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

‘TL apprecation not sole sign of economic well being’

TODAY’S ZAMAN — Fri, 20 Nov 2009 22:00:00 GMT

The appreciation of the Turkish lira should not be regarded as a cure for all problems persisting in the economy even though it is an important variable, Turkish Central Bank Governor Durmuş Yılmaz said on Friday, emphasizing the necessity of focusing on micro and macro structural problems instead.

Doğan Yayın to sell 29 pct stake to Axel Springer

TODAY’S ZAMAN — Fri, 20 Nov 2009 22:00:00 GMT

Facing a TL 4.8 billion fine for tax fraud, Turkey’s largest media company, Doğan Yayın, is attempting to sell a 29 percent stake in the company.

CB slashes interest rates to 6.50 pct

ERCAN BAYSAL — Fri, 20 Nov 2009 22:00:00 GMT

In an effort to shore up the economy, the Turkish Central Bank again lowered its borrowing rate on Thursday evening by an additional 25 basis points, bringing borrowing rates down to a record low of 6.50 percent and lending rates to 9 percent, despite the lobbying of several private banks against any further cut in rates.

Bank Asya renews Turkey’s first prepaid debit card, DIT

SERKAN ŞAHIN — Fri, 20 Nov 2009 22:00:00 GMT

Leading participation bank Bank Asya is bringing in more advantages and further functions to its DIT card, a prepaid multi-application chip and PIN card combining the power of MasterCard EMV OneSmart features with an integrated municipal toll and transit application.

Russia’s Putin wants New Year without gas ‘shocks’

REUTERS — Fri, 20 Nov 2009 22:00:00 GMT

Russian Prime Minister Vladimir Putin said on Thursday that existing gas deals with Ukraine were a guarantee of stable energy supplies to Europe and he hoped for a New Year without any gas “shocks”.

Auto output 33.4 pct down in first 10 months

TODAY’S ZAMAN — Fri, 20 Nov 2009 22:00:00 GMT

Turkish automotive output declined by 33.4 percent in the first 10 months of this year compared to the same period of last year, falling to 699,141 units.

New firms grow by 24.4 pct in October

TODAY’S ZAMAN — Fri, 20 Nov 2009 22:00:00 GMT

As another sign of economic recovery, the number of newly established companies and cooperatives in Turkey increased by 24.4 percent in October compared to the same month of 2008.

Turkish-Greek business association founded

TODAY’S ZAMAN — Fri, 20 Nov 2009 22:00:00 GMT

The Aegean Turkish-Greek Industrialists and Businessmen Association has been established in İzmir in a bid to boost trade between the two countries.

South Korean envoy calls for investment in Turkey

TODAY’S ZAMAN — Fri, 20 Nov 2009 22:00:00 GMT

Bae Jae-Hyun, South Korea’s ambassador to Turkey, speaking at a time when talks on trade agreements are taking place between officials from the two countries, has said more businessmen from South Korea should invest in Turkey.