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Turkey: more oil and gas deals with Iraqi Kurdistan
Turkey is preparing to sign more contracts with US and Russian companies to prospect for and develop oil and gas reserves in the Kurdish-controlled region of northern Iraq, Turkish officials said on Wednesday.
Officials gave no names of any companies involved or nor details of what sort of agreements may be signed beyond saying they would be “commercial” agreements. Continue reading »
Turkey-Azerbaijan: ties that bind
The Azeri dialect of Turkish may sound strange to Turkish ears but it is perfectly intelligible and the increasing economic and political cooperation between the two states represents as much a common culture as the geographical imperative that makes Turkey the perfect export route for Azerbaijan’s sizeable reserves of oil and gas reserves. Continue reading »
[snap] Turkey gets second investment grade
Moody’s on Thursday raised Turkey’s government bond rating by one notch from Ba1 to Baa3, making it the second rating agency to award the country with an investment grade.
Fitch gave Turkey investment grade last November while Standard & Poor’s lifted its rating from BB to BB+, or one step short of investment grade, in March. Continue reading »
EBRD: sharpish cut in forecasts
Rarely has a forecast been cut so fast. The European Bank for Reconstruction and Development on Friday slashed its 2013 growth forecast for the emerging economies of central and eastern Europe and North Africa from 3.1 per cent in January to just 2.2 per cent.
While the effects of the eurozone crisis have abated, economic activity is slowing faster than expected in the region’s biggest two markets – Russia and Poland. Structural reforms are needed, and needed now, says the bank. But it always says that. Continue reading »
Turkey: a (modest) gift from the EBRD
By Stefan Wagstyl and Neil Buckley
The European Bank for Reconstruction and Development likes to reward the host of its annual meeting with a chunky deal.
So it’s no surprise that on Thursday, the day before its Istanbul summit, the bank unveiled a gift for Turkey in the shape of a credit line for small and medium-sized enterprises (SMEs).
At €150m, it’s modest enough. But, as the EBRD likes to emphasise, SMEs are the driving force of a modern economy – in Turkey’s case accounting for 80 per cent of employment and 60 per cent of exports. Continue reading »
Turkey: ditch red tape in the Bosphorus
What’s the best way to boost Turkey’s appeal in the eyes of foreign investors?
Throw the red tape into the Bosphorus, say 200 companies polled by Ernst&Young. ‘Reduce government bureaucracy’ was ranked top of 18 bits of policy advice, followed by support for small and medium-sized enterprises and lower taxes. Last on the business people’s list? ‘Respect human rights’. Continue reading »
Turkey’s record-breaking investments: as good as they sound?
At first sight the figures are staggering. In the space of a single day last week Turkey signed an agreement on a $22bn new nuclear power plant and concluded a €22bn tender on building Istanbul one of the biggest airports on the world.
No wonder there were proclamations about record-breaking investments as soon as last Friday’s announcements were made. Continue reading »
Carrefour-Sabanci end supermarket stand-off
The nine month stand-off between French supermarket giant Carrefour and its Turkish partner Sabanci Holding has finally been resolved with the two companies announcing a deal under which Sabanci will take control of the pair’s Turkish joint venture CarrefourSA. Continue reading »
ICANN heads for Istanbul
More good news for Istanbul’s ambitions to establish itself as a hub: even the internet is hearkening to its call. Fadi Chehade, chief executive of ICANN, the organisation responsible for running the domain name and IP address systems, announced on Thursday his group was setting up shop in Istanbul.
To be precise, ICANN is splitting its headquarters into three – the old base in Los Angeles, a new outlet in Singapore, and Istanbul itself, as a step towards a more global, and a more seamless operation. Continue reading »
Japan close to Turkish nuclear deal?
Did Japan just win the protracted, $20bn plus contest to build Turkey’s second nuclear power plant?
As part of a regional tour, Shinzo Abe, Japan’s prime minister (pictured), is due to visit Turkey on May 2 and 3, a stop which, because of the context, stands out. Continue reading »
Turkish interest rates: lower or higher?
Turkey’s central bank cut interest rates by more than expected on Tuesday – a move that highlighted pressures from both far afield and closer to home.
In some ways, the further-flung-factor was the more straightfoward one: the inflationary stance of Japan’s new prime minister is having a significant impact on Turkish monetary policy. What is more controversial is the role of Turkey’s own premier. Continue reading »
Record week for EM bond issuance
Whatever happened to the “great rotation“? Wasn’t 2013 supposed to be the year when investors finally took their cash out of bonds and put it to work in equities?
Judging by the record week emerging market bonds have had, EM equities bulls might have some waiting to do yet. Continue reading »
[snap]: Pegasus eyes biggest Turkish IPO in 2.5 years
Pegasus Airlines, Turkey’s budget carrier, could raise as much as TL654.5m ($365.7m) when it launches its initial public offering on the Istanbul Stock Exchange later this quarter.
According to a preliminary offering circular seen by beyondbrics, Pegasus is looking to sell 32.1m shares, or nearly a third of the company, at a price range of TL17-TL20.40 ($9.50-$11.40) a share.
Should it succeed in hitting the top of its price range, it will be Turkey’s largest IPO in two and a half years. Continue reading »
Turkey-Israel: the new Great Game
There is a new Great Game afoot and it is taking place beneath the sea floor of the eastern Mediterranean.
Turkey and Israel’s tentative reconciliation is a process so fraught that US Secretary of State John Kerry appeared in Istanbul at the weekend to chivvy the two sides towards restoring full diplomatic ties. But if the steps he set out can be taken — agreeing compensation for nine Turks killed by Israeli forces in 2010, avoiding inflammatory talk, exchange of ambassadors — then a whole series of changes could be unleashed from Damascus to Brussels. Continue reading »
What’s the script for Turkey? doing nicely, or could do better?
In these difficult economic times, with disappointing jobs figures in the US and stagnation in the eurozone, the growth story of Turkey tells is a coherent one – or it would be, if all the country’s government signed up to it. Continue reading »
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