The World Bank Data
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The VolksWagen debate is irrelevant
The World Bank introduced its annual Global Development Finance report with short seminars in Ankara and Istanbul late in the week. I found the Istanbul leg a much more appeasing introduction than the markets’, when the growth revisions in the report led to sharp sell-offs amidst a mood of uncertainty on Monday.
Making photography a professional pursuit in life
ISTANBUL - Emre Dörter stayed on in Italy to get some real-life experience in photography after completing his master’s degree at the Accademia Italia before returning home. He says over time he has developed an affinity to shoot still-life pictures, as he does now. ’For everything, there has to be a separate preparation, structure, equipment, eye and approach. To find opportunities to work in different styles is very attractive, in spite of it being stressful for a careful professional,’ he says.
Failure to beat iPhone puts Nokia sales at risk
HELSINKI - Failure to utilize the power of third-party applications and software in mobile phones is putting Nokia’s market share at risk, as even fellow Finns have started to choose iPhones and similar gadgets over Nokia. The Finnish company’s global sales of smartphones fell to 41.2 percent in the first quarter.
Gov’t optimistic, works on new map
ISTANBUL - Economy Minister Ali Babacan says the government is working on a mid-term economic program, without mentioning the International Monetary Fund. Turkey would be ’the best’ among G20 nations in terms of its debt-to-gross domestic product ratio and budget, he says.
Commercial non-performing loans rise
ISTANBUL - Turkish banks’ total non-performing loans rise 65 percent to 7.9 billion Turkish Lira in seven months. Over the period, the rate of non-performing commercial loans surges from 3.3 to 6.6 percent. The figures display the mounting pressure of the economic crisis.
PART V - Financial stability a must for healing
ISTANBUL - To overcome the global economic crisis, financial markets should be stabilized first, says Fatma Melek, chief economist at Turkish lender Akbank. Stimulus packages by the Turkish government are a positive step, but they should be supported by foreign resources, Melek tells the Economic Review
Russia oligarchs in survival fight
MOSCOW - Humbled by huge debts, Russia’s once-powerful oligarchs are seeking salvation at the hands of the state, but the Kremlin warns them there will be no more free money. Senior bankers believe Prime Minister Vladimir Putin is likely to decide the fate of oligarchs
Gov’t pressured to act on economy
ISTANBUL - All eyes turn to Turkish government, as demand for a comprehensive stimulus package to fix the crumbling economy rises. The economy is increasingly feeling the heavy impacts of the global crisis with declining production and capacity utilization, as well as idling growth and falling Turkish Lira
The curious case of government bonds
Last week, the economics agenda was rather lively. While the policymaking community was doing its best to lighten up the mood with humorous words and deeds, it was also possible to detect some important signals pertaining to government bonds, most of which got almost lost in all the clatter.