Koleksiyon Furniture Unveils New Furniture Brand 'Mediterra' Designs for Sale
Foreks - Collection presents the new home furniture brand MEDITERRRA to architects, designers, and the public.
The initial presentation took place in November at the Collection Tarabya Store, and the creations will be available at Collection Ankara and all other dealerships starting from the new year.
The principle of "accessible luxury" in all designs of Collection Furniture draws attention with a new understanding of quality. Inspired by the Mediterranean, contemporary Mediterranean architects, Mediterranean heritage architecture, warm Mediterranean colors, emotions, gastronomy, and lifestyle, Mediterra Creations will bring new perspectives to your home and life.
The Mediterra collection consists of 50 different designs, featuring sofas, couches, beds, nightstands, dressers, wardrobes, dining tables, coffee tables, and dressers, as well as tableware groups, home textiles, carpets, rugs, and home accessories. The design values of the furniture stand out with elegance arising from simplicity, showcasing the vibrant colors of the Mediterranean, mainly blue, terracotta, mustard, green, and predominantly shades of white. Mediterra creations interpret functionality, freedom, originality, comfort, and relaxation as a whole.
"Mediterrra" is Collection's new home living brand.
Faruk Malhan, Founder and Chief Designer of Collection Furniture (IS:KLSYN), stated regarding the collection: “The most important reason for our gathering today is to announce a significant investment made for Collection. We have presented our new home furniture collection, Mediterra, for your appreciation. We have taken responsibility at this point. As Collection, we have reduced prices by thirty percent. I believe this will also be a signal for Turkey.
New economy with a thirty percent discount
Our slogan is this; new economy, thirty percent discount. There is serious pressure on the Turkish economy due to global inflation. We all experience this. It is not easy to correct this with the government's financial policies and fiscal practices. Participation is needed. We are entering here with a thirty percent participation. If you ask how we did this, we achieved it by shifting from the more generous spending of previous times to a more economical period through process and efficiency studies.
We did not compromise on design value
Our entire production system is focused on efficiency. We have made significant technical and technological investments. We named this new economy thirty percent discount. This will be a signal to the sector and many other areas. This is added value. We are participating in this struggle, both for Turkey and for ourselves. Furthermore, we looked at how we could raise the existing quality. While expanding the market and increasing quality, we did not compromise on design value.”
Movement Completes STAR Refinery Planned Shutdown Project
Foreks - Hareket Project Transportation and Load Engineering Inc. (IS:HRKET) has completed the planned shutdown maintenance project for STAR Rafineri, a subsidiary of SOCAR Turkey, for the year 2024.
Hareket successfully completed the project with a team of approximately 500 people, achieving a total of 190,000 man-hours of work. For the first major planned shutdown carried out at the STAR Refinery, which commenced operations in 2018, Hareket undertook lifting and equipment supply services and completed the project successfully. Playing a significant role in this project, Hareket meticulously planned every phase with its expert team, accomplishing a total of 190,000 man-hours, 31,306 machine hours, 16,000 lifts, and 372 critical lifts.
Outstanding Achievements in Time, Safety, and Efficiency
Hareket achieved significant success in the STAR Refinery Project by completing a total of 16,000 successful lifts and 372 critical lifts. With its strong team and advanced technological infrastructure, it maintained operational efficiency and safety standards at the highest level.
Emphasizing the importance of training processes, Hareket enhanced its personnel's preparedness for field conditions by providing 3,000 man-hours of training, enabling the completion of the project ahead of schedule.
Abdullah Altunkum, Board Member and CEO of Hareket, stated about the project: "As Hareket, we have been collaborating with SOCAR Turkey for over 20 years. We have participated in many significant projects, and we are thrilled to add another important project to our portfolio. Thanks to the dedication and expertise of our team, we take pride in completing the project in record time with high safety standards, supported by 190,000 man-hours of work, 3,000 hours of training, 16,000 successful lifts, and 36,000 machine hours. Hareket will continue to lead in challenging projects and make a difference in the industry. This achievement is a promising step not only for our past but also for our future!"
Critical Success Factors of the Project
Hareket's superior engineering solutions and advanced equipment infrastructure were effectively utilized at every stage of the maintenance process for STAR Refinery. A total of 190,000 man-hours, 36,000 machine hours, 16,000 lifts, and 372 critical lifts highlight the project's scope and meticulousness.
Training for personnel regarding safety and efficiency greatly contributed to the success of the process. Hareket completed the project in a shorter time than expected while maintaining the highest level of occupational safety standards. This achievement reaffirms Hareket's expertise in the sector and operational excellence once again.
BNP Paribas/Chevalier: Cardif Turkey, the Growth Engine for the EMEA Region
Forex - Charlotte Chevalier, CEO of BNP Paribas Cardif EMEA, stated, "Cardif Turkey is the growth locomotive for the EMEA region."
With over 500 partners globally, BNP Paribas Cardif reaches more than 80 million customers and continues its rapid growth in Turkey, which plays a locomotive role in the development of the EMEA region, using a partnership model.
Providing information about BNP Paribas Cardif's partnership model, Charlotte Chevalier noted, "Through over 500 partners in various sectors, including banks, financial institutions, the automotive sector, retailers, telecommunications, and energy, we offer products and services that help over 80 million customers protect themselves against unforeseen events while achieving their goals. We provide each partner with a comprehensive set of solutions designed to enhance their value propositions and engage with their customers, making insurance more accessible to everyone. When we help our partners grow, we grow too. In 2023, BNP Paribas Cardif signed approximately 100 partnerships, including both new and renewed agreements."
Emphasizing that BNP Paribas Cardif Turkey is a growth locomotive for BNP Paribas Cardif in the EMEA region and represents more than 10% of EMEA's total gross written premium, Charlotte Chevalier added, "I place great value on Turkey in this regard, and I anticipate strengthening its influence with profitable growth. BNP Paribas Cardif Turkey collaborates with 16 partners across six sectors. Our long-term partnerships, most of which are special collaborations, involve developing unique products for distribution channels that are not specialized in insurance and assisting them in selling insurance. We educate them, identify, design products for their customers, and provide value-added services. Our colleagues in Turkey are very strong; they build good relationships with our partners and continue to manage operations successfully and grow profitably. I am very impressed by Turkey's dynamism and the quality of relationships with our partners. All our partners express their satisfaction in working with BNP Paribas Cardif Turkey. This feedback is very valuable for EMEA, as while Europe generally grows at a slower pace, the growth rate of BNP Paribas Cardif Turkey is quite impressive."
"We are a growth-focused and dynamic company," said Charlotte Chevalier, mentioning that BNP Paribas Cardif EMEA covers 19 countries, including those outside the European Union, such as Turkey, and Algeria, with a primary focus on protection insurance. Chevalier noted that mortgage/home loans and automotive are among the economic activities most affecting their operations. "As BNP Paribas Cardif Turkey, we are establishing new partnerships in the EMEA region and renewing our existing partnerships. Many of our partnerships are very long-term, so we generally have very dynamic commercial activities and commercial revenue. We measure our processes using the Net Promoter System (NPS). In the NPS survey conducted with our partners in 2023, the measurement result for the recommendation question (Net Promoter Score) as BNP Paribas Cardif Turkey was 85%. This score, which is above the global average, proves that the steps we have taken in Turkey are indeed the right ones."
"Strategic planning encompasses growth, technology, and sustainability," said Charlotte Chevalier, stating that digitalization efforts arising from technological advancements or innovations enabled by regulations such as open banking are central to their strategic activities. "Our strategic plan includes growth, technology, and sustainability," she explained, emphasizing the importance of technology. "We have established two investment funds at BNP Paribas Cardif. The first invests in startups that bring innovation from markets not directly operating in the insurance industry but related to insurance either directly or indirectly. This fund has been operational for 5-6 years. The other is used to invest in insurtechs for subsidiaries in Europe and Asia. This is also a way to provide broad access to innovation by fintechs. Technological capabilities assist us in delivering some digital solutions and also in developing new products or new business models."
"We continue our investments alongside growth," Charlotte Chevalier announced, continuing her remarks: "We are truly a value-creating and profitably growing company. The greatest contribution this has globally is that maintaining the value and profit we generate in Turkey provides substantial support in converting this into investment. At the heart of our 2025 strategic plan is BNP Paribas Cardif's mission to 'make insurance more accessible.' Furthermore, we are built on three key principles enabling us to accelerate transformation: growth, technology, and sustainability. Recently, we have been implementing many projects in Turkey as BNP Paribas Cardif to enhance customer experience, data management, and operational excellence. Our aim is to create a fully integrated insurance platform digitally with a focus on excellent customer experience. In this context, we continue to produce innovative solutions and enhance our digital infrastructure to create greater value for our customers and partners. Our technological investments in Turkey significantly accelerate processes in insurance operations. As BNP Paribas Cardif Turkey, we respond to more than 80% of compensation claims within a day, with very important decisions (90-95%) yielding positive results. We will continue to invest in digital projects that reinforce our image as a fast, agile, and innovative company prioritizing customer satisfaction today and in the future, providing us advantages in efficiency and competition."
Competition Authority Launches Investigation into Mastercard and Visa
The Competition Authority has opened an investigation regarding Mastercard and Visa.
It was stated that:
"The preliminary investigation conducted into the allegations that Mastercard and Visa, which provide payment system services on a global scale, have violated Articles 4 and/or 6 of the Competition Law No. 4054 through various exclusionary actions in the markets of scheme services and digital wallet services where they operate in Turkey has been concluded by the Competition Authority.
In the meeting dated 24.10.2024, it was assessed that Mastercard and Visa, which hold the majority of bank cards, credit cards, and prepaid cards exported from Turkey, have developed discount/incentive systems separately that could lead to de facto exclusivity in the context of vertical relationships with card-issuing undertakings in the scheme services market. The investigation aims to determine whether these systems, alone and/or cumulatively, pose a risk of market closure to competitors.
Additionally, it has been investigated whether Mastercard has abused its dominant position in the digital wallet services market through various actions, particularly predatory pricing, that may hinder its competitors' activities.
Moreover, the possible anti-competitive effects of Visa's non-compete obligation imposed on its buyers, which consist of member merchant units, regarding the non-acquisition of services from competing providers in the digital wallet services market have been examined.
As a result, an investigation has been decided to be opened against the economic integrity consisting of Mastercard Europe SA, Mastercard Europe SA Istanbul Liaison Office, and Masterpass Technology Services Inc., which are ultimately under the control of Mastercard Incorporated, as well as the economic integrity consisting of Visa Europe Limited, Visa Europe Services LLC, and Visa Europe Services LLC Turkey Representative Office, which are ultimately under the control of Visa Inc."
Minister Yerlikaya: "The National Budget Will Be Used for the Peace of the People"
Interior Minister Ali Yerlikaya announced that they are participating in the budget discussions for 2025 at the Turkish Grand National Assembly (TBMM) Planning and Budget Commission. In a statement following the meeting, Minister Yerlikaya stated that they are using the nation's budget for the peace and security of the people.
Yerlikaya expressed that the discussions were fruitful, saying, "We know that in this budget, there is labor and rights of every individual in our nation." He also extended his gratitude to Commission Chairman Mehmet Muş, the parliamentarians, and his colleagues who contributed to the meeting. Yerlikaya wished that the 2025 budget prepared by the ministry would be beneficial for the country and the nation.
"The people's budget will be used for the people's peace," Minister Yerlikaya emphasized that the budget would be used for the peace and security of the nation. He highlighted the importance of the budgetary works carried out to ensure the country’s safety and tranquility. Yerlikaya stated that the budget is formed with the contributions of the public and includes the labor and rights of every citizen.
He acknowledged their responsibility regarding the proper use of the budget and stated that they will continue their efforts in this direction. He added that the ministry will show utmost sensitivity in the effective and efficient use of public resources. With this approach, the aim is to improve the citizens' quality of life and ensure their security.
U.S. natural gas futures gained significant value due to cold weather forecasts for the end of November. The expectation of temperatures below seasonal norms increases natural gas demand, exerting upward pressure on prices. The course of European and U.S. markets, along with the inventory data to be released by the U.S. Energy Information Administration, are among the factors to be closely monitored in the markets. Global geopolitical developments, such as geopolitical risks and U.S.-China relations, also create fluctuations in energy markets.
From a technical perspective, the NGCUSD pair is trading above the 3.33 - 3.37 support levels on the daily chart. As long as it remains above these levels, upward movements are expected to continue. In upward movements, 3.44, 3.50, and 3.535 resistance levels can be observed. The RSI indicator is at 49, showing a neutral outlook. A rise of 1.93% compared to the previous day is noteworthy in the pair. In case of possible pullbacks, the 3.4 and 3.37 support levels should be monitored; if hourly closings are seen below the 3.33 level, the potential for a decline may increase.
Crude oil futures experienced a limited decline despite rising geopolitical risks due to the increase in U.S. inventories. Developments such as Ukraine's long-range missile attacks on Russia and Russia reserving the right to use nuclear weapons increased geopolitical risk perception. Nonetheless, the U.S. Energy Information Administration's announcement of an increase of about 500,000 barrels in inventories pressured the prices. The trajectory of European and U.S. stock markets is among other factors that could impact oil pricing throughout the day.
From a technical perspective, as long as the BRNUSD pair maintains above the 72.50 - 73.00 support levels, it may show an upward trend. In potential rises, the 73.50 and 74.00 resistance levels can be targeted. However, if the downward trend continues, closures below the 72.50 level should be closely monitored. In this case, the 72.00 and 71.50 levels may come into play as supports. The RSI indicator stands at the 50 level, presenting a neutral outlook and not indicating a clear direction in price movements. It is observed that the pair ended the day with a 0.11% decline.
Despite Nvidia's results surpassing market expectations, the NASDAQ100 index continues to be under pressure due to the stagnant outlook in the markets. Data regarding US unemployment benefit claims will be closely monitored today. Additionally, increasing geopolitical risks, particularly the tension between Ukraine and Russia, are heightening uncertainties for the markets. US 10-year bond yields remain at the level of 4.40%. The decline observed in global markets, especially in Asian stock exchanges, is also putting pressure on the NASDAQ100.
From a technical perspective, the NASDAQ100 index is trading within the 20680 – 20785 support zone. The decision phase scenario within this zone remains valid. Persistent movements above the 20785 level may allow for the strengthening of upward momentum, and resistance levels at 20900 and 21000 could be tested. In the case of downward movements, if it remains persistently below the 20680 level, the 20500 and 20375 support levels may be targeted. The RSI indicator is displaying a neutral outlook, and it is observed that the index shows a negative change of 0.27%.
The DAX40 index is moving in line with the mixed trend in European and Asian stock markets and the optimism observed in US stock indices. In Europe, Italy's economic pressure and the UK's efforts to remain positive stand out as the only positive change within the overall negative outlook, while the DAX40 index experiences losses slightly exceeding 1%. Geopolitical risks and economic data from the US and Europe are among the subjects carefully monitored by the market. These factors are influential on the general direction of the index.
From a technical perspective, the DAX40 index is at a decision point near the long-term monitored support level of 18995 – 19090. Maintaining this level is important for the continuation of the upward trend. However, confirmation of the rise requires sustained movements above the resistance zone of 19275 – 19350, located at the 55 and 89-period moving averages. The RSI indicator is displaying a neutral outlook around 50. The index has shown a slight increase of 0.14% during the day. If it pulls below the 18995 level, there is a risk of a retreat towards the 18885 and 18780 support levels.
WTI crude oil prices remain under pressure despite rising geopolitical risks due to U.S. inventory data releases. Ukraine's missile attacks on Russia and Russia's threat of using nuclear weapons increase the uncertainty in oil prices. However, the U.S. Energy Information Administration's announcement of a 500,000-barrel increase in stocks raises concerns about oversupply, pulling prices down. In this scenario, developments in European and U.S. stock markets may be expected to affect oil prices.
According to chart data, WTI oil is trading in the 68.50 - 69.00 support zone. In upward movements, the levels of 69.50 and 70.00 are monitored as resistance, and if these levels are exceeded, the 70.50 level can be targeted. In case of possible declines, hourly closings below the level of 68.50 may bring up support levels of 68.00 and 67.50. The RSI indicator is at the level of 40, exhibiting a negative outlook. There is a 0.40% decrease compared to the previous day.
The USD/TRY exchange rate is displaying a weak outlook, paralleling the movements of emerging market currencies against the US Dollar. The Turkish Lira has depreciated by 0.08%, with uncertainties regarding the CBRT's interest rate decision exerting pressure on the exchange rate. In international markets, particularly the downturn of US and Asian stock exchanges and the increase in geopolitical risks are also boosting demand for the Dollar. After yesterday's rise, the Dollar index is showing a calm trajectory, which is among the fundamental factors affecting the USD/TRY exchange rate.
In technical analysis, the USD/TRY pair is trading near the 34.48 level. In short-term movements, the levels of 34.39 and 34.30 are monitored as support. In upward movements, the resistance levels to watch are 34.51 and 34.57. The level of 34.65 stands out as a stronger resistance point. The RSI indicator is at 60, showing a positive trend. The pair has increased by 0.17% compared to yesterday’s close. Persistence above 34.30 may support the pair's upward momentum, while closures below this level may increase short-term pressure.
With the increase in geopolitical risks, gold prices continue their upward trend. Ukraine's attacks on Russia and the U.S. vetoing the ceasefire in Gaza are increasing tensions in the region, supporting the safe-haven demand for gold. Additionally, U.S. unemployment claims are being monitored by the market. Such developments cause investors to turn to safe assets like gold.
From a technical perspective, gold is trading at the 2657 level on the 4-hour chart. As long as it remains above the 2630-2640 support zone, the positive trend continues. In upward movements, resistance levels of 2660 and 2670 can be monitored. On the downside, closures below the 2630 level may bring the 2620 and 2610 support levels into focus. The RSI indicator shows a positive trend, indicating that the rise may continue from the current levels. An increase of 0.27% is observed compared to the previous day.
The EURUSD pair reacted positively with the weakening dollar after the Classic Dollar Index approached its October 2023 peak. The macroeconomic data coming from the US could determine the Dollar Index's persistence at the 107 level. According to the technical outlook of the index, the current positive trend continues, and a possible move towards the 109.25 level might remain on the agenda. On the European side, the impact of economic data on the pair will continue to be monitored.
From a technical perspective, the EURUSD pair is trading below the 34 and 55 period averages located at the 1.0580 - 1.0610 levels. A drop below the 1.0525 support might trigger a move towards the 1.0450 level. However, a recovery above the 1.058 level could support an upward movement. The RSI indicator stands at 43, presenting a negative outlook. The pair has shown a change of 0.05% compared to the previous day.
The upcoming data from the US, including Unemployment Claims, the Philadelphia Fed Manufacturing Index, and Home Sales, could lead to volatility in the GBP/USD pair. The levels close to the peak seen in the Dollar Index continue to affect the pair's movements. Despite the dollar's strong trend, if the GBP/USD pair continues to stay below the 34-day average, the effects of new data regarding the US economy should be closely monitored. The ongoing interest rates and geopolitical risk factors in the US may also be decisive for the pair.
When examining the GBP/USD pair on the 1-hour chart, the levels of 1.2685 and 1.2725 stand out as resistance, while 1.26, 1.256, and 1.252 are observed as support. The pair has slightly declined, with a decrease of 0.013%, at the level of 1.26514. The RSI indicator provides a neutral signal, and there is very little change compared to yesterday's close, which may indicate that the pair is searching for direction in the short term.
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