World Bulletin / News Desk
İstanbul Chamber of Commerce (İTO) Chairman Murat Yalçıntaş warned on Sunday that the number of bad checks increased to 83,080 from the beginning of the year through May, reaching the highest number in the past two years.
In a written announcement, Yalçıntaş noted that, following the elimination in January of the penalty of imprisonment for those convicted of writing bad checks, the number of these checks has increased by 56.4 percent, bringing the total number of bad checks this year to 344,196, and the bad checks for May amounted to $25.7 billion. He said the precautionary measures taken to prevent businessmen from using bad checks have proved unsatisfactory and the government needs to take further tight measures to prevent a bigger mess.
He suggested the use of financial risk insurance at this point would benefit businesses. He noted that these measures need to be addressed in a speedy manner since businesses would face serious risks. He explained that the measures have clearly not been acting as a deterrent for writers of bad checks. However, he admits the check-fraud reporting system has been beneficial for commerce activities.
Yalçıntaş noted that Turkey has stable economic conditions as opposed to the current difficulties experienced in many countries, in particular Europe. “Turkey has leaped in terms of the economy and it needs the common payment method of checks more than ever. We need to work on fixing the gaps in regulations to secure the rights of businessmen,” he said.
In addition, he recommended the implementation of a system requiring financial risk insurance would guarantee businessmen against the risks of bad checks: “This way the checks can be handed out more freely and recipients of bad checks will be able to be compensated for their losses, providing the continuation of business activities.” Acknowledging that the İTO has made some attempts to spread the use of risk insurance, he stressed that the assessment of the distribution of insurance expenses is of major importance.
Parliament’s General Assembly passed the first three articles of a “bad check” bill at the end of January after making changes to the third article, excluding those who commit fraud from benefitting from the law, which eliminates the penalty of imprisonment for those convicted of writing bad checks.
The Turkish government sponsors a number of charity and development projects in the Gaza Strip.
Ankara's current efforts towards streamlining trade are aimed at fully widening scope of business with Iran, says Turkish Development Minister at Tehran forum.
The massacre of Muslims in the Central African Republic has been compared to the genocides in Bosnia and Rwanda.
The 'Invest in Italy' conference in Istanbul heard of a huge discrepancy in Turkish-Italian investment.
The boat is said to have been illegally transporting migrants to Greek islands.
Turkey, which last year was ranked 16th, skipped ahead of Canada, which has had to cut back its military spending.
The subject is one of a series of issues ranging from increased gas supply and gas price revisions to nuclear power that Turkey and Russia are set to take up in talks in Ankara next week
HAVELSAN, which is partly owned by a Turkish Armed Forces-linked foundation, has a logn history in training defense and communications industries in Turkey and other countries in military software systems.
In addition to motion-detectors that can work day and night across a vast area, these systems are less risky and more cost effective than Unmanned Aerial Vehicles (UAV), otherwise known as drones.
The US Embassy in Ankara said allegations against the ambassador Ricciardone 'do not reflect the truth'.
Turkish ruling AK Party MPs voice support for PM Erdogan's election bid.
Economists say the normally innocuous general assembly has taken on greater significance this year after Erdogan called two weeks ago for an emergency interest rate cut to boost the economy
Turkey's International Cooperation and Development Agency has provided a Montenegrin children’s special needs center with a sensory room.
Turkish dailies on Wednesday mainly cover a gun attack which wounded former MP, Adnan Yildiz killing his wife and daughter in Istanbul, latest developments in Ukraine, and "The Blood Moon" - a total lunar eclipse which made the moon take on a deep red color.
The U.S. House Speaker John Boehner said the evaluation of the 1915 events should be left to historians.
Turkey's Foreign Ministry reiterated its support for crisis-stricken Ukraine in the run-up to its presidential elections.