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Bloomberg-BusinessWeek 09092013 302
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If you vvould prefer not to have your data shared by Bloomberg Busirtessweek with either other units vvithin Bloomberg L.P. or outside companies, please go ta bwso.businessweek.com/r/bwo_o.asp If you have any questions or comments, or want to confirm the accuracy of your information you have provided, please cali 1-800-635-1200 or write to: Bloomberg Businessweek Customer Service: 2005 Lakewood Drive Boone, IA 50036 Bloomberg Busine$sweek publishe s vveekty except wben combined issues are published that count as two issues, and when an additional special issue may be published. Bloomberg Businessweek Global Economics M Islamist President Mohamed Mursi on July 3. Since then, Turkish exports shipped through Egypt's ports have dropped as mucb as 30 perceııt, according to data from OSF International Logistics Services, a privately held transport company in Turkey. This comes on top of a 5 percent drop in exports to 10 Middle Eastern countries in June, Turkey's statistics office shows. "Nobody seems to realize there is a very serious problem here," says Mustafa Yılmaz, owner of Cem-Ay International Transportation. "We are losing trade just because of political developments with those countries." Yilmaz is referring to the recent tension between Turkey and Egypt, as well as with backers of the Egyptian military such as Saudi Arabia. Turkish Prime Minister Recep Tayyip Erdoğan has opposed the Egyptian army's violent crackdown on pro-Mursi protests. Turkish transport executives complain that animosity toward Turkey and a breakdown of order in Egypt have inereased the time needed to get clearance from Egyptian port and customs agents for Turkish trucks to drive through the country. "After the tensions in Egypt inereased, government offices can't finalize procedures easilysays Ali Serdar Kocaoglu, general manager of OSF. "Bureaucracy is difficult to deal with in any country, but lately in Egypt it has becomı; a lot more difficult to deal with. Expc«rts through Egypt can only continue if tensions there do not inerease." As further evidence of Egypt's intransigence, Yilmaz of Cem-Ay International points to the aetions of the Egyptian government, which he says has seized "100 Turkish trucks because they couldn't pay certain fees." Egyptian Majör General Alımed Naguib, İıead of the Port Said Ports Authority, notes that maritime agreements between the îwo countries have not changed, and that any difficulties the Turks have encountered are unrelated to the war of words with Egypt. issues involving Egypt will probably be resolved vvithin a month, says Zuhal Mansfield, head of the TurkeyEgypt Business Council in istanbul. "At the moment there is not a big problem with Egypt with regard to transportation of Turkish goods," he says. Others take a darker view. "Turkey has inereased its exports to the Middle East region," says Nihan Ziya-Erdem, an economist at Türkiye Garanti Bankasi. "But this contribution will go down along with inereasing tensions there." —Onur Ant and Ercan Ersoy, with Ola Galal The bottom line The Middle East accounts for a fifth of Turkey's total exports. A dispute with Egypt could hurt that trade. Manufacturing İn China, the Hunt Is On For Energy Savings > Factory owners desperate to cut costs serutinize their utility bills > "The problem is...lack of expertise to operate energy systems" Kevin Chang, general manager of Concord Ceramics, is a member of a younger generation of factory bosses in China trying to survive leaner times. That quest led him to examine the power use at his factories. He didn't İike what he found. For decades after China started trading with the U.S. in 1979, most factory managers didn't focus on electricity prices. Demand from abroad was expanding, labor was cheap, and the exchange rate favored China's exporters. But conditions have changed since demand softened in the wake of the 2008 financial crisis. Chang says his labor costs have doubled, and the exchange rate is less favorable. inereasing energy efficiency is one way to shore up the bottom line. The work at Concord requires constant air conditioning, and in the summer electricity has accounted for as much as 15 percent of operating costs. Chang, who was already leaving the hallway lights off, installed a highvolume air-conditioning system to cut expenses. Yet once the system w as up _ _ runnjngj his Yang hirad an electricity bili went outside consultant I up chang hired an to bring down his | engineerfromthe COmPanWVs6n*r9y ] Chüıa Academy of Building Research, a government think tank, in Guangzhou. The engineer figured out the cooling system was more