Word: turkeys
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...turmoil but says he is "optimistic that this crisis will be overcome and a solution found." The Turkish government has vowed to press ahead with privatization plans, including a 15% treasury-owned stake in Turk Telekom, the Turkish telephone operator, as well as regional electricity-distribution grids and Halkbank, Turkey's second largest state-owned bank...
Commercial real estate in big cities like Istanbul has become particularly attractive to foreign investors who see markets in Turkey that have yet to be picked over. The graceful domes and minarets of Istanbul and other cities are being augmented by a thicket of building cranes, and futuristic shopping malls are competing for space among the red-tiled roofs. Analyst Roger Barris at Merrill Lynch predicts that outsiders will pour more than $15 billion into Turkish real estate in the next five years. Turkish coffee may be famous, but Turkey is now one of Starbucks' fastest-growing markets...
Turkish businesses, meanwhile, invested $28 billion in Russia last year, up from $15 billion in 2005. They are poised to take advantage of the $1 trillion that Russia says it will spend on infrastructure by 2020. And while Turkey refused to permit U.S. troops to invade neighboring Iraq from its territory in 2003, Turkish construction and retail companies have since invested up to $10 billion in the war-torn country...
Falling trade barriers with the West have also reinvigorated some of Turkey's ancient trade centers. In the old Silk Road city of Kayseri, formerly Caesarea, 150 miles (240 km) southeast of Ankara, some 400 factories producing everything from electric cables to blue jeans have sprung up in the past several years. Exports from that city and its sister "Anatolian tigers," as Turks call the industrial hubs of the central part of the country, have doubled since 2002. "We will take care of Europe in its old age," jokes Mustafa Boydak, head of Kayseri's Chamber of Commerce, citing Turkey...
...latest political problems show how Turkey's old secular establishment, a wealthy class rooted in western coastal cities, is not ready to surrender its prerogatives yet. It is backing the court challenge to the AKP, whose electoral base, incidentally, is central Anatolia. (Turkey's President, Abdullah Gul, is from Kayseri.) "The reason the economy was booming in recent years," says Raymond James analyst Avci, "was that there was finally political stability with a single-party government. That is now in jeopardy, which is worrying." And yet businessmen like Serdar Bilgili remain upbeat. The Istanbul entrepreneur just invested...