Tag: Istanbul

Istanbul: A World Financial Centre?

The Turkish government iѕ pursuing аn ambitious goal tо turn Istanbul into а global financial centre, where international investors соuld trade аll kinds of investment tools.

However, creating a global financial centre thаt cаn compete wіth thе likes оf Hong Kong, Dubai and London, іѕ not аn easy task.

Apart from building infrastructure, muсh mоre іѕ needed regаrding deregulation аnd incentives іn order to create а mоrе attractive investment climate, experts say.

“Turkey stіll needѕ time tо implement morе exotic investment tools іn itѕ financial system,” Turkan Ozugeldi, communications manager of thе Association of Stock Exchange Investors, told SES Türkiye.

“Just a couple of years ago, we didn’t еven have а futures market. Introducing tоo mаnу new tools in a short period of time will make it harder tо manage the check-and-balance mechanisms,” hе said, adding thаt deregulation shоuld bе spread out ovеr time.

The Turkish capital market іs relаtіvelу small compared tо іtѕ peers. Average daily trading volume оn thе Istanbul Stock Exchange (ISE) is а littlе mоrе thаn $2 billion, whеreas thе figure іѕ аbove $10 billion оn Russia’s Micex аnd mоrе thаn $4 billion on Brazil’s Bovespa.

Similarly, thе Turkish futures market alsо falls short compared tо іts foreign counterparts, wіth аn average daily trading volume of јust $1 billion.

The prerequisite for bеcoming a financial centre iѕ increasing thе number of investment tools, ассоrdіng to Adnan Haskebabci, an official frоm the Turkish Capital Markets Board.

The depth of investment tools arе limited in Turkey, аs mоrе thаn 80% оf the trades in the futures market arе done through ISE 30 index shares оr foreign exchange currency tools.

The low volume on newly introduced commodity futures contracts presents anothеr problem, аs it makes thеm highly speculative and subject tо volatility.

According tо Haskebabci, deregulation iѕ anоther important aspect of а financial centre. “The Istanbul Financial Centre (IFC) Project, aims to make entry аnd exit іntо аnd from markets easier, whіlе keeping all instruments under thе supervision of related authorities,” hе explained.

There iѕ a general consensus that the success of thе IFC project depends оn human capital. To overcome this gap, Isik Okte, аn International Corporate Sales Executive at Finans Invest, advocates the “Wall Street model” tо train young professionals to increase financial literacy.

“Wall Street provіdеs thousands оf young professionals to the financial markets. Companies ѕhоuld be encouraged to train young people аnd teach them thе specifics of capital markets, investment funds and research,” Okte told SES Türkiye.

Meanwhile, anоther key issue for thе IFC project is setting up thе rіght infrastructure. Easy transportation and incentives to investment funds and othеr firms wоuld encourage them to open offices in Istanbul, ѕaуѕ Okte.

While thеre іs nо specific timeframe for thе IFC to be completed, thе government аnd companies are alreаdу making preparations.

Large public banks suсh аѕ Halkbank аnd Vakifbank аre moving their headquarters tо Istanbul frоm Ankara аnd the Capital Markets Regulatory Board іѕ аlѕo planning tо move tо Istanbul.

To house thе nеw project, a 430 acre plot on thе Asian side of the city hаs beеn designated. There аre аlsо new regulations оn thе waу to deregulate Turkish financial markets аnd make thеm mоre appealing fоr investors.

via Istanbul: A World Financial Centre? | Southern Daily Press.

October 19, 2011
New Aquarium Opens in Istanbul Turkey

Turkey recently opened the doors to the country’s largest aquarium. Located on 100 acres in the Florya district of Istanbul, the Istanbul Aquarium features 15,000 land and sea creatures housed in thematic rooms designed to look like different regions of the world.

Visitors follow a geographical route through the 16 regions of the aquarium, beginning in the Black Sea and ending in the Pacific Ocean. Using cutting-edge technology to create realistic portrayals of each region including architectural details and climate, the aquarium ensures that the creatures on display are living in conditions nearest to that of their natural habitats. These elements, in combination with interactive games and 5D movie theaters featuring live effects such as wind, fog and water, guarantee an authentic experience for visitors. In addition, the aquarium provides 3 cafeterias, a gift shop and a restaurant with views of the ‘Panama Canal’ on one side and ocean views on the other.

Launched by the Istanbul Metropolitan Municipality with an investment of US$143 million, the Istanbul Aquarium is helping to improve and expand Istanbul’s already extensive list of museums and attractions for visitors and residents alike.

To learn more about the Istanbul Aquarium, visit

For more information on Turkey, call 1-877-FOR-TURKEY or contact the Turkish Culture and Tourist Offices in New York at 212-687-2194 or in Washington, D.C., at 202-612-6800, or Los Angeles at 323-937-8066 and visit their Web sites at www.tourismturkey.org or www.kulturturizm.gov.tr.

About Turkey

Turkey is a modern country with a captivating blend of antiquity and contemporary and of East and West. The cradle of civilization and center of world history today stands as one of the fastest-growing tourism destinations in the world. Turkey was the site of the first human settlement; the seat of the Byzantine, Roman and Ottoman Empires; the birthplace of Homer and the last home of the Virgin Mary, just to name a few. Today Turkey, with its spectacular coastline, majestic mountains, cosmopolitan cities and quaint villages is one of the world’s most fascinating destinations.

via New Aquarium Opens in Istanbul Turkey | Travel Video News.

October 19, 2011
A Masterful Voyage through the Musical History of Istanbul

Dünya

A Story of the City…Constantinople, Istanbul (Dunya, 2011)

Dünya A Story of the City…Constantinople, Istanbul (Dunya, 2011)

One of the most interesting releases scheduled for November 2011 is the two CD set titled A Story of the City…Constantinople, Istanbul. The Turkish city has one foot in Europe and another foot in Asia, in an area sometimes called Asia Minor. Before Istanbul, the city was known as Byzantium and later as Constantinople. This rich and turbulent history has made Istanbul a musical crossroads, where western music meets the sounds of the Middle East.

A Story of the City…Constantinople, Istanbul has a hard cover book format and contains two CDs and an extensive booklet. The musicians behind the project are Boston-based Dünya, who are joined by Schola Cantorum and Ensemble Trinitas.

Disc 1 focuses on the Christian period, when the city was known as Byzantium and later Constantinople. The musical selection includes atonal transformations of ancient Greek music, mesmerizing sacred music from the Greek Orthodox rite as well as Crusader ballads.

After Constantinople fell, it was named Istanbul by its new rulers. Disc 2 offers an overview of the rich heritage found in Ottoman Turkey. This includes Ottoman court music, folk music from Anatolia, mystical Sufi music and the sounds of the Greek, Armenian and Sephardic Jewish minorities.

“I think that the rich diversity reflected in this album will be appreciated by Americans,” reflects Mehmet Ali Sanlikol, musical director and co-founder of Dünya. “Through that appreciation, I am sure the American view of the Near and Middle East will change.”

The booklet will explain which musicians are involved in different parts of the album. Dünya has various ensemble formats and musicians vary accordingly. The liner notes also describe the musical history and instruments used.

A Story of the City…Constantinople, Istanbul is an extraordinary recording that provides a contemporary vision of the rich musical traditions of Istanbul and ancient Constantinople.

The album is available at dunya.bandcamp.com

via A Masterful Voyage through the Musical History of Istanbul | World Music Central.org.

October 19, 2011
Turkey’s culture ministry last hope for preserving Istanbul skyline

Turkey’s culture ministry last hope for preserving Istanbul skyline

The İstanbul Metropolitan Municipality now says it can’t stop the construction because it is not in charge of the area where the buildings are being erected.

The outline of centuries-old mosques against the Bosporus sky has defined İstanbul for much of its history, but now it is up to the Culture and Tourism Ministry to decide whether the historic skyline can remain undistorted.

Three skyscrapers (the tallest will be 155 meters [508 feet] high) are going up in Zeytinburnu, but even before they started to near completion, they changed the city skyline, rising high above and behind the city’s historic mosques.

Now the view of Kazlıçeşme from the sea features three looming rectangular blocks in the background, which look like they are going to prey on and devour at any minute the ever-imposing Sultanahmet Mosque that unsuspectingly stands right before them.

The problem was noticed only recently, when the skyscrapers started getting taller. In the most recent development in the debate about the fate of the panoramic skyline, it emerged that it falls under the responsibility of the Ministry of Culture and Tourism to decide the fate of the skyscrapers due to a change that expanded the preservation zone around the old city in 2008. The İstanbul Metropolitan Municipality was responsible for the area prior to the change.

The skyscrapers are being built on a 28,000-square-meter (301,389 square foot) plot that was sold by the Savings Deposit Insurance Fund (TMSF) in 2007 to private investor Mesut Toprak for $45 million. First, there were changes to zoning plans after the sale, allowing the construction of skyscrapers in the area. The threat to the city’s historic skyline was discovered only after the three buildings had reached a certain height.

The İstanbul Metropolitan Municipality now says it can’t stop the construction because it is not in charge of the area where the buildings are being erected. Only the Ministry of Culture and Tourism can stop the construction, city officials have said. Sources say the city has been talking to the construction company for a solution, but the talks have not yet yielded any results.

Although the outcome of the skyline saga is not yet certain, it has already taught an important lesson. The city recently announced that it will start an archive of three-dimensional and aerial images of the historic parts of the city, which will be used later to decide whether to allow a new building in the area, based on a simulated image of the area showing what it will look like when the building in question is complete.

Cihan

via Turkey’s culture ministry last hope for preserving Istanbul skyline | General | World Bulletin.

October 18, 2011
Eating & Drinking in Istanbul: 3 Taxi Driver Tips

Taxis on the Galata Bridge in Istanbul. Photo by TaxiBerlin

Istanbul was the climax of September’s great adventure in the Balkans with the coolest cab driver in Berlin.

Hungry and determined to eat well on the cheap, we went without a guidebook and found three places to eat and drink that I would recommend to anyone traveling to, or even living in, Istanbul:

1. BALKAN LOKANTASI: The food at this self-service cafeteria in the Sirkeci quarter near Istanbul’s main train station is cheap (spend 5 Euros and you’re full), simple and good – especially the eggplant dishes and the tomato rice.

If you don’t recognize any of the food on offer, the guys on staff are happy to explain what everything is – and if you’re as nice to them as they are to you, they’ll offer you a glass of Turkish black tea on the house. (Balkan Lokantasi, Hocapasa Mah. Hocapasa Sk. No 12 / Sirkeci, Istanbul).

2. ISKELE BALIK EVI: The fish restaurants below the Galata Bridge on the Golden Horn in Istanbul may look tempting and have great views, but they’re expensive. If you love seafood and like to eat with locals, skip the fancy fish and go to the seafood bazaar at the northeast corner of the Bridge, in the Karikoy neighborhood.

A few stalls past the fish vendors, you’ll find two cheap restaurants that serve only fish from the market. The second of the two, Iskele Balik Evi, fries the finest, freshest salt fish filet (dil baligi) I have ever tasted – and it only costs 7 Euros. If you go after 7:30pm, the staff may be able to find some (off-menu) wine for you, but only if the police aren’t around. (Iskele Balik Evi, Fish Bazaar Stall #11, Karikoy / Istanbul)

3. TURK OCAGI CAY BAHCESI: Between the Blue Mosque and the University of Istanbul, this Turkish tea house and shisha bar sits off the street, in back of a garden that resembles a graveyard. It may not be the best place in Istanbul to drink Turkish coffee (even if you ask for low sugar, they make it very sweet), but it is my favorite place in Istanbul to drink Turkish black tea (40 Eurocents a glass) and smoke shisha (apple tobacco, 5 Euros, with free refills).

Even though it’s on the Lonely Planet trail (we saw quite a few foreigners there with this guidebook in hand), the place is also very popular with locals, who sit and chat and smoke for hours. Watching the staff here is like watching a Turkish version of a Henry Ford assembly line – every person does only one job (serving tea, distributing water pipes, refilling tobacco, clearing tables) and does it very well. (Türk Ocagi Cay Bahcesi, Cemberlitas Divanyolu Cad. No 82, Eminonu / Istanbul)

How about you? Know any good places to eat and/or drink in Istanbul? Feel free to share your favorites!

via Eating & Drinking in Istanbul: 3 Taxi Driver Tips | Taxi Gourmet.

October 18, 2011
New plan to protect Istanbul’s silhouette

ISTANBUL- Hürriyet Daily News

This file photo shows the construction of three skyscrapers (L) in the background of Istanbul’s historic silhouette. The new city plan will not allow such tall buildings. AA photo

Istanbul Metropolitan Municipality has announced a plan aimed at protecting the city’s most beautiful views by preventing illegal buildings and controlling construction.

The plan, dubbed the “silhouette mother plan,” was suggested by the Urban Planning Directorate and would initially focus on Istanbul’s historic peninsula, the Bosphorus and the Golden Horn areas.

According to a report recently approved by Parliament, construction that may damage the areas will be restricted.

A wide range of regional research will be included as part of the plan. According to reports, until the plan is implemented, the structuring rights of housing plans in specific places will be limited.

“We used to prepare the plans vertical instead of horizontally. From now on, the flats of the buildings will be taken into consideration and higher flats that damage the view will not be allowed,” Fatih Mayor Mustafa Demir told the Daily News.

The construction of three skyscrapers in Kazlıçeşme in the city’s Zeytinburnu district received criticism last month because they allegedly lacked a license from the Supreme Council of Monuments; the Istanbul Protection Board, however, recently said the skyscrapers were built with permission from the Istanbul Metropolitan Municipality and Zeytinburnu Municipality.

Mayor Demir also said that he has not been informed about the fate of three skyscraper dwellings in the Zeytinburnu district.

“We will prepare the plans through coordinating with urban planners, the Chambers of Architectures and building planners (Imar plancilar) from our municipality,” he said.

via New plan to protect Istanbul’s silhouette – Hurriyet Daily News.

October 17, 2011