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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
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.
We are powerful
We listen to each other: We believe dialogue is rather effective than mono-

Why we help each other with no expectation?


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We love each other

Why we are so loyal to each other?

Why we love each other so much?

The best thing about being a human is to be able to love. We trust and put
others before our needs. For the sake of our love we pay no attention to
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We help without any expectation!

We know that, giving without expecting any return will in time pay in divi-
Why we are so powerful!

The sheer fact that you have this magazine in your possession is proof of
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where individuals who are a success in their own field come together to
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passion for hard work and first and foremost: - passion and love to creat-
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us. Your opinion will be the key to our development.

For the second, third and future issues of the BN Magazine

we welcome you all.
Managing Director, BN Magazine
Altan Aktürk
contents 34 A

20 Plug in Your Imag

A Success Story -

16 Is the World on the 70 Is Russel a Brand?

Verge of Economic Recovery

20 Plug in Your Imagination! 72 By Day By Night:

A Success Story - Zihni Yalcın Halil Yıldırım

24 Working for a British company 74 Redundancy:

in Turkey The Classic Mistakes

26 İstanbul: 76 New Media New Marketing

The New Shopping City

28 Capitalise on House 78 Energy Perspective

Price Falls

30 Cash Flow Management in 82 Buying Property in Turkey.

Recession Why is it so popular?

34 A week in the life of 86 European Approaches to

Gonca Gürsoy Artunkal Urban Life and its Quality

40 Turkey’s Mediator Role 88 Sulukule:

Stolen Place / Lieu Volé

42 Interview with Boris Johnson: 92 Book Review: How I Caused

The Mayor of London the Credit Crunch

46 Turkey: The World’s Second 94 Recipes from Hüseyin Özer:

Largest Textile Investor Uskumru Fileto

50 5 o’clock Tea with 96 London Turkish Film Festival

Hıfsı Ayrancıoğlu Making Digital History

54 İstanbul 2010 98 Turkish Naval Martyrdom

European Capital of Culture Gosport the Turk Town

58 A London Banker in Vietnam 100 NOS meets with Cem Yılmaz

66 Involving More Women 101 NOS interview with the

in UK Politics President of YÖK
A week in the life of
Gonca Gürsoy Artunkal

Zihni Yalcin 42 Interview with Boris Johnson:
The Mayor of London

Ali Özmen Safa :


18 Things will Never be 60 Çağlar Karataş :

the Same Again The Chinese Year of Ox

Ertan Hürer : Mehmet Öğütçü :

32 Playing Poker with the 62 Would Turkey be in
Taxman the “Winners Club” -1
William Horsley :
38 Kerim Balcı :
Europe’s Blurred 64 The Otherification of Turkey and
Vision of Turkey
the EU Parliament Elections
Irfan Önal :
52 Murat Yapıcı :
Turkey is Attracting more 68 A General Review of UK-Turkey
Trade Relations

56 Ayşegül Yeşildağlar : 90 Orhan Dede :

Turkish Businesses in the UK Humanity First
Business Related
BUS NESS bizNET Members Meeting with Mehmet Şimsek
(Finance Minister of Turkey)

“Business Breakfast” Series:

We ave organised 2005/2009 •Textiles Sector with Cafer Mahiroğlu (owner of Select)
•Roy Stacy, Former US Deputy Assistant Secretary of State
Exclusive Activities •Mehmet Öğütçü, Director of BG Group Energy Holding &
Turkey-EU Relations Panel with Quentin Peel Former Diplomat
(Editor of Financial Times) •Ayfer Orhan, Prospective Parliamentary Candidate
•William Horsley - Chairman of the Association •Jan Etienne, Writer & former Women’s Rights Adviser &
of European Journalists. Academic
•Dr. Ruth Mandel - American Academic.
•Jonathan Fryer - Freelance writer, lecturer, broadcaster. bizNET “Business Seminar” Series:
•Ayça Abakan Duffrene - BBC. •Setting up a New Business & Finding Funding
(with Ali Özmen Safa)
Prime Minister of Turkey, Tayyip Erdogan’s Speech at •Marketing (Growing Your Own Business)
Oxford University •International Trade - Import & Export
•Business Planning & Marketing
Extraordinary Life Skills Workshop with Melih Arat Seminar: Finding Opportunity in Crisis
International Women’s Day •Ali Özmen Safa – Businessman
Atatürk & Leadership Seminar •Çağlar Karataş – Turkish Bankers Association, Chairman
•Dr. Andrew Mango (Famous Writer) •Niyazi Albay - HSBC, Manager
•Prof. Salahi Sonyel (Academic) •Ertan Hürer – Chartered Accountant

Careers Related Music/Culture Events

Careers Evening @ LSE & SOAS From Tuna to Tuva: Melodies from Turkish Lands.

Breakfast Panels: A Night of Turkish Poems

•Careers in Health & Science
•Careers in Law
•Careers in IT & Engineering Dinners
•Careers in Finance Bayram & New Years Dinner with British-Turkish Politicians

British-Turkish Friendship Yaza Merhaba picnics: Breakfast with Turkish Journalists (Mehmet Altan, Fehmi Koru)
Every summer on the first Sunday of Iftar for Professionals’ & University Students
June - 2005, 2006, 2007, 2008 & 2009
IT Professionals’ Dinner

LTR, London Turkish Radio Shows

2009 - Trade & Risk (bizNET)

2007 - Careers in IT & Engineering

2006 - Entrepreneurship & Capital

2005 - University Life & Work

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Is the World on the

Verge of Economic Recovery?
Asim Salahuddin

In the last few months many analysts and economists

have highlighted potential green shoots in the world
economy. They have argued that the first signs of
economic recovery are on the horizon. Recent rises in
the stock market and the rise in oil has been used as
evidence of the credit crunch coming to an end.

In order to understand if the world economy is on

the verge of mending it would be wrong to exclusively
look at the financial indicators such as the rise in the
value of the stock markets or the rise in the value of
commodities to determine the health of the global
economy. One look at production, GDP, unemploy-
The US jobless rate is up to 8.9% the highest in 26
ment, retail sales, corporate and consumer spending,
Years. US GDP shrank by 6.1 per cent in the first quar-
number of foreclosures and bankruptcies and other ter of this year. To cope with falling sales, businesses
economic indicators, would actually show that not reduced their inventories the most since the Second
a single economy in the world is showing a positive World War by $103.7 billion in the first quarter of 2009,
trend when these indicators are considered as a whole. compared with $25.8 billion in the fourth quarter of
2008. Business investment declined by 38% at an an-
nual rate. Exports of goods and services decreased 30
For the aforementioned reasons the economic recov- per cent in the first quarter of 2009, compared with
ery is at best premature. At best, western governments a decrease of 23.6 % in the fourth quarter of 2008.
by pursuing a policy of low interest rates and quan- Foreclosure filings rose in March 2009 to 341,180. This
titative easing are delaying an inevitable inflationary figure is up by 17% from February 2009 and 46% from
March, 2008. Yet despite this fact the US government
explosion. In fact it can be argued that by flooding
has spent billions to shore up ailing banks and improve
barren economies with money, western governments credit flows within the economy. The same can be said
are most likely to re-inflate collapsed commodity and for other western economies.

currency bubbles, which will produce greater calamity
than what the world is witnessing today.


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’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.


Things will Never be the Same Again

In the 20th Century the battle, in economic terms, was between
capitalism and communism.

M any believed this battle

was decided in favour of
capitalism with the break up of
king. But it is no longer the West
that has the cash. They must
look elsewhere for support. But
The accountability of the banks
has also shifted. In the past
banks were accountable to their
the Soviet Union and the intro- how long will it be, before that shareholders. Now they are ac-
duction to a greater or lesser de- support turns into dominance? countable to politicians. This
gree of Western style democra- could affect the way in which
cies in the newly created states Governments throughout the banks operate as investment de-
in Eastern Europe. In many West have spent trillions of cisions justifiable on purely eco-
ways, like many converts, cer- pounds to avoid the collapse of nomic grounds may be consid-
tain countries embraced capital- the banking system. And so in ered too politically sensitive to
ism with fanaticism, without any many of the large economies be acceptable to their new mas-
of the social life rafts that over of the G8 nations the banking ters, particularly with a General
a long period of time had come system is now effectively con- Election due to be held within

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.


B r i tish p
i o n !
n ted t h e
e -inve
g a s r
a who h
Yalci n -
i n y ed
award e

Plug ess Stor y

e en
s b - th
lc in ha gn Award’
Y a si tant
e d D ot De an d impor ze
the ‘R restigious pri

t p ct

mos rodu
rial p acturers.
A du st
in uf
g man

Winner Zihni YALCIN

Receiving the
Tamer Kızılağaç most prestigious
Nothing design award in
endures but the world
change. For Zihni Yalcin has been awarded the ‘Red Dot
Design Award’ - the most prestigious and im-
those who dare portant industrial product design prize and
joins the ranks with some of the leading de-
to change the signers and manufacturers in the world. This
award is a result of many years of hard work

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

everyday object and improve it a little. The for most of us

someone needs to do is take an ordinary, purchasing a new laptop he found that there
was no room for the accompanying plug to
change need not be substantial, but only fit into his small briefcase. In a flash at that
enough to be able say that it has been im- The plug we use now is an improved version moment he began visualizing a solution and
proved. The object in question already has a of a plug that was being manufactured soon set about designing it. His design was simple
place in the market, so making an improve- after the Second World War in 1946, which yet the problem to overcome was complex.
ment to it ensures that it will have sales ap- was produced in accordance with British With pencil sketches on paper the standard
peal. Standards as a result of the ‘Electrical Instal- electrical plug used in our everyday lives was
lation’ meetings held in 1942 and organised being reinvented. A proof concept prototype
Zihni Yalcin came to England 30 years by Lord Reith at the Ministry of Works and followed and he took it to a patent attorney.
ago. He married Jacqueline and they have a Planning. It is immediately recognised by its That basic design now stands among the 700
daughter, Ayfer, a lawyer and a son, Salih, a appearance and that distinguishes it from chosen out of the 3200 new products made
graphic designer. Zihni describes himself as other plugs used in all other countries. Apart by 1400 manufacturers in 51 countries and
a family man, but with a dream. That dream from the UK, this same type of plug is used was awarded a Red Dot in Essen Germany
is to see his new invention will being used by by nearly 50 other countries including Cy- Mr. Yalcin’s plug was chosen as the ‘best de-
anyone and everyone needing a UK plug or prus, Iceland, Malta, Malaysia, Singapore sign’ by the 24 member jury of the Red Dot
charger. and many of the Commonwealth countries. Design Committee.


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)


Revolutionary Inventor of the Thin Plug Zihni Yalcin

Sets the Stage at the Red Dot Awards 2009!
Halime Özdemir
Facing a global recession, the need to inno- Red Dot Award. Yalcin unleashed his new The awards ceremony was held at the Aalto
vate, with the ability to remain competitive invention the Thin Plug: a foldable three- Theatre followed by a Designers’ Night in
and relevant is what takes centre stage. In a pin product at the awards ceremony which the Red Dot Design Museum: - Prior to
time where Designers, Companies and Insti- hosted more than 1,200 guests from across the event it was possible to walk around the
tutions all face unprecedented pressure, the the Globe on 29 June 2009 – Designers and exhibition that displayed Cars, Motorbikes,
need to prove their worth is vital as demands design experts, politicians and economists other innovative award winning designs and
for goods and services shrinks. It is exactly alike converged to celebrate the successful of course, the Thin Plug.
for this reason Zihni Yalcin, has set the prec- winners.
edent, and is leading the way. Welcome to The ceremony was a red carpet event, filled
the next level of gadgetry advancement… with excitement and proud buzz that greeted
Yalcin faced competition from international all of the award winners. Live music acts and
2009 marked the beginning of a ground- big name brands such as Sony, Panasonic and renowned Ballet performances adorned the
breaking era in contemporary technology many other well-known names in Germany, evening followed by an exemplary meal for
and design. Inventor-Entrepreneur Zihni but it was Yalcin’s Thin Plug design that all of the winners. This was an ideal opportu-
Yalcin became winner of the most prestigious dominated the stage to revolutionise the nity for like-minded individuals to network
and biggest International Design Prize, the gadget industry, as we know it. as well as reap the fruits of their labour.

The Red Dot Design Award

The red dot design award dates back
to 1955. With around 11,000 entries
from over 60 nations, the award is
now the world’s largest and most
distinguished design competition.

It breaks down into the three

different disciplines “red dot award:
product design”, “red dot award:
communication design” and “red
dot award: design concept”.

Inventor Zihni Yalcin - Professor Peter Zec - Business Partner Joshua Leff


Interview with Yusuf Esenkal, Marketing Manager,

Istanbul Cevahir Shopping & Entertainment Centre - A centre managed by
Jones Lang LaSalle

Working for a British

company in Turkey
number of shopping malls is reaching over two
up from a handful five-six years ago


QA uestion

Q: What are the advantages and disadvan-

owned by Turkish and foreign investors with In our company, there are two British citi-
tages of working for a British company in these services. zens. They are in the central administration
Turkey? team which consists of 50 people. These Brit-
The number of shopping malls has rapidly ish citizens, who are country directors, came
Throughout my career I’ve worked for two increased in the past three years - Reaching to like and embrace our country. Their chil-
American companies and one Turkish com- over two hundred compared to only a hand- dren study at Turkish schools and they try to
pany. ful of them up until five-six years ago. At this improve their Turkish themselves. There’s also
rate, it caught the attention of firms running an example, one we especially like, a British
Today I’m working for a British company – such businesses in the sector worldwide. For citizen who used to work for our company
They all have had their own characteristic cor- instance, I was invited to the 11th Interna- as a manager couldn’t bear leave our country
porate and organizational structures. Among tional Shopping Malls Symposium in 2008, for about 1 year after the end of his contract
these different corporate cultures, the one held in Vienna. As a guest speaker I gave a and the emotional moments that took place
with the most solid formation is this British presentation on the progress in Turkey. Again during the farewell as he returned to Britain
company. They’re very good at applying their in 2008, Turkey was the guest of honour at at the end of that year. To sum it up, foreign-
local experiences globally. the MAPIC fair, held in Cannes, France. ers considering working in Turkey, especially
British citizens and Turkish citizens with Brit-
Since the first day I walked into the office As to our company, one of our headquarters ain experience are very desirable and valuable
I have been living and feeling the culture. I is in London and the other one is in Atlanta, in our sector.
would always state the business culture first, USA. We are a real estate management com-
as the most important advantage British busi- pany offering services in 47 countries and Q: Please tell us a bit about yourself and
nesses provide you with. I would put the more than 450 cities in total. Our Turkey of- your work.
power from experience they have second and fice opened early 2007 and in 2008 was re-
the support to employees via reports and best warded the most prestigious rental and man- I was born in 1980; I am married and have
practice examples, know-how etc, thus com- agement consultancy firm in the country and one child. After graduating from Turkey, I was
munication third. is still going strong. in the USA for an MBA degree and worked
there for about 2.5 years. Then I returned to
As for the disadvantages, I can point to the Q: Can young people who study in Brit- Turkey and started working as a marketing
insistence in using the local business style and ain find jobs at these companies you told specialist at this British company. At the end
information in Turkey, which I also listed as us about? How many British citizens are of two years, which I had started out as a mar-
an advantage. To expand a bit, it might some- working for your company at the moment? keting specialist, I got the position of Mar-
times mean making mistakes in order to apply keting Manager at İstanbul Cevahir, which is
a local standard that is not fit for the current I can say, from my own personal experience, one of the biggest shopping malls in Europe.
state of the country in some circumstances. that people with overseas experience – profes-
Sometimes it is not right to insist on your sional or educational, have great advantage in My responsibilities in general are - Develop-
local rights in a foreign culture after all. You this sector. My MBA and professional experi- ment of the annual marketing plan of the
need to adopt a principle based on ‘Thinking ence in the US for 2.5 years cleared my way in shopping mall, execution of this plan, de-
globally, conducting locally’. the business and helped me tremendously in velopment of the communication strategy of
rising swiftly and reaching a senior position the shopping mall, developing the communi-
Q: What is the sector you work in and what in 3 years. This was during a time where there cation channels of the 3 core parties (inves-
is the position of the British company you were a limited number of young executives in tor, tenant and visitor), management of the
work for in that sector? the sector and the businesses were young. relationships with agencies, development of
the general strategy for public relations and
We serve in the real estate market; especially Likewise, experience obtained in Britain, relations with the press and implementing
shopping malls - Renting, consulting, project known as the cradle of civilization, is defi- suitable areas of global know-how and best
development and administration are among nitely very important, especially for people practice the company has, in Turkey.
our services. We cater to shopping malls considering entering the sector.


İstanbul:The New Shopping Cit

İbrahim Eren

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

and investors. office space.

A number of prime retail projects that have been developed in the CBD such
as Kanyon (in 2006) and İstinye Park (in 2007) are further examples of the


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.

Due to an increasing appetite among İstanbul shoppers

for well known brands at lower prices, a major trend that


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.

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.

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.


Cash Flow
Mustafa Mencit

One of the best definitions of an entre-

preneur is a person who is willing to bear
the financial risk of a business venture.
This burden is heavier for young and
small businesses and even more danger-
ous in recession time. Owning a small
business is not only a financial but also
an emotional investment. In hard times,
while receiving payments and maintain-
ing customers are as painful as ever, cash
flow management become the most the
critical issue in order to survive.


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.


Playing poker with the Taxman

I magine you are driving on
a country lane on your way
to an appointment, but you
Scenario 1

The officer immediately ac-

“dishonestly”. A suspicion
because, they may or may not
have any evidence to back up
are running 10 minutes late, so cepts your admission and the allegation.
even though you know that the agrees to a three point penalty
speed limit is 30mph you try to and a fine of £100. They will invite the tax payer to
make up time and for ten min- an interview. Without offering
utes of madness you drive at He whisper’s to his colleague any evidence they will invite
40mph. “You see nearly every driver the tax payer to admit to any
breaks the law and it doesn’t wrongdoing.
You make up for lost time and matter whether or not you’ve
slow down to 30mph, but just seen them they won’t take a It will be pointed out that if
as you do a police car draws up risk, they’ll own up to some- no admission is made and that
behind you and flashes you to thing!” during the course of the subse-

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


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.

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.

Tuesday, Wednesday and Thursday I spent

in Turkey whereby I spent most of the days at client
meetings and with our team on the ground. I also
need to see clients in the rest of Turkey and may end
up spending one or two days in Ankara, İzmir or any
other city where our clients based. Sometimes, as will
be the case this week, I go travelling to Paris or other
European cities where we meet with clients who are
interested in investing in Turkey.

On Friday afternoons, I catch the flight back to

London to come and spend the weekend with my
Gonca Artunkal was voted husband and my son who is twelve. My husband
“The Most Successful is also in the finance industry and he also needs to
travel some part of the week. So, what we love doing
Female Banker in Turkey”
most in the weekends is to spend time together as
in 2006. a family. It is actually our son who determines the
schedule which is based around his activities,
parties etc.


My sensitivity towards the awareness of women’s issues has been
a consistent theme throughout my life ever since then and I have
tried my best to promote work environments that embrace diversity
and have consciously chosen to work for organisations that are

supportive of such environments.

Job Work environment Worst part about

I am the Chairperson for Turkish
and training your job?
Banking at Citi. What we call Turkish
We provide well focused and struc- The worst part is when you need to
banking is the part of Citi which is re-
tured training programs to young make a major difficult decision as
sponsible for the corporate and invest-
bankers who join Citi. These usu- a manager and make reductions in
ment banking business. We have cli-
ally last around 6 - 8 weeks and the cost base. In the banking sec-
ents from the top leading companies
take place in New York and Lon- tor, the key cost item is personnel
and financial institutions in Turkey
don. However, training continues expenses. Hence, I had to let go
as well as the public sector. We have
throughout your career at Citi. For some staff members recently and
approximately 30 personnel in our
example, the reason why I am in also in the previous down turns.
team, 25 located in Istanbul and five
London today even though it is a This is not an easy task but needs
located in our London office. It is a
Tuesday is that I am on a two-day to be done.
very strong team consisting of some
training course targeted for manag-
very well educated and experienced
ers of various banking franchises
bankers who have been in the sector
for 15 - 20 years, young and highly
across the EMEA region. We do
seek very high standards and quali- Best part about
motivated colleagues. What we offer
to our clients is a solution to all their
fications in people who join Citi. I
am proud to say that our younger
your job?
banking needs ranging from ensuring
colleagues in the Turkish banking
an efficient flow of their daily cash- The most rewarding part of my
team are much better qualified than
flows, providing trade finance, help- job is to know what we are doing
myself - there are quite a few who
ing them with their working capital or on daily basis is contributing to the
hold MBAs from top schools such
project financing to advising them on Turkish economy. As a team we
as Harvard and they have all been
the IPO of their companies or acqui- have facilitated the inflow of ap-
the top of their classes in Turkey’s
sitions and divestitures of businesses. proximately US$30 billion of for-
best universities. I must add that we
The very solid corporate banking eign direct investments into Turkey
also have a few LSE graduates.
training and experience I had at Chase since 2000 by advising either sell-
combined with the M&A and equities ers or international companies who
experience I had at Chase and Morgan have acquired companies in Turkey.
Stanley are extremely valuable for me It is of course also very much re-
in this role. warding to be recognised for what
you do. I was very honoured when
I had been named ’The Most Suc-
Any advice you can give to people enter- cessful Female Banker in Turkey’
in 2006 by the Dünya newspaper
ing a similar career / position? and when I was ranked as an eq-
uity research analyst. Furthermore,
The current economic climate is challenging for bankers at all levels - even at or on daily basis, the biggest joy is to
more so the entry level. We are not able to extend as many job offers as we used work as a team not only with my
to for young graduates. Nevertheless, perseverance and enthusiasm always pay colleagues here at Citi but also with
off. My advice would be to ensure they get as much work experience as possible our clients. It will sound interest-
and do their very best in those internship programs to differentiate themselves ing but working through days and
from the other interns - they need to demonstrate their dedication and com- nights and going through highly
mitment as much as possible during those limited number of weeks and ensure stressful situations together also
that the bankers that they work with realize they are people whom they can trust creates a great bond among team
when working on a key client assignment. members and enables you to enjoy
the achievements much better.



Europe’s Blurred Vision of Turkey

Europe -- meaning Europe’s vote for the Annan plan to set- a member of NATO, the west-
political leaders -- is failing to tle the Cyprus problem. Most ern alliance, well before West
see Turkey as it is. It suffers Turks, opinion polls show, Germany.
from “blurred” vision. Turkey have concluded that Europe is
is, along with Russia, one of biased against them, and they In January this year the French
the two big countries in the are not really wanted. In re- commentator Dominique Moi-
neighbourhood whose histo- sponse, Ankara has played the si wrote a perceptive article
ries are inextricably interwoven part of a spoiler, blocking clos- entitled “Who Lost Turkey?”,
with Europe’s and which have er NATO-EU cooperation. saying that the Turkish ques-

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.


Turkey’s Turkish
Abdullah Gul

Mediator Role
Aynur Şimşek

L ocated between Europe and Asia, Turkey is

and has always been physical and cultural
bridge between these two continents playing a
Turkey’s ambition to pursue
its important mediator role
was recently illustrated by
crucial role in world affairs. As a result, it stands Turkish President Abdul-
in such a unique position being an ‘honest bro- lah Gül’s message stating:
ker’ in disputes between the countries in these “You cannot solve prob-
two continents as well as its neighbours. It is lems while fists are in the
always been the case that Turkish diplomacy air. Problems can only be
has a golden opportunity to act as a mediator solved through dialogue
between east and west, and between Islam and at negotiation tables.”
If Turkey is willing to
For example, the country has close ties to Israel extend this role, it could
as well as Arab states such as Iran. It has care- have a positive impact on
fully managed relations with Russia and holds the Middle East peace pro-
close ties to Georgia. Diplomatic bridging cess. In recent years Turkey
implies a unique mediation role for Turkey es- has progressively become
pecially in the troubled regions of the Middle more involved in brokering
East, the Caucasus and the Balkans. During the solutions to disputes in the
1990s Turkey began to set up regional coopera- region. Besides the established
tion initiatives. As a consequence, now Turkey allies such as NATO and the UN,
is in such an important position, that even the Turkey also has less conventional partners
Obama government might ask Turkey to test such as GUAM and the Shanghai Coopera-
the waters, to see whether Iran would be open tion Organization (SCO).
to negotiation.
As President Gül said: “Throughout history we
During the recent Palestine and Israel crisis, have had numerous problems with our neigh-
for example, Turkish diplomats have already bours. These must be resolved, or there cannot
showed that the mediation power that Turkey be peace.” In other words, these disputes must
holds is quite vital, where a face to face meeting be resolved as they do not only affect Turkey
was arranged with the chief Hamas leader Kha- but Asia and Europe through Turkey, and the
lid Meshal in Damascus. most effective way to the solutions would be
accepting Turkey’s mediator role, For example,
Furthermore, Turkey facilitated proximity talks the US feels a big pressure to repair its credibil-
between Syria and Israel, and acted as a non- ity in the Middle East in the aftermath of Iraq,
Russian-controlled conduit for gas and oil. It meaning that Turkey’s regional cooperation
sits between the energy crossroads of Asia and initiatives are needed more than ever.
Europe, vital to efforts to build new oil and gas
pipelines from Central Asia and the Caucasus Turkey is moving to a new era of a softer, more
into Europe. The crucial point is ‘how can Eu- approachable foreign policy and promotes its
rope become less dependent on Russian oil?’ role being a bridge between Europe and Asia to
The answer lies in a pipeline from Azerbaijan a further step by becoming a mediator
through Georgia using the Turkish port of Cey- worldwide.


Alexander Boris de Pfeffel Johnson

The Turkish Mayor of London

Ali Rıza Arslan

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




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

London Mayor on one side Turkish

Ambassador on the other
Seval Kahveci

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.

Visit www.bnmagazine.co.uk for pictures of

the Mayor and his family visit Ali Kemal’s
village in Turkey.

Turkey: The World’s Second

Largest Textile Investor Reyhan Yazıcı / Fashion Designer

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.


There are many reasons for English brands to be

manufactured in Turkey. English companies started
to change their manufacturing strategy slowly mov-
ing out from China and increasingly working with
Turkish factories. Meeting deadlines is extremely im-
portant in the Textiles sector and in the past, Eng-
lish firms didn’t mind whether deadlines were met
or not, therefore they got everything manufactured
in Asia. But when English companies began to see
that manufacturing output was completed within 3-4
weeks in Turkey, it made Turkey a better option for
production based performance.

our minds is of the last 15-20 years in expor-

In the name of fashion; luring-marketable Fashion or Exportation tation and textile industry whereby, Turkey
minimalist trends are quite simply the tip has been prominent and active in export to
of the ice-berg. When one observes the As one of the world’s leading industries; and across countries all over the world. Even
development and growth of the textile whatever country the Textile industry is if Turkey is unable to compete with the Asian
technologies industry, we begin to under- prominent, has proven to aid the develop- market prices, Turkey still is on the front line
stand somewhat their perspective. The ment and enhancement of that country. The of this market. Quality and multi-functional
textile industry came into fruition from outfits that are used to cover and protect (interactive) products are being exported from
industrially developed countries such as ourselves serve different purposes nowadays. Turkey and will continue to do so. Taking ad-
England, Germany, France and US. The Simple, ordinary and cheap productions will vantage of this poignant moment, Turkey
rapid growth in industrialised countries be exchanged in place of high quality, tech- is now gearing for successful development.
sustains an important portion of employ- nologically enhanced fabrics, in the near fu- When put into perspective alongside cheap
ment that not only meets compulsory ex- ture. Third world competitive countries such products that bare no design quality and label,
isting needs, but allows questions to be as Asia will gradually lose their reputation as you will find that such trends are no longer de-
proposed and answered. The machines having cheap labour and poor quality brands sirable within this market. Turkey is becoming
used during production of raw and pro- will be taken over by quality and intelligent a preferred partner within the textile industry,
cessed material outlined an essential part innovations within the sector where design is ranking level with Italy. Large and financially
of this sector. At the same time, improve- crucial. In reference to the production pro- strong; Turkish textile companies are continu-
ments have been effective for countries cesses found in Turkey, this takes the lead on ing to fund research and new projects to aid
that in the early days we couldn’t ignore. the list of the textile countries to become the advancement and support initiative.
Primarily, the people who worked within future textile country. With its potential and
this field were put through professional or nano-industry products Turkey is already in Made in Turkey
vocational training. Textile departments the EU market with a successful textile busi-
and courses at college or university level ness whilst still being considered to be a part Turkey is constantly making agreements to
are still active. of it. produce new brands of which it already holds
5% of the share in the Textile world.
Designers, engineers, marketing experts, pat- As it stands, brands and fashion products that
tern cutters, data collectors and other gradu- take up a large portion of the EU market are In light of the economical crisis, there has
ates from such institutions continue to work already being manufactured in Turkey. When seemingly been a reduction in the level of
in this sector and offer a high quality service. we talk about export, the first thing comes to textile consumption in Turkey as well as all


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
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.



Director of A to Z Catering Supplies

Economic Crisis New Investment

Whole thing is like stationary car; it is very
How do you see the economic crisis? difficult at the beginning to move it but once Will you be making new investments in the
it starts rolling it will not stop. near future? If so into what?
I would say the crisis started because lend- We are thinking of opening few more cash
ers were so greedy and all they did was lend How did it affect your business? and carry depots around London within say
money and charge big interest rates and pass the next 6 months.
the risk onto insurance companies. At the beginning of the credit crunch our
business were booming and our business Why?
Years of lending bubbled up the people debt increased by 40 %. This was because people
and when that money for lending dried up it were cutting down from upper class restau- We have done a detailed survey and found
affected everyone in contact of money, basi- rants and spending one forth of their saved out that cash and carry is local business for
cally everyone that is alive. money on take away shops. local people. So bearing this in our minds we
thought if our customers are struggling to
What are your predictions for the fu- Unfortunately now, things have changed dra- survive and still they cannot come to us why
ture? matically and people are now cutting down can’t we go to them.
from take away shops and instead they stay
I have been following the news ever since the indoors and buy an oven cook pizza or meals
economic crisis started and one thing I’ve no- from supermarkets for one third of the mon-
ticed is that media made things worse. Okay ey that they would spend on take away.
we all know that there isn’t much cash around
but when people are hearing that X Company We are trying to cope with credit crunch by
has closed, Y Company has closed and I don’t introducing cash & carry services and plus
know how many other companies are having running special promotions so we could pass
difficulties and so on, this sort of news stop on big savings to all our customers.
people spending money which made things
even worst. Biggest effect we have observed on our busi-
ness is shrinking gross margins, this is be-
I am very optimistic and believe that this sum- cause people are trying to survive and they
mer things are going to get better as Euro is try to squeeze you as much as they possibly
being very strong and the people bearing in can on the prices.
mind the credit crunch would stay in the UK
and start spending a bit as kids would be on


“To me success is how much time

I can spend with my kids and loved
ones away from work”

Art & Culture Being a Director / Leader What is success for

Hifsi Ayrancioglu?
What kind of art galleries and cultur- What kind of director are you?
al places do you enjoy visiting? Why? I have studied until I was 32 years old of age
I have never worked for another company and, big part of my study was mathematics,
before and wouldn’t know the different types and mathematics means numbers and num-
I am an easy person and can enjoy everything of directors that exist. bers means money.
in life. I find going back in time and investi-
gating people’s lives and thoughts very inter- I believe in hard working and always listen to I believe, in any business you have to have 5
esting and fascinating. other people regardless of their position or things and I am fortunate to have them
background. I always try to be nice to eve-
I also have two little boys and like to take ryone and love helping people in every way. 1. Good relationship
them to all sort of places, galleries and muse- 2. Ambition
ums. These visits also help me when teaching One thing that I always wanted from all the 3. Accounting knowledge
them life and history. people that work with us is regardless of 4. Self discipline
what problems they have in personal life try 5. Team work
What was the last book you’ve read? not to bring it to work and do not steal my
time that you get paid for. To me success is how much time I can spend
Reading is part of my life and cannot live with my kids and loved ones away from work.
without books, regardless of title or author I Are there any businessmen or leaders that
read at least one book a week. you are influenced from?

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.

I don’t read newspapers at all.


Despite the credit crunch Turkey

is attracting more tourists
“Turkey even overtook Spain for the first time as the UK’s
favourite package destination in 2008!”
Turkey is one of the 10 most tiveness of Turkey as a travel first golf course opened there
visited countries in the world. destination. in 1994 and in a short time
Last year alone, we welcomed Turkey really is taking off as has established itself on the
26.3 million tourists, a year on a business and leisure destina- international golf circuit, with
year growth of 12.8 percent. tion with increased capacity fourteen world class courses,
Turkey’s also very popular and new flights this year from including those designed by
with Brits - over 2.2 million Turkish carriers Turkish Air- celebrated golfers Nick Faldo,
visited last year, attracted by lines and Pegasus Airlines, as and another by Colin Mont-
the country’s huge choice of well as a host of others, includ- gomerie.

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

crunch we’re also

delighted that “Turkey is one of the 10 most
tourism from the
UK has continued
visited countries in the world”
to grow this year

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.


Halime Özdemir

Istanbul 2010 European Capital of Culture

A New Beginning…
The year 2010 marks the start of a new chapter in modern European history as we know it. This is the
year Istanbul will gain the title European Capital of Culture alongside member cities Péc,
Essen and Rhur. The idea of putting Istanbul forward as candidate for the European Capital of Cul-
ture was initiated by Melina Mercouri, in 1985; at the time of which she was the Greek Minister for
Culture. In that same year the European Union Council of Ministers determined the scope of the
project and put it into implementation.



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



Turkish Businesses in the UK

I would like to congratulate taged position compared with had worked in tuff conditions
Business Network for their their rivals. Most of our enter- which could now be regarded
initiative to publish a periodi- prises have to deal with issues as clear breaches of interna-
cal on the world of business. of work or residence permits tional labour standards. I do
Recent years have seen the for their employees on top of not deny the fact that business-
emergence of various Turkish all the other challenges of glo- es are experiencing difficulties
magazines and periodicals in bal competition. and pressures in the world of
specialized fields such as trade aggressive globalization we are
or business indicating that the The Member States are in- going through, however reduc-
professionalism and expertise creasingly tightening their im- ing labour costs should not be
of the Turkish community in migration rules, UK being considered as the immediate
the UK is improving to the one of them and boasting to response to cut down expens-
extent that it needs to find its have fulfilled the most radical es. Businesses should explore
expression in publications be- change of the last 40 years in other ways to survive without

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.

Sofra & Özer Restaurants
Michelin Guide 2008-2009

Özer Oxford Circus

Mathew Drennan’s Top 5

Best in London for
(19-25 April 2008) Sunday Lunches

“ Food is Turkish with an international twist,

and particular attention is paid to healthy eating.
“It’s a bit of an institution - choose the lunch menu and
await the food parade.”

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

Information & Comments

www.sofra.co.uk www.ozer.co.uk www.ozercatering.com www.huseyinozer.com

A London Banker in Vietnam

Banks Cheat, sold in Hong Kong, are comparable to rates thieves’ and ‘Capital Protected Lies’, refer-
in London. The cost of living in Hong Kong ring to capital protected products. This out-
Banks Lie! is higher and in some instances far exceeding
prices in London. Real estate prices are even
cry is clearly a reflection on how economic
crisis is truly Global Crisis when Capital Pro-
Oytun Pakcan surprisingly higher than the UK considering tected Notes and Funds are being targeted.

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
ment back if the
to Hong Kong. As
usual Turkish Airlines
excelled in offering an
Hong Kong: markets do not

service, accompanied
by a wide range of
“FILTH”, Failed
In London Try
quality food.

The flight was di-

rected over Istanbul,
where it occurred me
that whilst in transit
Hong Kong.
that, by using Istanbul Ataturk Airport as the They were carry-
transit port, clearly a strategic move to make ing banners with
Istanbul the hub that connects West and slogans such as;
East, casually attracting foreigners to Istan- ‘Banks Cheat,
bul. It also occurred to me that my flight was Banks Lie’,
one where by Turks were the minority among ‘Banks are
an array multinational passenger profiles in
the plane. It wouldn’t be wrong to say that
Turkish Airlines is arguably the best interna-
tional brand Turkey has created over the last
two decades.

Hong Kong is a typical expat town and this

is no surprise considering the 17% income
tax rate for the highest bracket versus the
new 50% rate in England. Satirically, London
bankers call their colleagues in Hong Kong:
“FILTH”, Failed In London Try Hong Kong.

Though taxations may seem far from obtru-

sive to ones income in relation to the UK,
you will find that the general price of goods


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.


The Chinese Year of Ox

Last month The OECD Eco- While short-term action to in a stronger, cleaner and fairer
nomic Outlook issued End- save the banking system, stop world economy.
2008 report. It shows that major companies going under
some 21 of 30 member coun- and stimulate demand to help A national and global regula-
tries already in or heading into the recovery of the real econ- tory architecture needs to be
a recession that could last at omy are all necessary, there built so that financial markets
least a year. Business invest- can be no return to “business return to their primary func-
ment will contract by over 5%, as usual” once the recovery is tion which is to ensure stable
and unemployment could rise underway. According to its re- and cost-effective financing
by at least 8 million by 2010. port, this is a point OECD ap- of productive investment in

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.


Would Turkey be in the “winners’

club” or “losers’ pit” by 2023?
A “Devil’s Advocate” perspective; Part-1
If I could look into my crystal ball to predict who the winners and losers of the global
system would be by 2023 (the centenary year marking the founding of the Turkish
Republic), do not expect me to give a rosy picture of the future for today’s 27-state
European Union (EU). The current recession will no doubt ease by the end of this
year, though the deep-seated systemic problems will remain, and companies will begin
taking on workers again, signalling the end of the worst economic downturn since the Mehmet Öğütçü
Great Depression of the 1930’s. Director of BG Group Energy Holding

T his setback may herald a new era in the

global system, fundamentally altering the
political and economic balance of power. The
public health and social security burdens, if
the erosion of its international competitive-
ness in relation to China and India (and other
ans’ approach to economy and life, and gen-
erally despise the federalist vision of Europe.
But when it comes to implementing the ac-
post-crisis era also looks certain to shake the emerging “tigers”) will continue, if the trans- quis communautaire, they are more effective
established institutions, rules and players, re- Atlantic dialogue with the United States does than most fervent members of the “federal
defining a gradually emerging “new world or- not go further than where it is, if Russia and Europe” dream do.
der” that will likely cut back the influence and Ukraine are not somehow accommodated
power of super-majors such as the US, Japan within or with the EU, and if the EU cannot There is of course no unanimity of opinion
and the EU to the benefit of BRICs. pull its act together to become a single voice on Europe with New Labour, Tories and Lib-
in foreign, security and energy policies. eral Democrats often taking some divergent
paths. Yet, a doubting stance lingers on and I
Tomorrow’s EU turning into have happily acquired this virus here.
“Euro-Disneyland” ? Why did I become a
To maintain its current position, let alone euro-sceptic ? Over the years, I have come to empathise
compete with others, the EU needs to recon- I do not want to sound like a doomsday with the euro-sceptical approach, particularly
nect its priorities and interests with the cur- alarmist because there are also positive devel- while working professionally with EU institu-
rent and anticipated challenges faced by its opments to inspire optimism, and the future tions and politicians. My views have become
people; demonstrate visibly the 21st century can turn for a better course if right actions stronger after having closely observed the
relevance of the concept “Europe” if it is and approach are taken in a timely manner. bureaucracy and inefficacy of the European
not going to become a “Euro-Disneyland” However, against the preceding context and Commission, squandering its annual €133 bil-
of the world; and give the policy answers to because of the bad way Turkey has been lion budget, whilst the European Parliament
these challenges first and then let institutional treated by the EU over the past half a cen- makes unfocused and inconsistent decisions
change help deliver them; rather than the oth- tury, I cannot help but tend to be more euro- backed by uncapped salaries and fringe ben-
er way round. sceptical than euro-phile. efits. Few good long-term strategic decisions
are made. Low performance levels plague
This is to say that, unless Europe takes sur- The longer one lives on this island, less than many policy initiatives. There is a general in-
gical action soon, its further economic and an hour’s ferry ride from Calais to Dover, the sensitivity and arrogance harboured, when
political decline is almost inevitable. Without closer one becomes to the viewpoint of the not openly displayed, towards other cultures
comprehensive reform, Continental Europe’s “euro-sceptics club.” We know that the Brit- and interests.
overprotected, overregulated economies will ish have never been terribly popular members
continue to slow down and deteriorate. This of the EU from the outset. It is no wonder
does not mean that Italy, Germany, France, why its membership of the EU had been
Playing Devil’s Advocate
the UK, and other now-prosperous countries My discussion with those opposed to Tur-
vetoed several times during the tenure of
will become poor; on the contrary, their stan- key’s EU accession on whatever grounds, be
France’s Charles de Gaulle. Long before they
dard of living will remain comfortable. It is it economic, religious, cultural, geographic or
joined, many Continental Europeans thought
the division between “old and new Europe” political, usually begins with the statement
the British were too different to be construc-
which will deepen. Europe’s political and eco- that “actually, we also do not look warmly on
tive members of what was then the European
nomic clout could become less relevant on accession prospects, just like you, but for a
Economic Community. London has always
the world scene. variety of different reasons”. This serves as a
preferred its American cousins across the At-
cold shower and strong reminder that Turks
lantic and valued Commonwealth relations.
The prospects could be even worse if the ag- should not be taken for granted and are not
However, the Brits are honest. They do not
ing population will put greater strain on the clinging to their coat tails. Then, list the good
hide their dislike of the Continental Europe-
reasons, without empty rhetoric, why Turkey


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


The ‘otherification’ of Turkey and the

EU Parliament elections
The European Parliament elec- Though this explains the re- France and Germany are good
tions underlined several defects cent surge of the environmen- examples. But in countries
in the EU project. At every talist, rejectionist, anti-union where the governments are
critical juncture, Europe is opt- and anti-immigration parties, left wing, open to the further
ing for distancing itself from a this also means that the EU enlargement of the EU and
United States of Europe. Parliament is losing its touch openly supportive of Turkey’s
with its raison d’être. membership to the union, the
The only light at the end of the opposition parties scored high:
tunnel is the result of the Irish The United Kingdom Inde- Portugal, Spain and Italy are
vote, where the Eurosceptic pendence Party (UKIP) re- such cases. Even in Greece the
Sinn Fein failed to win a seat in ceived 14.4 percent of the vote ruling party lost the race in the
the European Parliament. But and secured 13 seats in the Eu- face of the main opposition
there are signs of traps for the ropean Parliament. The greater party, the Panhellenic Social-
future of the union: In almost winner of the elections, the ist Party (PASOK), where the

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:


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


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


A General Review of UK-Turkey

Trade Relations
T he UK is one of the key
countries for Turkey in
terms of trade and economic
and UK. In line with the con-
traction in the UK economy
-which is among the hardest
production of chemicals for
environmental use are only
some of the sectors for fruitful
relations. UK is the 6th larg- hit countries- the trade vol- partnership opportunities. It is
est export market and the 10th ume is displaying a downward worth noting that, Turkey has
largest import market for Tur- trend. For the first two months one of the most developed lo-
key. From the UK side, Turkey of 2009, imports from Tur- gistics infrastructure in the re-
ranks as the 19th import and key decreased by 31%, while gion and with close links to the
24th export market. exports to Turkey decreased neighbouring countries, she
by 24%. However, it is worth can serve as a very efficient dis-
Currently, the monthly value noting that, although the pe- tribution base. These fields of

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
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.


Is Russell a Brand?
Sinem Özbaşlı

The traditional perception of branding has been changing. Marketers have

been branding everything from water to individuals. Celebrities like David
Beckham convert their names into valuable brands and market
The term brand is a derivation of the word “brandr”. Historically, animal
owners used to stamp their livestock to differentiate them
from others. However, in the contemporary consuming age,
marketers brand everything from water to individuals in
order to distinguish them from competitors. General-
ly, branding term is applied to organizations, product
and services. However, recently celebrities have
started to brand their names. Like Russell
Brand, Paris Hilton, David Beckham, or
Gordon Ramsey; they register their names
and protect all of their brand rights.

Celebrities not only market themselves by endorse-

ment, but they also sell their own products such as
clothing, perfumes, books, sauce pans and so on.
So, celebrity brands can be classified as actors,
musicians, models, directors, radio personalities,
writers, singers, athletes,
musicians, politi-
cians, and even
royalty. All in
all, traditional
tion of
are also con-
sidered as


Why do we brand things?

David Beckham * First of all, celebrities can be man- good example of the functional mean-
aged professionally the same as prod- ing e.g. bends a ball from 30 yards),
uct brands can be. Celebrities and emotional aspects e.g. his charis-
have image makers to make ma and charm.
celebrities fashionable and
attractive in the way their * Also, fame is not given to celebrities;
audience wants to see they earn it by their achievements and
them. their jobs’ quality. In that case Paris
Hilton could be an exception, because
* Secondly, all aspects she was born with a silver spoon in her
of marketing mix are mouth. However, Gordon Ramsey be-
used in order to sell came famous for his talent in cooking.
celebrity brands. Those
elements are product, * Another important criterion is brand
price, place, promotion, associations between celebrities and
physical evidence, personnel, endorsed products/services. Therefore,
packaging, public relations, and they can easily affect consumers’ at-
also political power. titudes toward products/services. For
example, Coca Cola invested $ 25
* Generally brand names should million in advertising campaign with
be simple, easy to remember, fa- Bill Cosby and it was a great success.
miliar, and distinctive. As a re- However, Bill Cosby failed in the
sult most celebrities change their E.F. Hutton endorsement. Therefore,
original names with easily recog- celebrities’ character and product at-
nizable names. For instance, the tribute should meet in order to build
original name of Tiger Wood was strong brand association.
Eldrick Woods or Tom Cruise’s
real name was Thomas Cruise Ma- * Finally, employer brands like
pother IV. Manchester United Ltd’s players can
call themselves celebrity brands as
* Celebrities can protect their names well. Therefore, players have become
by trademarks as product brands commercial brands and make profit
protect their names, and identities. out of their activities. For instance,
For example, David Beckham has David Beckham who is perceived as
protected a graphic representation of the king of the celebrities, described as
his characteristic free kick by register- sporting hero, fashion icon, parental
ing trademark. role, model, and global merchandise
machine. When he shaves his head,
* Furthermore, as brands have func- thousands of young men all around
tional and emotional features, so do the world shaved their heads as
celebrity brands. David Beckham is a Beckham did.

Building Manager by Day
Graphic Designer by Night
Halil Yıldırım

H alil is one of a growing number of Turkish profession-

als who earns their living from two jobs. His passion
is Graphic Design yet he earns a living working as a
Building manager in Portobello Dock; notably known as the es-
tate contestants of the popular TV show “The Apprentice” lived
during last years series.

Halil’s journey began by studying Computer Engineering at Univer-

sity. It wasn’t long before he found that this path was not right for
him, and so took the decision to leave. He then went onto complete
a degree in both Fine Art and Industrial design, at the same time!
This proved to be testing times for Halil but nonetheless, proved to
be the right choice, as through this endeavor, he began to realize his
strengths, which gave him the encouragement to leap onto a Master’s
Degree in Graphic design. Halil comments “Art and design as well as
learning to fit a million things into a single day provided a fantastic
backdrop to learning to balancing my day job and my dream job.”

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.’

Through the success of his freelance work, it is not surprising that

Halil is often approached with questions as to why he doesn’t pursue
Graphic Design fulltime. Halil is quite coy in his response, but feels Exhausting as my lifestyle
that, the day job provides him with a certain degree of security, that in
fact allows him to be adventurous and free within his design. He quite may seem, being able to do
often remarks that, even if your artwork is published in magazines and
has extensive experience having taught graphic design at university what I love, even if it is only
level doesn’t guarantee you a successful career...
part time, make the long
He admits that it is extremely enduring combining his day job with
his dream job, especially within the current economic climate. Halil hours and everything else
believes that the time is not yet right to expand further on his design,
by giving up his day job. Nevertheless, he truly does believe that he is that comes with it
getting closer and closer to his dream.
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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

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
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
Martin E t law specialist T warning to
oll missal co – and that doesn
per pers o n ndancy
Employm d the mistakes a
u t th e e c o s t of a redu
bo include th are.
tors has
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
day right


Classic mistakes
firms make İpek Ayşe Sayın

1 Getting the consultation process wrong:

Employees must be informed of redundancy
proposals before consultation begins. Where more
5 Not being able to justify why you have
picked the people who will be made redun-
dant: You must be able to provide evidence of
than 20 people are to be made redundant at one selection and how those at danger were scored. If
establishment within a period of 90 days, consulta- an employee is made redundant and the employer
tion must last 30 days and the employer is obliged cannot justify a redundancy state of affairs then the
to consult employee representatives (and the employee will have a claim for unfair dismissal. An
statutory dismissal procedures applying before employee with more than one years’ continuous em-
6 April do not apply). If this did not occur, ployment has the right not to be unfairly dismissed.
then each affected employee who should have Any redundancy dismissals that have taken place
been consulted would be entitled to 13 weeks before 6 April 2009 must have complied with the
actual pay as compensation for the failure of old statutory dismissal procedures. Failure to comply
the company not to consult with employee with will have rendered the dismissal automatically
representatives. unfair. From 6 April onwards, the only principles
governing redundancy dismissals will be those estab-

2 Using “last in, first out” (LIFO) as a

way to pick people: This can have the
unfortunate side effect of discriminating
lished by case law that primarily was reported before
October 2004 before the statutory procedures were
against someone because of their age. A
recent High Court case (Rolls Royce PLC Also the limits on payments and awards made to
–v- Unite the Union [2008] EWHC 2420) workers in certain employment tribunals in employ-
has now helped to clarify the position ment rights cases have risen. The increased limits
and decided that, although discrimina- affect the following areas: statutory redundancy pay-
tory, the criteria could be objectively ments; the basic and compensatory award for unfair
justified as pursuing a legitimate aim. dismissal and the limit of guarantee payment made
This means that if LIFO rewards the when employees are not provided with work.
loyalty and experience of long serving
employees, an employer may be able Failure to give adequate consideration to alternative
to justify using the principle. action is another danger area. There may be plenty of
options – including a shorter working week, pay cuts,

3 Discriminating against “dif-

ficult” employees: Employees
must be measured equally against
or redeployment to another branch of the business.
“There’s always the risk that disgruntled redundancy
candidates will demotivate the rest of the workforce,
the same criteria. The process is or even commit acts of sabotage,” warns Edwards.
designed to be fair to all employees. “I once acted for a caterer who feared a canteen cook
facing dismissal would put something nasty in the

4 Leaving pregnant employ-

ees or those on maternity
leave out of the process: While
soup. The over-riding need to safeguard the business
should be balanced with treating the person as fairly
as possible.”
you can’t use pregnancy or
maternity as a reason to pick an The Chartered Institute of Personnel and Develop-
employee for redundancy; it’s also ment (CIPD) claims that an employer loses £16,375
not a reason to not place someone for every employee laid off, even before costs like
at risk of redundancy. This is be- higher labour turnover and a fall in staff productivity
cause excluding them could make are factored in.
it unfair to those who are not on


NEW media
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. 

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Ozan Adan

The Energy Perspective

One of the most controversial
types of modern day energy is
clearly nuclear. There are more
than 400 nuclear power plants on
Earth, which produce a mere 16
percent of the world’s electricity.
Although, nuclear energy reduces
CO2 levels by 2 billion metric tons
per year, there are side effects that
perhaps this generation might not

Solar Australia – Australians man-

Solar companies seemed to be overwhelmed age to contribute 525.4 mil-
with the increasing global demand they are lion tonnes of CO2 per per-
currently facing. Key solar players such as son a year (in 2005). Although
Spain and Germany have been hustling for this is mainly from coal power
the market shares in larger economies out- stations to generate electricity,
side the EU. China and the US have both large changes are set to make
promised higher investment into renew- in order to alter this fact that
able energy in the coming years. President is affecting the world. The
Obama suggested increasing solar invest- Australian Prime minister has
ment by 83 percent costing the House of put in an order for the largest
Representatives $15 billion for this year solar farm in the world to re-
alone. China similarly promised to invest a duce the countries CO2 levels.
staggering $439.6 billion until 2020 for re- The project will cost around
newable energy projects. Germany, who is $1.4 billion (Australian Dol-
world number two in solar production af- lar) and will generate the same
ter Spain, is definitely one producer looking electricity as one coal power
away from home to horizons much further station (1,000MW).
away. However, distance has now become
a severe issue. Transporting the large and
sensitive panels will be costly and risky. Set-
ting up production lines closer to the market
seems to be the answer as long as there is a
guarantee of success.

Nuclear France – One of the leading Turkey – Newly appointed

One of the most controversial types of nuclear countries in Europe is Turkish energy minister Taner
modern day energy is clearly nuclear. France. With over 50 nuclear Yildiz, has expressed that there
There are more than 400 nuclear power power plants, France produces will not be any changes made
plants on Earth, which produce a mere 79% of the electricity is uses. to the current Turkish nuclear
16 percent of the world’s electricity. Al- French introduction into nu- energy programmes. Yildiz also
though, nuclear energy reduces CO2 lev- clear power was triggered by expressed that, as a rapidly de-
els by 2 billion metric tons per year, there the oil crises in the 1970s which veloping country, Turkey must
are side effects that perhaps this genera- lead to French authorities of obtain nuclear power to be fully
tion might not encounter but might be the time investing in there own recognised as a strong economy.
felt in future generations. Nuclear waste energy sources. With over 30 Prime minister Erdogan has
is clearly, the main drawback of the en- years experience in the industry also secured nuclear deals with
tire industry. The cost and time spent to France is now helping US nu- the Russian Prime minister, Pu-
neutralise the waste is a chore nuclear clear power plants the resolve tin, in his recent visit. The two
engineers can do without. The process is waste problems. The US has prime ministers have agreed that
complex, tedious and most certainly dan- the biggest nuclear power mar- in total four reactors will be built
gerous. Radioactive metal rods are han- ket in the world and the French in Turkey by the Russians.
dled through different cooling and stor- Areva Company has begun
ing stages by robotic arms. Initially they training some Americans on
are cooled in demineralised water for its French sites already to help
about three years. Later they are chopped with the waste issue. Areva is
up and after other processes are inevi- also involved with the Savannah
tably transported in guarded vehicles to Nuclear projects where the US
nuclear waste complexes to be stores in plans to convert some nuclear
glass for years and years to come. weapons into energy.

The Energy Perspective

Oil Turkey - Turkish Petrol Company TPAO has been
Since the summer of 2008, oil prices had reached criti- in fruitless talks with Chevron, the U.S. IOC and
cal figures of $40 pb (per barrel). Considering the cost of with RWE a leading German firm. Turkish officials
production for every barrel can come to around $50-60 argue that the Black Sea contains 10 billion barrels
pb, selling the product at less than $40 will inevitably harm of oil and 1.5 trillion cubic meters of natural gas.
even the largest International Oil Corporation (IOC). Al- The deep sea drilling will require a large amount of
investment from both parties, as it will be an ex-
though most IOC’s have enjoyed $140 pb during the
pensive method of exploration. TPAO, however, is
summer of 2008, the influx in prices since then has pre- confident that with the help of other exploration
vented IOC investment in alternative energy sources, not companies such as Exxon Mobil and Petrobas, ex-
to mention investment in general. This also means that ploitation of the resource should begin by 2016.
existing projects have been generally halted. Optimism of
an economic recovery and astonishing production cuts The Turkish authorities are also in a predicament
by OPEC has recently bumped prices near the $60 pb with the southern Cypriot exploration plans. South-
mark. However, many still argue the worst is yet to come. ern Cyprus has begun exploration research around
the seabed covering the island. Cypriot authorities
have struck agreements with Noble Energy, a US
based company. Turkish authorities strongly op-
pose any exploration without the agreement of
Turkish Cyprus. Cypriot leaders threaten to take
matters to EU and UN level further creating prob-
lems for the Turkish EU accession plans.

OPEC – The Organization of Petroleum Exporting

Countries has further reduced annual forecasts for
oil consumption. The US, the world’s leading en-
ergy consumer, has further cut demand by 1.5 mil-
lion barrels per day in April compared to last year
meaning demand will cut down 3.2%. Global de-
mand for oil has cut down 150,000 barrels per day
(bpd) to 84.03 million bpd.

Jordan – Royal Dutch Shell and Jordan have finally

signed a concessionary agreement for exploration
rights in the shale deposits. An estimated $540 mil-
lion will be initially spent on the project as an as-
sessment for potential. Jordan has an estimated 40
billion tons or oil shale deposits which would main-
ly supply the Jordanian people. The agreement is
subject to approval from the Jordanian parliament.


“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)

scheme of things. Although, the Turkish

Wind prime minister has recently visited Russia to
discuss above all “gas issues” for the com-
The increasing interest in wind energy ing winter. Many suggest that Russian atti-
has arguably been sparked by many dif- tudes and relations however, can change far
ferent reasons. The unpredictability of too easily over the course of the summer.
oil prices is one clear reason. However, The Russian gas company Gazprom, is cur-
the real phenomenon is the desire to feel rently in talks with Azerbaijan to buy out
that we are being green. We are no longer the gas originally designated to the Nabuc-
just buying electric cars that look absurd; co project. This alone is a clear signal from
we are questioning where the electricity Moscow that business is business.
actually comes from. This is a very pro-
found point to rise as most of the UK
electricity, for a long time, came from coal
power stations. This is about to change. Iraq - The Iraqi central government has also
The EU has made it quite clear that with- rejected any involvement with the Nabucco
project formerly promised by the Kurdistan
out good emission control technologies
Regional Government (KRG).
most of these power stations will be de-
stroyed. Carbon capture techniques are Iraq is proven to have over 112 trillion cubic
good examples of these, however still, feet of natural gas, which is dotted all over
many pressure groups will not be happy the country.
until they are all replaced by wind farms.
The central government in Baghdad and the
KRG have both failed to come to any con-
crete decision regarding any of the country’s
UK, Kent – The British authorities have

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


Buying Property in Turkey:

Why is it so popular?
In recent years, Turkey has emerged as a hotspot for European holidaymakers
and investors. Why now is the perfect time to invest in Turkish property?
Ayse Aslan / Director of MoveToTurkey

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.

The search is on with a vengeance for more

affordable holidays favouring destinations
that do not use the dollar or the euro. Hence
in Turkey’s spectacularly beautiful coastal re-
gions tourism is enjoying equally spectacular
growth. The 2009 Travel Trends Report joint-
ly published by the Foreign Office and ABTA
confidently reported that the number of Brit-


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.

UK citizens are reassured by

the avoidance of dual taxation
treaty that exists between the two
countries. In a move to encour-
age foreign investment in Turkey,
the Turkish Government also de-
cided that it will charge no Capi-
tal Gains Tax on properties pur-
chased by foreigners and owned
for more than 4 years.

The purchasing process itself

is much simpler than in many
countries and need not be a
daunting experience. Turkey has
a robust legal system that offers
protection to the overseas buyers
its Government’s policies actively
seek to encourage.

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.


European Approaches to Urban

Life and its Quality
Tamer Kızılağaç / Architect pean economy is to be one of the leading economic
competitors, with its youth bringing forth dyna-
mism and knowledge to a Global stage. For the Eu-
For individuals to T here are a number of European literary exam-
ples based on the “Quality of Life” attributed to
ropean Union to reach its targets, solely using eco-
nomic strategies are not enough. With the society
maintain a good the evaluation of parameters often based on factors and cultural framework that exists within Europe,
like economic structures of society, civic environ- it is vital that strategies for advancement must ac-
standard of liv- ments (housing, work and social life), opportunities commodate and nurture the vast array of cultures
of education, family structure or legislative found within its framework. In this instance, social
ing within their grounding. and economical advances that are non-bias in move-
found environ- ment must be accepted. For European societies to be
Much like the balance of these parameters, as our considered a competitive society it is imperative to
ment concep- level of understanding about quality develops as our improve the quality of social life. As a result, a “cul-
expectations begin to change in relation to our ac- tural harvest” as it were, is what is needed for which
tions such as, the customed surroundings. The fundamental issue here social / environmental integrations will follow. Pro-
notion “Quality is that city life is considered restricted and is often
associated to very tight living spaces. The expansion
tection of social and cultural diversity is as necessary
as the guarantee of a democratic perspective. This is
of Life’ and vary- of tight-knit urban frameworks is arguably the most fundamental in creating a quality living space, as a
common request of city dwellers and is often found standard basic need, thus making ‘Architectural Poli-
ing practices in to be quite an exciting concept. The notion of space cies and the Quality of Urban Living’ central to the
relation to it have within ones environment enhances ones “Quality of
Life”. This ideal is particularly important to Europe-
development of any policy within this framework.
All applications to improve the quality of life directly
been subject to an Union’s current framework as is increasing qual- or indirectly must be in agreement to one and other.
ity of life; economic and social standing of society is
many speculative among the European Unions main objectives. The European Union, in respect of architectural and
urban space is in many aspects behind in creating a
discussions. The agreement of applications common political grounding. Aside
from the above; there are number of
Increasing ones “Quality of Life” and continual en- factors that are prominent when it
hancement within society is one of the main priori- comes to attributing cultural re-
ties of the European Union, but with this, in 2000 lations as it is the public’s own
the Lisbon Treaty set aside one target in particular. values and the general and lo-
The target set was that by the year 2010 the Euro- cal management is what makes



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.



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

T he exhibition Stolen Place / Lieu Volé

is an illustration of the impact of the
urban ‘regeneration’ project that is under-
prox. 5000 people) now moved to the far
reaches of Istanbul to various housing proj-
ects or quite simply dispersed.
Istanbul and across the world with activ-
ists, university students, professors, writers,
journalists having reflected on the devasta-
way in Sulukule, Istanbul. Sulukule is no- tion and the hierarchical influence of this
tably one of the oldest regions in Istanbul Sulukule: Stolen Place / Lieu Volé illustrates project, the findings of which feature in
inhabited by Roma people located next to a complex integration of films, photographs this exhibition.



Photos by Nalan Yırtmaç

What is the Sulukule campaign?

The Sulukule campaign is aimed to high- This exhibition is the result of the in- ants, whose cultural heritage has existed on
light the disadvantages of urban regenera- tervention Harfiyat in Istanbul, entitled this land for hundreds of years should have
tion projects that have ultimately lead to ‘Sulukule’yi aldılar / darbukamı kırdılar!: benefited from regeneration?
the destruction of local heritage, disem- Yenileme, Yersizleştirme, Sulukule which
powerment of communities and continuous translates ‘They have confiscated Sulukule / One of the points of historical value of
movement of people as we speak. they broke my Drum!: Renovation, Travel, Sulukule is that it is known for is its dis-
Sulukule currently on display in Istanbul at tinguished musical heritage of the Roma
The Sulukule Platform and Human Settle- the Şükrü Pündük Gallery. The echoes of Gypsies, and as well as its culture and urban
ments, in collaboration with the Hafriyat this campaign of art and action two years structure.
Gallery, artists and activists are proudly pre- ago, entitled ‘Sulukule, 40 days and 40
senting ‘Sulukule: Stolen Place’, in France nights’ continues to reverberate. Much like the ruins surrounding Sulukule,
for the first time. Organised by Professor it is now the people that have been dis-
at the Bilgi University and International Sulukule is a devastating example of gentri- persed. This exhibition is a testimony of
Project Coordinator at Santral Istanbul Dr fication led by the hand of State. Sulukule faith to show that another way is always pos-
Asu Aksoy in collaboration with Aslı Kıyak has been dismembered to ensure plans to sible. It is a source of hope that things could
İngin, Designer and Architect, the exhibi- replace this poor neighbourhood with villas, change again; this is the very driving force
tion is currently on show at the ‘Maison Fo- parks, hotels and shopping malls can take and inspiration of this show.
lie Moulins’ in Lille, France. shape. Surely the interests of the inhabit-



“We are sometimes much more alienated to

Humanity first... ourselves than others”

La Rochefoucauld

T he saying is nice, but it is

missing. ‘If the shadows
of small men are lengthen in
announced so far quadruples
the cost of the World War II.
Moreover, the evolution and
by covering himself with the
considerable knowledge like
a blanket; and is not aware of
somewhere, the sun is about to consequences of the crisis are the philosophy of thought.
set there.’ The missing part is not exactly clear. As the French
that: The real men do not have philosopher Edgar Morin says, What has been neglected so
shadows since the light does ‘Humanity, today, questions far is the human being that has
not have a shadow. Men who himself with the surprise that forgotten himself has lost his
conceive the veracity truth of he feels against the world built test with prosperity today. This

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.


How I Caused the Credit

Crunch A review by Özgür Arslan

T ake the 10 hour-journey of a businessman from

London to Tokyo, at the height of an economic
crisis and you will find that I could not have picked up
a better book to read on the plane! One who is not only
of Japanese origin but who seems to take the blame for

the credit crunch too…

As I later find out, Ishikawa is a former investment

banker whose (success?) story begins at schools of Eton
College and Oxford University, where he develops a
career touching seven of the main global investment
it makes us banks and ends with being made redundant by Morgan
ordinary Stanley last year.

people Ishikawa’s lifeline bares a lot of similarities with that of

Andrew Dover, the fictional hero of Tetsuya Ishikawa’s
understand first novel ‘How I Caused the Credit Crunch’.

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.


Recipes from Hüseyin Özer

Uskumru Fileto (Mackerel Fillet)

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

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

Turkish Film Festival
Making Digital History
Halime Özdemir

N ow in its 15th year, the London Turkish

Film Festival is firmly established as an
exciting platform for daring, varied and stylish
organisers are currently in talks with Soda Pic-
tures and the UK Film Council who are both
keen to support the 1st Annual UK Digital
cinema. Since its inception, the festival has Distribution Award.
screened over 200 feature and 300 short and
documentary films across the city’s most pres- Henry Kwao, manager of Odeon Lee Valley
tigious cinemas. Its formula of mixing new believes digital distribution will help increase
Turkish talent alongside critically acclaimed awareness of the Turkish film industry. His
directors such as Cannes winner Nuri Bilge own 12 screen cinema in North London
Ceylan has helped bring what the Barbican regularly screens Turkish movies to packed
describes as “New Turkish Cinema” to the audiences. Kwao admitted that the manage-
masses. ment were pleasantly surprised at, “What
started as an occasional spot for a Turkish
This year, the LTFF is about to add an impor- movie has become a weekly feature on our
tant new feather to its cap, becoming the first billing.” He adds, “We’ve seen a phenom-
British film festival to offer a digital distri- enal growth in demand for Turkish movies.
bution prize to the winner of its Best Film Other Odeon cinemas have been charting our
Award. This ground-breaking award takes progress closely and are now keen to emulate
advantage of the digital revolution, enabling our success.” He thinks digital distribution
cinemas across Britain to cost-effectively is the way forward, “If you make it easy and
screen the winning film, allowing thousands commercially viable, lots more cinemas will be
more movie lovers to sample the delights of keen to screen.”
contemporary Turkish cinema. The festival

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.”

Turkish Naval Martyrdom

Ottoman navy lose soldiers to
cholera in Portsmouth in 1850.

“Another surprising detail about Portsmouth is that the Turkish-

Ottoman traditional crescent and star emblem is also adopted by
Portsmouth football club”

at the opposite shore of Portsmouth, Gos-

port, had started to affect Portsmouth during
1850 because of the poor and inadequate pre-
cautions to such an epidemic. Furthermore,
the lack of a proper drainage system as well
as the unhealthy conditions that sailors and
dock personnel lived in and the late start of
redevelopment plans caused cholera to spread
among Ottoman naval personnel quickly. As a
result, in five months 22 Ottoman naval per-
sonnel had lost their lives.

These facts were confirmed by the captain

of Mirat-i Zafer, Mustafa Bey. In his sixteen
page report, he stated that the training com-
menced very well and the naval officers stayed
for six and a half months. However, due to
the spread of illness, some officers died and
were buried in a cemetery next to the hospital,
consigned for these naval officers.
According to a document dated 1906 which
refers to the Haslar Hospital’s history in Gos-
port, part of the cemetery – martyrdom- was
moved to Caylhall Naval Cemetery on the Al-
ver Lake, in 1902 because of the construction
of another hospital building.

In 1985, as a result of Turkish Chief of

Staff ’s attempts to restore the cemetery, the
martyrdom was reopened on Turkish Naval
Martyr Day, 4 April 1993.
Özge Yurdal visited the Portsmouth Wharf and Clarence
Stocks in guidance of Sir Godfrey Webster. Portsmouth football club has the
Portsmouth is well known for its football They obtained supplies from local shops and Turkish Crescent and Star
club in the English Premier league. How- the officers were very polite towards the peo-
ever, what is less known about this port- ple who wanted to see the frigates, however, Another surprising detail about Portsmouth
side town is that it hosts a is that the Turkish-Ottoman tra-
Turkish Naval martyrdom ditional crescent and star emblem
as well. The martyrdom is also adopted by Portsmouth
was formed in 1850, for football club. However, according
the personnel of two Otto- to historians and linguists, this is
man frigates called ‘Mirat-i not because of these two Otto-
Zafer’ and ‘Sirag-i Bah- man frigates but previous deal-
riye’ both of which came ings with Turks throughout his-
to Portsmouth in order to tory. Another name for Gosport
get cannon and navigation is “Turk Town” but there is not
training. enough evidence to explain why
it is so. The only document that
Local newspapers of that pe- reveals the relation between the
riod indicate that initially the Turks and the English in Ports-
frigates and its personnel were mouth was found by J.E. Mann,
the centre of attention when a folklorist. According to this
they first arrived. According handwritten and unsigned docu-
to an article published on 14 ment, the story goes all the way
December 1850 in The Illustrated London due to their religious beliefs, they refused to back to Crusades, that the town was formed
News, “Ottoman Navy officers of the two accept visitors on Fridays and Saturdays.” by Turks, who were brought by the English
frigates that docked at Portsmouth port have The cholera outbreak in the summer of 1849 from Anatolia as prisoners of war.


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.

NOS will provide a platform for British, International

and Turkish students to share their cultural heritage
and experiences, and building bridges toward mutual
understanding and respect between the diverse stu-
dents across all of the UK’s universities.

NOS’s key role is working as an umbrella for all

University Turkish Societies in the UK, to assist and
develop cooperation among one and other. The
outcome of this cooperation is to create pathways to
work together for cross-group organizations. Mem-
bership to NOS is open to all students in the UK.

NOS will be used by students to;

*Share information
*Network and build relations
*Promote knowledge, events, businesses,
entertainment and general positive
* Encourage new members to take
more active roles in NoS

NOS Activities 2008/09

*Careers Evening NOS Interviews the Presiden

* Breakfast & Panel
-Career Opportunities in Finance Higher Education Board (YÖ
-Law Breakfast & Panel
*Trips to Europe
*Days out; Paintball
Yusuf Ziya Özcan
*Football Tournament
*Cultural activities
*Panel with the president of YOK


NOS meets with

Cem Yılmaz Cem Yılmaz came to London to promote his latest about our network of 1500 members and the diverse so-
film A.R.O.G at the Sci-Fi film festival. cial and accademic events that we’ve
Cem Yilmaz, one of Turkey’s leading stand-up comedians,
also known for his vast repertoire of acting and screen- Cem Yılmaz was announced the most popular and suc-
writing, has adorned many a comic book as a cartoonist cessful comedian by university students, so we invited him
for over a decade in Turkey. to do a stage performance in London for us. His reply to
this offer was “I miss the stage also. As you know I have
Yılmaz met with NOS students in London at the cock- not been on stage for a long time. I will definitely come to
tail party prior to the screening of A.R.O.G at the Apollo London once I’ve prepared my new stage show”.
Movie Theatre in London’s Piccadilly Circus. Network of
Students (NOS) took the opportunity to chat with him Cem Yılmaz joined Sci-Fi London Film Festival upon the
and tell him about NOS. invitation of festival organizers, who viewed and liked his
movies. His film was the first Turkish film to be promoted
He was outwardly impressed with the efforts of NOS and at the London Sci-Fi Film festival.
congratulated us for providing such a service for the Uni-
versity students in the UK.
Interview by
He was surprised to hear, yet was impressed to find out Cem Belevi

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