29th Istanbul Film Festival - Istanbul’s cinema aficionados are due a treat as organizers of the International Istanbul Film Festival have announced the event’s program, which includes over 200 films from 57 countries. The 29th edition of the festival is being organized from April 3 to 18 by the Istanbul Foundation for Culture and Arts, or İKSV. The festival will present new features from 2009 and 2010, as well as unforgettable classics from master filmmakers. The two-week event will include workshops and panel discussions with the masters of film, special guests, film seminars and parties. Eleven films will compete in the festival’s international competition and national competition categories. At the same time, Italian director, screenwriter and actor Marco Bellocchio and Austrian actor Klaus Maria Brandauer will receive lifetime achievement awards. One of the festival’s focuses is human rights. In line with this, a Film Award of the Council of Europe, or FACE, will be presented for the fourth time at the festival. Council Communications Director Can Fişek said the award would be given to a festival film that successfully examines the theme of human rights.In addition to İKSV, the festival has been made possible with the support of the Turkish Culture and Tourism Ministry, Istanbul Metropolitan Municipality, Beyoğlu Municipality, the Istanbul 2010 European Capital of Culture Agency, and Akbank, which is back for a third year of support.>>

Turkey is one of the fastest growing economies in OECD,The Turkish economy has grown steadily over the last 27 quarters with an average rate of 7%. This growth is expected to continue in coming years with a lower rate due to the global financial crisis. After the 2001 financial crisis, Turkey made important structural reforms which have led to improve her financial system. Therefore, Turkey is relatively less affected by the global crisis. Although nowadays Turkey has to deal with debts which mostly belong to private companies, effects of the global financial crisis to Turkey are not going to be an internal one on the most part, but it is going be an external one as less demand for exports. Also previous crisis experience of Turkish businessmen and economy officials make Turkey more resilient to the global financial crisis today. Being the commercial center of southeastern Europe, Middle East and Eurasia, Turkey is becoming an increasingly important economic and diplomatic country in the region. Between 2001 and 2007, Turkey’s GDP have increased by 242% totaling to USD 656.6 billion and she became the 15th largest economy in the world.>>

Monthly AT-A Glance : “Never Mind the Short term Bullocks...”

Despite current developments on the political front and rising diplomatic tension in US-Turkish relations we make no changes to our annual strategy at this point in time.

USD/TL ended the year at around 1.50 levels and currently trades at 1.54. We think 1.55 (with IMF funding) and 1.65 (without IMF funding) is the ceiling for the USD/TL at end-2010. In the short term, the Lira is likely to appreciate towards 1.50 levels.

Benchmark bond yields ended the year at around 9% levels and are currently at 9.12%, remaining flat during the first two months of the year. For the rest of the year, we stick to our initial view and expect yields to rise to 11% (without IMF funding) and to10% (with IMF funding) as the CBT is likely to keep policy rates on hold in 1H10, and start rate hikes in mid-year for a total of 100-150 bps in 2H10.

ISE-100 remained flat during the first two months of the year (year-end at 52,825, currently at 52,600 levels). We expect the ISE to correct when and if the possibility of early elections rises, or global liquidity flows dry up.>>