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Analysis

New principles: The updated commercial code will boost transparency and auditing standards
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The present Commercial Code – the basic law governing companies – has been in force since 1957 almost without modification. Its replacement has now been enacted and comes into force in stages. The first main stage is expected to be implemented on July 1, 2012. THE CODE: The new law’s requirements include: • Every company must maintain a website. The website must publish the company’s…

Analysis

Neighbourhood guests: Closer regional ties are helping boost the number of visitors
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If Turkish tourism sector has been struggling to breaking into the high-value visitor market, the tides may be turning. The past two years have been characterised by a marked increase in arrivals from the Middle East. Drawn by Turkey’s growing regional presence, expanding facilities and cultural similarity, Middle Eastern guests are diversifying – and expanding – the sector’s revenue stream.…

Analysis

Refreshing the page: Providing content in new and innovative ways
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Recent developments in IT infrastructure and the country’s young demographic – the youngest in Europe – are compelling Turkey’s media sector to adapt to a new industry landscape. Traditional methods and platforms for accessing media are declining, replaced by new demands that require creative innovation to keep revenues high and growth sustainable. ONLINE & UPWARD: Technological…

Analysis

Setting an example: Regional peace high on the agenda as the country seeks to strengthen its role model status
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With its thriving economy, democratic system and moderately Islamist leadership, in recent years, Turkey has been frequently put forward as a role model for other nations in the Islamic world. This has been helped by growing soft power, evident in everything from the popularity of Turkish soap operas in Egypt to the ubiquity of Turkish goods in Iraq. Turkey appears to combine successfully both…

Analysis

The only show in town: High-profile investigations and court cases are dominating the headlines
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Perhaps nothing has been more symbolic of the transformation in Turkish society over the past few years than the string of indictments the country’s courts have recently been issuing against senior military figures. The country is in the thick of a major, public reassessment and reform of the relationship between its soldiers and civilians – and thus between its past and present. This provokes…

Analysis

Alternatively growing: Online and mobile banking cast a wide net for new customers
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In the last decade, Turkey’s lenders invested heavily in developing alternative banking practices, starting with ATMs and recently expanding to internet and mobile platforms. Moving transactions out of the branches actually increased contact between banks and their customers, who now have nearly constant access to their accounts. This has helped banks reduce costs, attract new customers and tap…

Analysis

As the market swings: The sector’s response to a rapidly shifting monetary policy
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The downside to the growth in retail lending in Turkey in 2010 and 2011 was a rapid increase in the current account deficit as consumers took advantage of greater access to credit to purchase imported products that were previously out of reach financially. At the same time, the lira, buoyed by strong capital inflows, strengthened, making imports less expensive and raising the cost of Turkish exports.…

Analysis

A win-win relationship: Recent years have seen a jump in trade with Gulf states
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One major success story in recent years has been the rapid rise in bilateral trade between Turkey and the countries of the Gulf Cooperation Council (GCC). Indeed, Turkey enjoys trade surpluses with all the GCC states except Saudi Arabia and Qatar, with energy imports accounting for the deficits there. With the UAE, Kuwait, Bahrain and Oman, Turkish goods and services exported outstrip imports,…

Analysis

Arçelik: White goods
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THE COMPANY: Domestic demand for white goods correlates with GDP. In times of economic expansion, white goods demand growth outpaces GDP growth, whereas the decline in sales exceeds the decline in GDP at times of economic contraction. From 2003-10 the average multiplier of domestic white goods demand growth was 1.26 times GDP growth. The domestic market is dominated by four local producers:…

Analysis

Big lenders: Important changes and promising signs of growth
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The top five Turkish lenders in account for nearly 60% of the assets in the banking sector. The state has ownership stakes in three of Turkey’s top 10 banks; and the second-largest bank, Ziraat, is 100% state-owned. While domestic players account for eight of the 10 biggest lenders in the country, four of these are at least partially owned by foreign banks. Financial performance in 2011 was characterised…