Today's Zaman, your gateway to Turkish daily news :: Business

Second closure case rumors lead to massive İMKB drop

TODAY’S ZAMAN — Thu, 19 Nov 2009 22:00:00 GMT

The İstanbul Stock Exchange's (İMKB) benchmark index (İMKB-100) has taken a three-day-long dive due to political developments within Turkey, a 6.4 percent dip that has scared investors into thinking that this might be a sign of a double-dip recession.

Life to halt one day next week as civil servants stop working

TODAY'S ZAMAN WITH WIRES — Thu, 19 Nov 2009 22:00:00 GMT

Many Turkish civil servants are set to take part in a work stoppage next Wednesday ahead of Eid al-Adha, in a move meant to warn the government of the need to listen to the demands of its civil servants.

Communication needed to resolve longstanding problems

TODAY'S ZAMAN WITH WIRES — Thu, 19 Nov 2009 22:00:00 GMT

Turkey has entered a period of rapid growth and should best benefit from this period by focusing on solving its longstanding problems with the use of much more communication, State Minister Cevdet Yılmaz said on Thursday.

‘İMKB is inflated, real sector stagnant’

TODAY'S ZAMAN WITH WIRES — Thu, 19 Nov 2009 22:00:00 GMT

Turkish Exporters Assembly (TİM) President Mehmet Büyükekşi has said a significant recovery would not take place within the financial sector or stock exchange without a serious improvement in the real sector.

OECD: Recovery in global economy gathering pace

AP — Thu, 19 Nov 2009 22:00:00 GMT

Recovery in developed economies will accelerate next year due to “substantial improvements” in financial markets and fast-growing Asian countries, but is likely to remain fragile, the Organization for Economic Cooperation and Development said Thursday as it doubled its 2010 growth forecast.

‘Incentives needed to reinvigorate auto market’

TODAY'S ZAMAN WITH WIRES — Thu, 19 Nov 2009 22:00:00 GMT

Nissan Otomotiv AŞ Deputy Director General İklim Sancaktaroğlu has said that the automotive market has started to suffer from a recession after the expiration of a cut in private consumption taxes (ÖTV) that was introduced in March and was in effect until the end of September.

Şimşek: Constitution must reflect strict stance on taxes

TODAY’S ZAMAN — Thu, 19 Nov 2009 22:00:00 GMT

Minister of Finance Mehmet Şimşek has explained the administration’s tough stance of refusing to forgive tax debt, adding that the punishment for tax fraud was not sufficient to prevent the commission of such a crime.

Gulf capital head-to-head with co-ops in sugar refineries bid

TODAY’S ZAMAN — Thu, 19 Nov 2009 22:00:00 GMT

Yesterday was the last day to submit bids on state-owned Turkish Sugar Refineries Corporation (TÜRKŞEKER) facilities in Kastamonu, Kırşehir, Turhal, Yozgat, Çorum and Çarşamba, in a privatization auction that attracted interest from both Gulf interests and local cooperatives.

Turkmenistan seen as top gas supplier for Nabucco

AP — Thu, 19 Nov 2009 22:00:00 GMT

Energy-rich Turkmenistan could become a top supplier to fill a Western-backed natural gas pipeline aimed at reducing Europe’s dependency on Russian gas, a top executive on the project said Thursday.

Technology does not kill jobs, academic study shows

ALI ASLAN KILIÇ — Thu, 19 Nov 2009 22:00:00 GMT

The negative impact that technological change has on employment is being counteracted by another effect -- an increase in production, Associate Professor Aykut Lenger of Ege University’s department of economics has said.

CarrefourSA plans further store openings in Turkey

TODAY'S ZAMAN WITH WIRES — Thu, 19 Nov 2009 22:00:00 GMT

CarrefourSA, a French retail chain working in partnership with Turkey’s Sabancı Holding, is planning further growth through opening new stores and by capitalizing on all potential opportunities presented by acquisitions in the Turkish domestic market.

TCDD bids for operation of Mecca-Medina high-speed rail

TODAY'S ZAMAN WITH WIRES — Thu, 19 Nov 2009 22:00:00 GMT

Turkey’s state-owned railway company is set to submit a bid in a tender to operate a Mecca-Medina high-speed train, Turkish railway officials said on Thursday.

FTSE up 0.6 pct; Commodities, banks lead rebound

REUTERS — Thu, 19 Nov 2009 22:00:00 GMT

Britain's top share index rose 0.6 percent in early trade on Friday as commodity and banking stocks led a broad-based rally.

Russia tops Pricewaterhouse global fraud survey

REUTERS — Thu, 19 Nov 2009 22:00:00 GMT

Russia has the world's most fraudulent economy and attempts to stamp out white-collar crime have done little to stop its spread during the global financial downturn, PricewaterhouseCoopers said in a survey.