5,000 Tons Of Gold “Under The Mattress”

Osman Sarac of the Istanbul Gold Exchange, or IGE, has said, in response to questions on the rise of gold prices, Turkish people keep roughly 5,000 tons of gold worth 131,3 billion euros “under the mattress.”

Responding to questions on Turkeys under-the-mattress gold stock, Sarac said although gold’s monetary value disappeared following the foundation of the Republic, people have kept their habit of stashing gold.

The global gold stock is predicted to hit 163,000 tons in the future, Sarac said, adding that Turkeys privately kept gold stock constitutes 3% of the world’s total. Turkeys “under the mattress” gold stock forms a potential supply resource, Sarac said.

People holding gold assess their gold accumulation in accordance with their personal needs and can put the stocks into the market, he said.

In proportion to the country’s population, the predicted amount is calculated at around 70 grams per capita.

Source: ANSAmed

EasyJet Launch 5 Routes

easyJet, one of the worlds leading low-cost airlines, will place a stronger focus on Turkey in the coming year by launching five more routes to Turkey, as the country has a promising aviation sector, Peter Voets, the company’s Switzerland, Austria and Eastern Europe marketing manager, has said.

Speaking to the Anatolia news agency, Voets noted that Turkey has one of the fastest growing aviation sectors in Europe. The inclination of individuals toward travelling in recent years has played an important role in this growth, he remarked, adding that easyJet cannot remain indifferent to this potential.

“Low fare flights in Turkey have a big potential even though their market share is only 3%.”

Voets, noting that the Turkish market can easily adapt to low fare flights, said customers are more budget conscious - especially during the economic crisis.

EasyJet, the fourth-largest airline in Turkey in terms of seating capacity, has a market share of 7%, he said.

Cameron ‘anger’ at slow pace of Turkish EU negotiations

David Cameron has promised to “fight” for Turkey’s membership of the European Union, saying he is “angry” at the slow pace of negotiations.

On his first visit as prime minister, he said the country could become a “great European power”, helping build links with the Middle East.

He compared hostility to the membership bid in some parts of the EU with the way the UK’s entry was once regarded.

Mr Cameron was expected to agree a new strategic partnership with Turkish Prime Minister Tayyip Erdogan during his visit.

‘Frustrating progress’

In a speech at the Turkish parliament in Ankara, Mr Cameron said he wanted to “pave the road” for Turkey to join the EU, saying the country was “vital for our economy, vital for our security & vital for our diplomacy”.

A European Union without Turkey at its heart was “not stronger but weaker… not more secure but less… not richer but poorer”.

Mr Cameron added: “I’m here to make the case for Turkey’s membership of the EU. & to fight for it.”

At a joint press conference with Turkish Prime Minister Recep Tayyip Erdogan, Mr Cameron suggested the UK would impose provisional restrictions - as with Bulgarians & Romanians after they joined - on the right of Turkish people to live & work in the UK after it joined the EU.

But the rapid rate of Turkey’s economic growth would make any restrictions unnecessary in decades to come, he added.

He said: “One of the effects here is that [as] economies grow & become more evolved, the pressure & flow [of people] between countries isn’t so great.”

Referring to former French President General Charles de Gaulle’s efforts to block British membership of the EU in the 1960s, Mr Cameron said in his speech: “We know what it’s like to be shut out of the club. But we also know that these things can change.

“When I think about what Turkey has done to defend Europe as a Nato ally, & what Turkey is doing today in Afghanistan, alongside our European allies, it makes me angry that your progress towards EU membership can be frustrated in the way it has been.

“My view is clear. I believe it is just wrong to say that Turkey can guard the camp but not be allowed to sit in the tent.

“So I will remain your strongest possible advocate for EU membership & greater influence at the top table of European diplomacy.”

Regional role

Mr Cameron said those who opposed EU membership were driven by protectionism, narrow nationalism or prejudice.

“Those who wilfully misunderstand Islam, they see no difference between real Islam & the distorted version of the extremists. They think the problem is Islam itself. And they think the values of Islam can just never be compatible with the values of other religions, societies or cultures.”

He said: “All of these arguments are just plain wrong. And as a new government in Britain, I want us to be at the forefront of an international effort to defeat them.”

While praising Turkey’s secular & democratic traditions, Mr Cameron stressed that Turkey must continue to push forward “aggressively” with economic & political reform to maintain momentum towards EU membership.

He said the country had a “unique influence” in helping to build a stable Afghanistan through political & economic co-operation & fostering understanding between Israel & the Arab world.

Source: BBC

2010 A Year Of ‘Hope’ Say Businessmen

As the global economy is showing signs of recovery from the worst economic crisis since the Great Depression, indications abound that 2010 will be a year when the recovery kicks in, especially in Turkey, where signs that a recovery is picking up pace revealed themselves towards the end of 2009.

The crisis hit fundamental economic indicators like production, exports, investments and unemployment, leading to massive stimulus packages taken by nations looking to protect themselves from economic free-fall.

The speed at which governments enacted such measures was unprecedented, and possibly saved the global economy from falling into a further global slump rivalling the turbulent times of the 1920s.

The upturn in economic conditions in Turkey in the last quarter of the year has left many wondering whether the worst is over, and whether 2010 will make up for the losses in 2009.

Although Turkey’s Medium-Term Economic Program (MTEP) released by the government predicted a return to growth in 2010, some in the business world are calling this overly optimistic, while others are saying that the government should aim even higher.

Regardless of the exact numbers, the Turkish business world, having seen the recent rays of hope in the economy, is hopeful about the coming year.

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