regardless of whether a woman is photographed showing off a head scarf or sexy lingerie, such behavior violates Islam, which calls for women not to flaunt their femininity.

    via A Turkish Fashion Magazine, Ala, Is Unshy About Showing Some Piety – NYTimes.com.

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  • Turkey enjoying decade-long economic boom

    Turkey enjoying decade-long economic boom

    Turkey enjoying decade-long economic boom
    By The Economist

    But ominous signs of a crash prevail

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    A shopper enters a store in Istanbul. Cheap money in the rich world has allowed Turkey to dodge an immediate crisis. And if liquidity remains plentiful, the country may continue to skirt trouble for some time. (CP)

    Compared with the mess that many rich countries are in, most emerging economies seem in pretty good shape.

    To be sure, plenty saw their growth rates slow sharply last year. And as fears over the euro’s future escalated, some currencies and stock markets slumped.

    But apart from the poorest places that habitually rely on the International Monetary Fund’s subsidized help, only a handful of emerging economies, mainly in Eastern Europe, have had to turn to it for funds.

    This resilience is impressive. But it would be a mistake to assume it will last for ever.

    For even as rich-world investors pile back into emerging market funds, a quick glance at these countries’ vital statistics suggests that plenty of places have a problem or two. India has a big budget deficit. Several countries, from Venezuela to Vietnam, have double-digit inflation. South Africa has a sizeable current-account deficit.

    But based on the standard warning signs of trouble — from rapid credit growth and high inflation to a big external deficit — one country stands out.

    It is Turkey.

    For the past decade, Turkey has enjoyed a spectacular boom, fuelled by equally spectacular foreign borrowing. The economy grew by 8.5 per cent last year, driven by credit that at one point was surging at an annual pace of more than 40 per cent. Foreigners lent much of the cash.

    Turkey’s current-account deficit exceeded 10 per cent of gross domestic product, more than twice as much as any of the emerging markets regularly tracked by The Economist.

    This turbocharged growth slowed sharply at the end of last year, as investors’ jitters and a sharp fall in the Turkish lira forced the central bank to tighten monetary policy. Figures released on April 2 showed that annual GDP growth slowed to 5.2 per cent in the fourth quarter of 2011, and initial evidence suggests a further deceleration this year.

    Unfortunately, the imbalances remain. Even with much slower growth, inflation is above 10 per cent and the current-account deficit is likely to stay around eight per cent of GDP.

    With little foreign direct investment, most of that deficit will need to be funded by flighty bond and bank finance. Turkey, in short, has not just overheated. It has a growing competitiveness problem and a dangerous addiction to the riskiest types of foreign capital.

    For now, foreigners seem unworried. The lira has strengthened, and the Istanbul stock market is up by 20 per cent since the start of the year.

    But the apparent revival of capital inflows probably has less to do with confidence in Turkey’s economy than the largesse of rich-world central banks, particularly the European Central Bank’s massive provision of liquidity.

    Cheap money in the rich world has allowed Turkey to dodge an immediate crisis. And if liquidity remains plentiful, the country may continue to skirt trouble for some time.

    But eventually, on today’s course, the danger of some kind of crash is worryingly large.

    To lessen that danger, Turkey needs to boost its savings and improve its competitiveness. With its private sector addicted to spending on foreigners’ dimes, Turkey’s government needs to compensate by saving more.

    In fact, the opposite has been happening. Although Turkey’s fiscal position is healthy compared with those of other emerging economies, the tax take has been flattered by the unsustainable import boom. Adjust for these transient revenues and the IMF calculates that Turkey’s underlying budget balance, before interest payments, has shifted from a surplus of around five per cent of GDP between 2003 and 2006 to a deficit now.

    Tighter fiscal policy would help reduce the current-account deficit. But it will not be enough. A lasting improvement in Turkey’s external accounts demands structural reforms to boost competitiveness and improve the flexibility of its workers. It is a puzzle that, for all its booming growth, Turkey does not attract more foreign direct investment.

    One reason may be its labour laws, which in many ways look like those of a rigid southern European economy. Another obstacle to investment is a thicket of regulations. Turkey ranks 71st in the World Bank’s Doing Business league tables, better than Greece but worse than Kazakhstan.

    These kinds of reforms will take time, so it is essential that Turkey’s leaders start now, even if low interest rates in the rich world keep the foreign money flooding in. The trouble is that most of those leaders do not recognize the urgency.

    via Turkey enjoying decade-long economic boom | The Chronicle Herald.

  • Iran Sanctions Put Wrinkle in Turkish Trade Deals

    Iran Sanctions Put Wrinkle in Turkish Trade Deals

    By JOE PARKINSON

    ISTANBUL—When Yasar Kapiyoldas landed hundreds of orders worth tens of thousands of dollars in Iran, he thought his clothing company could offset losses from its slowing Europe and Middle East markets.

    Just two months later, with fresh sanctions causing a run on the currency and soaring inflation in Iran, every one of Mr. Kapiyoldas’ orders has been canceled. Some clients have defaulted on their payments. Thousands of garments made for the conservative Iranian market are now gathering dust in his company’s depot.

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    A worker in Istanbul’s Osmanbey textile district, where businesses that previously profited from Iranian trade are now coping with overstock.

    “We thought Iran would be the solution after the revolutions killed our business in Libya, Tunisia and Egypt,” says Mr. Kapiyoldas from his smoke-filled office above a clothing store in Istanbul’s Osmanbey district, where more than 4,000 textile retailers jostle for space—and market share—in an area of about one square mile. The businesses had also attracted Iran’s youthful population, which lapped up more-contemporary designs from established producers in Turkey, a regional textile hub.

    “We have thousands of long ladies’ overcoats that were ready to ship to Tehran that we can’t sell anywhere else,” he said. “Now what am I going to do with them?”

    The fresh wave of sanctions feeding panic in Iran’s economy are hitting businesses in North Atlantic Treaty Organization-member Turkey, upending a boom in bilateral trade that was underpinned by improving diplomatic ties. Turkish exports to Iran, which surged 12-fold in the past decade to top $3.5 billion last year, plunged 25% in January from December, as sanctions pushed the real value of Iran’s currency, the rial, as much as 55% lower against the dollar.

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    All Turkish banks but one have stopped processing payments for Iranian customers, while higher costs have seen the number of Iranians visiting Turkey tumble.

    Turkey has refused to adopt tougher unilateral sanctions against Iran from the U.S. and the European Union, instead stressing its commitment to the weaker United Nations measures passed in 2010, and to buying Iranian oil and gas, albeit at a declining rate. But the deteriorating trade business removes a major tie between Ankara and Tehran, which are increasingly splitting along sectarian lines over Middle East conflicts.

    “A trade relationship that has grown rapidly in recent years is now being pressured by politics,” said Arzu Celalifer, a professor of international relations at USAK, the International Strategic Research Organization, in Ankara. “That trade decline is one component of how Turkey and Iran increasingly have differences on Middle Eastern issues. They’re now just trying to preserve the minimal mutual interest,”

    Last year, the pressure being levied on Iranian traders’ rials by sanctions was offset by a sharp decline in the Turkish lira, which fell almost 20% against the dollar as investors became nervous about Turkey’s overheating economy.

    But when new U.S. sanctions targeting Iran’s central bank in January sent Iran’s currency plunging, the lira began to surge, making the relative cost of some Turkish products almost double in price in the space of a few days, traders say.

    The rapid price increase was aggravated by the refusal of Turkish banks—except for state-owned Halkbank—to process trade deals involving Iranian customers for fear of being frozen out of international markets by the new sanctions regime. Iranian businessmen now pay for orders with cash carried across the border in suitcases

    As a result, businesses across Turkey that had expected sales to surge in the run up to the Persian New Year festival this week, are now bracing for a sustained slump and, in some cases, mothballing stock.

    Travel agents report that tourist numbers and hotel bookings fell as much as 80% from last year, and tourist spending has fallen sharply.

    “Sanctions have hammered their currency, so Iranian companies are now terrified because our business is done in dollars,” said Ali Ulvi Orhan, head of Osmanbey textile traders association. “Our members are badly affected because the Iranians have basically disappeared. Even if they’re here, many can’t pay.”

    Turkey’s trade with Iran has been lopsided—Iranian exports of natural gas to Turkey made up more than 70% of the $12.5 billion total last year. But that ratio has declined in recent years as strengthening diplomatic ties and visa-free travel boosted trade in everything from textiles to flat-screen televisions.

    Data published Thursday show that trend accelerating, as Turkish imports of crude oil from Iran plunged 40% on the month in December, partially offset by an 86% rise in purchases from Saudi Arabia.

    Traders say pockets of bilateral business continue on a small scale, but at much lower volumes. For some Turkish merchants, the dramatic collapse of a trade relationship that Ankara actively cultivated until late last year has prompted anger and frustration, as politics trump traders’ livelihoods.

    “This year we were expecting two million Iranians for New Year for the first time ever, but we won’t have anywhere near that many,” said Esadullah Renjber, owner of Tehran Tour, a tour operator based in Laleli, a district popular with Iranian tourists. “I’ve worked here for 30 years and I’ve never seen anything like this and it has all to do with politics.”

    —Ayla Albayrak contributed to this article.

    via Iran Sanctions Put Wrinkle in Turkish Trade Deals – WSJ.com.

  • Jumeirah to operate Pera Palace Hotel in Istanbul

    Jumeirah to operate Pera Palace Hotel in Istanbul

    Jumeirah to operate Pera Palace Hotel in Istanbul

    Jumeirah Group, the Dubai-based luxury hotel company and a member of Dubai Holding, has signed a management agreement with Demsa Group, a leading Turkish company specialising in the luxury and fashion retail industry and representing 13 global brands, to operate the Pera Palace Hotel in Istanbul, Turkey. Jumeirah Group will assume management of the luxury museum hotel from 1 May 2012 and the property will be known as Pera Palace Hotel, Jumeirah.

    Pera Palace Hotel originally opened in 1892 as the destination hotel in Istanbul for discerning travellers on the Orient Express train. Its elegant, understated design reflects art nouveau, neoclassical and oriental styles, complete with white Carrara marble, exquisite Murano glass chandeliers and hand-woven Ousak carpets. Known as the longest established luxury hotel in Istanbul, Pera Palace boasted the first electric elevator in Turkey and its rooms have hosted many of the world’s most significant figures, ranging from the founder of modern Turkey, Mustafa Kemal Atatürk, to European royalty and cultural figures such as Agatha Christie, Greta Garbo, Alfred Hitchcock and Ernest Hemingway.

    The room where Atatürk preferred to stay – room 101 – has been registered as a museum by the Ministry of Culture; visitors can see some of his personal belongings and many artefacts dating back to his visits to the hotel from 1917 until his death in 1938.

    Located in the culturally rich and dynamic Beyoğlu district of Istanbul, within easy reach of the Golden Horn, the Bosphorus and the airport, Pera Palace Hotel, Jumeirah has 115 rooms including 16 suites, the majority of them with balconies. The hotel underwent a major refurbishment resulting in a grand re-opening in September 2010; in late 2011 the hotel’s usage rights transferred to Demsa Group, who has now selected Jumeirah Group to operate the property in line with the Jumeirah brand promise of STAY DIFFERENT.

    The hotel has a 380m2 spa and four function rooms. Its main restaurant, Agatha, is named after the famous British crime writer Agatha Christie and serves French, Italian and Turkish specialities, paying tribute to the three major stops of the former Orient Express. Orient Bar is a well-known meeting-point for the intellectuals and the high society of Istanbul, as are the Kubbeli Saloon and Tea Lounge, Patisserie de Pera and Orient Terrace in summer.

    The addition of Pera Palace Hotel, Jumeirah brings the number of luxury hotels, resorts and residences currently operated by Jumeirah around the world to 19. From the start of 2011 to the end of 2012, the Group will have more than doubled the number of hotels it manages and almost quadrupled the number of countries in which it operates. In the coming six months Jumeirah expects to open Jumeirah Port Soller Hotel & Spa in Mallorca, Spain; Jumeirah Bilgah Beach Hotel in Baku, Azerbaijan; Jumeirah Messilah Beach Hotel and Spa, Kuwait; and Jumeirah Creekside in Dubai, UAE.

    via Jumeirah to operate Pera Palace Hotel in Istanbul.

  • This Amazing Device Just Made Wheelchairs Obsolete for Paraplegics

    This Amazing Device Just Made Wheelchairs Obsolete for Paraplegics

    This Amazing Device Just Made Wheelchairs Obsolete for Paraplegics

    TEKRMC036

    The young man in this video looks like he’s riding a Segway. But Yusuf Akturkoglu was paralized after falling from a horse five years ago, and he’s being mobilized by an amazing device invented by Turkish scientists. It’s going to change lives.

    It’s called the Tek Robotic Mobilization Device, and it not only allows people who can’t walk get around more independently than any device has before, but it also helps them stand up on their own, which is crucial for maintaining basic health functions in people who have spinal cord injuries.

    Crucial Standing Assistance

    Instead of entering from the front like a normal wheelchair, people using the Tek RMD enter from the back of the device. That way they don’t have to hoist themselves with a momentum that can be dangerous and is next to impossible to do alone. By attaching a thick padded strap around the hips, Yusuf maneuvers himself into the Tek RMD on his own. The device uses a suspension system that balances the weight so he can stand up with just a gentle pull. Standing for an hour or more every day is important for people who have lost movement in their legs; without the weight-bearing effect of standing, they can develop cardiovascular problems, brittle bones, pressure sores not to mention the psychological importance of eye-to-eye interpersonal contact.

    Independence

    In the video, Yusuf calls the device to his bedside with a remote-control, gets himself out of bed, goes grocery shopping, maneuvers around a bookstore, and even does some things in the bathroom that we thankfully don’t observe to completion. But these these abilities that most of us take for granted every day are key to the emotional well-being of paraplegic people. The ability to squat down and easily come back to standing is key. And while standing, Yusef’s hands are free to carry groceries or do whatever else he might need them to. Before trying out the Tek RMD, Yusuf, who was a student before his injury, rarely left his home where he lives with his parents.

    Smallest Dimensions

    The makers of Tek RMD says it’s the most compact device of its kind, which allows Yusuf to navigate crowded grocery aisles, libraries, and who knows, Coachella, maybe? All without knocking into the people and things around him. Users still need ramps in place of stairs, but the device eliminates the need for special bathroom stalls and other facilities that allow space for bulky wheelchairs.

    The Tek RMD comes in five sizes. and is still undergoing clinical trials. Here’s hoping it’s on the market stat. UPDATE: It will be on the market in Turkey this week, and the company is looking for outlets in Europe and the United States, where it will cost about $15,000. Here’s hoping insurance will cover it. [Tek RMD and Reuters]

    via This Amazing Device Just Made Wheelchairs Obsolete for Paraplegics.

  • Turkey to double flights from India

    Turkey to double flights from India

    Mr Burak Akcapar, Ambassador of the Republic of Turkey in India, in Hyderabad on Saturday night, addressing Indian businessmen at the Indo-Turkish Business Association's 'Business Opportunities in Turkey'. Photo: P.V. Sivakumar
    Mr Burak Akcapar, Ambassador of the Republic of Turkey in India, in Hyderabad on Saturday night, addressing Indian businessmen at the Indo-Turkish Business Association's 'Business Opportunities in Turkey'. Photo: P.V. Sivakumar

    Wants to sign free trade pact

    Hyderabad, March 18:

    Turkey seeks to double flights from India, besides opening four more connecting points. The other destinations that it is looking at are Hyderabad, Chennai, Kolkata and Bangalore.

    At present, Turkish Airlines operates daily flights from Bangalore and New Delhi to Istanbul.

    “We have sought permission from the Indian Government to double this number and expand to other destinations,” Dr Burak Akcapar, Turkish Ambassador to India, said.

    Free Trade Agreement

    Referred to as the Sick man of Europe, Turkey has now emerged the 16th largest economy in the world. After signing free trade agreements (FTAs) with 21 countries, Turkey now wants to sign one with India.

    “Last year, the bilateral trade volume was just $7.6 billion. This is nowhere near to the full potential. We expect it to grow to $20 billion in the next few years,” he said.

    The Ambassador was here to attend a roadshow by TUSCON (Confederation of Businessmen and Industrialists of Turkey) to promote the upcoming Turkey World Trade Bridge in June.

    “India and Turkey have completed a joint study on FTA. We are yet to sign it. This will pave way for signing FTA. We are awaiting the Indian side’s time for signing of study. Businessmen from both sides are eagerly waiting to tap the potential,” he said.

    Consulates

    Turkey would open a Consulate in Hyderabad soon. “We have received permission to open consulates in Chennai and Hyderabad. But before establishing consulates, we will appoint honorary consuls,” he said.

    kurmanath@thehindu.co.in

    via Business Line : Industry & Economy / Logistics : Turkey to double flights from India.