Latest news with #Türkiye-based
Qatar Tribune
3 days ago
- Business
- Qatar Tribune
Turkish exporters could see benefit in stronger euro: Expert
Agencies Turkish exporters see the rise in the euro/U.S. dollar exchange rate as a potentially beneficial development, an expert opined recently, while the uncertainties over the independence of the Federal Reserve (Fed) continued to fuel concerns. U.S. President Donald Trump is reportedly considering selecting a new name to chair the Fed in September or October. The Fed's likelihood of making three rate cuts by the end of the year increased, causing the euro/U.S. dollar exchange rate to rise to 1.1745 this week, a nearly four-year high. The decline in the U.S. dollar showed that investors responded to Trump's decisions by selling their dollar assets, putting downward pressure on the U.S. Dollar Index, which fell to 97.076 on Thursday, its lowest since March 2022. Tonguç Erbaş, general manager of Türkiye-based financial services firm Ahlatci Portföy, told Anadolu Agency (AA) on Friday that the rise in the exchange rate has been positive for Turkish exporters, and the European Central Bank (ECB)'s tight monetary stance to bring down the bloc's inflation to 2% also contributed to the rise. Erbaş stated that the ECB is gradually easing its policy to bring stability to the EU economy, while concerns over tariffs are largely limited, boosting market confidence. Meanwhile, the Fed remains cautious amid debates that Trump could likely install a 'shadow chair' to the Fed. 'The rise in the euro/U.S. dollar exchange may have been positive for Turkish exporters because half of Türkiye's exports go to Europe, but most of our imports are dollar-based,' he said. 'The rise in the exchange rate is allowing euro-based revenue to increase when converted to Turkish lira,' he added. Erbaş noted that the Turkish industrial sector in particular could benefit from the exchange rate, but the exchange rate risk on the import side needs to be monitored closely. Türkiye's exports totaled $110.9 billion in January-May this year, 39% of which were to the EU, up 7.5% versus the same period last year, according to the data from Turkish Exporters' Assembly (TIM).
The Hindu
22-05-2025
- Business
- The Hindu
In HC, Centre defends revocation of Türkiye-based Celebi's security clearance
'When it comes to national security, we either act or we don't — there is no middle ground,' the Centre told the Delhi High Court on Thursday (May 22, 2025), while defending its decision to revoke the security clearance of Türkiye-based Celebi, an operator at multiple airports across India. Also Read | Centre opposes Turkish firm Celebi's plea against revoking of security clearance Solicitor General Tushar Mehta, representing the Centre, told the court that during 'unprecedented' times, providing a hearing or reasons before taking action 'defeats the purpose,' especially in matters concerning national security. Celebi Airport Services India Pvt Ltd and Celebi Delhi Cargo Terminal Management India Pvt Ltd, which oversee ground handling and cargo terminal functions, have moved the court challenging the Centre's decision. The Bureau of Civil Aviation Safety (BCAS) revoked the security clearance of the firms just days after Türkiye backed Pakistan and condemned India's strikes on terror camps in the neighbouring country. During the hearing, Mr. Mehta stated that the firms were involved in ground and cargo handling, with access to aircraft and cargo screening at several airports, including those handling VIP movements — prompting authorities to exercise their 'plenary powers' under the relevant law to take action. The Solicitor General clarified that the decision was neither a 'carte blanche' nor a 'brahmastra,' as it remained subject to judicial review. If the court found that the authorities had exercised their powers in a cavalier manner, it could intervene, he added. He also defended the decision to revoke the security clearance of Türkiye-based firms without warning as it was 'dealing with a sui generis situation where there is a potential threat to the country's civil aviation security at various airports...'. 'When the country sometimes faces a situation where they are so unprecedented that neither an opportunity of hearing is possible because delay itself might defeat the object of the act nor it is possible to give reasons for the action because that again defeats the purpose of the action, plenary powers come in,' Mr. Mehta explained. The Solicitor General said ground handling contract could be cancelled at any time. Responding to the petitioners' objection to the Centre submitting certain 'inputs' to the court in a sealed cover, Mr. Mehta argued that concerns of national security outweighed the right to disclosure. The court will continue the hearing on May 23.
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Business Standard
16-05-2025
- Business
- Business Standard
Çelebi to pursue legal steps after BCAS revokes India security clearance
After its security clearance was revoked by the Bureau of Civil Aviation Security (BCAS), citing concerns over national security, the Türkiye-based firm Çelebi Hava Servisi AS said that all available administrative and legal remedies would be pursued to challenge the unilateral termination of various licence and concession agreements in India. 'We will pursue all available administrative and legal remedies to challenge these unfounded allegations and to seek the annulment of the aforementioned terminations,' Çelebi Hava Servisi AS said. Following the BCAS decision, which was taken on Thursday, the operations of various entities of Çelebi Hava Servisi AS have been suspended. These include Çelebi Airport Services India Pvt Ltd (CASI), Çelebi GH India Pvt Ltd (CGHI), Çelebi Nas Airport Services India Pvt Ltd, Çelebi Delhi Cargo Terminal Management India Pvt Ltd, and Çelebi GS Chennai Pvt Ltd (CGSC). The development comes days after Türkiye extended military and diplomatic backing to Pakistan during Operation Sindoor. It also condemned India's strikes on terror camps in Pakistan. Çelebi, which employs more than 10,000 people in India, currently provides ground services at nine major airports, including Delhi and Mumbai, and has been operating in the country for over 15 years. In a filing to Türkiye's stock exchange on Friday, the Istanbul-headquartered firm said four concession and licence agreements executed between its subsidiaries and the relevant Indian airport authorities had been unilaterally terminated. 'The Bridge Mounted Equipment Service Agreement valid until 2036 and the Concession Agreement Ground Handling Services valid until 2029, executed between Çelebi Nas Airport Services India Pvt Ltd (Çelebi Nas), 59 per cent owned by our company, and Mumbai International Airport Ltd (MIAL),' have been terminated, the filing said. Following the withdrawal of the security clearance, the shares of Çelebi Hava Servisi AS declined by 10 per cent on the Istanbul Stock Exchange. Meanwhile, on Thursday, Civil Aviation Minister K Rammohan Naidu said national interest and public safety are paramount and non-negotiable.
Zawya
31-01-2025
- Business
- Zawya
Egypt: SCZONE's revenues hit $112.8mln in H1 FY2024/25
The Suez Canal Economic Zone (SCZONE) posted net revenues estimated at EGP 5.67 billion during the first half (H1) of fiscal year (FY) 2024/2025, according to an official statement. This is higher by 32% than EGP 4.3 billion in the July-December period in 2024, according to the board's announcement during its fourth meeting for FY 2024/25. Revenues were also 8% higher than FY2024/25 budget expectations, which were estimated at EGP 5.2 billion Meanwhile the port's revenues represented 77% of total revenues. Waleid Gamal El-Dien, Chairman of SCZONE, highlighted that the authority attracted 66 new projects in various sectors with total investments of $1.755 billion, creating about 1,600 job opportunities. Moreover, the authority's board approved four new projects in the sectors of spinning, weaving, ready-made garments, and metal industries. They have a combined investment value of $1.84 billion. The board greenlighted the Eroglu Knitting project for manufacturing ready-made clothes, which is part of Türkiye-based Eroglu Global Holding Group's expansion in Egypt. With investments exceeding $40 million, the Eroglu Garments factory covers an area of 64,000 square meters, employing 2,000 workers. It is planned to be operational by the end of March 2025. Eroglu Knitting project will be developed in two phases with a total area of 274,000 square meters, and an investment cost of $180 million. The project will secure 5,000 direct job opportunities and will allocate 70% of its production for export. Chinese Shanghai Honor Company also granted the authority's approval for the manufacturing project for home textiles, with a 100% export rate. Located on an area of 40,000 square meters in the West Qantara Industrial Zone, the factory's investments amount to about $3.5 million and is expected to provide 300 job opportunities. Moreover, the Chinese Jiangsu Guotai Company will also establish a factory with an investment cost of $10 million. The project will create 2,000 direct jobs and allocate 100% of its products for external export. These projects aim to meet the local market's needs for products and lower the burden on the import bill, in addition to enhancing exports to regional and global markets. Finally, the board approved a $1.65 billion project for Shen Feng Tools Company, which aims to establish the largest integrated industrial complex for metal industries in the Sokhna Industrial Zone. The project will be implemented in two phases to serve the automotive and home appliances industries, in addition to two centers for research and development and waste recycling. The first phase will see total investments of $813 million on an area of 2 million square meters, providing 4,419 job opportunities. Meanwhile, the second phase will be established on an area of 1.75 million square meters, with a total investment of $835 million. It will offer 3,575 direct jobs. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
