Turkish Business News

Many publishers have Turkey down as an emerging market, but with a gaming population of 30m, Tugbek Ölek, co-founder of local media firm Seti, says the region has already emerged.

You may be surprised to learn that Turkey is home to a burgeoning games market. Between 2014 and 2015, Turkey’s games market grew by 24.7 per cent and, according to research firm Newzoo, it ranks as the 16th biggest games market in the world with a value of £573m. 

Despite terrorist attacks and the failed coup attempt on July 15 the Turkish banking sector offered full support to mega projects, increasing financing by 20 percent to TL 223 billion over the year until end of June.

A coup, terrorists and inflation, yet investors rush to Turkey on Business Standard. Turkish stocks and bonds - up 6.6 and 3.8 per cent in dollar terms.

Fadi Ghandour who this week sold his stake in Dubai-based logistics company Aramex is closing Wamda Capital s first 70 million fund soon. He said in an interview on Monday. The fund will target an average investment of $250,000 to $5 million in the early and growth stages of e-commerce and technology companies, he said. Ghandour, Wamda’s chairman, said he will start fund-raising next year for Wamda II, with a target size of $300 million to $500 million that will extend investments to Turkey and Pakistan.

New EU trade agreements could adversely affect Turkey as a non-EU member. This column presents new findings of an economic analysis in which different trade policy scenarios are considered. The results point to a clear policy recommendation – Turkey and the EU should mutually deepen their customs union by including the agriculture and service sectors as soon as possible.

One agency’s “rush” to downgrade Turkey's credit rating is incomprehensible, and macroeconomic indicators should also be factored into credit rating decisions, Economy Minister Nihat Zeybekci said Wednesday

Azerbaijan’s state oil fund SOFAZ is exploring the possibilities of making investments in Turkey, Shahmar Movsumov, executive director of SOFAZ, told reporters July 12.

“We constantly explore the possibilities of investing in the countries with favorable conditions,” said Movsumov. “Currently, we are exploring the opportunities for making investments in Turkey. It is a neighboring country and is of interest for us.”

The European Bank for Reconstruction and Development (EBRD) is stepping up its cooperation with Turkish glass producer Şişecam in a move to help Turkey increase its glass recycling rate and boost its circular economy.

Turkey has decided to levy an anti-dumping tax of US$240 per cubic metre on Vietnamese plywood products.The Việt Nam Competition Authority under the Ministry of Industry and Trade on Tuesday said that the Turkish Ministry of Economy (TMoE) has issued its final decision on the anti-dumping investigation into plywood imported from some countries including Việt Nam.

The TMoE reported that only two Vietnamese businesses won’t have the anti-dumping tax imposed upon them, as they had provided full information to investigative agencies on schedule and proved that the exported products were made by themselves.

Under the EU ruling, Apple would be required to pay Ireland more than $14.5 billion in back taxes. On Tuesday morning, the governing body of the European Union ruled that one of its members, Ireland, had broken its rules by allowing US-based Apple to pay a tax rate of 1 percent - and sometimes as little as .0005 percent. Ireland's regular tax rate is 12.5 percent, and the EU's rules state that members can't give special benefits to individual companies, even if it is the most highly valued company in the world. Mehmet Simsek, Turkey's deputy prime minister, even took the opportunity to suggest that Apple shift from Ireland to Turkey, which isn't a EU member, where he'd be "happy to provide more generous tax incentives."

BRASILIA/SYDNEY (BLOOMBERG) - For years, the biggest nations have tried to to outsmart tax dodgers and reclaim trillions of dollars stashed in off-shore accounts. Many of them are tired of waiting and now just want to make peace and bring some of the money back home. From Indonesia to Turkey and India to Argentina, several of the world's 20 biggest economies are offering amnesties or incentives for citizens and companies to repatriate funds,

Speaking at a joint press conference following his meeting with President Putin of Russia, President Erdoğan said: “Both sides are immensely determined and have the will to move the relations back to their former level and even beyond. During our meeting
today, we have taken decisions that will move Turkey-Russia relations back to their rightful level in political, financial, cultural and humanitarian spheres”

Business world expects revival of trade relations after Turkish and Russian presidents meet Tuesday. The upcoming meeting of Turkish and Russian presidents is expected to boost bilateral relations to pre-crisis levels, according to leading representatives of Turkish economy and tourism sectors on Sunday.

Draft law on Wealth Fund has been sent to Parliament. The fund is expected to contribute to economic growth by an additional 1.5 percent as well as creating its own sources in time and reducing the banking sector's dominant role in the financial sector

Turkey's biggest LPG company will relentlessly continue its investments for the long term, says CEO of Ipragaz. Turkey's leading liquid petroleum gas company, will not change its investment strategy and will continue operations as planned in Turkey despite the recent coup attempt, Selim Siper, Ipragaz CEO, said Monday.

Ford Otosan exemplifies Turkey's quest to position itself as a high-tech R&D location, as well as an ideal manufacturing base. With its highly skilled, low-cost labour force, Turkey has long been hailed as an ideal manufacturing location for OEMs and Tier 1s. But now the country wants to forge itself a new reputation as a haven for cutting edge research and development. It’s a plan with ambition that reflects its rapid growth in recent years.