Page 21 - bne_March2019_20190306 magazine

bne FMeabrrcuha2ry0129019 Companies & Markets I 21
Fitch this Friday), may come as a mild support factor for port- folio flows in the short term.
We continue to see a $27-30bn current account surplus for 1Q19, which, combined with portfolio inflows should be enough to cover the net capital outflow from the private sector and FX purchases, and even with the catch up on the backlog from 2018 are staying within $4bn per month. This makes
us comfortable with our expectations of $RUB at 64-65 for the next 3 months, as we mentioned in the latest edition of FX Talking.
At the same time, by mid-year the seasonality of the balance of payments should result in the current account surplus
bne:Tech
Turkey’s gaming exports hit $1bn+ in value last year says GIST expo rep
bne IntelliNews
Turkey’s gaming exports were worth more than $1bn in 2018, Anadolu Agency reported the brand and marketing communication manager of the Gaming Istanbul 2019 (GIST 2019) expo as saying on February 5.
Meric Eryurek also said that some 600 enterprises work on game development in the country, while it was notable that more than half of Turkey’s population of 81mn are under the age of 25 and generally know the gaming sector very well, the news service reported.
Four hundred truckloads of coal equal a truckload of iPhones, but a truckload of a software brand, such as Instagram, can equal 400 trucks of iPhones, Eryurek was cited as saying, adding: “The [global] gaming industry has taken over the book and music sectors, Hollywood and Netflix in terms of income.”
Among the big five
GIST markets itself as among the five biggest gaming events in Europe and, given that Istanbul is at the crossroads of Europe and Asia, as the biggest gaming expo in the Middle East.
shrinking to $3-5bn per month amid the Finance Ministry's FX purchases and private capital outflow, leaving the ruble vulnerable to a possible reversal in portfolio flows, which may arise in case global expectations of easing in the global trade tensions prove too optimistic, the Fed returns to a more hawkish stance due to a strong labour market, and/or Russia faces unfavourable developments on the sanctions front.
Dmitri Dolgin is the Chief Economist, Russia, at ING in Moscow. This note first appeared on ING’s “Think” portal.
He got the gist
Gaming and technology companies such as Tencent, Ubisoft, Fortnite, Dell, HP, Microsoft, and Sony were due to exhibit at GIST.
The global gaming industry’s size was around $140bn in 2018, according to the Global Games Market Report, issued by the gaming analysis company Newzoo.
“Only the series sector is a rival for the gaming sector but it won’t last long... Projects which started with a 10-person staff are worth billions of dollars,” Eryurek reportedly added.
Anadolu also quoted Eryurek as saying that Turkey could be a bridge for the gaming sectors of Asia, Europe, and the Middle East. “Middle Eastern and European game firms are looking for a door to each other’s markets,” he said, adding that Asian companies wanted to find ways to reach the Middle Eastern and European markets.
www.bne.eu