Erdogan appoints himself head of Turkey wealth fund

President Recep Tayyip Erdogan has appointed himself chairman of Turkey’s sovereign wealth fund and named his son-in-law and Finance Minister as deputy chairman. (AFP)
Updated 12 September 2018
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Erdogan appoints himself head of Turkey wealth fund

  • The fund was established in August 2016 and tens of billions of dollars worth of state assets including — wholly state-owned — Ziraat Bank were transferred to it in 2017
  • The fund’s other assets include the state’s minority 49.12-percent shareholding in flag carrier Turkish Airlines, as well as state-owned enterprises such as the PTT Turkish post office

ANKARA: President Recep Tayyip Erdogan on Wednesday appointed himself the chairman of Turkey’s sovereign wealth fund and named his son-in-law and Finance Minister Berat Albayrak as deputy chairman.
Zafer Sonmez, who was head of Turkey and Africa for Malaysia’s sovereign wealth fund Khazanah Nasional Bhd, was named as the fund’s general manager in presidential decrees published in the official gazette.
One of Erdogan’s advisers mainly known for his outlandish statements, Yigit Bulut, was removed from the board, while new members included Rifat Hisarciklioglu, the president of the Union of Chambers and Commodity Exchanges of Turkey (TOBB).
Erdogan last year said the fund needed a “reorganization” after the first chairman Mehmet Bostan was removed from his post in September 2017.
The fund was established in August 2016 and tens of billions of dollars worth of state assets including — wholly state-owned — Ziraat Bank were transferred to it in 2017.
The fund’s other assets include the state’s minority 49.12-percent shareholding in flag carrier Turkish Airlines, as well as state-owned enterprises such as the PTT Turkish post office.
Turkish Airlines is regarded as one of Turkey’s crown jewel assets and its size is set to grow further with the move to a giant new Istanbul airport as its main hub in October.
The fund was set up in the aftermath of the attempted overthrow of Erdogan in July 2016. Its establishment was seen as a way of tightening state control over Turkey’s assets.
Such funds can be used for large projects, maintaining pensions and national welfare programs, or in times of crisis.


Apple to build new $1 billion campus in Austin

Updated 13 December 2018
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Apple to build new $1 billion campus in Austin

  • Apple Inc. said it would spend $1 billion to build a second campus in Austin, Texas
  • Apple will also set up sites in Seattle, San Diego and Culver City, California

NEW YORK: Apple Inc. said on Thursday it would spend $1 billion to build a second campus in Austin, Texas that will house as many as 15,000 workers, amid a broader push by many US companies to create more jobs at home.
The iPhone maker had announced at the start of the year it would invest $30 billion in the United States, taking advantage of a tax windfall stemming from US President Donald Trump’s sweeping tax reforms.
The 133-acre campus in Austin will employ workers across various functions including engineering, R&D, operations and finance. The city is already home to the second largest number of Apple employees outside its headquarters in Cupertino, California.
Apple will also set up sites in Seattle, San Diego and Culver City, California and hire over 1,000 employees each in these locations, while also expanding operations in Pittsburgh, New York and Boulder, Colorado over the next three years.
Many American multinationals have been facing political pressure to ramp up investments at home as part of Trump’s “America First” policies, which have left the United States embroiled in a bitter trade war with China. The president has also warned of tariffs on iPhones and other Apple products imported from China.
Apple’s technology rival Amazon.com Inc. last month ended a months-long search for its second headquarters, picking New York City and an area just outside Washington, D.C. for massive new offices, with plans to create thousands of jobs.
The new Austin campus will be located less than a mile away from Apple’s existing facilities, and will first house 5,000 new employees with the capacity to expand to 15,000.
The company, which last year moved into its sleek “spaceship” campus in Cupertino, said jobs at the new Austin center would include engineering, research and development, finance and sales functions.