Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
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  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Vestel Elektronik (VESD)

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Tuesday 25 July, 2000

Vestel Elektronik

Anti-dumping Investigation

Vestel Elektronik Sanayi Ve Ticaret
25 July 2000


Following the publication on 17 July 2000 of a 'Notice of Initiation of
anti-dumping proceeding concerning colour television receivers originating in or
exported from Turkey', here is Vestel's notes on the current situation:

1.  The investigation is expected to be concluded within 15 months from the
publication of the 'Notice of Initiation' in the Official Journal of the
European Communities. Currently, the production of 18,000-20,000 CTV sets per
day still continues and Vestel has not been keeping up with its production,
logistics, purchasing, and sales activities.

2.  The Company has no liquidity problems. It still holds its stong position in
the eyes of the financial institutions due to the following reasons:

  a)  the Turkish financial system believes that the likelihood of an
anti-dumping sanction is low, and, 

  b)  Vestel has a sound balance sheet.

3.  The allegation of dumping on Turkish manufacturers is based on a comparison
of normal value, establsihed on the basis of domestic prices, with export
prices. On this basis, the dumping margin calculated is claimed to be
significant, and that exports are being subsidised with domestic sales. Vestel
believes that there are strong arguments against the issues that will arise
during the anti-dumping investigation.

  a)  Vestel will be selling c.500,000 CTVs in the domestic market, and in the
export market the number of CTV sales is c.5,000,000 in 2000. Based on this
breakdown, it much unlikely both from economic and arithmetical perspective to
subsidise lower margins in the export markets.

  b)  Domestic price of a CTV is composed of interest charges of 20-25% due to
sales on instalment basis which is representing 80% of total sales, 25% of VAT,
expesnes related to having a distribution network of approxiamately 2500
dealers, charge is due to the after sale services provided and 3 years of
guarantee offered to the customers, advertising and marketing & distribution
expenses, and revenue stamp (banderol) charge of 10% by Turkish Radio and
Television (TRT). Vestel has been investing in its brand heavily to sustain its
increasing market share, which makes up a significant portion of the domestic
costs.

Vestel believes that had there been a profitability in the domestic market as
acclaimed by the compliant, the European manufacturers could have moved in to
the Turkish market to take advantage of Customs Union agreed back in 1996.

  c)  Turkey has become a member of Customs Union in 1996 and is a strong
candidate for European Community. Any provisional or permanent sanction would
harm the existing relations between Turkey and its European counterparts.

  d)  Turkey is a net importer of electronic goods with a $2 billion trade
deficit ($1 billion export vs. $3 import). Currently, the state authorities are
closely following the anti-dumping allegation at ministry level and they are
providing full political support.

As the next step, Vestel has already appointed Van Beal Bellis, a Brussels law
firm, as its legal adviser for the investigation Van Beal Bellis had also
advised the Company during an anti-dumping allegation filed in 1994 against the
local Turkish manufacturers and no measures were imposed then.

Vestel will be informing its investors as appropriate during this investigation.
To this end, Vestel plans to make weekly announcements as deemed necessary and
arrange a meeting next month in London to keep on updating the investors.