Ship
I
n a storm out at sea, the chanc- It is the primary mission of bizNET and proNET
es for survival depend on the to serve as a medium that shifts the balance from
reliability of a ship. The busi- competition to solidarity. We will continue to or-
ness world is measured by its en- ganize seminars, panels and conferences to bring
durance at times of such economic together business professionals with the view to
‘storms’. In unstable economic en- encourage valuable exchanges of knowledge, ex-
vironments, only the fittest players perience and points of view.
will survive. Periodic crisis can be
viewed much like a selection mech- Days when wealth was valued above wisdom or
anism and stimulus for further advice are long gone. Today’s businessmen with
development or restructuring. As capital to invest are looking for advice and infor-
such, the ability to take risks and mation. In these extremely turbulent times, we
adapt your strategy with appropri- especially need to support each other much like a
ate speed is a key for success. chain, which is only as strong as its weakest link.
In this age of information, to gain Those who are brave and who have no intentions
a competitive advantage, one needs to leave the ship in this storm are at the founda-
to possess the right tools and take tion of bizNET and proNET. Through mutual
measured risks with appropriate support and exchange of knowledge we are ca-
swiftness. It is important not only pable of creating a successful network of strong
to extract essential information business minded individuals.
from vast amounts of data available
but also to share that knowledge I believe BN Magazine will become a much
with others. needed bridge connecting and supporting those
with strong achievements and ambitions; a me-
Sharing your knowledge is impor- dium that contributes to the dynamism and de-
tant as it reinforces co-operation at velopment of institutional knowledge.
a level of institutional belonging.
One can vastly benefit from co-op- Chairman,
eration with others. The more you Business Network Executive Committee
share the wider the web of your Tamer Bayraktar
network will contribute to your
success.
BUSINESS NETWORK | BN MAGAZINE
Issue-1
September / October 2009
I am sure you all have an idea and placed us somewhere on your
mind. Let’s break the barriers and rebuild it all over again.
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Because,
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Because,
Why we love each other so much?
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The sheer fact that you have this magazine in your possession is proof of
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not so difficult. A culmination of people that retain their ‘amateur spirit’,
fusing together a colorful repertoire of writers and researchers; a place
where individuals who are a success in their own field come together to
share their thoughts, express their views, with no expectation – only the
passion for hard work and first and foremost: - passion and love to creat-
ing this magazine.
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You are at present reading this magazine baring all! We have the pleasure
of sharing elaborate articles chosen with meticulous attention; with all its
negatives and positives. This magazine has been possible as a result of such
exceptional support.
gination!
Zihni Yalcin 42 Interview with Boris Johnson:
The Mayor of London
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BN MAGAZINE | FINANCE
AMERICA
currency bubbles, which will produce greater calamity
than what the world is witnessing today.
16 | FINANCE
FINANCE | BN MAGAZINE
EUROPE
European retail sales declined at a faster pace in May
2009 as rising unemployment prompted consumers to
hold back spending, the Bloomberg purchasing man-
agers index showed. “Consumers still face a lot of bad
news from the labour market as unemployment will con-
tinue to rise,” said Nick Kounis, chief European econo-
mist at Fortis Bank Nederland in Amsterdam. Europe’s
unemployment rate rose to 8.9% in March, the highest in
more than three years. The rate will increase to 9.9% next
year and 11.5% in 2010, the EU commission forecasts.
The euro area economy may shrink 4% this year, accord-
ing to the European Commission, as exports decline and
companies cut output and jobs.
JAPAN
Japan’s jobless rate hit the highest in five years at 5% in
April. In the reported month, 3.46 million people were
without jobs, up 25.8% from April last year, the Min-
istry of Internal Affairs and Communications said in a
preliminary report. There were only 46 jobs available for
every 100 jobseekers, making the ratio the worst since
June 1999. The government also released the nation’s
core consumer price index (CPI) Friday, which showed a
0.1% fall in April, compared to a year before.
The wider South East Asia region finds itself in the same
position as Japan. The region is reliant upon exports to
the West and these have currently dried up due to the
global credit crunch.
FINANCE | 17
BN MAGAZINE | COLUMNIST
“
into being in the West to en- trolled by Governments thus the next year.
sure that the “proletariat” were changing the basis of capitalism
The recent turmoil not completely oppressed by for a very long time to come. Western Governments which
the “bourgeoisie”. Thus whilst have been forced to take dras-
in the financial and many became incredibly wealthy Capitalism is based on the con- tic action are not looking to be
in the former states of the So- cepts of freedom of investment tied into the banks indefinitely
capital markets viet Union the majority suffered and risk taking. Although, ethical and they hold the hope that they
has irreparably to the point where it is debat- considerations have increasingly may even profit from the situa-
able whether they benefited at watered down the harsh realities tion. Once the economic cycle
changed the bal- all from the “freedoms” which of pure capitalism nonetheless has moved on and the banks
ance of power in were won through the over- the system does allow the dif- have restored their financial po-
throw of communism. ficult decisions to be made on sition the Governments hope
the world. Cash largely economic grounds. Pri- to offload their interest in the
The changes in Eastern Europe vately owned banks and finan- banks by selling the shares they
is king. But it is no happened to coincide with the cial institutions are accountable, have acquired at a profit. Given
longer the West leadership of the Western world ultimately, to their shareholders the level at which the Govern-
being in the hands of two of and the principal concern of the ments have bought into the
that has the cash. the greatest proponents of un- shareholders is profit. Banks were their share price to
They must look restrained capitalism, Ronald increase to anything like their
Reagan and Margaret Thatcher. The capitalist system relies on a historic highs then the amount
to elsewhere for They were determined to “save” strong element of competition. of money needed to acquire
”
Eastern Europe by exporting But in the United Kingdom, for those shares would be huge.
support capitalism as the way out of the example, half the major banks But where is the money to un-
economic and financial depres- are now under state control. dertake such an enterprise?
sion which had ultimately de- The involvement of Govern- The major cash rich nations are
stroyed communism. ment materially affects the equi- those of the Middle East. And
librium. so it may be that the very system
Following the collapse of Com- through which the West sought
munism in Eastern Europe the Now the majority of the banks to save the former communist
West sought to control or at are controlled to a greater or regimes will be the means by
least exercise considerable influ- lesser extent by Government which control of the Western fi-
ence over the East in financial and so the free competition nancial institutions passes to the
and economic terms. which previously existed is gone Middle East and capitalism, for
or at least reduced. For example, so long inextricably linked with
Ali Özmen Safa The recent turmoil in the finan- even though Bank of England Christianity, could become the
BSc (Hons) is Chairman and cial and capital markets has ir- base rate was reduced to 0.5% tool by which the Muslim world
Chief Executive of the Safa reparably changed the balance mortgage rates have, if any- comes to control the financial
Group of Companies of power in the world. Cash is thing, increased. institutions of the West.
18 | COLUMNIST
FINANCE | BN MAGAZINE
FINANCE | 19
lug!
B r i tish p
i o n !
inat
n ted t h e
e -inve
g a s r
a who h
Yalci n -
o
t
u
h
re
Ie
mngineer
Zihni
i n y ed
award e
c
esign
c
d
u
t p ct
S
mos rodu
rial p acturers.
A du st
in uf
g man
amon
PEOPLE | BN MAGAZINE
ordinary. Change is
and experience in the field of electrical engi-
neering and electronics.
It has been said that in order to earn money The journey to the Red Dot Design Award
all one has to do is build a better mousetrap.
That expression simply means that what
uncomfortable ceremony in Essen started three years ago.
It started in a moment of frustration. On
PEOPLE | 21
BN MAGAZINE | PEOPLE
The support of
ASTA (Intertek)
The biggest obstacle to making an alternative plug has to be safety. The
conservative ‘British Standards’ approach towards new inventions has
safeguarded public safety and it is a daunting prospect for any inventor
to try to change the standard plug without risking falling foul of the
detailed provisions governing the safety of UK plugs. However, Zihni’s
perseverance in ensuring that his plug will be safe and his close consult-
ing with ASTA (Intertek), a leading authority for approval of UK plugs
has resulted in a new Supplementary Standard being written specifically
with Zihni’s plug’s unique features to ensure this product will meet an
equivalent safety standard as set for all other UK plugs. New plug,
The plug has been granted a full patent and applications for patents in
other countries and design rights are pending. Zihni has joined forces
New demand
with his close friend and business partner Joshua Leff and approached The new product is certain to receive attention. There is an ex-
a German manufacturer Taller GmbH for sponsorship. Taller was very tremely high demand in the market and it is expected to replace
impressed with the newly designed plug and both of them were invited the current usage of the standard plug that is sold with portable
to Germany to meet the owners of the company to discuss a possible electronic equipment. The new plug should sell in several mil-
business arrangement. The meetings resulted in an agreement by Taller lion each year in the UK and Ireland. The new plug has solved
GmbH to launch, market and manufacture the new British plugs. the problem for millions of sufferers who have until now had to
carry bulky heavy plugs. The smallness of the plug and its thinness
Zihni Yalcin saw the designs potential at the start and went on to design also allows for easy posting as it will be easily inserted through a
and make a USB charger. When launched it will be the smallest U.K. letterbox at destination without having to call for it. (It is not pos-
charger and jokes that it will not be that much bigger than a car key and sible to put current electrical plugs through the standard British
just as light to carry. post boxes.)
The Charger is expect-
ed to be launched be- “The biggest satisfaction for me, and
fore the end of the year. for those who have supported this,
will be to see the product on the
Zihni Yalcin has also designed a shelves and selling to happy sat-
unique and slim line adapter to compli- isfied customers.”
ment his products for international travel- (Zihni Yalcin)
lers.
22 | PEOPLE
PEOPLE | BN MAGAZINE
www.red-dot.de
Inventor Zihni Yalcin - Professor Peter Zec - Business Partner Joshua Leff
PEOPLE | 23
BN MAGAZINE | BUSINESS
24 | BUSINESS
BUSINESS | BN MAGAZINE
QA uestion
BUSINESS | 25
BN MAGAZINE | BUSINESS
With a population İ stanbul accounts for 40% of Turkey’s retail stock and is the largest retail
market in the CEE region alongside Moscow. The city offers a wide variety
of retail formats ranging from retail warehouse units (‘big boxes’), fashion
of more than 12 outlets, established high street retailing and both mass market and high end
shopping centres. Shopping centres are becoming a genuine ‘third place’ for
İstanbulers to socialise, shop and enjoy other modern lifestyle activities.
million and with In comparison to many European markets, Istanbul has rapidly moved from
rising income lev- first generation schemes to modern mixed-use projects. Approximately 24%
of the retail space completed in 2008 was part of a mixed use scheme, and
are becoming increasingly popular as they resonate with the busy lifestyles
els, İstanbul offers of more affluent İstanbul city dwellers and provide a partial solution to the
growing concern of sustainable living.
huge potential for The Zorlu project, the largest mixed-use project in Turkey, which is sched-
uled to open by 2011, is a good example of a retail scheme supported by the
retailers, developers strong synergy created by mixed-use projects. The project offers luxury hotel
and residential units, a shopping centre, cultural and conference centres and
26 | BUSINESS
BUSINESS | BN MAGAZINE
ty
Cevahir Shopping Centre in İstanbul
same kind. Kanyon, an internationally awarded scheme anchored by has emerged in retail development has been outlet centres. Outlets ac-
Harvey Nichols, includes a number of high-end dining venues such as counted for approximately 35% of the retail space developed in 2008.
Hakkasan. İstinye Park also stands out as a successful and innovative The city’s largest outlet centre, Viaport, opened in August 2008 in
concept combining luxury and mass market retail brands, excellent Kurtköy on the Asian side and also offers hospitality and exhibition
dining concepts and a traditional food bazaar. functions.
Mixed use projects are also moving out to the city’s periphery, such Another successful project, Optimum Göztepe Outlet Centre, opened
as Ümraniye, Ataşehir and Kurtköy on the Asian side and Bahçeşehir in November 2008 in Kozyatağı. The outlet centre concept currently
on the European side, generally including residential and retail com- being developed in Turkey includes food and entertainment facilities
ponents. - as well as fashion - and are generally designed, open air centres which
look set to provide a good model for the region.
Major projects on the Asian side include Meydan in Ümraniye, a unique
project opened in September 2007 that combines a green design and * Compiled from Jones Lang LaSalle Turkey: Market Report 2009
open air shopping facility. The scheme is anchored by Real and
Ikea. Buyaka, a mixed use project that includes residential and
office towers as well as a shopping centre, is expected to open
by the end of 2009, while the Pendik Marina project, which
will create synergies between retail and yacht port functions,
is expected to open in the third quarter of 2009. This project
is part of a wider redevelopment of the area by renowned
architect Zaha Hadid.
BUSINESS | 27
BN MAGAZINE | FINANCE
Capitalise
On House Price Falls
Matthew Halsall, Investment Broker, Ducalian
As the downturn continues, percep- Our advice is not to get carried away by price, good location and whether rental
tions are starting to change within the the discount on a property deal, but to predictions are achievable. Also look at
property market. take into consideration the yield on pur- websites such as www.nethouseprices.com,
chase price (the annual rent divided by www.mouseprice.com and www.hometrack.
co.uk to help with your research.
The Royal Institution of Chartered the property purchase price) similar to
Surveyors has just announced some
positive news with buyer enthusiasm
a bank account where you would con-
sider the AER rate of interest.
2 Negotiate and buy below
market value.
Before the market reached the peak, people
continuing to grow in March and new were unbelievably buying above the actual
enquiries in the market increasing for At the present time in the property cy- market valuations; this was the sellers’ mar-
the fifth consecutive month. 31 percent cle we have negative growth and high ket. Right now it is the buyer that has all
more Chartered Surveyors reported a yields; favourable conditions for prop- the power and therefore discounts of up
rise than a fall in new buyer enquiries erty investors. We can only speculate to 35% off the estimated market value are
up from 21 percent in February. when we will reach the “bottom” of achievable. Remember only a discount off
the RICS valuation is worth considering.
the property market, but as buyer inter-
Although some people remain wary,
RICS remain relatively upbeat stating
est returns back into the market the dis-
counts will go and prices increase.
3 Always source positive income.
Make sure you are aware of all the
monthly running costs and factor these
“Buyer interest is starting to gain real into your cash-flow. Costs such as service
momentum but will remain frustrated Look for a property investment with a charges, management charges, ground rent
while mortgage finance is scarce. Sur- good discount and yield, do your due etc , can quickly turn “positive income”
veyors are optimistic that transaction diligence and research on the local area into “negative income.” Unless you find
levels will increase.” and market and be prepared to hold for a substantial discount or have confidence
the medium to long term. This way you that the investment will increase substan-
tially in value, positive income should al-
It can be a difficult time to be a hom- can find an attractive investment option
ways be a must have.
4
eowner at the moment, but what about with a higher return than most conven- Where possible, limit how much
if you’re a buyer? How can you use the tional investments. you spend.
current market to your advantage? Is it There are ways to limit your capital expen-
the right time to buy? Here are a few hints and tips to take ad- diture and use less of your own money to
vantage of the downturn: purchase property. By definition, the less
The time to invest is now
1 Do your due diligence and research.
This might seem obvious but it is key
to making a savvy investment. You need to
money you use the more you have to in-
vest in other opportunities. Of course care
has to be taken not to overstretch or over
Whilst the media love to focus on the
consider whether you’re buying at a good leverage but this really depends upon your
negatives, investors are snapping up
appetite for risk and what you are looking
deals behind the scenes, and the next to achieve.
5
12 months represent a window of op- Use refurbishment or planning
portunity for investors. Interest rates to increase the value. This can
are at an all time low, with banks offer- range from putting a conservatory on
ing very little in return. Buyer interest, your residential property, refurbishing
though improving, is still at very low the kitchen or bathroom, or convert-
levels and credit is not as available as it ing a house into flats or into a multi-
once was. As a result there are a number let. These are good ways to add value
of bargain opportunities in the market to your property or make it more de-
and sellers who are willing to negotiate sirable for when you look to sell.
on price.
28 | FINANCE
BN MAGAZINE | FINANCE
Cash Flow
Mustafa Mencit
30 | FINANCE
FINANCE | BN MAGAZINE
Management in Recession
What is cash flow? Maximising inflows & minimising rather than buying equipment or production
outflows factors. As a further step it is also possible to
Cash flow is your capacity to pay your bills consider selling off currently redundant as-
on a regular basis. It consists of the incom- On the inflow side in order to improve cash sets.
ing and outgoing amount and timing of mon- flow, it is possible to ask for an earlier pay-
ey every day, week or month depending on ment from your customer in line with mutual A business supports both fixed and variable
your cash circulation. The pattern of inflows payment terms. Especially in hard times while costs. Although fixed costs generally follow
and outflows is supposed to let you possess the returns from customers decelerate, you a calendar that helps you in forming your
enough cash to pay bills on time. Bearing in have to chase outstanding sums to recover forecast, they are more resistant to being cut.
mind that inflows and outflows seldom occur late payments. Besides these, you can have re- Unfortunately it is worth considering not only
at the same time and most of the time inflows course to a factoring company through which shedding some of your permanent work force
lag behind, the objective is to speed up the you can get your money with a discount. by hiring temporary workers if necessary but
income flows and slow down expense flows. also closing down some work locations. An-
Here it is worth distinguishing insolvency Additionally, it is possible to apply for new other cost cutting measure is to acquire busi-
from illiquidity. No matter how much profit is credit. Nevertheless credit conditions are ness payment cards from your bank. Business
accounted at the end of the year, if you don’t crunchy in downturn markets. Banks face payment cards allow you to monitor online
possess available cash to pay your employees high bad loan losses which push them out of your staff expenditure and separate staff ’s
and suppliers now, even though you are al- business because of their dangerous leverage personal expenses from business ones. An-
ways solvent you become illiquid at this mo- ratio, therefore they become extremely selec- other form of expenditure is marketing and
ment. Either you can borrow money generally tive. A small business needs to establish a therefore it is recommended to reconsider the
at an exacerbated rate which drags your busi- healthy and friendly relationship with banks. efficiency of your marketing strategy.
ness into a vicious debt cycle or you can’t find It is recommended to communicate bad news
any cash to honour your contracts and you go as well as good news to be credible. A realistic The issue in hard times is to survive. Diver-
bankrupt. To avoid the bad outcome, sound cash flow forecast is also required by many sification in your product range could be a
cash flow management is needed to suppress banks before considering a business loan. way out; however relying on your strengths
the cash flow gaps. Beside banks, when business is strapped for is a safer way out. After producing your best
cash there might be a temptation to touch on product, you can genuinely offer complemen-
Cash flow forecast short term finance providers, so called loan tary products.
sharks who offer available cash but at exorbi-
The first thing to do is to make a cash flow tant interest rates with cruel penalties in case In general, small businesses have a limited
forecast. A cash flow forecast illustrates re- of late payments. It is better to take a vigilant number of customers. If only one of them
alistic predictions in one column against the decision after comparing all opportunities and has a financial problem, the overdue sum can
sources and the incoming amounts in another getting professional advice. affect the survival of the business. It is vital
column over a determined period. It should to look out for any strong or weak signals
also record the actual amounts to carefully Saving money, keeping quality about the health of your customers such as
monitor the discrepancies between forecasts credit rating, published accounts, mistyping
and real figures. It reveals peaks and troughs Another measure to withstand recession is to in cheques, rumours, aggressive or defensive
as well as the cash that you more or less pos- lessen stock in order to have more liquid as- speaking style, always being in a meeting.
sess at a given time. It helps you beforehand sets. A business should be innovative in man-
identifying potential problems to keep the ufacturing: Instead of stocking, it should em- Consolidation & opportunities
business from the illiquidity trap. The earlier ploy just-in-time systems. It is basically a fast Crises are the natural selection of the econo-
you realize the problem the sooner you can interaction of the consumption of old stock my. In all sectors, inefficient firms have to go
get rid of it. The forecast is a living statement, which causes new stock to be ordered. By do- out of business. That brings consolidation to
the important issue is to foresee possible ing so, your business supports less cost of the number of companies. If you have avail-
changes and to update forecasts and plans to carrying stocks. Reconsider faster workflows! able cash at the right moment, an economic
avoid cash drains. downturn offers you an opportunity to buy
Think twice before promising! An alternative out your competitors at a cheap cost and to
way to keep more cash is to engage in leasing expand your business in future.
FINANCE | 31
BN MAGAZINE | COLUMNIST
“
stop. quent interview either evidence
Scenario 2 is presented or it becomes clear
You get out the car and the po- that tax (both or either VAT
Tax investigations liceman states “I have reason The officer doesn’t accept your and Income Tax for example)
are becoming just to believe that you may have admission and asks you to re- has been evaded a higher pen-
exceeded the speed limit”. He consider your answer. You alty will be imposed.
like a game of then adds “My enquiry into don’t.
poker, however just your driving will be conducted The penalty will start at 0% of
with a view to adding on penal- He then states “we have several the tax due for a small honest
as in the casinos, ty points onto your licence and, cameras along this road and we mistake, 20% of the tax evad-
if there is sufficient evidence filmed you driving at 40mph ed for an immediate admission
the house of speeding the imposition of for ten minutes. Due to your and can increase to a maximum
always win. a disqualification”. non co-operation I will impose of 100% of the tax evaded if
” I believe that this new system has been devised and imple-
mented on the basis that HM Revenue and Customs believe
that most businessmen have done something wrong.
He finally adds: “The penalty a twelve point penalty, an auto- there is no admission and evi-
imposed and whether or not matic three month ban and a dence is then subsequently pre-
you are disqualified, will de- financial penalty of £200”. sented.
pend on the level of your co-
operation; now at this stage of Although some short cuts have I believe that this new system
the interview do you have any- been taken this in essence is the has been devised and imple-
thing to tell me?” new tax investigation and pen- mented on the basis that HM
alty regime that was introduced Revenue and Customs believe
You’re not sure what to do, did on the 1st April 2009 (and no, that most businessmen have
the officer see you speeding or it’s not an April fool’s joke!). done something wrong.
not? If admit all you may only
end up with 3 penalty points. If The investigation into an in- Tax investigations are becom-
you deny all, you could end up dividual’s tax affairs will often ing just like a game of poker,
with 12 points and a disquali- commence with a simple let- however just as in the casino’s,
Ertan Hürer BSc(Econ), FCA fication.You take a gamble and ter stating that HM Revenue the house always win.
Managing Partner / Accountant own up to driving at 35mph for and Customs have a suspicion
five minutes. that the tax payer has acted
32 | COLUMNIST
FINANCE | BN MAGAZINE
BN MAGAZINE | A WEEK IN THE LIFE OF...
A
week
in the life of..
Gonca Gürsoy Artunkal
Chairperson of Turkish Investment Banking at Citi Group
Gonca Gursoy Artunkal is the Chairperson of Turkish Investment Banking at Citi. She was voted ’The Most
Successful Female Banker in Turkey’ in 2006 and holds 3 graduate degrees. Gonca is also a founding member
of a Turkish NGO named Women for Women’s Human Rights - New Ways.
Background
I started my career at Andersen Consulting on the attribution theory which was trying phorus, I loved being at the LSE and being
in London then I spent seven years at Chase to explain the differences in the successes or in London. This was a totally inspiring time
Manhattan Bank as an M&A banker focus- failures of female managers versus male man- for me and I loved being part of a truly in-
ing on emerging markets and the oil and gas agers which meant that I conducted in depth ternational student body.
sector. Later, I joined Morgan Stanley where interviews with a large number of managers
I worked as an equity analyst covering Turk- in Turkey. My sensitivity towards the aware- Towards the end of my year at the LSE, I
ish stocks. ness of women’s issues has been a consistent had to start thinking about what to do next.
I did not know exactly what I want-
I joined Citi in 2000 and held ed to do but I knew I did not want
various managerial positions in We have facilitated the inflow of approximately to go into banking! Hence, I opted
capital markets and investment US$30 billion of foreign direct investments into for management consultancy and
banking. Prior to my current started to work for Andersen Con-
assignment, I was the Manag-
Turkey since 2000 sulting in their change management
ing Director responsible for services division. This gave me the
Turkey and Middle East at Citi Venture Capi- theme throughout my life ever since then and opportunity to work for a number of Brit-
tal International. I have tried my best to promote work envi- ish companies and travel around the UK.
ronments that embrace diversity and have However, when it rained 29 days in a row in
I completed my primary and secondary edu- consciously chosen to work for organisations the June of 1992, I started to question “Why
cation in Turkey. Following Robert College, I that are supportive of such environments. I was living in London”. Besides, I also had
started my undergraduate degree at the Bos- I am also proud to be one of the founding started to see how much more dynamic
phorus University. During my second year members of a Turkish NGO named Women the banking sector was and how much my
at The Bosphorus University at the depart- for Women’s Human Rights - New Ways. friends who had chosen to go into bank-
ment of Business Administration I got the ing were enjoying themselves. At that time,
opportunity of gaining a scholarship from Following all these, I was fortunate enough there were many possibilities in banking in
Georgia Rotary Student Program to study at to receive a British Council scholarship and Turkey whereas there were no international
the Oglethorpe University in Atlanta where I come to London to do a master’s degree at management consultancy firms in Istanbul.
received a degree in Economics. I thoroughly the LSE. Studying in England was a totally Hence, I ended up moving to Istanbul and
enjoyed the time I spent there as I had the novel experience, it took me some time to started to work for Chase Manhattan Bank
freedom to study many different subjects adapt to the English way of thinking and in the summer of 1992. However, once I
ranging from Astronomy to Marxism in addi- writing, in fact I was more familiar with the experienced the 1994 crisis in Turkey, I con-
tion to the core Economics curriculum. American educational approach. Whilst the cluded that whilst the weather was much
actual buildings and facilities left a lot to be nicer in Turkey the overall economic cli-
I then came back to Istanbul where I did a desired compared with what I had seen in the mate was not and soon after I came back to
master degree in Business Administration US and were by no means comparable to the England to work for the M&A department
at the Bosphorus University. I did my thesis beautiful campuses that overlooked the Bos- at Chase’s London office.
A typical week
of Gonca Gürsoy ARTUNKAL
On Monday mornings, I am usually in London
and I start my day at six o’clock. I am in my car driv-
ing to work by six thirty when I make phone calls
to colleagues in Turkey and we chat about the week
ahead. I also touch base with any clients with whom
I need to speak about urgent or crucial issues. By the
time I arrive at Citigroup Centre, I have just about
an hour before our 8:15 MDs meeting during which
I go through my e-mails. The rest of the Monday is
usually scheduled with internal meetings where I get
updates on the markets, the deals that we are work-
ing on and coordinate with London-based colleagues
who are working on the coverage of the Turkish
clients. At around 2:30 pm, I leave Canary Wharf to
Heathrow where I catch my flight to Istanbul.
”
supportive of such environments.
A WEEK IN THE LIFE OF... | BN MAGAZINE
“
the power to affect the nature tion “matters greatly, because it
of Europe itself. The long and The core of the problem is that touches on some of the most
painful accession negotiations the EU as an institution has unstable and unsettling of the
now under way make that a shown itself too much con- world’s diplomatic disputes.”
certainty again. cerned with what may be called Moisi allocates some blame to
“small Europe”. It has shown Turkish political leaders for the
Turkey still has very serious itself to be poor at dealing sense of alienation in EU-Tur-
“Small Europe” shortcomings with respect to strategically with wider issues, key relations, because of Mr
”
its record on human rights, tor- and with the issues of “big Eu- Erdogan’s hot temper and his
suffers from a long- ture, the so-called “deep state”, rope” – including Turkey. resort to populist gestures. But
term condition: and the influence of the mili- mainly he blames the West -- in
tary over civilian political life. The reality is that Turkey is in- particular, President Sarkozy
Myopia The country must hold firmly dispensable to Europe. In the for his open hostility to Tur-
to its modern commitment to words of one Turkish busi- key’s EU membership; former
being a modern secular state ness leader it is “the China on US President George W Bush
with the rule of law. As for the Europe’s doorstep”. Turkey is because of the Iraq war, and
European Union, it claims to the 6th largest economy in the Israel because of the way it
represent the idea of a rules- European Economic Area, and conducted its military opera-
based system of governance destined to loom much larger. tions in Gaza.
and international relations and It is part of the European Cus-
a roadmap to reform. But with toms Union, a transit country I agree with that analysis. It
regard to Turkey the EU has for vital energy routes supply- shows the dangers arising
too often changed the rules to ing Europe with oil and gas from Europe’s blurred vision
the convenience of its exist- from points further east, and of Turkey. The European
ing members. That is a seri- will soon have a larger popu- Union’s ideal of a rules-based
ous mistake which has helped lation than Germany at a time supranational system for the
to bring about something like when Europe faces the pros- whole continent has been a
a train crash in this important pect of a drastic population powerful force, and brought
relationship. decline. many benefits. But a hand-
ful of countries on the inside
The decision to suspend work Today’s European leaders ap- have been led astray by their
on the most important chap- pear to ignore the fact that sense of exclusive ownership
ters in Turkey’s EU accession throughout modern history of the EU project. Increasingly
talks over the long-standing Turkey – and before it the Ot- the countries on the other side
Cyprus dispute is a sign of toman empire -- has been re- of the line feel abandoned or
inconsistency and a lack of garded as an integral part of even look to other alliances be-
seriousness. That decision was the European balance of pow- cause Europe cannot give them
William Horsley taken in spite of the very great er. Almost hundred years ago the reassurance they seek. The
Writer on international steps taken by the Turkish gov- the re-born nation was called Europeans need to see Turkey
affairs and former ernment and the Turkish Cyp- the “sick man of Europe”. In as it is. It is time to adjust the
BBC foreign correspondent riot leadership to support and the post-war period it became focus.
38 | COLUMNIST
BN MAGAZINE | POLITICS
Turkey’s Turkish
President
Abdullah Gul
Mediator Role
Aynur Şimşek
40 | POLITICS
BN MAGAZINE | INTERVIEW
What are your views about city. The capital’s economic suc- What are your views about
multicultural London and cess includes a long history of Turkey’s integration to the
their positive contribution to strong economic and business EU?
the community and econo- ties with Turkey.
my? What are your observa- I fully support Tur-
tions and projections about You are the honorary presi- key’s entry into the
the Turkish community and dent of Anglo- Turkish soci- EU and I welcome
Turkish businesses in ety. Do you feel you are con- further develop-
London? nected to your Turkish roots? ment of London’s
How do you identify your relationship
I had a Turkish great-grandfa- ethnic background? through this ac-
ther myself and I am very proud cession. I believe
that so many people from Turk- I’m hugely proud of my Turk- their entry will
ish backgrounds have made ish roots. I’ve been fortunate contribute
London their enor-
home and made
an enormous “I’m hugely proud of mously to
a better Eu-
contribution rope; indeed
to the capital.
London’s inter-
my Turkish roots” it will help
recognise the
nationalism and considerable
diversity are the keys to its suc- enough to visit Turkey and contribution they
cess as one of the greatest cities meet with members of my fam- currently make.
in the world. This is reflected ily who still live there and so I
in the significant number of feel very connected to that part
Turkish businesses that operate of my history.
across a range of sectors in the
Boris
INTERVIEW with
42 | INTERVIEW
INTERVIEW | BN MAGAZINE
Some areas of the Turkish community into use, working closely with the capital’s from all over the world. They are both
are still quite derelict, are there any boroughs huge melting pots of international culture
plans to improve those areas? There are tough times ahead but London with people drawn to enjoy all of the op-
is now seeing co-ordinated, creative and portunities on offer.
The past year has been a turbulent one innovative approaches to development
the economy and housing market which will ensure we emerge stronger from Do you have a message for the Turk-
in the capital but I will not let the downturn. I am extremely confident ish-British community in London?
that deter our hugely impor- we will achieve our goals of halving severe
tant work to deliver more overcrowding, delivering more quality af- I’m proud to be Mayor for all of London’s
affordable housing for fordable housing and widening housing amazingly diverse communities and I will
Londoners. choices for Londoners. work tirelessly to make this city the best
We are developing place to live, work and raise families for all
new housing sites What similar/different characteristics Londoners. Turkish and Turkish speaking
each week, build- do you see between London and people have brought skills, experiences,
ing new homes Istanbul. cultures and ideas to the capital, helping
and bringing make London the dynamic and progressive
previously run Both are great, historic cities yet both now city it is today.
down hous- offer a modern, vibrant environment that
ing back continue to attract people
BN MAGAZINE | FINANCE
Boris Johnson’s achievements and success to ter named Selma and a son initially named Selim Kuneralp is an ambassador to Turkey
date are widely known. But what about his Osman Wilfred Kemal. Soon after the birth and Stockholm. Prior to this appointment
Turkish relatives? Johnson’s Turkish ancestry, she died. After Ali Kemal returned to Turkey he served as general secretary for the EU De-
which starts with his great grandfather Ali in 1912, Selma and Osman were brought up partment of the Turkish Foreign Office. His
Kemal, has received considerable media cover- by their English grandmother Margaret Brun brother, Sinan owns and directs ISIS Publish-
age. However, the success of his distant rela- (née Johnson). Osman Wilfred Kemal later ing House in Istanbul and is a historian. He
tives, two brothers, Selim Kuneralp and Sinan changed his name to Osman Wilfred Johnson. has written and edited a number of books on
Kuneralp, whose grandfather was also Ali Ke- Ottoman history. Both brothers are fluent in a
mal, is little known in Britain. Perhaps it is Osman Wilfred Johnson married Irene Wil- number of languages. Sinan and Selim Kuner-
wise to begin with a brief family history. liams and in 1940 had a son named Stanley alp are both related to Boris Johnson through
Johnson, who is the father of Boris Johnson. Ali Kemal.
Ali Kemals family in the UK
Ali Kemals family in Turkey A brief survey over the career choices of the
It all begins with the controversial figure of descendants of Ali Kemal suggests a fascina-
Ali Kemal. He was a Turkish liberal journal- Soon afer Ali Kemal returned to Turkey he tion with history, an active engagement with
ist, newspaper editor and poet whose tragic married his second wife Sabiha Hanim in the present and a desire to influence the fu-
end was to be killed by a lynch mob after fac- 1912. Sabiha gave birth to a son named Zeki, ture. This common thread of interest and
ing trial for treason against the Turkish state. who later became an ambassador for Turkey. devotion to the realisation of their respective
Prior to this end Ali Kemal had married an Zeki married Nejla and gave birth to two sons, goals is perhaps what strikes one as most ad-
Anglo-Swiss lady named Winifred in 1903 in Selim and Sinan Kuneralp. mirable. Indeed, determination, devotion and
London who, in 1909, gave birth to a daugh- success runs within the family.
Did you know that most famous fashion brands are in fact manufactured in Turkey?
The Turkish textile sector is one of most important players in the world textile sector.
After China, Turkey is the largest textile investor in the world.
Textile is Turkey’s most important sector and is still the only field that manages to stand firm
on the ground despite the global economic crisis. There has been a visible increase in fashion
that addresses personal taste as opposed to the needs of eco-friendly urban outfitting. Cer-
tainly, we could say that looking at the textile sector from the view point of fashion industries
wouldn’t be the best approach in this instance.
46 | BUSINESS
BUSINESS | BN MAGAZINE
BUSINESS | 47
BN MAGAZINE | BUSINESS
around the world, but nonetheless interest in increase in exporting t-shirts, underwear, men This fast thriving and a competitive market
fashion is keeping the market going. In fact, and women suits and knitted garments. is where the businesses endeavour to survive
world famous brands are looking into and and have sufficient sources that represents
working towards opening offices in Turkey. New Technology and continues to understand the momentum
of the textile sector.
Many world famous brands are sold with a With a textile industry worth billions of
‘Made in Turkey’ label. While offering a high
quality service to those worldwide brands the
pounds, this is one sector that continues to
renew itself. As mentioned before, it is for this
Made in Turkey
Turkish textile industry supports them by us- reason many famous brands are moving into
ing modern designs and fabrics and at the the Turkish Textile market. Recently, Italian The following brands are manu-
same time monitors the sale’ figures and gives brand Prada, Quiesse, Italian-French made factured in Turkey and sold with a
them an enormous support on manufactur- Coin, Spanish-French origin Celio and popu- ‘Made in Turkey’ label.
ing as well exhibiting their products. Turkish lar English retail company Harrods are work-
textile companies- with their concept of iden- ing on investment projects in the Turkish Adidas Machka
tifying technological issues of their custom- Market, and see this economical slowdown
ers, maintaining new projects and brings them as an opportunity for their businesses. The
AG Massimo Dutti
into production. largest market of today is textile and fashion B&B Max Mara
trends that will grow even bigger now with Banana Repulic Mervyn’s
Collaboration of Turkey and England: nano-technological products. In the near fu- Bershka Nauticalia
ture, Turkish textile will be the market that is Bouclair Neckermann
There are certain reasons for English brands known as having eco-conscious designs. At
to be drawn to the Turkish market like every this moment, most of those nano-technolog-
Burberry Next
other brand. England has changed its view ical products (in other words interactive) are Calvin Klein Nick & Nora
somewhat to- being designed Corneliani Nike
wards Turkey, and manu- Costco Old Navy
slowly moving factured in Debenhams Polo Ralph Lauren
its gaze from Turkey. Eco-
China where friendly, com-
Diesel Pull & Bear
it is common fortable light DKNY Puma
knowledge wears will Donna Karan Quelle
that working define the fu- Earl Jeans Reebok
environments ture fashion Eddie Bauer Replay
are unhealthy style and will
and many ar- not only serve
El Corte Ingles Rifle
tificial materi- the personal Esprit Rose E Dee
als are being taste but will Express Sara Lee
consumed. also support GAP Sears
An important healthy liv- GAP/BR/ON Seven
element is ing. However,
meeting the deadlines set, also achieving them though not present in this moment in time, it
Giorgio Armani Sixty
sooner than expected. In the past, English is inevitable that future designs will determine Guess Tchibo
firms didn’t mind whether deadlines were met the competitive market with such new tech- H&M Ted Baker
or not, therefore they got everything manu- nology. Turkish fashion will be introduced to Homestead Tommy Hilfiger
factured in Asia. But when English compa- world. Turkey is aiming to capture the fashion Hugo Boss Top Shop
nies began to see that manufacturing output world with advanced technologies which has
was completed within 3-4 weeks in Turkey, it already given a good grounding in the Euro-
JC Penny Umbro
has made Turkey a better option for produc- pean market. Jeffrey Fabrics Wal-Mart
tion based performance. Karstadt Wrangler
Fashions that can withstand the tides in this Lands’ End Zara
Among the worlds fashion industry, England sector are those that continue to regenerate Lascol ...
comes 5th and it is the country which imports itself everyday. Despite such a competitive and worldwide
mainly from China, closely followed by Tur- market, work toward improving the quality of
Lee
Levi’s known brands like
key. English consumers, instead of negotiat- lifestyle rather than just dressing consumers
Louis Feraud Holiday Fabric
ing with the wholesale companies prefer to up is a high priority. Business is not the same
buy for themselves directly in order to reduce anymore. Design and quality alone is not are sold with the
Lucky Brand
the cost. This way, they find it easy to make enough. Authenticity, flexibility and function- “Made in Turkey”
Marks & Spencer label.
arrangements with the Turkish textile com- ality add positive elements to daily lifestyles
panies that work to an ethical standard and and it is exactly this image that is becoming
Marzotto Group
in healthy environments and we observe an ever more important.
48 | BUSINESS
FINANCE | BN MAGAZINE
FINANCE | 49
BN MAGAZINE | PEOPLE
HIFSI AYRANCIOGLU
Director of A to Z Catering Supplies
50 | PEOPLE
PEOPLE | BN MAGAZINE
Last book I’ve read was in Turkish and called As I have mentioned above I’ve never worked
‘Istanbulluluk’. for the big companies before and would not
know any other directors. As a leader I like
Which news papers do you follow Obama, he has a confidence in himself and
daily/on the weekend? speaks very firm.
PEOPLE | 51
BN MAGAZINE | COLUMNIST
“
historical, cultural, and recrea- ing BA, CTA, Flyglobespan,
tional attractions, fantastic cli- Jet2 and Monarch Airlines. In 2008, around 386,000
mate and friendly people. New luxurious hotels are also rounds of golf were played in
Despite the credit popping up all over the coun- the Belek region by overseas
”
Despite the credit crunch try, from the new Bosphorus visitors and this should in-
we’re also delighted that tour- Four Seasons and W Hotels in crease beyond 400,000 green
ism from the UK has contin- Istanbul to the Sofa Bodrum fees in 2009. Other interna-
ued to grow this year, with and Mardan Palace along tional standard golf courses
10% more British visitors in the coast. are dotted around Istanbul,
the first four months of 2009 Ankara and the Muğla regions.
alone. Mugla, which includes Golf tourism is also booming Turkey’s also had a fantastic
the coastal resorts of Bod- in Turkey with its 19 interna- year in the press, with a sev-
rum, Marmaris and Fethiye, is tional level courses, fantastic enteen page full colour edito-
the most popular region with climate and high standards of rial spread on Antalya in the
British holidaymakers – last service and accommodation, Conde Nast Traveller in April
year half of its visitors were making it an ideal year-round 2009 and another multi-page
British. Turkey even overtook golfing destination. Being feature on Istanbul set for
Spain for the first time as the outside the Euro-zone also October, as well as weekly
UK’s favourite package desti- means great value. The resort spreads and reams of online
nation in 2008! of Belek, on the Mediterrane- coverage across the national
an coast, just 30kms from An- papers, from the Guardian,
Turkey continues to offer fan- talya, is at the heart of Turkish Telegraph, the Times and the
tastic value for visitors, with golf. It’s a carefully planned Daily Mail to name just a few
the Turkish lira having recent- resort to cater to the needs of – as well as throughout top
ly weakened against the Euro, golfers and was crowned Eu- travel and glossy magazines,
British Pound, and U.S. dollar. rope’s 2008 Golf Destination including the Sunday Times
M&S Money has reported a of the year at the golf indus- Travel Magazine, Wanderlust,
Irfan Onal, Director of Turkish 20% increase in sales of the try’s prestigious annual IAG- Wallpaper and Elle Magazine.
Culture and Tourism Office lira at their in-store bureaux de TO Awards, the golf industry Turkey really is the hottest
change, confirming the attrac- equivalent of the Oscars. The destination for 2009.
52 | COLUMNIST
BN MAGAZINE | ARTS & CULTURE
Halime Özdemir
So what does being the European of a multi-party private organization, not their environment with implementations
Capital of Culture mean for Istanbul? seen before in Turkey. United together in lacking in participative mechanisms. It is
the name of creating new cultural infra- however, Istanbul 2010’s proposal to work
As Turkey moves ahead with the process structures, urban projects and neighbour- towards shifting the focus of urban regen-
of its candidacy to be part of the Euro- hood improvement, thus becoming a hub eration projects towards urban neighbour-
pean Union, Istanbul will take the stage knowledge and expertise through those hood rehabilitation programmes, thereby
to demonstrate and highlight the ongoing involved within creative processes. Form- prioritising citizens and residents needs.
interaction of European culture within ing no bias, or political standpoint, the Is-
Turkey that has existed for many hun- tanbul 2010 is a culmination of Industry Endeavouring to make them central to the
dreds of years, notably reaffirming it’s po- Professionals, Artists, Scholars, University public culture of the city. Istanbul 2010
sition within culture and the arts all over Professors, Journalists and much more. has created a vital and long awaited op-
the world. portunity to begin innovative processes in
Istanbul 2010 is defining its ability to urban project development in Turkey. It is
A variety of the projects have been initi- make the most of local, national and in- most important that with a new admin-
ated during the course of Istanbul’s 2010 ternational experiences, supporting inte- istration in charge at the Istanbul 2010
development with the view to establish a grated thinking and application practices Agency, original aims and objectives that
firm grounding in, and continuation of by infusing different disciplines together. have been formulated by the Istanbul
investment during and after Istanbul’s par- 2010 application for nomination, and
ticipation. Cultural heritage projects will Becoming the European Capital of Cul- further elaborated by the Agency will con-
facilitate preservation of Istanbul’s heri- ture will also give a boost to the city’s eco- tinue to be upheld and implemented.
tage; with the view to increase accessibility nomic relations with Europe, as well as
to information assists the development of contributing to its cultural relations. In- Istanbul 2010 European Capital of Cul-
urban identity. Continued investment in vestments in urban renewal, urban living, ture brings forth the opportunity to unite
the arts is what will unite those who come and environmental and social develop- with Europe leading the way forward to
to Istanbul for cultural and artistic proj- ment are high on the agenda as is main- further collaborations on a global stage,
ects in a landscape bursting with galleries, taining the city’s cultural heritage. highlighting Istanbul’s must see growing
cultural riches, mosques, churches, palaces potential for investment. The transforma-
and museums. However in recent times some may ar- tion of this ancient city, and transition
gue that urban regeneration projects that onto a new and exciting chapter is truly
The structure and function of the Istanbul have prevailed in Istanbul thus far have exciting for those who watch.
2010 Agency is a unique working model undermined residents’ capacities to shape
“
yond the scope of popular dai- its immigration policy. Thus, as offending their employees. We
ly or weekly newspapers. the EU membership of Turkey should not forget businesses
However reducing delays, we have to deal with that make their employees mis-
Turkish businesses in the UK new burdens imposed on our erable are not likely to have
labour costs should have lots of challenges to tack- people and businesses. We are much success in the long term,
le. Turkey has a very unique all familiar with the pressures and that the tight measures in-
not be considered position as a country having of Kebab Shops with new re- troduced by governments are
as the immediate successfully fulfilled customs quirements such as getting a usually the result of abusive
union with the European Un- sponsorship certificate from attitudes.
response to cut ion before a clear perspective the Home Office to be able to
down expenses of membership was given and bring workers from Turkey. We It is time that the Turkish
”
without getting any financial are also aware that owners of Community in the UK should
aid due to lack of unanimity kebab shops are advised by the get organized on the basis of
voting required for the finan- UK officials to train and em- needs and new organisations
cial protocol annexed to the ploy other nationalities (Polish, should offer much more than
Customs Union Agreement. Bulgarian etc.) in the face of solidarity and I am happy to
stringent measures preventing see that this process has al-
Given the fact that Turkey has them from employing Turkish ready started in this country.
not yet acceded to the Euro- workers. Non Governmental Organisa-
pean Union, our businesses tions should offer solutions to
in Europe are deprived from In addition to the external the problems of their mem-
competing on equal footing problems outlined above, we bers and they should have
with the European businesses. also have problems stemming the capacity to act as pressure
Free movement of Turkish from the fact that some Turkish groups on the policies of the
workers is still far from being businesses fail to provide fair host country. They should
a reality despite the principles treatment towards their Turk- have publications where they
laid down in the Association ish workers, which is more an- could share information and
Agreement of Ankara con- noying. During my office here, raise awareness. Turkish busi-
cluded as early as 1963 and I regret to have seen Turkish nesses can have bigger impact
despite further commitments people, mostly vulnerable stu- on UK policies by getting bet-
and time tables provided by dents, being employed at hour- ter organised and improving
the Additional Protocol (1973) ly wages of £2.50 when the their networks. Therefore once
or Association Council Deci- minimum wage in implementa- more I congratulate the initia-
sions (1/80 or 3/80, 1980) tion is over £5. I have also seen tive to publish a periodical on
Ayşegül Yeşildağlar for the implementation of lots of people without pen- business and wish you every
Turkish Work & Social Security the principles laid down in the sions since their employers had success in contributing to be-
Attaché / London Agreement, putting Turkish failed to pay national insurance coming a much more informed
businesses at a very disadvan- contributions although they community.
56 | COLUMNIST
Sofra & Özer Restaurants
Michelin Guide 2008-2009
Recommended
Sofra Mayfair Sofra Covent Garden Sofra St. John’s Wood Sofra Oxford Street Özer London
18 Shepherd Street 36 Tavistock Street 11 Circus Road 1 St Christopher’s Place 5 Langham Place
Mayfair W1Y 7HU Covent Garden WC2E 7PB St John’s Wood NW8 6NX Oxford Street W1U 1LT Regent Street W1B 3DG
Tel 020 7493 3320 Tel 020 7240 3773/3972 Tel 020 7586 9889 Tel 020 7224 4080 Tel 020 7323 0505
Fax 020 7499 8282 Fax 020 7836 6633 Fax: 020 7586 8778 Fax 020 7224 0022 Fax 020 7323 0111
(outside seating available) (with roof garden) (outside seating available) (outside seating available) (outside seating available)
Michelin Guide 2008-2009
Recommended
T he current environment within the bank- that it is a small mountainous island covering
ing industry has created an ideal opportu- only ¹⁄6 th of London. Capital Protected Notes and Funds are also a
nity for many bankers to take advantage of this hot topic in Turkey nowadays and these rela-
downturn, and take a career break. How better It proved that the crisis is truly global when I tively complex financial instruments give retail
to mark the end of the hectic years in bank- came across a big group protestors in front of customers access to different asset classes that
ing passed then to explore South East Asia. Bank of China Headquarters in Hong Kong. they didn’t have a chance to invest in before
through traditional investment
So here we go! One
chilly afternoon in London bankers call vehicles. These financial
products also com-
mit to give inves-
London, I jumped
on a Turkish Airlines
plane and headed
their colleagues in tors all their main
capital/invest-
ment back if the
to Hong Kong. As
usual Turkish Airlines
excelled in offering an
Hong Kong: markets do not
exemplary
service, accompanied
by a wide range of
“FILTH”, Failed
In London Try
quality food.
58 | FINANCE
FINANCE | BN MAGAZINE
perform according to their view. However, cally making its name as the region that fought in Soviet Union. One striking example is that
it is important for public to understand that against American forces located in the South Ho Chi Minh did not see the contradictions
capital protection is under certain conditions around Saigon, now known as Ho Chi Minh between the ideals of communism, with the
and one of these conditions is that the retail City. The Capital Hanoi, is the second larg- masses continuing to practice their religions
bank who sells these financial instruments est city, located in the North and is known freely. Even during the 80’s when the com-
and the investment bank who underwrites as the communist capital. Although it is the munism was most heavily felt in Vietnam,
them should not get bust. Probably some of capital, there doesn’t seem to be much activity everyone could freely practice their religion.
the protestors in Hong Kong lost their money here and is not as economically robust as the
invested in these products underwritten by vibrant and more westernized Ho Chi Minh Following the collapse of the Soviet Union,
Lehman Brothers or Bear Sterns. Although City; however, it is precisely the authenticity Vietnam moved towards “Doi Moi”, market
it is unfortunate, it is very important for in- and gradual development that makes Hanoi a reforms in the economy similar to Perestroika
vestors to understand what they are investing far more exotic and appealing destination to in USSR. Today, Vietnam is still ruled by a sin-
into and what its conditions are. the Western eye. gle Communist Party and the political system
of the country is defined as Socialism on pa-
per though a mid-level private sector is grow-
They were carrying banners with slogans ing continuously. What I found particularly
interesting is that even basic services such as
such as; ‘Banks Cheat, Banks Lie’, ‘Banks university education and health are not free in
Vietnam. So I guess the days that the com-
are thieves’ and ‘Capital Protected Lies’, munist governments used to leave free milk
and newspaper in front of the doors are over
referring to capital protected products. for good. In traditional communism, the
governments used to take everything but at
Moving on from my experiences Ho Chi Minh is the leader who defeated least they would give back something in re-
in China, my next stop was Vietnam. Vietnam American forces and united South and North turn. Looking at the condition of the roads
is a country in its youth within the tourism Vietnam; hence, it is not surprising that the and the infrastructure in Vietnam and listen-
industry, having only opened its doors to the base of American forces, Saigon, is named ing to locals, it seems like the government
outside world some 10 years ago. Compara- after him. He is also responsible for intro- doesn’t do much these days other than col-
tively to neighbouring regions in South East ducing Marxist – Leninist ideology to Viet- lecting part of everyone’s rice production.
Asia, Vietnam is still underdeveloped to nam. It is important to note that Ho Chi
‘Western’ standards. I mostly spent my time Minh’s understanding of this ideology is Next issue, Oytun Pakcan will continue his observa-
in Northern Vietnam. Predominantly this is significantly different than traditional com- tions from Cambodia, Thailand, Myanmar (Burma)
the communist region of the country, histori- munism that we know and was implemented and Laos.
FINANCE | 59
BN MAGAZINE | COLUMNIST
2009 marks the Chinese Year of the Ox, a symbol of patience and hard
work, and inspiring confidence in others. The crisis has knocked govern-
ments off balance, but like the ox, we must not be knocked off course.
“
The long-term job of building a better tomorrow should start now.
This social crisis is affect- pears to accept in principle, but the real economy. Additionally,
Business investment ing families and communities what about in practice? What governments must acknowl-
across the planet, with emerg- sort of analysis and advice can edge the urgent need to begin
will contract by over ing and developing economies they really give to their mem- work on a more inclusive, just
5%, and unemploy- suffering too. ber governments? and democratic system for the
governance of global markets.
ment could rise by Lower global inflation and This most serious economic One thing is clear: the massive
more affordable energy and crisis since the Great De- public interventions of recent
at least 8 million food prices offer some relief, pression must mark an end months cannot be sustained
by 2010
”
nonetheless with the economy to an ideology of unfettered indefinitely. They are costly to
still in intensive care around financial markets, where self- budgets, and like any strong
the world and public anxiety regulation has been exposed medicine, may damage the pa-
spreading, the situation could as a fraud. Moreover greed tient in the long run. (The La-
actually worsen. Restoring has overridden rational judg- bour party has already risen the
growth, stability and confi- ment to the detriment of the income taxes and will continue
dence must still remain the pol- real economy. Make no mis- to do so to bridge the budget
icy priority for many months to take: We need healthy financial deficit gap). That is why the
come. markets for our prosperity and regulators have to devise “exit
development and to strengthen strategies”, not to return to the
History has shown that crises vital public services. But 2008 pre-crisis vulnerable arrange-
on this scale ultimately lead reminded us how damaging ments, on the contrary to help
to social and political instabil- badly regulated markets can be governments safely withdraw
ity with unpredictable and of- for our economies. emergency measures without
ten tragic results. Today, those disruption once stability is
who are losing homes, jobs The crisis has led to some back.
and pensions as a result of the major new thinking, about
financial crisis for which they regulation and markets, about 2009 marks the Chinese Year
bear no responsibility, are be- accountability and ethics, and of the Ox, a symbol of pa-
ing called on–as taxpayers–to about the kind of economy we tience and hard work, and in-
bail-out those who are actually need to build. The new strat- spiring confidence in others.
responsible. This produces a egy of the regulators is about The crisis has knocked govern-
strong political cocktail that devising better policies, better ments off balance, but like the
governments would do well to regulations and better institu- ox, we must not be knocked
Çağlar Karataş
heed. tional frameworks that enable off course. The long-term job
Chairman, Turkish Bankers
businesses to flourish and pub- of building a better tomorrow
Association (UK)
lic interests to be safeguarded should start now.
60 | COLUMNIST
BN MAGAZINE | COLUMNIST
62 | COLUMNIST
COLUMNIST | BN MAGAZINE
should not be interested in membership if the gered nationalistic reactions in Turkey. The opposition from domestic sectors, adversely
Turkish accession dossier will continue to be widening gap between unfulfilled expecta- affected, in nearly every country including in
handled the way it is currently being done. tions and the EU’s functioning feeds public Turkey.
What has often been forgotten in Europe euro-scepticism. EU’s unceasing reform de-
is that the level of support as indicated by mands and reluctance for Turkish accession Hence, whether Turkish accession will be for
opinion polls and re-wording of the political have further fuelled mistrust, focusing the better or worse in the final analysis depends
party manifestos regarding the EU is declin- ‘EU debate’ on the cost of accession without very much on how both sides will agree to
ing in Turkey. There is a large and growing much in the way of economic benefits while interact from the outset towards a commonly
opposition inside Turkey to entry into the EU putting on a “strait jacket” in many areas of perceived vision.
–emanating from not only ultra-nationalists, vital importance – a perfect example of asym-
religious fanatics or hard-line soldiers keen on metrical relationship. Let’s not devalue EU’s
sovereignty and suspicious of the “real” in- achievements
tentions of the EU. Plus, the unfairness and Communicating on the same To be fair, we should be thankful for the ideal-
hypocrisy displayed on the Cyprus settlement wavelength ism and faith shown by the European Union’s
have further fuelled anti-accession sentiment Frankly speaking, I take particular pleasure at founders. No doubt, the EU is the biggest
in the country. airing contrarian views on this issue and being political union and largest economic market
part of the debate as to why Turkey might be in the world, whose citizens live in democracy,
At any rate, the feeling is that we do not have better off without full membership. peace, freedom and prosperity. The EU has
to prove Turkey is an essential part of this his- achieved many stunning successes in its his-
torical-geographical territory called Europe. The real cost to the EU of Turkey’s non-ac- tory.
We have been living in this space for much cession needs to be visibly highlighted. After
longer than most new EU members. We are all, there are already more than enough un- It has engineered the Single Market, moved “a
proud to be Europeans, but at the same time conditional pro-EU supporters in Turkey. bit” the Lisbon 2010 competitiveness agenda
Caucasian, Middle Eastern, Mediterranean, Hence, what we need are people who can act forward; the Schengen agreement worked,
and Balkan – none of other Europeans have as qualified ‘Devil’s Advocate’ and show those and Brussels is currently leading the way with
such a rich diversity and wide outreach. Turkey-bashing souls that there is the other the global climate change agenda. The EU of
side to the coin and Turkey cannot be pushed course is committed to creating a single area
There is no question that the EU is suffer- around at their pleasure. of freedom, justice, and security. It is also try-
ing from enlargement fatigue. There is wide- ing to achieve energy supply security without
spread concern, rightly or wrongly, that Ro- Our objective in doing so of course is not antagonising Russia. The track record leaves
mania and Bulgaria may have been admitted to disparage the EU to the point of leading us with mixed feelings.
prematurely. Even before the current crisis, people to think that there is ‘no real future
commentators in Brussels were betting on for Turkey in the EU; we should turn our face Yet, today these are not enough to justify the
Croatian accession in 2011 (although that is towards the east or the north’, as some of my existence of the EU to a different generation
looking increasingly problematic), with ac- compatriots propose. Instead, our aim is to living in different times.
cession for Turkey and the Western Balkans inject a healthy dose of realism and scepti-
effectively kicked into the long grass, behind cism to the generally rosy vistas presented to The fact is there are serious blockages in the
a fig-leaf of extended membership talks with us, as well as to encourage the development EU system right now and if these are not
no momentum. of a balanced and acceptable ‘give and take’ cleared and, if radical new structures are not
approach for the accession process. put in place instead of the current cosmetic
The EU has regrettably lost much of its repu- changes then it is inevitable that the inner EU
tational capital in the eyes of most Turks in As Turkey’s opponents argue, it is true that bickering will only become more aggravated
the street. To my great surprise, the youth, the eventual accession will considerably and ultimately irreparable. If this happens
both well educated and self-confident, as well change the future outlook of both Turkey and then no one would expect the EU to have any
as strong nationalists, are more sceptical of the EU. Surely, the EU with Turkey as a mem- real impact anymore on the global system. It
the EU than the “old guards”. Sarkozy and ber will look quite different from anything its will be relegated to a regional bloc status.
Merkel have not helped much by insisting on founding fathers ever envisaged. The Union Continuing subjects in the next issue
the so-called “privileged partnership” at the will face the challenge of fundamentally re-
expense of undermining the basic tenets of defining itself, progressively changing from an *What is in it for us?
the “pacta sunt servanda” (Latin for “agree- entity largely concerned with economic and *Turkey to become a precious asset and the
ments must be kept”). These are not to say social redistribution via its agricultural, cohe- EU a “strait-jacket”?
that Turks have done their bit of homework sion and structural funds into a global actor
and met their obligations, and that all the that invests more on competitiveness, infra- *How should negotiations be conducted?
blame should be on the EU’s door. structure, research and development, pov-
*Redefining the Turco-EU roadmap
erty reduction, military capability, and border
EU’s pre-accession strategy has somewhat protection. Admittedly, this process will not *Judge Turkey not based on how it looks
eroded motivations for membership and trig- be easy politically, since there will be strong today
COLUMNIST | 63
BN MAGAZINE | COLUMNIST
“
all the major countries of Eu- Conservative Party, is already ultra-right Popular Orthodox
rope, the conservative parties critical of certain European Rally (LAOS) increased its
won the elections. Even more policies. Even worse is the fact MEPs from one to two and
The European alarming is the fact that ex- that the British Nationalist vote to 7.2 percent.
treme nationalist parties fared Party (BNP) received 6.5 per-
Parliament will be surprisingly well. cent of the vote and secured In Latvia, the Russian ethnic
populated by MEPs two seats in the European Par- vote made its presence felt
Results in the United Kingdom liament. One of those seats for the first time after the in-
who are against the are representative of the gen- will be occupied by the very dependence of the country in
very existence of that eral European voting patterns: leader of BNP, Nick Griffin, a 1991. In the Czech Republic,
The left-wing government sus- staunch enemy of immigrants. the right won a clear victory. In
”
parliament. tained a huge blow, conserva- Hungary, an anti-globalization
tives and Eurosceptics did well Why does a party that says party, the Movement for a Bet-
and the ultranationalist Brit- “No!” to the European Union ter Hungary, came out of the
ish National Party managed join the parliamentary election blue and won three seats in the
to find seats in the European of that union? The only expla- European Parliament.
Parliament. Not good news nation is this: “They are com-
for supporters of the further ing in order to block political There is no use in giving more
enlargement of Europe, not processes; especially those that examples. The clear fact is this:
good news for immigrant com- account for the further uni- The European Parliament will
munities and not good news fication of Europe.” It is for be populated by MEPs who
for Turkey. sure that Nick Griffin is going are against the very existence
to be a natural ally of Nico- of that parliament. This says
The overall turnout of voters las Sarkozy in the European a lot about the future of the
was even lower than expected. Parliament by means of their EU. Anti-Turkism, anti-en-
This means two things at the common antagonism to “the largement, anti-immigration,
same time: European institu- coming of Turks.” Suprana- anti-globalization and anti-uni-
tions still mean little to, let’s say, tional politics creates strange fication are all represented by
a German voter, and we cannot marriages. I am sure that a the same people, and they are
deduce results about future na- Frenchmen would be the latest at the same time increasing. If
tional votes from these results. “thing” Griffin would like to European leaders continue to
Understandably, opposition cooperate with. demonize immigrants in gen-
parties that rely on a reaction- eral and the prospective mem-
ary mood, issue-oriented par- Only in countries where the bership of Turkey to the union
Kerim Balcı ties like the Greens and parties governments are already anti- in particular, they will also be
Columnist,Today’s Zaman with a strong ideological mes- immigration, anti-enlargement inciting the fires of separatism
sage are more apt in mobiliz- and anti-Turkey, the govern- and Euroscepticism among
ing their supporters to spare ments retained their domi- their own constituencies.
their hours to go to ballot box. nant positions in the election:
64 | COLUMNIST
BN MAGAZINE | POLITICS
Involving More
Women in UK Politics
John Pindar
One thing that has been a constant theme of politics in the UK in the action’- by having ‘all-women short listed’. This was
past 20 years has been the need to have more women involved in politics, scrutinised later by the Judiciary on account of the
not for the benefit of women, but for the benefit of British society as a UK’s sex discrimination laws. A strategy
whole. used by the labour party and also helped
Blair gain the electoral landslide in 1997,
An interesting comment comes in a book written by Lesley Abdela, was to put up the percentage of women
‘Women with X Appeal’. She says: ‘Practically every week, in every politi- MPs to 20 percent of the
cal party, people are saying, both at internal meetings and in public, they House of Commons. Some
hope more women will stand for elected office and especially for Parlia- of the new MPs, though,
ment.’ In fact, she wrote this after a general election (1987) when only 2.7 became known, disparag-
percent of the MPs elected to the UK House of Commons were female. ingly, as ‘Blair’s babes’ and
seemed at the time to be
Today however, the situation seems to have generally improved for wom- ultra-loyalist to the leader-
en. The UK and Turkey have female representation in their national par- ship.
liaments in the order of 20 and 9 percent. The four ‘best’ countries in the
world are Rwanda (57 percent),
Sweden (47 percent), Cuba
(43 percent) and Finland (42 “For the 2010 general election,
percent). The highest amount
of female ‘power’ (women in
the Cabinet) is in Finland (58
a system of ‘mentoring’ and
percent) and the country with
the most dramatic rise in female
‘positive encouragement’ is be-
representation is Kyrgyzstan,
from zero percent to 25 percent ing used to help women win
in one election. In the context
of the current European elec-
tions, the European Parliament
parliamentary seat selections in
also has a good track record for
female representation. good prospect constituencies”
In some countries, such as the
UK, women have faced both
structural and attitudinal problems in the past. I will explain that. The
UK has a first past the post voting system for parliamentary elections
which means it is vital for women to be selected
for the ‘right’ seats where they have a serious
chance of winning. The Conservative
party had a reputation for only
selecting candidates for Par-
liament who came ‘with
wives’. The greatest
change to this situation
came in 1997, namely
by altering selections in
parliamentary seats with the use of ‘positive
66 | POLITICS
POLITICS | BN MAGAZINE
One of the UK’s devolved parliaments, the Welsh 25 seats to the current total of their MPs, will disproportionately
Assembly, has produced a 50-50 female-male improve female representation in the parliamentary party. The
split without the need for a ‘structural process’. first person from a Chinese background to fight a seat in the
However, help has been provided significantly mainland UK is standing as a Lib Dem candidate- and is female.
by the use of a proportional representation
system of voting. One route for women in UK politics is local government and
there are many female Lib Dem councillors. And there is likely to
The Liberal Democrats have used one struc- be more women in politics by 2010. Being a local councillor can
tural mechanism, namely ‘zipping’, producing involve having real power and certainly making a difference to
an alternating male-female-male or female- people’s lives.
male-female rank order in the first elections to
the European Parliament to be fought under a Clearly, the battle to have more women involved in UK politics
PR voting system. Currently, seven of the 11 UK has been partly won, despite having had Margaret Thatcher as
Lib Dem MEPs are female. For the 2010 general Prime Minister. Women from the Turkish community could add
election, a system of ‘mentoring’ and ‘positive their talents to the political process. You will now have, in this
encouragement’ is being used to help women decade, less structural problems to deal with. You should certain-
win parliamentary seat selections in good ly consider the idea of being a local councillor- especially if your
prospect constituencies. local council is doing absolutely zilch for its people. One level of
government, which could be a great advertisement for the diver-
There is an established organisation: ‘gender sity of London, but fails in that respect, is the Greater London
balance task force’ which provides train- Assembly. Given it has 25 members, some of them elected by
ing for women parliamentary candidates. a London wide ‘top-up’ list; it would be of great significance to
However, in some cases female Lib Dem have one of its members from the Turkish community.
parliamentary candidates or incumbent fe-
male Lib Dem MPs end up in the election As I said at the beginning, involving more women in politics, and
standing against Conservative or Labour from different backgrounds, is of immense value to the entire
female candidates. Nonetheless, the extent community in London and indeed the UK.
to which the Lib Dems can add an extra
POLITICS | 67
BN MAGAZINE | COLUMNIST
“
of goods traded between the riods of economic downturn cooperation serve to increase
two countries is around 406 are difficult times, they also the global competitiveness of
million GBP each month. As present valuable opportunities. the two countries.
In 2009, the of end of 2008, the trade vol- The markets contract during
global downturn has ume reached 7.2 billion GBP, downturns, however they also Another facilitator for trade is
with 4.7 billion GBP of ex- become very dynamic as many the Turkey-EU Customs Un-
aversely affected the ports from Turkey to UK and players leave the market, leav- ion, which was established in
trade outlook
The primary import categories from Turkey to
between
UK comprises of textiles and clothing, automo-
”
Turkey and UK.
tive and spare parts and electrical
home appliances
2.5 billion GBP of imports ing opportunities for newcom- 1996. The agreement covers
from UK to Turkey. ers. Thus, the crucial abilities mainly industrial goods in-
of survival for international cluding processed agricultural
The primary import categories players are the right positioning goods.
from Turkey to UK comprises of the products and internal
of textiles and clothing, au- management of the company Within the context of this
tomotive and spare parts and in terms of pricing and costs. agreement, Turkey and EU
electrical home appliances. eliminated customs duties and
Turkey’s share in the import In terms of bilateral trade, trade barriers between each
market of UK is; textiles and there are many opportunities other and Turkey started to ap-
clothing 8,7%, refrigerators to establish and enrich the busi- ply Common Custom Tariffs
12%, televisions 8,6% and au- ness relations. Turkey can serve of the EU for trade with third
tomotive and spare parts 1.8%. as an excellent source for trade countries. Therefore, Turkish
Turkish imports from UK with the high quality and cost- and UK businesses can trade
concentrate around medicines, effective selection of products with no or low customs duties,
iron and steel, passenger cars with short and reliable deliv- just like doing business with
and automotive spare parts, ery times. Also, outsourcing an EU member country. This
machinery and yachts and lei- is another opportunity to be already established framework
sure boats. taken especially for automo- continues to play a fundamen-
Murat Yapıcı tive spare parts, machinery or tal role in our trade relations
Chief Commercial Counsellor In 2009, the global downturn shipbuilding sectors. Construc- and makes the difference for
has adversely affected the tion Industry, technical textiles, trading with Turkey from the
trade outlook between Turkey testing and certification, joint EU business perspective.
68 | COLUMNIST
BN MAGAZINE | BUSINESS
Is Russell a Brand?
Sinem Özbaşlı
70 | BUSINESS
BUSINESS | BN MAGAZINE
BUSINESS | 71
Building Manager by Day
Graphic Designer by Night
Halil Yıldırım
During his day job as a Building Manager, Halil comes into contact
with individuals from a number of different business backgrounds,
which provides him with a great source to find new and potential
clients for his freelance Graphic Design work. Establishing connec-
“
tions and networking through daily interactions have proven to be
fruitful in adding to his repertoire which in turn is increasing his client
base. Halil states: ‘It is my biggest ambition to one day to start my own
design studio and earn a living from by Graphic Design.’
n d a n c y
Re i c M i s t adu
k e s
C l a s s t to quic
kly reduc
e
The
ti o n b u th e r e is
ve no op e
“Each tim ancy’
fir ms ha t c o s ts.
ers, nt to cu redund
a d v is in g employ with head cou claims of ‘unfair als,” says
o f e n , un
25 years ore mistakes mad ays
In
a recessio employment trib nfair dis-
m ,” s e ru
I’ve seen in any other area n e s. clog up th ompensation fo ,200
n Jo . “ C s £66
cies tha Mace & Edwards s much a
redundan ards of law fir m ers Solici- u ld b e a ’t
dw
Martin E t law specialist T warning to
oll missal co – and that doesn
per pers o n ndancy
en
Employm d the mistakes a
sa
u t th e e c o s t of a redu
bo include th are.
tors has
liste
r to b e careful a n d a n t S o ta k e great c
s in ord e d u t.
manager ployee re paymen
a s m a k ing an em recognise proce-
process tion to elves.
q u ir e s s trict devo to protect thems ry
re s is eve
a busines cies in the news
dures if u n d a n lo t of
re red that a
“There a w, and it’s likely
no
day right
74 | CAREERS
CAREERS | BN MAGAZINE
Classic mistakes
firms make İpek Ayşe Sayın
CAREERS | 75
BN MAGAZINE | BUSINESS
NEW media
marketing
Hikmet Nakilcioğlu
The definition of media has been reshaped in the new millen- With advances in new media and web technology it is now easier for
nium. Nowadays its tools serve to facilitate communication, organizations, their employees, suppliers, customers and stakehold-
making recommendations and enable discovering and build- ers to participate in the creation and management of relationships. It
ing communities. is important to figure out how a corporate communication strategy
can leverage and shape these trends. New media services can be em-
The cutting edge of the new media can be found in social ployed to work in tandem with traditional communication tools such
networking sites such as Facebook, MySpace, LinkedIn and as phone, fax and corporate intranets. Such a hybrid approach could
Friends Reunited. Apart from their communicative functions enable organizations to maintain and strengthen existing stakeholder
such social networks are also used as new marketing tools and relationships, but also reach out and build relationships with new
are widely taken into consideration when setting strategies. stakeholders who were previously inaccessible or invisible. In this
context the new web-based tools
Social media has recently emerged
as an important communication
“Facebook can be an efficient tool for are used by corporations to interact
with existing customers, maintain a
tool, internet usage and the amount canalising traffic to a company’s site and corporate image, improve internal
of time spent online in both leisure possibly generating additional revenue. “ communications, and reach out to
and work hours strongly indicate new markets and
this. As Internet allowed more and audiences.
more interaction, human relations have been shifting from being
group-based to being network-based. Social networks are main- The revolution in information technology changed the current shape
tained through communication among members who can share in- of this fast-moving sector. What happens next is less clear, but just
terests and activities within online platforms. The websites generally as exciting as the growth period of new media.
provide various methods of communication for members, who can
interact through messaging, email, video, voice chat, file-sharing, Here are 5 tips on creating Facebook business pages:
blogging and via discussion groups. There are now a wide variety
of social networks built around gaming, business, politics, dating, Get Involved — It is better to set up your Facebook profile with
friendship or virtual worlds. your name, not the business.
Even though social networks have predominantly been used as com- Look for Old Co-Workers and Current Connections — Finding
munication platforms, now they have also become marketing tools. people you know helps you stay connected.
Since their introduction they have been commonly used for present-
ing oneself to the world online, sharing interests, keeping up with Join or Create a Group — Facebook has various special interest
friends and making social arrangements. Now marketing is added to groups, such as; business, hobbies, politics, sports, alumni, and many
this set of functions. MySpace has gained a recognition and reputa- others. These groups will open up more opportunities to meet and
tion in the business world due to its music channels and other mar- make “new friends”. Starting your own group will also allow you
keting opportunities. toattract people to your interests.
Facebook was initially considered as a playground for people who Look for Events — Using face-to-face networking or meetings are
are looking to keep up with friends. As such, Facebook often gets the best online relationship methods. Looking for events or creating
overlooked by people in the business world who see it as a waste of your own will help you improve relationships.
time. But despite these prejudices, Facebook can be an efficient tool
for canalising traffic to a company’s site and possibly generating ad- Add Applications Selectively — There are over 2000 Facebook
ditional revenue. applications that you can add to your page. Some of them are not
suitable for your business. You should add the ones which are related
to you.
76 | BUSINESS
100 extra international minutes
free when you top up £15
Only with a Your Country sim
from ø shops or o2.co.uk/yourcountry
80 | ENERGY
ENERGY | BN MAGAZINE
“The one who adapts his policy to the times prospers, and like-
wise that the one whose policy clashes
with the demands of the times does not.”
Niccolo Machiavelli (1469-1527)
Gas
energy policies and objectives.
granted permission to create the worlds larg-
est offshore wind farm.
Europe is desperately trying to find solu- The KRG has signed agreements with IOC’s
tions to its gas problems. The problem oblivious to Baghdad which they in turn au-
They have allocated a patch of sea 12 miles
tomatically reject.
off the Kent cost. This is part of the UK ini- is mainly derived from the annually in-
tiative to increase the amount of investment creasing financial demands of the sup-
Nabucco is one of these agreements. Iraq
going into the green energy sector. Den- plier, Russia. Turkey is a key player in is struggling to attract large investments by
mark’s DONG, the German E.ON, and the this solution. The sheer failure of the IOC’s who do not want to risk investment
United Arab Emirates based Masdar will be Nabucco pipeline only demonstrates to a country that has so much potential yet
in partnership to build the construction. An
Russian resilience and utter opposition equally divided.
initial investment of $3 billion will be made
for 175 turbines to generate 630 megawatts,
of the emergence of a gas competitor in
which should be ready by 2012. the EU. The Nabucco pipeline is aimed
at transporting gas from the Caucuses
Then after, the partners will expand the proj- and the Middle East to Austria straight
ect to be able to generate approximately 1 across Turkey. Ever increasing fore-
gigawatt, enough to supply power for around casted costs for the project seems to be
750,000 homes. the least of the problem in the grand
ENERGY | 81
BN MAGAZINE | PROPERTY
Since it first became possible in 2003, over coastline lapped by the warm turquoise wa- prove to be. They are still as good, whether at
73,000 foreigners – large numbers of Britons ters of the Mediterranean and Adriatic. Ev- £30,000 or £1million.
included - have purchased Turkish properties. erywhere around you, ancient ruins conjure
A thriving new-build property market quickly up the richness of its Lycean, Greek, Roman, While property prices in the UK, US and Eu-
materialised, spawned and nurtured by holi- Byzantine and Ottoman heritage. Long sun rozone famously plummeted, average prices
day visitors so entranced that they and over drenched summers, charming towns and vil- in Turkey’s tourist regions have quietly con-
55s retiring overseas alike are now flocking to lages, fine cuisine, a veritable cornucopia of tinued to rise at 10-15%. Albeit lower than
Turkey in droves. recreational activities and disarmingly friendly the preceding 5 years’ average of 22% per
local people weave their distinctive magic to year, this resil-
The attraction is obvious; over 300 days of complete the enchantment. ience amidst
sunshine a year, breathtaking landscapes, ev- global economic
erything a holidaymaker could possibly desire. Yet many in the UK are still surprised to dis- gloom augers
cover that Turkey is already the world’s num- well and points
Tourists, captivated by its natural beauty, his- ber 1 golfing venue and 8th most popular to Turkish prices
tory and perfect holiday environment, return tourist destination. Little wonder so many of being strongly
time after time to luxuriate in the experience. the more discerning are discovering that now influenced by a
But the well kept secret called Turkey is finally is the perfect time to invest in Turkish prop- combination of
out - visitors soared from 17 million in 2006 erty. conditions not
to nearly 30 million last year. generally mir-
Of the thousands who have already bought rored elsewhere.
Turkey is a priceless gem, set in seemingly holiday homes there, few realised at the time
endless miles of stunning what good invest- According to
ments those pur- Spain’s Ministry
chases of Tourism, for
would instance, arriv-
als from the UK
were down by
over 23% earlier
this year – bad
news for anyone relying on rental income to
meet mortgage repayments on massively de-
valued property, and especially those desper-
ate to sell at any price. Spain is far from alone
in feeling the pain.
82 | PROPERTY
PROPERTY | BN MAGAZINE
ons visiting Turkey last year had increased by ment climate that has seen GDP rise by 143% But investors buying in Turkey benefit in the
32%. Europe’s second largest travel operator, and exports by 179% over the last 5 years. short-term, too. Transaction costs in Spain,
Thomas Cook, expects to see this trend con- Its burgeoning economy is underpinned by a Greece, Cyprus or France can add as much as
tinue, reporting last month that the hottest highly educated and motivated population of 10 -16% to the cost of purchasing a property,
ticket this summer is a holiday in Turkey. 73 million, of which 61% is aged under the compared with just 3% in Turkey. Similarly,
Unsurprisingly, the rapid expansion of tour- age of 34. This strategically vital member of Spanish Income Tax is chargeable on rental
ism is a major driver of the property market NATO has been in a Customs Union with the revenue, whereas such items of expense as
in Turkish resort areas; quality self-catering EU since 1996 and is now an accession state. repairs and management fees are fully tax de-
accommodation simply cannot be built as fast ductible in Turkey, where only the profit on
as the demand for it is increasing. So canny For the present, however, its independence of rentals is taxable. Other running costs are also
property investors seeking fertile ground for the EU enables its already buoyant real estate very low, for example with annual Council
capital growth eye with approval the Turk- market to develop, relatively unaffected by Tax chargeable at a mere 0.1% of the prop-
ish Government’s tourism strategy, spanning sterling’s poor performance against the euro. erty’s value.
massive infrastructure investment in airports, In this particular regard, Turkey is the envy of Just 4 comfortable hours’ flying time from a
highways, urban improvements and marinas, emerging European countries such as Esto- host of UK airports, Turkey’s resort regions
with all construction subject to rigorously en- nia, Bulgaria, Poland and the Czech Republic. are accessible year round as never before.
forced planning and building control. Strict Direct services to resort airports such as
conservation laws protect the environment A youthful and economically active popula- Dalaman, Antalya and Bodrum by low cost
that draws visitors to Turkey, in a determined tion also provides the established resales mar- charter airlines Easyjet, Pegasus and Onur
endeavour to leave it unspoilt by the concrete ket so essential to investors’ exit strategies. A Air supplement holiday flights operated by
jungles found elsewhere around the Mediter- good investment must after all be realisable. Monarch, Thompson and Thomas Cook, to-
ranean. gether with the scheduled services of Cyprus
Crucially though, prices are still much lower Turkish Airlines.
Turkey is a stable, modern democracy that than in other Mediterranean countries and
now ranks as the world’s 15th largest economy. property continues to yield good returns. Me-
Its mature and dynamic private sector thrives dium to long-term investment prospects re-
in an energising liberal and reformist invest- main very promising.
PROPERTY | 83
BN MAGAZINE | ARCHITECTURE & COMMUNITY
investment approaches on an economic front increase the competitiveness of the European The future is in the research
quite temporal. A way you can minimise this Union.
result is by applying new “joint public poli- In light of such ‘constructive’ activeness, Ar-
cies” that accommodate these. The formation In 2000, in respect of architecture, members chitectural Policies and Urban Quality of Life
of a constructed environment and urban de- of the European Union established a Europe- proves evermore important to the develop-
velopment of “joint public policies” needs to an Architectural Policies forum. Through this, ment of European Construction Technology,
be formed primarily from a local level leading the decision to put forward writing regarding further outlining the need for research sub-
the way to a global platform. Countries that European architectural quality was considered jects within the building sector and related
are part of the European Union have through crucial. As social awareness increases, the ne- construction environments. Results obtained
education, attempted to push forward and cessity to raise the standard of architectural within this framework aims to support analy-
develop related built environments, and ar- applications was further pressed upon. Aside sis on these subjects, and have further brought
chitecture through investing in vocational from this view, these writings discussed a lo- different active professional groups together
training. However, cultural and social values, cal policy management action plan for inte- within the same sector, thus preparing a
and the bringing together cooperation based gration needs to be carried through. With re- ground for institutions that are seen to apply
on economic principles are continuing to be gard to architectural quality, a decision from different work disciplines to equally to create a
a difficult barrier to breakdown. It is exactly the European Union to support good quality long-term vision on health and safety.
this situation that continues to be top of the architecture for the societies living within the
agenda of priorities for the European Union urban environments in question, agreed that The ‘Quality of Life’ concept is grouped with
and advancement towards it global goals. this would lead to unification and progression. environment, health and safety subjects in Eu-
Development in areas such as culture and rope. If we view the same perspective as the
Understanding our environment tourism would thus lead to regional economic European Union, we will see economical tar-
advancement and agreed to support these gets conflicting with Social Cultural norms.
One of the most prominent approaches to approaches. The ACE continues to criticize the Euro-
European architecture and the quality of life pean Commission, and defends how “Social
of its people is in 1995, the book ‘European In 2004 the Architects Council of Europe, and Cultural dimensions aren’t recognized,
Architecture and Tomorrow’ by the Archi- published a second book on “Architecture and economical approach is hindering society in
tects Council of Europe, featured a report the Quality of Life”. The European Parlia- their benefits”. At their last meeting the ACE
that openly advised Europe on its structured ment, reports how individuals and communi- revealed the concept “Future designs, Market
environments. In this report, architects living ties; both employers and consumers of these and Lifestyle”. Yet again, highlighting neces-
in Europe discussed governmental establish- products; - society at all levels, emphasizes the sary improvements to European Urban Life-
ments and its authorities, drawing attention importance and the quality of the social envi- style.
to carefully put across the lack of social un- ronments to become cultural structures. Fur-
derstanding towards these cultural urban envi- ther towards understanding talent and aware- Architecture must be seen beyond designing
ronments. Also drawing attention to the qual- ness of Architectural norms, these ideals are buildings and physical scenes, and observed as
ity of living within its being implanted at early stages of education, a direct social economical environmental and
societies by emphasising as early as nursery level gradually developing cultural influence. In the near future, we ex-
how vital it is to under- to further levels. pect Architecture and Urban Quality of Life to
stand its environments, be present in the European Community and
and how this will in turn Legal Organizations.
Sulukule
Stolen Place / Lieu Volé and murals accompanied
by 3dimensional objects
in response to the events
Halime Özdemir the ramparts an old Byzantium city. The and course of destruc-
Sulukule regeneration project provoked tion in Sulukule; highlighting the strength
widespread public outcries against the local of this once tight knit neighbourhood and
Chronicle of Dispossession municipal yet plans to proceed went ahead civil society organizations involved.
16th May – 12th July 2009 in early 2006. Much of Sulukule has now
been demolished and the inhabitants (ap- The work is a response from artists around
“
being a human do not over- by himself.’ Since he questions test was a major one. Seyyid
shade, but shine. himself with this surprise, he Kutub makes great analysis on
Without knowing human be- cannot predict how to weigh the issue by pointing that sat-
ing, one cannot achieve the se- anchor from the coast of ap- isfaction (gusto) is an accumu-
crecy of the truth. As long as prehensions he has been left lated energy; hence, extreme
the human being is not recog- into. Unfortunately, the hu- satisfaction means extreme en-
The sum of the nized by its essence, a full can manity is continuously dragged ergy. The human being needs
never be recognised as a full ground to evacuate this
rescue packages whereas a whole can never be energy. It is very unfor-
a whole. A human being who tunate to determine that
that has already could not attain the glazy ef- the evacuation grounds in
been announced so ficiency of the wholeness can today’s civilization show
”
not find his route to walk to- itself in crimes such as
far quadruples the wards his horizon. Alienated prostitution, use of alco-
cost of the even to itself, humanity may hol and drugs, murders,
lose the possibility of suicides... Therefore, the
World War II achieving the road to- humanity has lost in the
wards a synthe- winning zone. ‘Satisfac-
sis, whereat a tion is like salty water. As
progress, and much as you drink, you
a maturation into new get thirstier,’ Ali Unal
in the after- surprises. expresses. So, produc-
math of trans- The major ing new remedies and cautions
forming the knowl- issue of our age turn out to be inevitable in or-
edge into conscious. is undoubtedly the der to feed the need for satis-
Therefore, he is obliged issue of human being. faction.
to live with the booms of What is going bankruptcy
palpitations without reaching nowadays is not the giant As a consequence, the current
any synthesis under the bar- companies; but, the men him- financial crisis we are going
renness of those eternal thesis self. Pointing to the mentioned through is not the first and will
and antithesis. Unfortunately, perspective after claiming that not be the last. Until the hu-
where the capitalism carried ‘The global financial crisis is man being finds his route to-
the humanity today by knock- a divine warning,’ the Pope day’s selfish, greedy and ‘unsat-
ing its essence down is this Benedict XVI must be right isfied’ civilization will lastingly
coast of sterility. in a way. The recent economic feel nauseated and will throw
The economic crisis, which has crisis must be a divine warning up the malignancy inside it by
been shaking the entire globe with its meanings and reasons; other crisis. A humanity lack-
as of the recent two years, is however, it is not possible for ing the affection and sense of
Orhan Dede, Research Associate full of deep meanings that can the humanity to perceive those truth will continuously be scat-
Illustration by cry the aforementioned real- warnings. Because the human- tered in the realm of virtual
Tamer Kızılağaç ity out. The sum of the rescue ity has already turned himself games as far as he realizes
packages that has already been off to the meaning and spirit his essence.
90 | COLUMNIST
BN MAGAZINE | BOOK REVIEW
“
the credit crunch too…
just what went Although some experts seem to disagree with Ishikawa
on issues concerning the financial meltdown, his style
wrong around
”
of writing convinced me that he is certainly a sharp and
knowledgeable guy, as you would expect of a former
the time of the Goldman Sachs banker. His narrative is witty and he is by Tetsuya Ishikawa, Icon Books
not trying to be judgemental which is very refreshing.
banking crisis
How I Caused the Credit Crunch is an insider’s self- It is a light and fun read but it is also informative. Do-
story of finance, strippers and credit derivatives and ver’s very well told story unfolds in front of our eyes and
aims to explain the ins and outs of the structured credit displays the sequence of events that led to the credit
markets; needless to say that the 11-page glossary of fi- crunch. Perhaps this simplicity of the book is what
nancial terms came really handy to me at times while makes it so enjoyable: the credit crunch is part of the
reading into the night on the plane. However, at some story and it doesn’t get academic or boring anywhere.
parts of the novel I wondered whether the book has His stories do sometimes feel a bit exaggerated but the
been written for finance geeks or for insiders and the reader immediately understands from the way he tells
final ruling is that it will probably fascinate anyone who them that they stand very close to reality.
is up for a mix of a finance guide or a holiday thriller
like me. Still, it is a general opinion that Ishikawa has managed
to do what writers of ‘how I’ books of the economic
I figured the reason why the novel is a hit is that it keeps literature have failed to do so before: he created a factual
you intrigued with million-dollar transactions and with analysis of the credit crunch within an exciting fictional
much cheaper escort visits of the financial world; and at narrative. I found this to be a powerful way of telling
the same time, it makes us ordinary people understand all about the Wall Street excess. His way of explaining
just what went wrong around the time of the banking complex financial terms through stories and similes had
crisis but without naming the names or finding a scape- my undivided attention while I was reading the book.
goat. Nevertheless the book makes it clear that it was
not the author or his colleagues who “caused” the credit If I was to recommend an engrossing book that is in-
crunch and they really had no other choice but to act formative on the present global financial situation, this
the way they did as the flaw was in the “system”, not in certainly is the one.
them.
92 | BOOK REVIEW
BN MAGAZINE | FOOD
Salad Mackerel
20gr rocket
300gr filleted Mackerel
4 cherry tomatoes cleaned and bones picked
20gr inner leaves of with tweezers
cos lettuce
20ml Olive oil
5ml balsamic vinegar
2 slices of a lemon
5ml virgin olive oil
a pinch of cracked black
1 medium red onion pepper
a pinch of sea salt
This simple way of preparing fish fillet will be incredibly tasty. Try to get your fish as fresh as possible.
1 Marinate Mackerel fillet with olive oil, sea salt, cracked black
pepper, lemon and bay leaves.
4 While the fish is grilled you can prepare the salad. Put all salad
ingredients into a bowl except the onions.
2 Put the fillet under the grill skin side first and after 3-4 minutes
turn it over and grill for further 1 minute.
5 Mix the salad and place them on to a serving plate next to the
fish.
3 Do not let the fillet over grilled to avoid becoming dry. Place
the fillet onto a serving plate.
6 Add the freshly sliced onions next to the salad to finish.
Bon appetite.
94 | FOOD
BN MAGAZINE | ARTS & CULTURE
London
Turkish Film Festival
Making Digital History
Halime Özdemir
The pioneering LTFF is also looking into means of To date, LTFF has received
broadcasting Turkish movies on British television, widespread support from the
working with a London based media company to cre- British Film Institute and ma-
ate a prime-time weekly slot on UK cable and satel- jor picture houses such as Cine-
lite platforms. Vedide Kaymak, Founder and Director world and Odeon cinemas. In
of LTFF hopes these exciting developments will addition, Film London, UK Film
attract more interest and greater funding from British Council, Istanbul 2010 European
Turkish businesses. “There is an explosion in digital Capital of Culture, Go to Turkey
living, with the entertainment industry at the heart of campaign, and the Turkish Embassy
many cutting edge innovations. We want to exploit in London, have all sponsored the
these opportunities. Our own community is awash festival, helping to grow its scope and
with entrepreneurial success – it would be wonderful reach. The Turkish Ministry of Tourism
to see greater commercial collaboration between us.” and Culture continue to work closely with
LTFF as part of its commitment to support-
Kaymak is a pivotal figure in the LTFF. Since moving ing the Turkish film industry worldwide.
to the UK over twenty years ago, she has been active
in shaping the Arts and Cultural scene for London’s The festival’s eclectic programming has won it plau-
thriving Turkish-speaking community. An accom- dits from across the British film industry. It provides
plished producer with an extensive portfolio of TV an important platform for a new generation of film-
and short film productions, Kaymak is also a major makers of Turkish* origin in the UK and beyond,
distributor of Turkish film in the UK, helping her to providing them essential exposure in one of the
identify emerging talent and international hit movies. world’s movie capitals. Each year, the Opening Gala
hosts over 400 guests including directors, produc-
However, it was her work as Front of House Man- ers, actors, and short filmmakers. During the LTFF
ager at the Rio Cinema, an independent Art House season, panels and discussions take place with a wide
in Dalston, which led her to create the LTFF in range of participants from the international film
1993. Kaymak got her dream project off the ground industry – a popular feature of the festival.
through what she describes as “the energetic support
of Charles Rubinstein” the general manager of the Kaymak’s vivacious nature is infectious, as is her
Rio Cinema. His facilitation helped bring in the sup- passion for LTFF. “Film is a powerful vehicle to illus-
port of Film London and in little over a decade, what trate contemporary Turkey – our diverse society has
started as a small three-day event in a local North so many stories to tell and the Turkish film industry
London cinema has grown to a full-scale must-see possesses enormous talent. We are delighted that
film festival spread across two weeks and multiple LTFF can bring some of that magic to London.”
venues.
BN MAGAZINE | HISTORY
HISTORY | 99
BN MAGAZINE | UNIVERSITY
NOS
Network of Students
www.networkofstudents.com
ABOUT NOS
NETWORK OF STUDENTS
Network of Students (NOS) was founded in March
2007 by a group of students from different universi-
ties across the UK to help students network with
each other as well as providing support and advice for
graduates to enhance their career opportunities. NOS
is a young and ambitious organization aiming to serve
their members with new and exciting projects such
as Career Evenings, public lectures, breakfast panels,
social activities, concerts and trips to other countries.
100 | UNIVERSITY
UNIVERSITY | BN MAGAZINE
NOS: Why do Turkish students pay 3 NOS: Why do UK universities charge you offer us?
or 4 times more tuition fees than EU more than other EU countries? As a student organisation you have
students? We are aware that the fees are made an excellent achievement
EU Candidates and EU members high. However we can only state by forming a single body, keep-
have different rights assigned to what the problem is. We cannot ing Turkish students together and
them. Turkey is still a candidate resolve it. We are not satiated in a solve their problems. Where you
and this means that until we are in position where we cannot negoti- get stuck inform us [YOK] and
the EU Turkish students will not ate with any parties. we will help you. I would also love
receive any discount on university NOS: The biggest problem faced by to see more people actively taking
tuitions. Turkish students abroad is the subject roles in their own university stu-
NOS: Have you done anything about of diploma equivalency with Turkish dent society and student organisa-
this? universities. It is common place for a tions like NOS.
We are working very hard together student’s entire study history abroad
with the Ministry of Foreign Af- becoming obsolete just because of
fairs to get a discount for our stu- this. What is your opinion?
dents. We directly ask institutions We have actually made lots of
if our students can be admitted changes about diploma equiva-
nt of the with a discount. Unfortunately
Universities are not permitted to
lence. For every equivalence appli-
cation we make certain enquiries
take steps on their own initiative and in many cases confirm equiva-
ÖK) - as they are dependent on Laws. A
solution is only viable if and when
lence as long as there haven’t been
any legal or other problems.
Interview by:
Ensar Daştan
governments and the EU council NOS: NOS is a Turkish student as- Adnan Özgür
commission get involved. sociation in London. What advice can
UNIVERSITY | 101
BN MAGAZINE | FINANCE
102 | FINANCE