Word: turkeys
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...Just outside the town is a state-of-the-art coal-fired power plant built by the German utility Steag, which alone provides about 5% of Turkey's electricity. When it started operations in 2003, the $1.5 billion plant was the biggest single foreign investment in the country. In nearby Isdemir, a giant steel mill built in the 1970s by Russian engineers using Soviet technology is undergoing massive renovation. Some 18,000 workers used to produce just over 2 million tons of steel here; now about 6,000 people produce almost three times as much - and the plant consumes less...
...Indeed, automobiles have become Turkey's single most important industry, overtaking the traditional No. 1, textiles. Along with Renault, three other foreign giants - Fiat, Honda and Toyota - all have significant production facilities in the country. About 80% of output is exported, mainly to Europe, which until recently meant booming business. But as the specter of recession comes to haunt Germany, France and the rest of the Continent, automotive sales have been badly hit. In Turkey, that has resulted in a drop in production since June, after five years of continuous growth. "Foreign orders are drying up and there's nothing...
...Turkey's oddities that the Steag plant, the Isdemir steel factory and the Renault plant are either joint ventures with or wholly owned by an organization called OYAK, which is the military's professionally managed pension fund. Unusually for a pension fund, OYAK directly owns and operates major sectors of the Turkish economy, and it has boomed along with Turkey these past six years. Indeed, OYAK is now the third largest business in the nation, behind the conglomerates owned by the Sabanci and Koc families. Its rapidly growing profits this decade have ensured that military officers now get substantial lump...
...Boom When outside experts look at Turkey's vulnerabilities, they see other weaknesses apart from its dependence on exports to Europe. One of the drivers of growth this decade has been foreign direct investment, but that has dropped by about 40% so far this year. Sabanci Dinçer is right to praise the robustness of the banking sector, but there are some vulnerabilities here, too: several of Turkey's banks have been acquired by foreign companies, including two European banks that have run into financial trouble elsewhere, Fortis and Dexia. Turkey also has a current account deficit that amounts...
While Harvard undergrads might get their brains pecked by mid-terms and papers, Harvard Business School students are facing a more tangible fowl foe: an actual turkey. Two weeks ago, The Crimson reported that HBS students had created a Facebook group complaining about a turkey running wild around the campus (Kumar, Prateek, “Turkey Runs Afoul of Biz School,” The Harvard Crimson, Oct. 8). The matter intrigued FM, and we decided to lead our own investigation...