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DAILY NEWS May 16, 2012

EU AMBASSADOR: THE MORE GEORGIA WILL ENVISAGE RECOMMENDATIONS, THE MORE FINANCIAL ASSISTANCE WILL BE

Head of EU Delegation to Georgia Philip Dimitrov declared that Georgia’s more attention to EU’s recommendations would have direct impact on growth of financial assistance. Dimitrov declared on the mentioned during yesterday’s consideration of EU report on progress of European Neighbourhood Policy implementation. More...


COALITION “FOR FREE BUSINESS” TO STUDY FACTORS, HAMPERING BUSINESS DEVELOPMENT IN GEORGIA

Non-governmental coalition For Free Business, being founded with support of Open Society – Georgia Foundation, plans to study factors, which make obstacles for business development in Georgia.

Coalition unites 4 non-governmental organizations: association Green Alternative, Georgian Young Lawyers' Association, Center for Economic Policy Research, Transparency International – Georgia. More...


UNDP DELEGATION ACQUAINTED WITH PROJECTS IMPLEMENTED IN BATUMI AND POTI

Representatives of UN Development Program acquainted with projects, implemented in Georgia through UNDP’s assistance.

Today, UNDP delegation visited business incubator in Batumi and vocational college’s sewing salon in Poti. More...


MORE THAN 50 GERMAN COMPANIES REPRESENTED AT EXHIBITION “EXPO GERMANY”

The 3rd exhibition Expo Germany was opened in Tbilisi today, being arranged within German week.

The exhibition represents more than 50 German companies, being operating in Georgia and whole South Caucasus. More...


MORE THAN 150 COMPANIES PARTICIPATE IN “CAUCASUS BUILD 2012”

The 17th international exhibition of construction and interior Caucasus Build 2012 was opened in Tbilisi exhibition center ExpoGeorgia today.

More than 150 companies from 16 countries will represent their production on 135 stands during the event, which will last 3 days. More...


CONSTRUCTION OF TRANSMISSION LINE BETWEEN GEORGIA AND AZERBAIJAN COMPLETED

Georgian State Electro System has completed construction of 500-KV power line, linking Georgia and Azerbaijan. The line was connected to 500-KV power line Mukhrani through Gardabani substation. More...


NEW RAILWAY STATION NEAR KULEVI OIL TERMINAL RECEIVED THE FIRST LOT OF OIL-PRODUCTS

Black Sea Terminal informed that new railway station Wide Water received the first lot of oil-products.

As the company noted, this station is located in only 2 km from Kulevi oil terminal, while Chaladidi station, being in use until now – in more than 20 km. More...


“GEORGIAN RAILWAY” PLANS TO GAIN $200-250M THROUGH SHARES PLACEMENT ON LSE

London Stock Exchange said today that trades on shares of JSC Georgian Railway will start on May 24.

The shares will be placed in form of global depositary receipts (GDR), which should bring $200-250 million to Georgian Railway. More...


“SAKARTVELOS BANKI” OFFERS SO-CALLED “ENERGY INSTALLMENT”

Sakartvelos Banki (Bank of Georgia) announced on introduction of so-called “Energy Installment” today. In case of applying to instant installment through June 30, customers will be gifted with 1-3 KWh for every spent 10 lari (in accordance with shops). More...


“ALDAGI BCI” FIXED NET PROFIT OF 6.5M LARI IN 2011

According to audited report of Aldagi BCI, net profit of this insurance company amounted in 2011 to 6.5 million lari. This figure exceeds by 29.5% showing of 2010. More...


“CREDITINFO GEORGIA” AND “MOBITEL” AGREED ON COOPERATION

CreditInfo Georgia (credit office) and Mobitel (mobile communications company, operating under trademark of Beeline) signed agreement of cooperation.

Management of Mobitel expects that effective use of CreditInfo services will enable the company to increase sales drastically. More...


“SILKNET” OFFERED ACTION ON SWITCHING TO FIBER-OPTICAL INTERNET

Communications operator SilkNet announced action on switching to fiber-optical internet, which will last 2 months. Within the action, all service packs of the company will cost 20 lari. More...


ECONOMIC PRESS MONITOR May 16, 2012

Rezonansi: “LABOR CODE IS SHARPLY WORSENED INSTEAD OF IMPROVING”

Amendments, which should be made to Labor Code, enable employers to delay implementation of commitments, undertaken towards employees, indefinitely. As of the current legislation, the term for such commitments, makes up 90 days. More...


Rezonansi: “INCOME TAX IS DECREASED TO 18%, BUT THE TERMS ARE NOT KNOWN”

According to draft amendments to Tax Code, income tax will make up 18% since 2013, if taxpayer transfers 2% of taxable income to the managing company, within saving scheme.

The matter concerns companies, managing assets (contributions) of private individuals. More...


Versia: “WHAT HAPPENS ON THE INSURANCE MARKET?”

While commenting on acquiring of 85% of Imedi-L by insurance company Aldagi BCI, David Khechinashvili, head of Georgian Insurance Association, declares: “The well-ordered company, having a good image, has changed its owner because of failure to meet financial liabilities”. Imedi-L failed to mobilize 15-16 million (the currency is not specified) for construction of hospitals, he explains. More...


Exchange Rates (NBG)
  05/16/12 + / -
  USD   1.6277   0.0066
  EUR   2.0691   0.0155
  RUR   5.2547   0.0902
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