Category: Business

  • Istanbul’s True Georgian Tavern

    Istanbul’s True Georgian Tavern

    Anyone who’s visited Istanbul knows the city is full of delicious food. But sometimes finding fare that’s not Turkish can be a challenge. Those longing for the delectable tastes of perfectly spiced khinkali, melt-in-your-mouth khachapuri, and the fresh-grape goodness of a genuine chacha shot, won’t regret going a little off the beaten path to a neighborhood bustling with visitors, traders, and émigrés from the former Soviet Union.

    Trilling 6696Café Euro, opened six years ago, serves up Georgian cuisine, one of the tastiest culinary traditions known in the Russian-speaking world. There is no menu per se. Proprietor Eka Pruidze will tell you what’s available, and whatever you order, she’ll say it won’t possibly be enough to sate you.

    One specialty you’re likely to find is khachapuri, a flat bread baked with fresh, slightly salty Georgian cheese and brought to your table piping hot. Khachapuri comes in different varieties. The default at Café Euro is imeruli, hailing from Eka’s native region of Imeretia. It is round and sliced into wedges that can easily be folded around fresh parsley or scallions. But you can also order the canoe-shaped adjaruli variety, which comes with an egg (or several, Eka will offer) cooked sunny-side-up atop the cheese filling. Few eating experiences are as gratifying as breaking off a dangerously hot piece of the crisp, doughy crust and dipping it into the khachapuri’s steaming, golden middle.

    Another favorite, which goes particularly well with beer, is the khinkali, giant soup dumplings that Eka, her husband and their two staff make by hand. For those new to khinkali, the proper eating procedure to ensure you relish every drop of their meaty goodness is as follows: Restrain yourself long enough to allow them to cool slightly; otherwise you risk burning the tips of your fingers. Then, grab a plump, white khinkali by its “nipple”—the convenient protrusion used to hold the dumpling. Take a small bite on one side and immediately slurp in the deliciously seasoned broth. After this, you can take your time nibbling away at the tender pasta pouch and the peppery, minced meat inside.

    If any of this is unclear, you may be able to turn for help to the other patrons, for example a group of gregarious drivers from Georgia. They might even share some of their young, homemade red wine, stowed away in a plastic jug under their table. Eka herself serves Georgian wine, when her supplies haven’t been swept away by a massive party the night before. She also has fresh Efes beer on tap and fine Georgian chacha, a grappa-like drink, served here in the tulip-shaped tea glasses ubiquitous in Turkey.

    The café sits on the fringes of a busy cargo hub full of buses and trucks shuttling goods between Istanbul and former Soviet republics in the Caucasus, as well as the Balkans. Signs advertise rides to cities like Eka’s native Kutaisi in Georgia, and Ganja and Baku in Azerbaijan, as well as freight deliveries to Ermenistan (Armenia) and Dagestan.

    Eka, who is 36 and spent three years as a shuttle trader before opening the cafe, imports nearly everything, including her meat and cheese, from Georgia. Nowadays, her supplies arrive on Sunday mornings, on a weekly bus from Kutaisi. So head to Café Euro on a Sunday or shortly thereafter. That’s when you’re more likely to find Tarkhun, the bright green soda made from tarragon and cherished throughout the former Soviet Union, or tkemali, the tangy plum sauce that goes so well with any Georgian meat dish, or Nabeghlavi, a slightly sulfurous-tasting mineral water. But be warned, Café Euro is a tavern in every sense of the word: The crowd can get a little rough and rowdy some evenings. (As Eka tactfully put it, “not all my customers are like you.”)

    If you have the chance, be sure to try Café Euro soon. Within a couple of years the city plans to complete a new subway station in the area, which is likely to sweep away the privately run parking lot the café is attached to. We hope it doesn’t spell the end of Eka’s khinkali in Istanbul.

    We here at EurasiaNet.org aren’t the first to appreciate Eka’s fine cooking. Café Euro was reviewed last year by Delicious Istanbul author Olga Tikhonova at Istanbul Eats.

    Directions: Come out of Yusufpaşa tram station in the Aksaray neighborhood and

    walk, in a direction perpendicular to the tracks, over the hill, towards the Sea of Marmara (if you see lots of discos and small hotels, you’re in the right area). When you hit Küçük Langa Caddesi, a relatively large street running parallel to the water, make a right and walk west for about five minutes until you hit the €uropa Bazaar on your left. Café Euro is at the gate, down a few steps.

    via Istanbul’s True Georgian Tavern | EurasiaNet.org.

  • EON in Talks to Enter Turkey, India as Profit at Home Drops

    EON in Talks to Enter Turkey, India as Profit at Home Drops

    EON AG (EOAN), Germany’s biggest utility that plans to expand in Brazil where energy demand is expected to grow faster than in Europe, is in talks with potential partners to enter Turkey and India.

    eon dpa grEON expects results from the discussions about possible agreements in the course of this year, Chief Executive Officer Johannes Teyssen said in a letter to shareholders today.

    Germany’s largest utilities are overhauling operations after the Fukushima disaster in Japan last March drove Chancellor Angela Merkel to order the permanent closing of all nuclear plants by 2022. The shutdown of nuclear stations in EON’s home market trimmed earnings by 2.5 billion euros ($3.3 billion) in 2011 and drove the Dusseldorf-based utility to announce a 15 billion-euro divestment program, job cuts and plans to expand into new markets such as Brazil.

    It has also identified Turkey and India as attractive markets, EON Chief Financial Officer Marcus Schenck said today in Dusseldorf.

    “Turkey is the market we’re most familiar with,” Schenck said. While the utility could enter Turkey alone, it prefers to do so with a partner, he said.

    EON is also seeking a local partner for entering the market in India, which is “much more difficult” than Turkey, he said.

    EON agreed to buy 10 percent of Brazilian billionaire Eike Batista’s MPX Energia SA and set up a power-generation joint venture in January. The two companies plan to jointly generate 20,000 megawatts in Brazil and Chile and will each own 50 percent of the business.

    via EON in Talks to Enter Turkey, India as Profit at Home Drops – Bloomberg.

  • Stepevi, the Turkish Rug Company, Opens in SoHo – NYTimes.com

    Stepevi, the Turkish Rug Company, Opens in SoHo – NYTimes.com

    By RIMA SUQI

    Robert Wright for The New York Times

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    Stepevi, a Turkish rug company known for its rich, textural designs, will open its first North American outpost next week in SoHo. The company was started about seven years ago (although the family behind it has been in the business since the early 1900s) and currently has showrooms in London, Paris, Milan and Istanbul. SoHo was the natural next step, said Aysegul Yurekli Sengor, the managing director and wife of the founder, Cem Sengor.

    “In London, we are located on King’s Road, in Paris at St.-Germain and in Milan at Brera — all of these locations being the hubs for artists, creators and designers. SoHo, in that sense, fits very well.”

    The 2,500-square-foot space was designed by Zeynep Fadillioglu, a designer of the Sakirin Mosque in Istanbul, and will showcase the Stepevi rugs collection, as well as some furniture.

    Stepevi, 147 Wooster Street (Houston Street), (646) 629-9933, stepevi.com.

    A version of this article appeared in print on March 15, 2012, on page D3 of the New York edition with the headline: Red-Carpet Treatment for Turkish Rugs.

    via Stepevi, the Turkish Rug Company, Opens in SoHo – NYTimes.com.

  • Turkish Airlines Maintains Policy of Rapid Expansion

    Turkish Airlines Maintains Policy of Rapid Expansion

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    On March 6, 2012, a Turkish Airlines plane landed at Aden Abdulle International Airport in Somalia’s capital Mogadishu, a new addition to its list of nonstop destinations. Turkish Airlines flies to more cities nonstop than any other European or Middle Eastern airline, but some in the industry feel it is growing too quickly.

    By CHRISTINE NEGRONI

    Published: March 14, 2012

    Which European or Middle Eastern airline flies to the most destinations nonstop? If you said Air France or Emirates, you would be wrong. Ditto for British Airways or Etihad. The answer is Turkish Airlines, which offers direct flights to 189 destinations from Istanbul — 15 more than Lufthansa offers from its giant hub in Frankfurt.

    According to anna.aero, an airline route-tracking Web site, Turkish is not just adding destinations at a rapid clip, it is adding passengers, too. Over the 10 years to 2010 it tripled the number of air travelers carried, with increased traffic to North America and Asia playing a large role. Turkish Airlines’ growth is yet another example of what some in the industry are calling the aviation industry earthquake.

    “Look at the whole globe and see we always have countries or economies that are growing,” said Horst Findeisen, vice president of business development for the Star Alliance, of which Turkish is a member. “Turkey sits in an area where growth is still occurring, and it is developing routes to accommodate that traffic,” he said in a phone interview.

    In this respect, Turkish is sometimes lumped with Emirates, Etihad and Qatar, the Gulf carriers that have added airplanes and routes to take advantage of their geographical position linking the developing aviation markets of India and China with North America and Europe. These carriers have grown quickly in a short amount of time. But their business is entirely international.

    With a geographical area of about 775,000 square kilometers, or 300,000 square miles, and a population of 72 million, Turkey is much larger than either the United Arab Emirates or Qatar, and it has 43 domestic airports. Nearly half of Turkish’s customers are traveling within the country. “In the Gulf they don’t have the local market,” said Temel Kotil, chief executive of Turkish. “We have a strong domestic market. We have a strong point-to-point market, and transfers are additional.”

    Turkey’s closer proximity to Europe also allows it to offer service in narrow-body aircraft, which are not as expensive to operate and do not need as many passengers to turn a profit, said Ali Genc, the airline’s senior manager of media relations. “We can go into thinner markets, and penetrate all of Europe’s second- and third-tier markets, which you can’t do with larger airplanes,” he said, citing as examples flights to Glasgow and Edinburgh in Scotland and Coventry and Liverpool in England.

    What Turkish shares with the Gulf carriers is a government that encourages the airline for what it can do to promote the country globally. And while Qatar, Etihad and Emirates are owned by their governments, and Turkish was privatized in 2006, in many ways the airline can rely on assistance from Ankara, said Nawal Taneja, a professor of aviation in Ohio who writes about the industry.

    “Government facilitates the development by setting the regulatory policies to get rights, helping Turkish develop the infrastructure and facilitating credit to get planes purchased,” Mr. Taneja said.

    In 2012, Turkish will open a new, 372,000-square-meter aviation services complex at Sabhia Gokcen Airport, 30 kilometers from Ataturk airport. It will run its maintenance and repair station in this new location and intends to enter the aircraft-seat manufacturing business there as well. The growth of the airline and of these and other related businesses means the company must add workers at a rate of 10 percent a year and add 250 pilots annually, Mr. Kotil said.

    But the question some are asking is whether Turkish is moving too fast.

    “They’re high on the fumes of growth,” said Vaughn Cordle, an airline economist with Airline Forecast in Washington. “If you grow too fast and invest too much in customer value, you destroy stockholder value.”

    Turkish Airlines’ net profit slid in 2010 to 286.4 million lire, equivalent to $184 million at the time, from 559.1 million lire in 2009, a drop attributed by Mr. Kotil to heavy losses in the first three quarters of 2010, as the airline opened new routes and took delivery of billions of dollars’ worth of new airplanes fitted with amenities like lie-flat business class seats. In the first half of last year, the airline reported a further loss of 527.4 million lire.

    Still, Mr. Kotil said, growth would allow the airline to begin enjoying economies of scale. “All those extra routes cost you money because they are not making profit from day one,” he said. “You put new routes in order to reinforce the network and make it attractive for the customer and make them choose you.”

    In this respect, Mr. Kotil acknowledged, passengers will no longer blindly buy tickets on their national airline.

    Turkish fliers do not have to choose Turkish Airlines, he noted. “They can move to other airlines. There is no captive market at all. If you don’t have the product, forget about it.”

    via Turkish Airlines Maintains Policy of Rapid Expansion – NYTimes.com.

  • Istanbul: Alessandra Ambrosio Phillips Satisoft Epilator

    Istanbul: Alessandra Ambrosio Phillips Satisoft Epilator

    Photo Credit: WENN

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    Alessandra Ambrosio continues to supplement her Victoria’s Secret income while pregnant with second child with lucky bastard Jamie Mazur by hitting up the foreign markets to plug Phillips’ Satisoft Epilator. We particularly enjoyed her appearance in Madrid as she did a sexy pregnany chick dance on the TV show, El Hormiguero. Anyway, Istanbul seems to have been the destination of choice yesterday as both Ale and Adriana Lima were in town collecting a Non-Victoria’s Secret paycheck and looking hot in the process.

    via Istanbul: Alessandra Ambrosio Phillips Satisoft Epilator | MoeJackson.com.

  • Aeroports de Paris to Buy 38% of Turkey Airport Operator TAV

    Aeroports de Paris to Buy 38% of Turkey Airport Operator TAV

    By Alex Webb and Ercan Ersoy

    Aeroports de Paris, operator of the French capital’s airports, agreed to buy a 38 percent stake in Turkish counterpart TAV Havalimanlari Holding AS (TAVHL) for $874 million, the French operator’s largest purchase abroad.

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    TAV runs Ataturk Airport in Istanbul, seen here, as well as terminals in Latvia, Macedonia and Saudi Arabia. Photographer: Adam Berry/Bloomberg

    The agreement with TAV (TAVHL)’s three biggest shareholders also includes a separate acquisition of a 49 percent stake in a construction company, TAV Yatirim Holding AS, for $49 million, Paris-based ADP said today in a statement. ADP and TAV will run 37 airports serving 180 million passengers worldwide, it said.

    Enlarge image Aeroports de Paris to Buy 38% Holding in Turkey’s TAV

    TAV runs Ataturk Airport in Istanbul, seen here, as well as terminals in Latvia, Macedonia and Saudi Arabia. Photographer: Adam Berry/Bloomberg

    ADP was competing with Vinci SA (DG), Europe’s biggest construction company, to buy the TAV stake from investors including Akfen Holding AS (AKFEN). TAV runs Ataturk Airport in Istanbul, Europe’s eighth-busiest, as well as terminals in Georgia, Tunisia, Latvia and Macedonia, and it has a contract to build and run an airport in Medina, Saudi Arabia. The purchase will help ADP’s earnings in 2013, the French company said.

    “They already had some management contracts in some other foreign airports, but this is the first time that they’ve taken a stake this big in an airport this important,” said Laure Desbrosses, a Paris-based analyst at Oddo & Cie. “The price paid is not excessive, valuing TAV at about 15 percent more than its peers, so it’s a good move.”

    Stocks Decline

    ADP fell as much as 0.6 percent to 59.93 euros and was trading down 0.3 percent at 60.16 euros at 1:01 p.m. in Paris. The stock has gained 14 percent this year, valuing the company at 5.95 billion euros ($7.8 billion). TAV declined as much as 1.4 percent and was trading down 0.7 percent at 8.48 liras for a market value of 3.08 billion liras ($1.71 billion).

    The other shareholders in TAV that are selling stakes are Tepe Holding AS’s Bilkent Holding and Sera Yapi Endustrisi & Ticaret AS.

    “There will be a good return on our investment” by the time TAV’s operating concession for Ataturk Airport, the Turkish company’s biggest asset, expires in 2021, ADP Chief Executive Pierre Graff said in an interview after a news conference in Istanbul. The airport’s traffic rose 17 percent last year to 37.5 million passengers.

    ADP may not have to make a mandatory tender offer to smaller shareholders in the Turkish airport operator because there’s no change in control of its board, though this is “something that the capital markets regulator will decide,” TAV CEO Sani Sener said at the news conference.

    Investment Plan

    The French airport operator said it’s paying about 11.30 liras a share for the stake. The purchase is part of ADP’s program of investing in international airports handling more than 10 million passengers a year with “strong” earnings growth potential in Organization for Economic Cooperation and Development markets or Brazil, Russia, India or China, it said.

    “There is a strategy that has been put in place by TAV which consists of acquiring external airports, one at a time,” Graff said at the news conference. “We have a great deal of respect for what has been achieved at TAV and don’t intend to change this strategy,” and the partners will take the lead in acquisitions in their respective stronger markets.

    ADP owns 8 percent of Amsterdam’s Schiphol airport and held a stake in Beijing Capital International Airport Company Ltd. before selling that holding in 2007.

    The acquisition is subject to the approval of Turkish antitrust regulators, Sener said. ADP will pay for the stake in cash at the closing, he said.

    TAV’s selling shareholders hired Credit Suisse Group AG (CSGN) as its financial adviser, while Pekin & Bayar Law Firm (818987L) and Ertekin Law Office served as counsel. Aeroports de Paris (ADP) hired JPMorgan Chase & Co. (JPM) as its adviser, and Hogan Lovells (1131L) and Pekin & Pekin as counsel.

    To contact the reporters on this story: Alex Webb in Frankfurt at awebb25@bloomberg.net; Ercan Ersoy in Istanbul at eersoy@bloomberg.net

    To contact the editors responsible for this story: Chad Thomas at cthomas16@bloomberg.net; Benedikt Kammel at bkammel@bloomberg.net

    via Aeroports de Paris to Buy 38% of Turkey Airport Operator TAV – Bloomberg.