Business Visit #8-Microsoft

We were able to have a short visit with an executive within Microsoft. We received a brief presentation and overview of the Microsoft European operations. Many of Microsoft’s products and services are also supported in Ireland for distribution within Europe. Microsoft has been one of the leading and preferred employers with both Ireland and Europe over the past several years. It was interesting to learn that both employees from Accenture and Serco are also colocated with Microsoft employees in the same offices.

Since 1985 Microsoft has been operating in Ireland and currently includes three separate divisions (Microsoft EMEA Operations Center (EOC), Microsoft European Development Center (EDC) and Microsoft Sales, Marketing & Services Group (SMSG) supporting Microsoft business across Europe, Middle East and Africa. Microsoft has been expanding throughout Ireland for example in Sandyford, Co. Dublin where there are over 1000 full time staff and 400 full time contractors, Grange Castle Business Park, Co. 

Microsoft Ireland has been extremely successful in many facets. The company has been called one of the best places to work and has been noted for its commitment to responsible leadership in the area of social responsibility.

Microsoft Ireland has three main divisions.

Microsoft EMEA Operations Center (EOC)-Customer Support and Sales for over 85 countries serving Europe, Middle East and Africa. Their services include: manufacturing,finance, supply chain management, billing and partner management for all of Microsoft’s vast offerings of products and services.

Microsoft European Development Center (EDC) - Engineering. The EDC is responsible for software development throughout the software development lifecycle (SDLC).  From operating systems to products like Office and Xbox games, this group helps modify the different language requirements in modification of the software and support materials.

Microsoft Ireland (Sales, Marketing, and Services Group)-  Is responsible for sales and marketing for their partners and customers.

Source: Microsoft-Microsoft in Ireland 2011-August 9,2011

http://www.microsoft.com/ireland/about/microsoftinireland.mspx

Business Visit #7-Intel

We visited and had a very informative presentation on Intel’s Ireland operations. The presenter was very impressive and certainly had a very thorough and technical grasps of all things going on at the facility and within the Intel company. We had an opportunity to visit the area that Intel chips are manufactured from silicon. The manufacturing process is quite intense with many processes and is highly automated with very expensive manufacturing equipment, and use of robotic equipment hanging from the ceiling to mobilize the chips being manufactured to the next stage in the process. We saw very few people working with the manufacturing facility. The manufacturing plants operates around the clock producing millions of chips that are shipped all over the world. The operations were very efficient and helped demonstrate Intel's market-share and world leadership position as well as its continued investments in continuos improvement that will make it hard for new competitive threats to compete with Intel in the future.


Source: Intel Ireland
http://www.intel.com/corporate/europe/emea/irl/intel/index.htm?iid=IRLSHORT+Lisbon&

Guinness Tour

I spent my first day in Dublin by taking a tour of the the Guinness factory to see how the famous Irish beer was made. At the end of the tour, I was able to taste a properly poured authentic Guinness beer right that was made at the factory. In the factory, guests had an opportunity to learn how to properly pour and taste their own Guinness - very cool ! 

A little bit of what I learned at Guinness. Guinness a popular Irish dry stout beer that was originated in a brewery owned by Arthur Guinness located at St. James’s Gate in Dublin. Guiness was a direct descent of the porter style that originated in the early 18^th century in London and is today one of the most successful beer brands worldwide. Guinness’ burnt flavor which is derived from the use of roasted unmalted barley, which we got to try during the tour is one of the distinctive features of the beer. A portion of aged brew was blended with freshly brewed product which gave it a sharp lactic flavor for several years and that is characteristic of the original Porter.

There has been a decline in the consumption since the height of demand in 2001 but Guinness is still the best selling alcoholic drink in Ireland where Guinness has revenue of about 2 billion Euros annually.

Sales soared from 350,000 barrels in 1868 to 779,000 barrels in 1876. Guinness went public in 1886 and averaged sales of 1,138,000 barrels a year. It is interesting to note that  the company refused to offer their beer at a price discount and did not rely heavily on advertising.

Murphy’s Beer vs. Guinness Beer

We learned to order Murphys in Cork and Guinness in Dublin to avoid upsetting the locals and contributing to the heated locality rivalries between the two most populous cities in Ireland. Compared to Guinness-Murphy’s is a lighter and sweeter dry stout beer. Its flavor is similar to that of caramel and malt as well as being a distant relative of chocolate milk. Murphy’s Beer is a regional beer that is consumed by locals in Cork, Ireland and is preferred to Guinness as part of the Cork vs. Dublin culture. Murphy’s Beer is a dry stout beer brewed in County Cork since 1956. I tried both and thought both were tolerable, and that they tasted better in Ireland than they do in the United States.

Sources: 
http://en.wikipedia.org/wiki/Guinness
http://www.guinness-storehouse.com
http://www.guinness.com

Cork/Dublin-The Shellbourne Hotel-Dublin Ireland

The Shellbourne Hotel was built in 1824 and was recently restored. It is a 5-Star hotel located in Dublin that overlooks St. Stephen’s Green-one of Europe’s nicest parks, that reminded me of Central Park in New York City. The hotel is close to nearby cultural and historic buildings in the city. It is very close and walking distance to the well known Trinity College. It is within short distance of Guinness beer factory and museum.  

The rooms were much nicer and more equipped than in our accommodations in Cork. It was nice to have modern wireless internet, a US style plug and modern amenities within the hotel room.







Source: 
http://www.marriott.co.uk/hotels/travel/dubbr-the-shelbourne-dublin-a-renaissance-hotel/

Blarney Castle

I had the privilege of climbing Blarney Castle to kiss the famous Blarney stone and to attempt to receive the gift of gab / eloquence.

The Blarney castle has been attracting attention since it was built over six hundred years ago by Cormac McCarthy. It has become a world landmark and one of Ireland’s greatest tourist traps, where apparently many Americans and foreigners come to visit when they visit Ireland.

The overwhelming popularity is because of the Blarney Stone, which is the legendary Stone of Eloquence that is located at the top of tower. A worker sits there for tips and will help lower you backwards and upside down to kiss the stone. I had to try twice, realizing the first time I did not lower myself low enough and I kissed the wrong stone!


The state that the legend states that if you kiss it you will never be at a loss for words. When I spoke to a few young local Irish people in the pubs, they said that some Irish sneak in and urinate on the stone, after hours, I hope this is not the case. 

We learned that Cormac McCarthy-King of Muster at one time occupied the castle. Cormac McCarthy came to the aid of Robert the Bruce by supplying him with four thousand men from Muster to assist at the battle of Bannockburn in 1314. In gratitude towards McCarthy the king gave half of the Stone of Scone to him. The legend states that the stone that was given to McCarthy is now known as the Blarney Stone that has been incorporated in the battlements where it can be kissed and is kissed hundreds of times daily by foreign tourists.

Sources: 
Blarney Castle 2011-Web design York by brightfive  www.blarneycastle.ie

WikiPedia-July 27,2011 (last modified) http://en.wikipedia.org/wiki/Blarney_Castle

Jameson Factory Tour

On my free day I went on a tour of the Jameson Factory to see how their Irish whiskey was manufactured and to learn more about the history of Jameson. I was one of eight people on our tour selected to taste test between Irish Whiskey, Scotch whiskey and American Whiskey. The Irish Whiskey was certainly the highest quality and in my opinion the best.

One of the major differences between Jameson and Whiskey of the world is the triple distillation process that is used. It combines malted barley with unmalted or “green” barley. The most famous component within Jameson is the “Pure Pot Still” distilling tradition.

Originally one of the six main Dublin Whiskeys, Jameson is now distilled in Cork, although vatting still takes place in Dublin. With annual sales of over 31 million bottles, Jameson is by far the best selling Irish whiskey in the world.


When John Jameson, a Scottish businessman, acquired the Bow Street Distillery in 1780, it was producing about 30,000 gallons annually. By the turn of the 19th century, it was the second largest producer in Ireland and one of the largest in the world, producing 1,000,000 gallons annually. Dublin at the time was the epicenter of world whiskey production. By 1805, Jameson had become the world's number one whiskey in the world in terms of annual consumption.

Today, Jameson is the third largest Single Distillery Whiskey in the world. The New Middleton Distillery which I toured now produces most of the Irish whiskey sold in Ireland.


Source: http://www.jamesonwhiskey.com/default.aspx

Business Visit #8 - Pfizer Pharmaceuticals - Ireland

We visited with human resource leaders from Pfizer and learned of the importance of operations near Cork. The abundance of low cost skilled labor and the Pfizers ability to identify and train staff made this an ideal location to manufacture Pfizers line of drugs.

The Pfizer plants manufactures API for several popular medicines on the market (Viagra, Lipitor etc.). We were able to tour the facility manufacturing plant and shop floor. I noticed that the processes were highly automated and did not observe very many employees in the process.  I observed Pfizer follows many of the the principles we learned in our supply chain and project management course.

Pfizer ranks as one of the largest pharmaceutical companies in terms of  sales in the world. 

Pfizer is one of Ireland’s leading employers and the largest pharmaceutical sector investor and employer. Pfizer is one of the first pharmaceutical companies to locate in Ireland and began operations in Ireland in 1969. Recent global mergers within the pharmaceutical business has Pfizer in the process of selling off or shutting down several operation facilities in Ireland to reduce their over capacity in the near future. The operations were quite impressive as was their emphasis on plant and employee safety. They have their own fire department for their facility and have many dangerous processes and chemicals utilized in their processes and operations.

The leaders of our tour stated that they produce between 80 and 100 tons of drugs from the plant we toured on average every year. 


Source: http://www.pfizer.ie/cf/index.cfm

Business Visit #7 - Apple, Cork Ireland

One of the best visits in Ireland was our cohort’s visit to Apple. We were provided an overview of the European operations by their director of Human Resources. The center in Cork serves as the European Headquarters for Apple. We were provided a tour of the manufacturing assembly area that produces over 1000 iMacs daily for European customers. It was great to see the manufacturing process and the metrics and goals for each assembly for both regular and custom orders. In addition we briefly got to see the customer contact center and call center for all of Apples product lines.

The visit was very exciting and informative. We were provided a presentation that largely consisted of marketing materials and slides showcasing Apple's stylish products. Apple had recently announced record earnings and sell-out status of their iPads and iPhones and the stock had climbed over 5% on their recent earnings reports. The presentation covered a wide range of topics including their Human capital, global strategy, marketing, customer service, and product development areas. Immediately following the presentation, we had the luxury to be able to visit the manufacturing area where Apple builds customized iMac desktops that are sold within the European market. We observed the concepts of job shop, made-to-order from our supply chain management class. It was a great learning experience for us to see how Apple implements their lean manufacturing and has implemented six-sigma, and load balancing concepts that we learned in our courses. Our host was gracious to explain each step of the manufacturing processes including the steps within the  building, testing, and quality control processes utilized for assembling the iMac.
After the tour and presentation, I wanted to go to an Apple store and buy even more of their products. Next on my shopping list may be an iMac, Time Capsule and and upgrade to my iPad, the iPad 2.

Source:  http://en.wikipedia.org/wiki/Apple_Inc.

Irish Stud Farm

Established in 1946, the Irish National Stud combines an active role related to Irish bloodstock with its role as one of the country's major tourist attractions. It is the only Stud farm in Ireland open to the public. They do not use artificial insemination techniques at this facility and record the breeding practices on video tape to prove this to various oversight groups in the horse breeding and racing communities.

Home to some of Ireland's finest thoroughbreds.

• Permanent and seasonal boarding - walk-outs and walk-in mares
• Almost 1000 acres of top class limestone land
• Foaling unit and services
• Bloodstock and mating’s advice

Helping breeders through the provision of:

• Fostering Service
• Colostrum Bank
• Advisory Service

Source: http://www.irish-national-stud.ie/

Cork, Ireland

We left Istanbul and traveled through Frankfurt Germany to Dublin, Ireland. We boarded a bus and promptly proceeded to lunch and then to an Irish Stud farm before going to our hotel in Cork.

Just to give you a little history on Cork it is the second largest city in the Republic of Ireland as well as being the island of Ireland’s third most populous city. The current population in Cork is about 120 thousand people. Cork has been nicknamed the “Rebel County” and people who are natives of Cork will commonly refer to it as the “real capital of Ireland and call themselves the “rebels”.

Cork is situated along the River Lee that divides into two channels at the western end of the city.

There are many attractions around Cork to see one of the most popular is the college which was right by our hotel. I went off and toured the beautiful town and University. I found the people of Cork to be very friendly and helpful. I also found it very easy and safe to walk around town. It was very easy to get to various restaurants, pubs, and places of interest. 

Source: http://en.wikipedia.org/wiki/Cork_(city)

Hayfield Manor

This beautiful hotel was opened in 1996. It is located in the heart of Cork Ireland. It was originally owned by Musgrave family the famous Cork Merchants but eventually was bought by the Scully family. The Hayfield Manor soon became the first 5-Star hotel in Cork. The hotel is almost within throwing distance distance of University of Cork and is a nice 10 to 20 minute walk to downtown Cork where there are many nice restaurants, pubs, and shops to visit.


Due to the nice climate and great weather we had while staying in Cork it was very convenient to not have to take taxis or public transportation. The hotel was very nice and the service was excellent. The room decor was not my style but would probably be preferred by my grandparents generation.  


Source: http://www.hayfieldmanor.ie/

Dublin Ireland

Our last visit in Ireland was to Dublin. Dublin is the capital as well as the largest city of Ireland.  Currently the population is over a million people. Dublin contains over a quarter of the country’s population.  Near the mouth of the River Liffey and the center of the Dublin Region sits the city of Dublin. At one time it was considered the largest city in the British Empire as well as the 5th largest in Europe. According to the Global Financial center Index Dublin is ranked 29^th and listed by the GaWC as a global city with an Alpha ranking placing it among the top 30 cities in the world.

Dublin’s name was derived from the Irish name Dubh Linn meaning “black pool.  Baile Atha Cliath is the common name for the city meaning “town of the hurdled ford.”

The Government in Dublin is unicameral (meaning having one legislative or parliamentary chamber). The assembly consists of 52 members that get elected every 5 years from various local election areas. We learned from our embassy visit that the old Universities have separate seats that alumni get to vote for in their political system.

The city is very beautiful and has many nice churches, buildings, bridges and several very old cathedrals.

Source: http://en.wikipedia.org/wiki/Dublin

History of Irish Currency

Ireland is a member of the European Union that has also adopted the Euro currency.

Up until 2002 the Irish pound (English) or punt Eireannach (Irish) was the currency of the Republic of Ireland. The exchange rates between European Currency Unit and the Irish pound along with 10 other European Member state currencies were fixed on December 31, 1998.  










By January 1, 2002 the day when the physical euro was introduced GB£1 was worth about IR£ 1.287. The Euro had become the currency of the European countries (January 1, 1999) it was not until January 1, 2002 that the state began to withdraw Irish pound coins and notes, replacing them with euros. 

Source: http://en.wikipedia.org/wiki/Irish_pound

History of Ireland’s Flag

The Flag of Ireland was displayed in front of government building and hotels and was displayed more inline as often as seen in the United States. This was in vast contrast to the number of flags that we saw throughout our visit in Istanbul, Turkey.

A little bit about the flag of Ireland. Vertical tricolor of green (at the hoist), white and orange. It is also known as the Irish tricolor.

Our bus driver stated that one of the colors is for the protestants, the other for the catholics and the white was the peace between them. Doing some research on this I found that the flag meaning is not covered by the Irish Constitution, the Irish government has stated that the green represents the Gaelic tradition of Ireland and the orange represents the followers of William of Orangein Ireland, and white represents peace or a truce, between them.

History tell us that the Flag of Ireland began in 1916 when it was finally raised at the Easter Rising above the General Post Office in Dublin and was regarded as the national flag.  In 1919 the flag was officially adopted by the Irish Republic during its war of independence and subsequently by the Irish Free State later being given constitutional status under the 1937 Constitution of Ireland. It is regarded by many nationalists as the national flag of the whole island of Ireland thus often controversial by many nationalists in Northern Ireland and by the Gaelic Athletic Association. 

Sources: http://www.littleshamrocks.com/Irish-Flag.html
http://en.wikipedia.org/wiki/Flag_of_Ireland

Grand Bazaar

A tourist trap? 


Another very tourist centric area people go when visiting Istanbul, is the famous Grand Bazaar. We visited the Grand Bazaar on our last day in Turkey. I am glad we had our business negotiations class and knew how to bargain. Several classmates made some high end purchases of leather and Turkish handmade rugs and had these items mailed back to the United States directly.

This is one of the largest and oldest covered markets in the world, with more than 58 covered streets and over 4,000 shops which attract between 250,000 and half a million visitors daily. There are 22 entrances to this building, I was cautious to not get lost. There were so many vendors selling rugs and similar items that made it easier to bargain and state that other vendors had the same or better quality items at a better and more fair price. I later learned from my Turkish friends in the states that you need to travel with Turkish friends from the city or travel outside of Istanbul to get the best deals. I did buy a small rug and later learned that I had significantly overpaid for the rug, using this information I helped other members of the cohort make better buying and negotiated deals. I did not even want to buy a rug or anything at this bazaar, but did so to have an experience and to practice the skills we learned in our business negotiations course. 

The grand bazaar began construction opened in 1461. It is well known for its jewelry, pottery, spice, and carpet shops. Many of the stalls in the bazaar are grouped by the type of goods, with special areas for leather coats, gold jewelry and other consumable items including iPhone cases and knock off Apple accessories.

The bazaar contains two bedestens (domed masonry structures built for storage and safe keeping), which was built by the order of Sultan Mehmed the Conqueror. The bazaar was vastly enlarged in the 16th century, during the reign of Sultan Suleiman the Magnificent, and in 1894 underwent a major restoration following an earthquake. It continues to be one of the most visited parts within Istanbul today.

Today, the grand bazaar also has two mosques and multiple restaurants and cafes. The sprawling complex consists of 12 major buildings and has 22 entrances.


Sources:
http://www.grandbazaaristanbul.org
http://en.wikipedia.org/wiki/Grand_Bazaar,_Istanbul

Hangia Sophia

One of the most memorable parts of the trip culturally was our trip to the Hangia Sophia. This by far was one of the most talked about places I visited both before and after the trip with my friends. It was interesting to note how close this was to the Blue Mosque and the fact that several pictures of Jesus Christ and the Virgin Mary still existed within what used to be a Mosque. After first being a church, then a mosque, it was finally converted into a museum in the 1920s.

This building is acknowledged as one of the greatest buildings in the world the Hagia Sophia was dedicated to the Logos who is the second person of the Holy Trinity. The Hagia Sophia has several names that it is referred to such as Sancta Sophia or Saint Sophia. Sophia is the phonetic spelling in Latin of the Greek word for wisdom-its full name in Greek means “Church of the Holy Wisdom of God.”

Today the original Hagia Sophia no longer exists. Constantine the Great was the builder and the first Christian emperor. He founded the Constantinople which was also called “the new Rome”. Greek scientists Isadore Miletus and Anthemius of Tralles were the designers. Constantine was successful in building several great churches which included the Hangia Sophia. The Hangia Sophia was rebuilt three times as the first two destroyed by rioters-once by Constantine the Great, second by his son Constantius and the Emperor Theodosius the Great, then a third was built which is the one that presently is able to be seen under the supervision of Emperor Justinian I. Once the third one had been built Justinian said "Solomon, I have outdone thee!".

The most famous part of the church is the massive dome. The building itself is aid to be one of the greatest surviving examples of Byzantine architecture, containing rich mosaics and marble pillars. Many engineers, historians, and engineers have been interested in the dome because of the vision of the architects. At one point the Hangia Sophia was the largest cathedral for nearly 1000 years until the Seville Cathedral was completed in 1520. To this day though the Hangia Sophia’s unique character shows how this structure is one of the most advanced and ambitious moments ever built in the world.

Sources: 
http://www.hagiasophia.com/
http://www.sacred-destinations.com/turkey/istanbul-hagia-sophia

Business Visit #5-Seker Securities

Through Christopher Little, our co-hort had a networked connection to Seker Securities. We were invited to learn about the Turkish Capital markets and economy and had presentations by various economic advisers from Seker Securities. Several members of the cohort and faculty were interviewed by Bloomberg television regarding the visit. We later got to view the broadcast, but it was completely in Turkish and who knows what was said about our visit and the interviews of our administrator and select students from our cohort.

Seker Securities is an asset management company located in Istanbul, Turkey and provides many financial services across a broad market. Most of their international customers are located in London or other European countries, but they come to the US about twice a year for client meetings and presentations. The company was founded in 1997 and is associated with one of the Large Turkish banks with a similar name. It was interesting to hear the economist’s perspective on the Turkish economic condition and how it has weathered the world-wide economic crisis better than most neighboring and counties as a result of economic reforms after experiencing a housing and inflation crisis around 2001. The Seker securities presentation included information on how Turkey is making changes and slowly attempting to become a member state of the European Union, but most likely will not want to convert their currency to the Euro. The staff at Seker Securities were very nice and were very gracious to sponsor and host our cohort for a lunch immediately following their presentation. This was by far the best corporate visit we had in Turkey and was very informative in helping me get a better grasp and understanding of the economic environment there.


Source: http://www.sekeryatirim.com

Club Reina

One evening I visited the most popular and famous club in Istanbul. Note you must be well dressed and be considered “trendy” to enter this club. Single men without a date or group are often not allowed to enter the club as they are seen as a threat to take away dates from others.

Both foreigners and locals choose Club Reina in Istanbul primarily for the quality and elegance that has made it so well known. Its popularity is as result of the nightfall bar, dishes from distinguished cuisines of the world and entertainment all through the night.

The club offers two main bars within the club. The upper bar is up on a hill while the lower bar makes sure it is an unforgettable nightfall at sea level. The club is very expensive and the best way to gain entrance is to be in a trendy group, dress well, and make a dinner reservation through your hotel in advance.

Source: http://www.istanbulview.com/reina/

Blue Mosque

We traveled to one of the most visited tourist destinations in Istanbul the Blue Mosque. The Mosque is located next to the famous Hangia Sophia. The mosque itself is very large and currently still has calls for prayer up to five times a day. Once inside the Mosque only Muslim men are allowed in the main entrance to pray. It is a requirement to remove your shoes, dress conservatively and wear a cover. I was required to put on a blue cloth to cover my legs since I wore shorts into the mosque.

It is commonly called the “Blue Mosque” but formerly it is the Sultan Ahmed Mosque. It got its name of the “Blue Mosque” for the blue tiles that hang on the walls inside. It was constructed in 1609 and then again in 1616 during Ahmed I rule. Inside the mosque there is a tomb of the founder, a madrasah, and a hospice. The Blue Mosque is an extremely popular tourist attraction. It was interesting to learn that they mosque has 6 call to prayer towers, this was a mistake as the Mosque in Mecca also had six towers, instead of tearing down the 6th tower at the Blue Mosque, the Sultan sent money to Mecca so that a seventh call to prayer tower would be built, and keeping the tradition of the Mosque in Mecca to have the most towers in the world of any Mosque.

Sources: 

Sacred Destinations-online travel guide-2005 http://www.sacred-destinations.com/turkey/istanbul-blue-mosque

Wikipedia-August 10,2011- http://en.wikipedia.org/wiki/Sultan_Ahmed_Mosque

Spice Bazaar / Egyptian Bazaar

An extra bonus, our tour guide allowed us to visit the Spice Bazzar which is sometimes called the Egyptian Bazaar. It is one of the oldest bazaars in the city. Located in Fatih, in the neighborhood of Eminönü, it is the second largest covered shopping complex after the Grand Bazaar.

We found spices of almost every type and several students tasted and purchased Turkish delights, scarfs, souvenirs, Turkish candy, and Turkish Baklava.

There are several documents suggesting the name of the bazaar was first "New Bazaar". However, due to the fact that many spices were imported via Egypt in the Ottoman period, the name "Mısır Çarşısı" was favored by the public. The word mısır has a double meaning in Turkish: "Egypt" and "maize". This is why sometimes the name is wrongly translated as "Corn Bazaar". The bazaar has been the center for spice trade in Istanbul.

The building itself is part of the külliye of Yeni Mosque, and rents from the shops within was intended to help pay for the upkeep of the neighboring mosque. The structure was completed  in 1660.

The Spice Bazaar is an “L”-shaped building, consisting of 88 vaulted rooms, almost all of which are now divided into an upper and lower story. Monumental gateways are at the ends of both halls, with chambers above each entrance way. The main entrance is in the southwest corner, facing the Yeni Mosque.


Source: 
http://en.wikipedia.org/wiki/Spice_Bazaar,_Istanbul
http://www.turkeytravelplanner.com/go/Istanbul/Sights/GoldenHorn/EgyptianMarket.html

Business Visit #4-TABA-AMCHAM

We were invited to visit with the Turkish-American Business Association (TABA) is a non-profit organization founded in 1987. We were given an overview of the Turkish economy and importance of the balance of trade between Turkey and neighboring countries as well as some cultural information regarding both Istanbul and Turkey. It was interesting to learn that their is currently a major trade imbalance in the United States favor as a result of imports of items such as Steel and Airplanes to Turkey.

TABA Amcham’s mission, with its American Chamber of Commerce in Turkey identity, is to enhance business relations between the U.S. and Turkey, encourage investments to Turkey from the U.S., create value for its members and initiate cultural and promotional activities. The headquarters of TABA Amcham is in Istanbul and it has 5 branches in Turkey, namely Adana, Ankara, Antalya, Denizli and Izmir. TABA Amcham is a member of the European Council of American Chambers of Commerce (ECACC) and a member of the Chamber of Commerce of USA (COCUSA).

Source: 
AMCHAM website-TABA/AMCHAM as supporting organization-www.amcham.org

US Department of State-Consulate of the United States http://istanbul.usconsulate.gov/taa_in_turkey.html

Business Visit #3-Istanbul Stock Exchange

We traveled to the Istanbul Stock Exchange (ISE) and were able to visit the trading floor during a trading session. The ISE is the only corporation in Turkey for securities exchange established to provide trading in equities, bonds, and bills, revenue sharing certificates, private sector bonds, foreign securities and real estate certificates as well as international securities. ISE  is a non-profit and was founded as an autonomous professional organization in early 1986. It was interesting to see children’s art and school work in the building. The commissions and revenue generated by the ISE is utilized to fund the building of new schools throughout Turkey.

 It is located in the building complex in the quarter of Istinye which is on the European side of Istanbul.

ISE is home to over 300 listed national companies. Unlike within the United States, the ISE has two trading sessions and the market has two opening and two closing prices each trading day. The Trading hours are 09:30 AM -12:30 PM for the first session and 2:00 PM-5:30 PM for the second session, on workdays. All ISE members are incorporated banks and brokerage houses that pay for their seat within the ISE via an auction.

ISE price indices are computed and published throughout the trading session while the return indices are calculated and published at the close of the session only. The indices are: ISE National-All Shares Index, ISE National-30, ISE National-50, ISE National-100, Sector and sub-sector indices, ISE Second National Market Index, ISE New Economy Market Index and ISE Investment Trusts Index. The ISE National-100 Index contains both the ISE National-50 and ISE National-30 Index and is used as a main indicator of the national market.

There is a statue outside of the exchange that commemorates the stock traders that lost their lives while working on the trading floor, usually due to high stress and negative market volatility. It is interesting to note since over 90% of the trading existing electronically the rate of deaths has dramatically declined, from when they used boards and manually wrote buy, sell orders on the boards with markers.


Sources: 
http://www.ise.org
http://en.wikipedia.org/wiki/Istanbul_Stock_Exchange