Turkish Economy - News & Updates

[Constantinople]

https://www.hurriyetdailynews.com/turkey-wealth-fund-gains-controlling-stake-in-turkcell-155780

Investors fleeing Turkish Markets.

where did you read this ?

 

[Saithan]

where did you read this ?

Why else would Telia sell the shares of a company that’s making progres.

By selling the shares they’re withdrawing from the turkish market. So Turcell has to buy the shares. In other words TWF has to buy the shares. Telia is not in need of money. They’re big in scandinavia and earn shitload of money.

 

[Kitco]

Why else would Telia sell the shares of a company that’s making progres.

By selling the shares they’re withdrawing from the turkish market. So Turcell has to buy the shares. In other words TWF has to buy the shares. Telia is not in need of money. They’re big in scandinavia and earn shitload of money.

https://www.teliacompany.com/en/news/news-articles/2017/turkcell-direct-stake/

Read what the company says instead of speculating! They go back to their main market which is scandinavia and baltic. They have also had a infected time with the cukurovagroup.

 

[what]

Why else would Telia sell the shares of a company that’s making progres.

By selling the shares they’re withdrawing from the turkish market. So Turcell has to buy the shares. In other words TWF has to buy the shares. Telia is not in need of money. They’re big in scandinavia and earn shitload of money.

Turkcell had problems for decades because of a fight between the owner companies. Turkcell is a healthy company, Telia probably wanted to get rid of a never ending story.

 

[Saithan]

https://www.teliacompany.com/en/news/news-articles/2017/turkcell-direct-stake/

Read what the company says instead of speculating! They go back to their main market which is scandinavia and baltic. They have also had a infected time with the cukurovagroup.

You are absolutely right, how could I not see that Telias 2017-09-18 message is more true than DS.

Only investor left in Turcell seems to be TWF and Russia, the few others don’t really count.

 

[Kitco]

You are absolutely right, how could I not see that Telias 2017-09-18 message is more true than DS.

Only investor left in Turcell seems to be TWF and Russia, the few others don’t really count.

2017 or not the reason for selling Turkcell is happening because of stated above. I thought you might know companies often plan their future/strategies more than a year forward.

 

[xenon54 out]

You are absolutely right, how could I not see that Telias 2017-09-18 message is more true than DS.

Only investor left in Turcell seems to be TWF and Russia, the few others don’t really count.

Why are there foreign companies in strateic sectors like telecommunication in the first place?

 

[KediKesenFare3]

Şirketi yatırıma açtı insanlar çıldırdı, tekrar devlet kontrolü altına aldı ve yine beğenilmedi. People need to make up their minds. Turkcell was a lost case back then. They couldn't even provide proper internet access to their customers. However, it's good to see it back under state control.

 

[Saithan]

Why are there foreign companies in strateic sectors like telecommunication in the first place?

There is a difference here. You can have nationalized telecommunication, but allow commercial companies to “lease” some of the network, thus investors wanting a piece of the pie will invest in your country, infrastructure etc.

Turktelekom was part of our critic infrastructure, because TSK used their network as well. I think it was sold to Saudi, and they pretty much raped it, drained it, and TC had to get it back broken and destroyed. This happened between 2002-2008 I think. Turkcell was as far as I know just commercial, nothing more. Maybe it has changed.

Şirketi yatırıma açtı insanlar çıldırdı, tekrar devlet kontrolü altına aldı ve yine beğenilmedi. People need to make up their minds. Turkcell was a lost case back then. They couldn't even provide proper internet access to their customers. However, it's good to see it back under state control.

Like I said, turkcell was a commercial company just trying to earn money, through existing network, but with foreign partners who know how to do business, I imagine they invested and developed. That’s the advantage of working with partners who want to “invest” in your country and not suck it dry.
We have had such cases in Denmark, and we have had them in Turkey. It’s difficult to find good partners, but once you have them keeping them is the real difficult thing.

 

[Saithan]

uh...

What I told you. Pay attention to the part about Turkcell around 17-18:00

 

[Constantinople]

uh...

What I told you. Pay attention to the part about Turkcell around 17-18:00

translate it please.

Btw I see him as Hilary Clinton, a bad person and his disastrous foreign policy , so tell him to shut the f*ck up

 

[Constantinople]

I wonder why amazon still doesn't have a branch in Turkey.
https://www.dailysabah.com/business/e-commerce-volume-in-turkey-surges-48-amid-pandemic/news

 

[Saithan]

translate it please.

Btw I see him as Hilary Clinton, a bad person and his disastrous foreign policy , so tell him to shut the f*ck up

He points out that the economic problem, the lack of transparency and the nepotism has resulted in good company like telia to withdraw from turkish market having lost faith/trust. And turkish wealth foundation had to buy the shares of turkcell for 500+mio usd and sell it to russian firm for less than half.

I would really love to get an explanation to foreign policy untill 2013 and what his role was. It’s no secret the foreign policy was amazing until syria civilwar or maybe 2010. I’d love to know exactly what happened and what his role was.

I suspect that he wasn’t allowed to run the foreign affairs and rte meddled too much, but I’d have to hear him explain.

 

[Constantinople]

A bad news , I was happy when I read they will open new manufacturing facility in Turkey. Now it's gone
https://www.steelorbis.com/steel-ne...to-plant-plans-due-to-coronavirus-1153059.htm

They decided where they are going to invest ?

 

[Glass]

A bad news , I was happy when I read they will open new manufacturing facility in Turkey. Now it's gone
https://www.steelorbis.com/steel-ne...to-plant-plans-due-to-coronavirus-1153059.htm

They decided where they are going to invest ?

They are in general not going to invest anywhere for the next 2 years or so, however we have our own brand coming up nicely.

--

Construction of Turkey’s 1st domestic car factory to start this month
BY DAILY SABAH WITH IHA
ISTANBUL AUTOMOTIVE
JUL 01, 2020 12:24 PM GMT+3

Turkey unveils the prototypes of its first domestic car during a ceremony in the northwestern town of Gebze, Dec. 27, 2019.


The groundbreaking ceremony for the factory of Turkey’s first national car is set to be held this month in the Gemlik district of northwestern Turkey’s Bursa province with the participation of President Recep Tayyip Erdoğan, Union of Chambers and Commodity Exchanges of Turkey (TOBB) Chair Rifat Hisarcıklıoğlu said Wednesday.

Hisarcıklıoğlu said they aim to release the first vehicle with a locality rate of 51% at the end of 2022.

The Automobile Joint Venture Group (TOGG), a consortium of Turkey's five major companies, joined forces to manufacture the domestic car.

Hisarcıklıoğlu was speaking at the Bursa Chamber of Commerce and Industry meeting held via videoconference.

He stressed that the locality rate is set to reach 75% after two years, highlighting the importance of industry and the business world in Bursa in this regard.





“We want to benefit from Bursa's experience in the sector," he said, adding that the city is one of Turkey's most important centers in the automotive subindustry.

The supplier industry is very important in the production of domestic vehicles, he added, noting that they aim to work with both sector representatives and universities for the TOGG.

The country’s Environment and Urbanization Ministry has approved the Environmental Impact Assessment (EIA) for the car plant initially at the beginning of June. The factory is expected to cost around TL 22 billion ($3.7 billion) and will have the capacity to produce an average of 175,000 vehicles per year once work is completed.

In June 2018, five industrial giants – the Anadolu Group, BMC, Kök Group, Turkcell and Zorlu Holding – as well as the umbrella organization TOBB joined hands to create the TOGG.

The country's long journey to produce a fully homegrown car came to an end on Dec. 27 last year as it unveiled the prototypes in a grand ceremony in the northwestern town of Gebze.

Erdoğan unveiled prototypes of a sport utility vehicle (SUV) and a sedan, both fully electric and C-segment models. TOGG will make five different models – an SUV, sedan, C-hatchback, B-SUV and B-MPV – through 2030 and will own their intellectual and industrial property rights.




https://www.dailysabah.com/business...-1st-domestic-car-factory-to-start-this-month

Turkey’s manufacturing activity resumes growth, global slump eases as pandemic abates
BY DAILY SABAH WITH WIRES
ISTANBUL ECONOMY
JUL 01, 2020 12:31 PM GMT+3

A worker is seen at a factory in central Niğde province, Turkey, June 11, 2020. (AA Photo)


Turkish manufacturing activity increased in June for the first time since February, as restrictions to curb the spread of the coronavirus were eased, a closely-followed survey showed Wednesday.

The Purchasing Managers' Index (PMI) for manufacturing rose to 53.9 last month from 40.9 in May, ending a three-month period of moderation, according to survey data from the Istanbul Chamber of Industry (ISO) and London-based global data firm IHS Markit, passing above the 50 mark that separates expansion from contraction.

On the other hand, a slump in the global manufacturing also showed signs of easing in June as a rebound in China's activity offered some hope Asia may have passed the worst of the devastation caused by the pandemic, while the collapse in European factory activity abated.

But sluggish global demand and fears of a second wave of infections will tame any optimism on the outlook and keep the pressure on policymakers to support their ailing economies.

Globally, the pandemic has infected more than 10 million people and killed more than 500,000. A resurgence in new cases in several countries has prompted some governments to backpedal on plans to reopen their economies and fueled concerns the worst is still to come.





In its latest projections, the International Monetary Fund (IMF) expected the global economy to shrink 4.9% this year and rebound just 5.4% next year.

"A return to near-normality amid the lifting of COVID-19 restrictions enabled manufacturers to expand their production volumes at a marked pace during June," read the report on Turkey.

The June figure was the highest since February 2018, Industry and Technology Minister Mustafa Varank said, evaluating the data. "We have left behind other countries as evident from June's figures," Varank said on Twitter.

He underlined that the manufacturing industry was gaining momentum in the transition to the "new normal."

Output, new orders and employment all increased, while rises in input costs and output prices were also recorded.

Production volumes expanded markedly as Turkey took steps to lift most pandemic restrictions, while new orders also returned to growth.

Higher output requirements led to increases in employment and purchasing, while delivery times lengthened to one of the greatest extents in the survey's history, underlining disruptions to the supply chain.

Currency weakness contributed to a further sharp monthly rise in input costs, which were passed on to customers as increased selling prices, respondents said, while output charges rose at the fastest pace in three months.

"The recovery in the Turkish manufacturing sector gathered momentum in June, with a number of the variables from the survey back in expansion mode," said Andrew Harker, economics director at IHS Markit.

"The severity of the COVID-19 downturn was such, however, that much more will be needed in coming months to recover the output lost during the worst of the pandemic. We would hope therefore to see growth strengthen further in the months ahead."

Global manufacturing slump eases

Series of business surveys released on Wednesday showed broad improvements in manufacturing across Europe and Asia in June from depths hit in April and May. Activity in some economies swung to growth while declines in other places slowed.

"No intermission, no glass of bubbly, just straight into the second half of 2020. And the outlook? Better than the first half, but not as good as it could be," said Robert Carnell at ING.

The downturn in eurozone manufacturing was not as bad as initially thought last month after more economies in the bloc eased restrictions imposed to quell the spread of the coronavirus, a survey showed.

With transmission rates of the virus falling in much of Europe, and economies opening up, IHS Markit's final eurozone PMI moved closer to the 50-mark separating growth from contraction in June.

It rose to 47.4 last month, up from May's 39.4 and comfortably ahead of an earlier flash reading of 46.9. An index measuring output jumped to 48.9 from 35.6.

Germany's manufacturing sector also contracted at a slower pace as Europe's largest economy lifted restrictions. Its economy will gradually recover and is likely to return to last year's level at the end of 2021, economic institute Ifo said Wednesday.

French factory activity bounced back to modest growth and in Britain, outside the currency union, the historic collapse eased further as companies reported a small increase in output.

Activity in the U.S. almost flatlined, later data is expected to show.

But global stocks struggled for momentum on Wednesday as the improving economic data was offset by concern surging coronavirus cases in the U.S. could derail the world's recovery before it properly begins.

In China, factory activity grew at a faster clip in June after the world's second-largest economy lifted coronavirus lockdown measures, the Caixin/Markit PMI showed.

Manufacturing activity also expanded in Vietnam and Malaysia, pointing to a slow but steady recovery ahead. India's manufacturing activity contracted for a third straight month in June but at a much slower pace, as both output and new orders shrank at softer rates.

Similarly, the export powerhouses of Japan and South Korea continued to see manufacturing activity decline, albeit at a softer pace.

China's Caixin/Markit PMI rose to 51.2 in June from 50.7 in May, marking the highest reading since December 2019. That followed a similarly upbeat reading from the Chinese government's own PMI on Tuesday.

Vietnam and Malaysia also saw their PMIs crawl back above the 50-mark, a welcome sign for policymakers struggling to combat the pandemic's fallout.

"The host of PMI data release this morning offers some reassuring signs the outlook for the crucial manufacturing sector continues to be on the mend," said Wellian Wiranto, an economist at OCBC Bank.

But analysts expect any recovery in the region to be slow.

While China's export orders shrank at a slower pace, its employment contraction worsened, the PMI showed, underscoring the fragile recovery.

"Overall manufacturing demand recovered at a fast clip, but overseas demand remained a drag," said Wang Zhe, senior economist at Caixin Insight Group.

Japan's PMI rose to a seasonally adjusted 40.1 in June, while South Korea's PMI ticked up to 43.4 - both remaining far below the rise-or-fall threshold of 50.

Separately, a Bank of Japan survey showed big manufacturers' confidence sinking to levels last seen during the 2009 global financial crisis, reinforcing expectations the country was sinking deeper into recession.

"If demand doesn't rebound fast enough, companies will have to shed jobs," said Shinichiro Kobayashi, senior economist at Mitsubishi UFJ Research and Consulting. "That will delay Japan's economic recovery, which could end up in a L-shape."


https://www.dailysabah.com/business...-growth-global-slump-eases-as-pandemic-abates