Royal Dutch Shell to cut 6,500 jobs on oil price slump

Royal Dutch Shell on July 30 said it plans to reduce its headcount by 6,500 this year owing to sliding oil prices and as it looks to complete a mega takeover. “Today’s oil price downturn could last for several years, and Shell’s planning assumptions reflect today’s market realities,” the company

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Turkish Economy – What to expect

TURKISH ECONOMY Political developments will determine the course of the economy  in the short term. Given binomial distribution of outcomes in politics – there will either be a reasonable resolution or heightened level of political uncertainty –  we prefer to be in a wait-and-see mode with regard to our macro

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Spanish BBVA 39,9 % shareholder in GARANTI BANK

Spanish lender BBVA has become the leading shareholder in Garanti, Turkey’s largest bank in terms of market capitalization, the companies said on July 27 in a joint press conference. After completing the transaction announced last November to acquire an additional 14.89 percent holding, the BBVA Group now owns to 39.9 percent

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HSBC to agree sale of Turkish unit to ING for around $750 million

ISTANBUL (Reuters) – HSBC is set to agree to sell its Turkish business to Dutch lender ING Group for around $700 million-$750 million (480.06 million pounds) in the next few days, two people familiar with the matter told Reuters on Wednesday. HSBC, the 12th-largest bank in Turkey, is selling the

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Antalya most popular spot for business meetings

The Mediterranean resort of Antalya has become the most popular sport for business meetings and conferences in the last year, followed by Istanbul, the Aegean provinces of Muğla and İzmir, and the capital city of Ankara, a fresh sector report has shown. The M.I.C.E. (meetings, incentives, conferences and exhibitions) sector

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Turkey among top 10 medical tourism spots

Turkey, the sixth most visited tourism destination in the world, has also become one of the most popular medical tourism destinations with more than half a million medical tourists visiting the country last year, according to data compiled by Anadolu Agency from the Association of Turkish Travel Agencies (TÜRSAB), the

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Friday, Turkey’s CPI figures for June were released which came in -%0.51, far better than the market consensus of -%0.20. As a result, yoy CPI figure fell to 7.2% from 8.1%. Yet, the impact of the inflation figures over the currency was quite limited and the TRY closed the last

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Turkey’s fishing industry shrinking

Turkey’s fishing industry has been shrinking gradually since 2011 due to a decrease in fishing activities, although there has been an increase in fish breeding, according to a note published by the Turkish Statistical Institute (TÜİK) on July 7. The sector’s volume was around 537,345 tons in 2014 with a

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