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Category Archives: Turkey News

Moody’s upgrades Turkey’s credit rating

Istanbul, 22 June 2012 - Moody's Investors Service, the international credit rating agency, has raised Turkish government bond rating by one notch to Ba1 from Ba2. Moody’s cited improvements in the country’s public finances and an increased resilience of the government’s balance sheet to financial shocks. Moody’s is maintaining the...

Posted on 26 June 2012

US pharma industry’s interest in new investments in Turkey

Boston, 20 June 2012 - Attending the 2012 Bio International Convention held in Boston, Nihat Ergun,Turkey’s Minister of Science, Industry and Technology, announced that Baxter International, the leadingUShealthcare company, is considering increasing its investments inTurkey. Baxter already has partnership with Eczacibasi inTurkey, one of oldest Turkish pharmaceutical companies. Ergun said...

Posted on 26 June 2012

Lebanese fund to invest 250 million USD in Turkey’s commercial property sector

Istanbul, 19 June 2012 - Edge Capital, the Lebanese investment fund is to invest 250 million USD inTurkey’s commercial property sector with partner Turkmall, a leading Turkish retail developer. According to, Turkmall’s Vice President, Levent Eyuboglu, “Partnership with Edge Capital opened new doors to similar deals with other Middle Eastern...

Posted on 26 June 2012

Against the European trend Turkish unemployment goes down

Ankara, 18 June 2012 - According to Turkish Statistical Institute unemployment dropped to 9.9 percent of the Turkish workforce in the three months from February to April 2012, down from 10.8 percent for the same period in 2011. Commenting on the figures, Turkish Deputy Prime Minister, Ali Babacan said this...

Posted on 26 June 2012

Istanbul ranks in top 5 in a global tourism survey

Istanbul, 15 June 2012 - MasterCard, the global credit card company, has ranked Istanbul among the global top five tourist centres in its Index of Global Destination Cities 2012. According to Yuwa Hedrick Wong, one of MasterCard Worldwide economic advisers, “Istanbul is a unique city with a lot of potential....

Posted on 26 June 2012

General Electric to invest 900 million USD in Turkey

Istanbul, 14 June 2012 - General Electric, the US energy, healthcare and infrastructure giant has announced a 900 million USD investment inTurkey. According to John Rice, General Electric’s Vice Chairman, “GE’s planned investments inTurkeybenefit from the opportunities offered by the rapidly growing economy and aligns well with the country’s 2023...

Posted on 26 June 2012

German auto component manufacturer opens new plant in Turkey

Istanbul, 13 June 2012 - Benteler International, the German automotive, steel and distribution company, has opened its new plant inTurkey. Speaking at the opening Benteler’s CEO, Hubertus Benteler, said “Turkey has a well-trained and motivated labour pool. As of July 1, personnel in Gebze plant will consist only of Turkish...

Posted on 26 June 2012

Azerbaijan’s state oil company to invest 10 billion USD in Turkey

Istanbul, 12 June 2012 - Over the next eight years Azerbaijan's state oil company, SOCAR, intends to invest 10 billion USD in Turkey according to Suleyman Gasimov, the company’s Vice President. This amount excludes the new Trans - Anatolian Pipeline Project. SOCAR is already building a 5 billion USD refinery...

Posted on 26 June 2012

Turkey’s regional centre for Germany’s Bosch, Siemens

Istanbul, 11 June 2012 - At a recent press conference Norbert Klein, Chairman of Bosch Siemens (BSH), the German white goods and home appliances manufacturer, announced that its Turkish office is now running the company’s MENA, Central Asian and Near Eastern markets. Klein said “BSH’s notable success in the Turkish...

Posted on 26 June 2012

Russian bank buys into growing Turkish banking market

Istanbul, 8 June 2012 - Sberbank, the Russian state owned bank has signed the preliminary agreement to buy Denizbank which is part of the French Belgian owned Dexia Bank. The transaction is due to be completed by the end of 2012 and the purchase price is approximately 3.6 billion USD....

Posted on 26 June 2012