An agreement has been signed for a new airline company to be established in Northern Cyprus after the former Cyprus Turkish Airlines (KTHY) was forced to cancel flights due to the financial crisis.
The ownership of the new airline, named Northern Cyprus Airlines, is as follows; 60 percent belongs to Northern Cypriot businessmen, 30 percent to the Northern Cypriot state and 10 percent to Turkish Airlines. With a 20 million TL capital, the new airline is the first company to be formed within the public-private sector of the Turkish Republic of Northern Cyprus.
Unemployment rates drop for October
When growth activated non-agricultural employment, the unemployment rate for October surprisingly recessed. Within the past year, almost one million people have been employed, while the unemployment rate has dropped 1.8 points down to 11.2 percent.
Turkish automaker Karsan in MoU talks with Hyundai
Turkish auto company Karsan Automotive is in talks with Hyundai Motor Company on signing a memorandum of understanding in January for truck production, Karsan said on Tuesday.
KKR's UN Ro-Ro to bid for Istanbul ferry firm
UN Ro-Ro, owned by Kohlberg Kravis & Roberts & Co plans to bid at the auction for Istanbul's fast ferry operator IDO which is being privatised early this year, according to chief executive of UN Ro-Ro Kaptan Cemil Bayulgen.
Turkey’s budget deficit figures released
In 2010 the central administration budget expenditures were 293 billion 628 million liras, budget revenue was 254 billion 28 million liras, and the budget deficit was 39 billion 600 million liras.
Çalık to build biggest power plant in Iraq
Çalık Enerji will now be taking on the 4445.5 million dollar task of building the largest energy power station in Iraq. Çalık Holding Chairman of the Executive Board Ahmet Çalık states, "We will provide 24-hour nonstop electricity to the central Euphrates.”
Fifteen hotels on the way
As Antalya aims to acquire 11 million tourist visits this year alone, previously laid investment plans put on the wayside are about to be restarted. In addition, a 500 million euro investment into the building of 15 new five-star hotels is also on the way.
Automobile sales soar in 2010
Last year, automotive sales broke a record high in the history of the Turkish Republic. Figures show that in 2010 alone, 761,000 automotives were sold.
Mercedes tracking for SME’s
The Ministry of Industry is taking action against the exploitation of credit offered to Small and Medium-Sized enterprises. According to claims, certain business-owners have used government tax subsidized SME loans to purchase Mercedes automobiles and even homes. Some have even used the credit, which the government covers the taxes on, to fund a wedding for their son.
Turkish group seeks stake in Kuwait's Zain
Turkey's Cukurova Holding has agreed with a leading stakeholder in Zain telecom to buy 30 percent of the firm's shares for $7.9 billion, CNBC Arabia television said Wednesday.
10,000 in advance and 2B is yours
The government’s newly penned draft legislation dealing with 2B status property is complete… Accordingly, sales of 2B properties, land which had dropped from forest status, will now be based on the current market value, 10,000 TL will be paid in advance and there will also be fixed five-year term options.
Turkish PM arrives in Kuwait to boost cooperation
Turkish prime minister heads 500-strong delegation as Turkish officials and businessmen travel to the Gulf to boost economic and political cooperation.
Turkey in move to allow 50% foreign TV ownership
Turkey's parliament approved on Thursday legislation allowing foreigners to own 50 percent of Turkish broadcasters, doubling the limit and paving the way for more acquisitions from abroad.
Cigarettes will soon be sold under the table
New regulations to take effect in three months’ time dictates that in order to prevent further damage to the nation’s health and sales to minors, cigarettes must literally be sold under the table.
Turkey in talks with France over nuclear plant
Turkey has entered talks with French firms about the planned construction of a nuclear power plant on the Black Sea, Energy Minister Taner Yildiz said Friday.
