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TURKEY’S CENTRAL BANK SLASHES INTEREST RATES BY 2% – CURRENCY APPRECIATES AFTER CENTRAL BANK’S SURPRISE EASING

Posted by Gilmour Poincaree on January 18, 2009

1:04 p.m. EST Jan. 15, 2009

by Polya Lesova – MarketWatch

PUBLISHED BY ‘MARKET WATCH – The Wall Street Journal Digital Network’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘MARKET WATCH – The Wall Street Journal Digital Network’ (USA)

Posted in BANKING SYSTEMS, CENTRAL BANKS, CURRENCIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INTERNATIONAL, RECESSION, TURKEY | Leave a Comment »

TURKISH GOVT PROPOSES FRESH STIMULUS FOR ECONOMY

Posted by Gilmour Poincaree on January 16, 2009

Thursday January 15 2009

Reuters

PUBLISHED BY ‘THE GUARDIAN’ (UK)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE GUARDIAN’ (UK)

Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, CURRENCIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MACROECONOMY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STATE TARIFFS, THE FLOW OF INVESTMENTS, TURKEY | Leave a Comment »

TURKEY’S PRESIDENT SAYS IRAN, IRAQ COULD SUPPLY GAS FOR NABUCCO PIPELINE

Posted by Gilmour Poincaree on December 17, 2008

12:31 PM EST, December 16, 2008

by Associated Press

PUBLISHED BY ‘NEWSDAY.COM’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘NEWSDAY.COM’ (USA)

Posted in COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, MACROECONOMY, NATURAL GAS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, TURKEY | Leave a Comment »

COLD WAR TAKES GLOSS OFF NICOLAS SARKOZY’S PRESIDENCY

Posted by Gilmour Poincaree on December 13, 2008

December 12, 2008

Charles Bremner in Paris – The Times

PUBLISHED BY ‘THE TIMES’ (UK)

The Germans see him as an excitable clown and he raises hackles in the East, but Nicolas Sarkozy wants to extend SARKOZY, ACCORDING TO MERKELhis reign as Europe’s de facto leader after his last summit in the EU chair, which opened yesterday.

The hyperactive French President is convinced that he has galvanised Europe with deft handling of the credit crunch and other crises during his six-month EU presidency.

The satisfaction in Paris is barely dimmed by the most glaring failure of France’s presidency: Mr Sarkozy’s cold war with Angela Merkel, the German Chancellor.

The subdued Ms Merkel, who loathes Mr Sarkozy’s bravura, has been watching videos of the late Louis de Funès, a manic comic actor and Gallic institution, for clues to understanding the ever-agitated President.

Der Spiegel says that the Chancellor sees Mr Sarkozy as an “unfeasibly vain jack-in-the-box”: “She has nothing to counter him apart from her eternal impassiveness. Her fist may be clenched but she keeps it in her pocket.”

“Super Sarko”, who does not claim modesty among his qualities, is telling colleagues that he has triumphed by steering Europe through the financial crunch – with Gordon Brown’s help – and creating a new political purpose in the moribund Union.

Jean-David Levitte, the veteran diplomat who manages foreign policy from the Élysée Palace, said that Mr Sarkozy had swung the balance of power in Europe by winning over second-rank members such as Greece.

As the Czech Republic prepares to take over the presidency next month, Mr Sarkozy’s team has been setting out his plans for maintaining French direction. Last month Ms Merkel scuppered Mr Sarkozy’s attempt to appoint himself chairman of the eurozone for next year during the EU presidencies of two non-euro states. But France has another 18 months as co-chair of an EU-Mediterranean Union that Mr Sarkozy launched last July.

His next plan, not yet announced, is a new “economic and security space” with Russia, Mr Levitte disclosed. Given anger in the West towards Russia’s occupation of northern Georgia, European leaders will be surprised to learn that Mr Sarkozy aims to offer a new security pact to Russia and hopes to bring in Ukraine and Turkey.

Another item to emerge from Mr Sarkozy’s team this week has been the President’s belief that Mr Brown will swap the pound for the single currency, thereby boosting the power of the eurozone. “Do you think that they enjoy seeing sterling in such a state?” asked a senior Sarkozy adviser.

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PUBLISHED BY ‘THE TIMES’ (UK)

Posted in COMMERCE, ECONOMIC CONJUNCTURE, ECONOMY, ENGLAND, EUROPE, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FRANCE, GEORGIA, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, RECESSION, RUSSIA, THE EUROPEAN UNION, TURKEY, UKRAINE | Leave a Comment »

ROCCO SABELLI PRESENTA LA NUOVA ALITALIA

Posted by Gilmour Poincaree on December 12, 2008

12/12/2008

Amerigo Francia – Milano Finanza

PUBLISHED BY ‘MILANO FINANZA’ (Italy)

La nuova Alitalia non aumenterà i prezzi e non ridurrà l’offerta di voli. Lo ha assicurato l’amministratore delegato di Cai, Rocco ROCCO SABELLISabelli, nella conferenza stampa per la presentazione del closing della vendita di Alitalia a Cai. “Non abbiamo in programma di aumentare i prezzi o ridurre l’offerta, anche sulle rotte dove abbiamo il 100% del mercato”, ha affermato Sabelli illustrando i punti principali del piano industriale.

L’obiettivo, spiega il braccio destro di Colaninno, “mira a ottenere il 56% del mercato interno nel 2009 rispetto all’attuale 30%. Una quota che ci farà tornare in Europa, visto che Air France ha il 91%, Lufthansa il 53%, Turkish Airlines il 43% e Iberia 39%. Puntiamo inoltre ad avere una flotta più moderna ed efficiente: nel 2009 l’età media dei nostri aerei sarà 8,6 anni, mentre attualmente è di 12,4 anni”.

Nel piano industriale, ha spiegato Sabelli, una forte attenzione è legata alla creazione di un network completo ed efficiente focalizzato su medio e lungo raggio. “Non si può fare una compagnia grande quanto si vuole, ma grande quanto si deve. Dico un’ovvietà”, ha osservato Sabelli, “ma è meglio avere meno aerei ma più pieni che tanti aerei mezzi vuoti. Il piano industriale parte dall’esame della struttura della domanda e dalle dimensioni del mercato, e punta a creare un leader forte sul mercato domestico. L’integrazione con Air One va in questa direzione e ci fornisce densità, dimensione e sinergie”.

Per la capitalizzazione della nuova Alitalia il manager conta sui 1.100 milioni, che era il target iniziale, e sul contributo del partner straniero. L’aumento di capitale avverrà in due tranche: per 850 mln dai 21 soci attuali, ai quali “non escludiamo se ne aggiungano altri”, mentre la restante parte avverrà in un secondo momento “per garantire la struttura finanziaria”.

Riguardo invece al partner industriale con la nuova Alitalia, l’ad di Cai ha confermato che “La scelta del partner straniero sarà tra Lufthansa e Air France”, precisando che da parte di entrambe le compagnie è stata avanzata la proposta di partenariato industriale come la disponibilità a investire in equity. La proposta di British Airways era invece “di natura solo commerciale”, ha spiegato Sabelli. Il manager ha quindi detto che “noi privilegiamo le prime due e crediamo che un ingresso nell’equity possa rafforzare la compagnia”. Parlando di Lufthansa e Air France, Sabelli ha detto che si tratta di “due proposte molto buone, duole lasciarne fuori una. Sceglieremo la proposta migliore”.

In ultimo, stamattina è partito il processo di assunzioni. “Siamo assolutamente tranquilli sulla trasparenza dei criteri concordati”. Le proposte di assunzione saranno dirette a “quasi 9mila persone, ci aspettiamo una risposta entro 48 ore”. Per quanto riguarda il rapporto con i sindacati, Sabelli ha detto di aver avuto con i sindacati confederali “una trattativa molto dura, ma comunque negoziale”, mentre con le associazioni professionali c’è stato “il rifiuto di cedere il controllo della compagnia”. Per questo, “da oggi il dialogo va direttamente ai nostri dipendenti”, ha concluso Sabelli.

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PUBLISHED BY ‘MILANO FINANZA’ (Italy)

Posted in AIR TRANSPORT INDUSTRY, BANKING SYSTEMS, COMMERCE, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FRANCE, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, ITALY, NETHERLANDS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, TRANSPORT INDUSTRIES, TURKEY, UNITED KINGDOM | Leave a Comment »

NEW GAS EXPORT STRATEGIES (Iran)

Posted by Gilmour Poincaree on December 3, 2008

Thu, Dec 04, 2008

by Majid Karimi

PUBLISHED BY ‘THE IRAN DAILY’

The trilateral meeting between the leaders of Turkmenistan, Turkey and the Republic of Azerbaijan was held at It is difficult to predict the final stance of Turkmenistan toward the Nabucco pipeline, as nothing official has yet been made public.Turkmanbashi, Turkmenistan, on Friday.

Gurbanguly Berdymuhammedov, Abdullah Gul and Elham Aliev respectively discussed cooperation in the field of energy.

The meeting followed Berdymuhammedov’s visit to Germany and Austria, and negotiations for exporting gas to Europe. Of course, he has not made explicit comments regarding exports of gas to Europe via Nabucco or the trans-Caspian project.

The trans-Caspian project has not yet materialized due to ambiguities surrounding the Caspian legal regime, rift between Turkmenistan and Azerbaijan over a gas field and environmental problems.

Diversification

After the Turkmanbashi meeting, Financial Times reported Azerbaijan and Turkmenistan have reached an agreement about new strategies for exporting the Caspian Sea energy to consumer markets to curb the dependency of European states on Russian gas.

Based on this report, the European Union (EU) and the US have urged Turkmenistan to join the Nabucco pipeline project for transporting gas via Azerbaijan, Georgia and Turkey.

After meeting his Azeri counterpart, Berdymuhammedov said, “Turkmenistan and Azerbaijan, which are rich in hydrocarbon resources, have reached an agreement on diversifying the export routes for energy to the global markets.“

He emphasized that his country is keen on participating in the Nabucco pipeline project, but is under pressure for exporting its gas via Russia, which is the main market for Turkmen gas.

“Turkmenistan has signed a contract for supplying gas to China via the pipeline which is presently under construction,“ he said.

On the threshold of this trilateral meeting, Berdymuhammedov visited Germany and Austria during Nov. 13-19. In these visits, issues pertaining to the transport of Caspian Sea gas bypassing Russia were examined.

Manager of Azerbaijan’s Oil Projects Research Center Ilham Shaban noted that negotiations between the presidents of Azerbaijan, Turkey and Turkmenistan hints at more extensive cooperation among them in the energy sector than the Nabucco project alone.

Future meetings are not expected to focus on the gas project for building a pipeline through the Caspian seabed because at the presidential level, projects in their preliminary stages are not examined.

“So far, a few meetings have been held between representatives of Turkey and Turkmenistan in which the import of electricity and transport of gas via Iran were discussed. But, the last case did not materialize,“ he said.

The Azeri official noted that till now, no trilateral meeting was held between the leaders of Azerbaijan, Turkmenistan and Turkey.

“I should mention a similar case regarding how things proceeded regarding energy cooperation between Azerbaijan and Kazakhstan. Since November 2002, negotiations took place between Baku and Astaneh at different levels. This eventually led to an intergovernmental agreement between Azerbaijan and Kazakhstan regarding oil transport via the Baku-Tbilisi-Ceyhan pipeline. Hence, the meeting in Turkmenistan is another step to this end,“ he said.

Since the Commonwealth of Independent States gained their independence in 1991, Azerbaijan has had good economic ties with Turkmenistan and Turkey.

“I personally believe that in future negotiations between the presidents of these countries, more issues will be examined,“ he said.

Shaban further said it is difficult to predict the final stance of Turkmenistan toward the Nabucco pipeline, as nothing official has yet been made public, except a communiquŽ expressing Turkmenistan’s desire to diversify its gas supply.

“Interestingly enough, it has been mentioned that gas will be transported to China from fields located above Amudarya, from northern Dolatabad to Russia via the pipeline alongside the Caspian Sea and whatever is found in the western part of Turkmenistan will be transported to the West,“ he said.

It seems that Turkmenistan has determined, after 17 years of independence, where and how gas should be transported in a viable manner.

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PUBLISHED BY ‘THE IRAN DAILY’

Posted in CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, COMMONWEALTH OF INDEPENDENT STATES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, EUROPE, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, KAZAKHSTAN, NATURAL GAS, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE FLOW OF INVESTMENTS, TURKEY, TURKMENISTAN, UZBEKISTAN | Leave a Comment »

OCDE ESPERA RECESSÃO PARA EUA E EUROPA EM 2009

Posted by Gilmour Poincaree on November 25, 2008

Plantão – Publicada em 25/11/2008 às 13h01m

por Juliana Cardoso – Valor Online

SÃO PAULO – A Organização para a Cooperação e Desenvolvimento Econômico (OCDE) espera recessão em vários países no próximo ano, como Estados Unidos e Japão. Acredita que a desaceleração econômica deverá ser mais severa em economias mais vulneráveis a crises financeiras ou às fortes quedas de preços das casas, como Hungria, Islândia, Irlanda, Luxemburgo, Turquia e Reino Unido. Também avalia que o desaquecimento global afetará as principais economias emergentes, como Brasil, China, Rússia e Índia, mas o efeito será mais limitado.

Nos Estados Unidos, conforme o relatório da OCDE, o Produto Interno Bruto (PIB) deve declinar 0,9% em 2009 antes de apresentar crescimento de 1,6% em 2010. Na zona do euro, o PIB deve ter contração de 0,6% no próximo calendário e expandir-se 1,2% um ano depois. A economia japonesa declinará 0,1% em 2009, mas deverá registrar avanço de 0,6% em 2010.

No levantamento Perspectivas Econômicas, a organização prevê que o números de desempregados nos países pertencentes à OCDE deve crescer em cerca de 8 milhões de pessoas nos próximos dois anos uma vez que a recessão mais séria desde o início dos anos de 1980 afeta a atividade econômica.

O contingente de desempregados pode alcançar 42 milhões de pessoas em 2010 em comparação aos 34 milhões registrados atualmente. A atividade econômica nos integrantes da OCDE deve ceder 0,4% em média em 2009 antes de crescer 1,5% no ano seguinte.

“As incertezas envolvendo as projeções são excepcionalmente altas”, declarou o economista-chefe da OCDE, Klaus Schmidt-Hebbel. “Muito depende de de como ocorrerá a superação da crise financeira, o principal motor da desaceleração”, acrescentou.

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PUBLISHED BY ‘PORTAL G1’ (Brasil)

Posted in BANKING SYSTEMS, BRASIL, CHINA, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HUNGARY, ICELAND, INDIA, INTERNATIONAL, IRELAND, JAPAN, LUXEMBOURG, ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD), RECESSION, RUSSIA, THE FLOW OF INVESTMENTS, THE WORK MARKET, TURKEY, UNITED KINGDOM, USA | Leave a Comment »

TURKEY TO INVEST $12 BILLION IN IRAN

Posted by Gilmour Poincaree on November 20, 2008

20 Nov 2008, 1544 hrs IST

AGENCIES

TEHRAN: Turkey will invest $12 billion in Iran’s Pars offshore gas field, said Turkish Energy Minister Hilmi Guler.

“Turkey will invest $12 billion on developing phases of South Pars offshore gas field in southern Iran and construction of gas pipeline from Assalouyeh to Turkish border,” Hilmi Guler said yesterday.

Referring to the agreement signed by Iran’s Oil Minister Gholam Hussein Nozari and Guler in Tehran, Guler termed the agreement as vital.

“We will implement all bilaterally inked agreement,” the Turkish minister said.

Iran and Turkey inked a memorandum of understanding (MoU) according to which Turkey will invest in developing phases 22, 23 and 24 of Iran’s South Pars gas field and will buy 50 per cent of its produced gas when the project is completed.

As per the MoU, Turkmenistan’s gas will be transferred from Iran to Turkey and Iran will pipe its gas to Europe through Turkey.

Iran will transfer 35 billion cubic meters of Turkmen gas to Turkey annually.

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PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, NATURAL GAS, THE FLOW OF INVESTMENTS, TURKEY | Leave a Comment »