The glass manufacturer Sisecam and Ciner Group will make a joint USD 4bn soda ash investment in the U.S., according to a statement from Sisecam. As part of the planned investment, Sisecam, which currently has equal shares with Ciner Group in the Pacific Natural Soda Ash Development Project, will acquire additional shares to become a...
Tag: Turkey
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Erdogan defends pursuit of lower interest rates as lira sinks
BY BLOOMBERG President Recep Tayyip Erdogan defended his pursuit of lower interest rates to boost economic growth and job creation, pushing the lira to a new record low against the dollar. Turkey has abandoned old policies based on high borrowing costs and a strong currency in the name of slowing inflation, and instead shifted to...
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EBRD to provide USD 25m to Garanti BBVA Leasing to be used by SMEs
The European Bank for Reconstruction and Development will provide a USD 25m loan to Garanti BBVA Leasing, the financial leasing arm of Garanti BBVA, to be used by eligible SMEs for investments in sustainability, according to a statement from the EBRD. This new loan has been distributed under the third phase of the Turkey Sustainable...
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Netflix contributes TRY 583m to the economy
BY SELENAY YAGCI The U.S.-based subscription streaming service and production company Netflix has contributed TRY 583m to the Turkish economy since 2018. The company has also employed more than 3,300 people in Turkish productions. In the near future, the company plans to invest in further Turkish series and productions. Netflix has increased worldwide interest in...
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Malaysian Mr. DIY to enter Europe through Turkey
BY KERIM ULKER The Malaysia-based home improvement retailer Mr. DIY has entered the Turkish market, which the company considers a step on its way to the European market. Mr. DIY has officially launched its first store in Europe in Istanbul, according to a tweet by the Turkish Embassy in Kuala Lumpur. Mr. DIY, whose average...
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Betting on becoming a unicorn
BY HUSNIYE GUNGOR Thread In Motion, which produces smart, wearable, handheld terminals for the automotive, logistics, and manufacturing sectors, aims to become a unicorn in three years. As the only company in Turkey that produces wearable IoT technologies, the company aims to dominate both the local and the global market. Thread In Motion produces smart...
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I won’t stand by anyone who defends interest rates: Erdogan
Turkish President and AK Party Chairman Recep Tayyip Erdogan has underlined the ‘low interest rate’ message at the AK Party’s group meeting . Repeating the idea that the ‘interest is the cause and inflation is the result’, Erdogan said his party will remove the burden of the interest rate burden from the nation. “We cannot let...
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EBRD to provide EUR 150m for railway project linking Europe and Asia
The European Bank for Reconstruction and Development (EBRD) will provide EUR 150m loan to the Turkish government for the construction of the 67-kilometer Ispartakule-Cerkezkoy high-speed railway line project linking Istanbul to the Bulgarian border, according to a statement from the bank. The loan will also support the Turkey’s transition to a low-carbon economy. The Ispartakule-Cerkezkoy...
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Turkey and Hungary to jointly implement USD 200m water management project in Ghana
BY KERIM ULKER Turkey and Hungary will jointly implement a USD 200m water management project in Ghana under the auspices of the Go-Africa project, according to Tamas Endre Feher, Ambassador of Hungary to Ghana. The project, which will be financed by Hungarian Eximbank, will include a 500-kilometer pipeline and a water reservoir of 10,000 cubic...
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Natural gas prices hiked for power plants, industry by 47-48%
Turkey raised the price of natural gas used by power plants by 47% and the price of gas used by industry by 48%, while consumer gas prices remained unchanged, the state energy company Botas said on Monday. (REUTERS)