Tur­key says probe will not im­pact growth

Kathimerini English - - Front Page -

Tur­key’s deputy prime min­is­ter said on Tues­day the po­lit­i­cal tur­moil sparked by a high-level cor­rup­tion probe would not im­pact the gov­ern­ment’s fore­cast for eco­nomic growth. Ali Baba­can said in a tele­vi­sion in­ter­view the pro­jec­tion for 2014 was for a 4 per­cent rise in gross do­mes­tic prod­uct, adding, “We have no rea­son to re­vise this tar­get.” The gov­ern­ment is fore­cast­ing growth of 3.6 per­cent for this year, down from highs of close to 9 per­cent in 2010. Baba­can played down risks stemming from the po­lit­i­cal cri­sis as “tem­po­rary.” Tur­key’s na­tional cur­rency took a tum­ble af­ter the cor­rup­tion scan­dal, hit­ting record lows against the US dol­lar last week. Gov­ern­ment spokesman Bu­lent Arinc said Mon­day that the cri­sis had cost the econ­omy $100 bil­lion. But the Turk­ish mar­kets have bounced back this week. The lira was be­ing traded 2.1332 against the dol­lar on Tues­day af­ter hit­ting a record low of 2.17 last week. The Is­tan­bul stock ex­change mean­while was down a slight 0.27 per­cent af­ter surg­ing 6.4 per­cent on Mon­day. Among those charged in con­nec­tion with the graft probe is Su­ley­man Aslan, the chief ex­ec­u­tive of Tur­key’s state-owned Halk­bank, which is ac­cused of be­ing in­volved in il­le­gal gold sales to Iran in re­turn for en­ergy im­ports. Baba­can said the gov­ern­ment was re­view­ing can­di­dates to pos­si­bly re­place Aslan, whose fate as head of the bank may be de­cided in a few weeks.

Lavipharm sale.

Athens-listed com­pany Lavipharm an­nounced on Tues­day that France’s Lab­o­ra­toires Lavipharm SA, in which the Greek com­pany holds a 45 per­cent stake, sold and trans­ferred Hi­tex SAS, a 100 per­cent sub­sidiary, to French com­pa­nies Fiag Hold­ing, Codif Recherche & Na­ture and Robertet for 3,127,000 eu­ros on Mon­day. This trans­ac­tion is ex­pected to have a fa­vor­able im­pact on Lavipharm’s fi­nan­cial re­sults up to De­cem­ber 31, 2013. Hi­tex is ac­tive in the do­main of re­search and de­vel­op­ment in su­per­crit­i­cal fluid tech­nolo­gies.

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