Gül becomes the first President to ride in driverless car
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nternational credit rating agency Fitch Ratings said that the Turkish government’s recently announced investment incentive scheme would be beneficial for strategic and large scale investments in Turkey for local and foreign groups. The new incentive system differed from previous programs by aiming to reduce Turkey’s dependency on imports, rather than providing financial support based solely on a geographical basis aiming to support under-developed regions in the country, according to Fitch. Page 7
ISSN 1300-2260
Turkish President Abdullah Gül
urkish President Gül visited Google, Facebook and Microsoft during his trip to San Francisco. Google’s Brin took the president on a ride in their new driverless car. Turkish President Abdullah Gül has become the first state leader to test drive Google’s newest innovation. As part of his tour of San Francisco, President Gül paid a visit to Google, Facebook and Microsoft.While meeting with the Turks employed at the Google headquarters, Sergey Brin one of the co-founders of the firm, presented Gül with a very special surprise. Google Technology Chair and Executive Board Member Brin took Gül and his wife Hayrünnisa for a ride in the company’s new driverless car, prior to the project’s official release. Page 7
Fitch praises Turkey’s new incentive scheme
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June 2012 Year: 11 No: 117
OECD: Eurozone crisis largest risk to the global economy P
ARIS- The Organization for Economic Cooperation & Development (OECD) sees the ongoing euro area as the largest risk to the global economy. However, it is optimistic about the emerging economies such as China and Brazil along with Turkey. The organization’s global growth forecast stands steady at 3.4 percent OECD Secretary-General Angel Gurria presented the 2012 Economic Outlook at the group’s HQ in Paris. The report puts EU’s debt crisis as the huge risk to the global recovery. The intensifying eurozone crisis poses the most serious risk to the muted recovery in the global economy, with the United States and Japan set for modest growth, the Organization for Economic Cooperation & Development (OECD) said. Page 5
Euro Zone crisis mounts as leaders argue
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ith Greece’s membership in the euro zone teetering, fears of bank insolvency rising and Europe’s leaders bickering about what to do, the euro crisis is once again intensifying and threatening to undermine fragile growth globally. At a summit meeting in Brussels , regional leaders failed to signal any significant new steps to stimulate the sputtering regional economy or resolve the competing agendas of President François Hollande of France, who favors stronger action to spur growth, and his German counterpart, Chancellor Angela Merkel, who has opposed aggressive moves to ease the pressure on Europe’s weakest economies. Page 9
IMF chief warns of crisis taint
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MF chief Christine Lagarde warned of the risk of “contamination” if Greece quits the euro and said the eurozone might therefore see the value of paying more to keep Greece in. The International Monetary Fund managing director told BBC radio in an interview that a Greek exit from the single currency was “certainly not the most favourable option and not one that we encourage”. The trouble with a Greek departure is “the risk of contamination, from one isolated member that would be carved out, to other members within the zone that want to stay within the zone, who are wanted by their partners and who are doing all the right things,” the former French finance minister said. Page 9
TAV seals deal with French firm
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rench airport operator Aeroports de Paris has completed the purchasing process to acquire 38 percent of Turkish counterpart TAV Havalimanları (TAV Airport Holding) for a total of $874 million, and 49 percent of TAV Investment Holding, a construction company. The chairman and chief executive officer of Aeroports de Paris, Pierre Graff, said, “Our partnership with TAV Havalimanları is a defining moment bringing an international dimension to Aeroports de Paris. Page 6
Import Goods Fair offers opportunity to business partners
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he Import Goods Fair 2012 aims to help foreign manufacturers and suppliers by providing an opportunity to introduce and advertise their famous brands and quality products to Korean importers and consumers. The fair is being held on June 4th - 6th at World Trade Center, Coex in Seoul, South Korea. Page 7
Global finance firms have faith in Istanbul
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OECD Secretary-General Angel Gurria
urkey’s location is key in making it a financial center says World Bank Turkey Director Raiser. Representatives of the world’s leading financial companies have expressed their full confidence inIstanbul becoming a major Turkish Deputy Prime global financial Minister Ali Babacan center. Page 6