Generali may bid for Yapı Kredi Sigorta
Assicurazioni Generali is interested in bidding for Turkish insurer Yapı Kredi Sigorta, Il Sole 24 Ore, an Italian national business daily, reported yesterday. The Turkish insurance business has been valued at about 500 million euros ($786 million), according to Il Sole. Generali, Italy's biggest insurer, declined to comment to the newspaper. Fondiaria-Sai, one of Generali's smaller domestic rivals, is also interested in making an offer for the Turkish company, Il Sole said.
MILAN - Bloomberg

Trade with Iran increases
Bilateral trade volume between two neighbors, Iran and Turkey, is expected to reach $10 billion by the end of the year, thanks to increased cooperation in energy. Total bilateral trade in the first five months of the year reached $4 billion. The figure represents an increase of nearly 29 percent compared to the same period in 2007. Turkey's exports to Iran also increased 6.15 percent in the first five months, compared to the first five months of last year.
ISTANBUL - Turkish Daily News

Domestic beer sales rise 15 pct
Anadolu Efes, Turkey's largest brewer, said its domestic beer sales grew 15 percent in the first half on marketing campaigns and tighter regulation of bootleg alcohol. Turkish beer sales rose to 4.1 million hectoliters, Anadolu Efes said in a statement Wednesday. Overall sales of beer and soft drinks climbed 12 percent to 18.4 million hectoliters in the period.
ISTANBUL - Bloomberg

Citi denies sale of Turkish unit
Citigroup Inc, the biggest U.S. bank, said it has no plans to sell its Turkish retail banking unit, denying a report in daily Milliyet yesterday. Milliyet said Citigroup may sell the unit, which had 57 branches in Turkey and YTL 4.1 billion ($3.4 billion) of assets at the end of last year, after buying a 20 percent stake in Akbank, Turkey's biggest lender by market value, for $3.1 billion in January 2007. Citigroup "is delighted with its investment in Akbank but remains firmly committed to its Citi franchise in Turkey," the bank said in an e-mailed statement.
ISTANBUL - Bloomberg
Regulators may appoint director at Çukurova
Turkish regulators may appoint a director at Çukurova Holding after its owner Mehmet Emin Karamehmet failed to pay a $530 million debt, daily Vatan said. The Savings Deposit Insurance Fund, or TMSF, charged with recouping losses from failed banks, will take legal action against Karamehmet after he failed to pay the money within the required 60 days, Vatan said citing Ahmet Ertürk, head of the regulator.Istanbul - Bloomberg
Grain board has no plans to buy rice
Turkey's State Grain Board said it has not bought 50,000 metric tons of rice in the last several days and has no plans to do so any time soon. No such tender was held at the Ankara-based board, two spokesmen said, asking not to be named in line with board policy. The last rice purchases were 11,000 metric tons from the U.S. July 2 and 20,000 tons from Thailand June 24, they said.
ISTANBUL - Bloomberg