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HOLDER OF 95.9% IN “GEORGIAN GEOLOGY AND MINING NATIONAL COMPANY” PLANS TO BUY OUT MINORITY STAKES
(Daily News: August 12, 2016)
LLC Assets Management and Development Company, which holds 95.9% of voting shares in JSC Georgian geology and Mining National Company, plans to buy out minority stakes. According to respective statement, the company is going to demand mandatory selling of shares, which right is granted by Georgian legislation.
ENERGY MINISTRY: ENERGY ARREARS TO TURKEY WERE RESTRUCTURED ACCORDING TO AGREEMENT, SIGNED IN 2015
(Daily News: August 12, 2016)
Georgian Energy Ministry declared that among other issues, agreement on cooperation in energy sphere, signed with Turkey in April 2015, envisaged restructuring of energy arrears too. Not returned volume of electricity, delivered from Turkey to Georgia in 1990-1997, had totaled to 1.7 billion KWh, while in line with the mentioned agreement, it was reduced to 1 billion KWh, the Ministry noted.
OECD ANNUAL PLENARY SESSION TO TAKE PLACE IN TBILISI IN NOVEMBER
(Daily News: August 12, 2016)
Annual plenary session of OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes will be held in Tbilisi on November 1-3, Georgian Finance Ministry declared. Almost 300 delegates from member states of the Global Forum and officials of 10 international organizations will take part in the Plenary Session.
Netgazeti.Ge: “GEORGIA TO EXAMINE 18.5 T OF GEORGIAN PEACHES, BLOCKED BY RUSSIA”
(Economic Press Monitor: August 12, 2016)
The newspaper reports that Rosselkhoznadzor (Russian state service for agricultural safety) has blocked on August 10 delivery of 18.5 t of Georgian peaches on Russian territory (Krasnodar area). Fail of Georgian peaches to pass phytosanitary control was named as the reason of their return.
Tabula: “VOLUME OF BANKS’ OVERDUE LOANS INCREASED BY 14.3%”
(Economic Press Monitor: August 12, 2016)
National Bank of Georgia reported that as of July 1, volume of overdue loans in commercial banks reached 374 million lari, increasing by 14.3% year-on-year. Loan portfolio of Georgian banks totals to 16.5 billion lari, of which overdue loans account for 2.2%, the magazine notes.
61.8% OF SHARES OF “TBILISI PAPER FACTORY” SOLD THROUGH OTC DEAL
(Daily News: August 11, 2016)
Georgian Stock Exchange reported that OTC deal (two transactions) was made recently on stake of JSC Tbilisi Paper, totaling to 61.8% of shares. Through these deals, 109,204 shares were sold for 274,777 lari, i.e. price per share made up 3.4319 lari (nominal value – $1.462, i.e. about 3.42 lari).
HEALTH INSURANCE OCCUPIES 93.2% IN PORTFOLIO OF “IMEDI-L”
(Daily News: August 11, 2016)
State Service for Insurance Supervision reported that in total premium, attracted by Imedi-L in the 1st quarter, medical (health) insurance accounted for 93.2% (29.14 million lari). If compared with the same period of last year, the volume has been maintained almost unchanged.
“42ND ARTICLE OF THE CONSTITUTION” POINTS AT POSSIBLE VIOLATION OF LABOR CODE IN PROCESS OF CONSTRUCTION ON KHASHURI-KHARAGAULI-ZESTAPONI RAILWAY
(Daily News: August 11, 2016)
Non-governmental organization 42nd Article of the Constitutions declared that its representatives have met with workers, employed at construction of Kharagauli-Khashuri-Zestaponi new railway in village Zvare, who held the protest action. Workers are protesting against firing of 2 workers without provision of ground by the employer and poor working conditions, the organization said.
Liberali: “FREE FALL: HOW TO MAKE TRANSPORTATION INSIDE GEORGIA SAFE?”
(Economic Press Monitor: August 11, 2016)
Non-governmental organizations CRRC-Georgia and Partnership for Road Safety had studied issue of intercity transportation within project “Options of Safe Transportation for Passengers”. The study has revealed factors, which hamper development of this sphere.
REGULATION APPROVED, DETERMINING LIMITS OF NATURAL LOSSES DURING OIL STORING
(Daily News: August 10, 2016)
Head of Georgian State Agency for Oil and Gas approved regulation, which determines limits of natural losses in process of oil storing. According to the document, limits are determined for two periods of year: autumn-winter (from October 1 through March 31) and spring-summer (from April 1 through September 30).
Bankebi da Finansebi: “COMPANY, FOUNDED BY GEORGIAN, IS THE MOST FAST-GROWING NATURAL JUICE PRODUCING COMPANY IN THE UK”
(Economic Press Monitor: August 10, 2016)
Referring to BBC, the newspaper reports that company Savse, founded by Georgian Guka Tavberidze in Great Britain, is the most fast-growing natural juice producing company in the country. The company fixed turnover of $13 million for the past 3 years, while sales growth in the last 12 months reached 600%.
The Financial: “A WIN-WIN SITUATION: ECONOMIC PROSPECTS OF GEORGIA-IRAN RELATIONS”
(Economic Press Monitor: August 10, 2016)
Rahim Abachi, director of Georgia-Iran Chamber of Commerce and Industry, says that Iranian companies have been operating in Georgia for about 20-25 years and make up 500 in number for now. However, only 10% of them are big enterprises.
Tabula: “KHADURI ON PENSIONERS’ EMPLOYMENT: WE AIM TO FILL THE GAP BETWEEN GENERATIONS”
(Economic Press Monitor: August 10, 2016)
Finance Minister Nodar Khaduri says that while introducing pensioners’ employment program, Georgian Dream plans to fill the gap between generations. “Name of the program, “Life Goes On”, perfectly reflects its point, I think”, he declared in interview with program Business-Contact of Maestro TV company.
ECONOMY MINISTRY: GEORGIA HOSTS FINAL STAGE OF EUROPEAN AVIATION TOURIST RALLY
(Daily News: August 9, 2016)
Ministry of Economy and Sustainable Development reported that from August 8, Georgia hosts final stage of Hans Gutmann Memorial Flight Rally. For participation in the rally, Georgian Civil Aviation Agency has issued permission to 15 pilots, the Ministry said.
ECONOMY MINISTRY: PROJECT OF GEORGIAN MASTER’S STUDENTS AT MILAN POLYTECHNIC UNIVERSITY NAMED AS THE BEST PROJECT OF THE YEAR
(Daily News: August 9, 2016)
Ministry of Economy and Sustainable Development reported that Milan Union of Architects and professors of Polytechnic University of Milan named the project of Georgian master’s students of the mentioned University as the best project of the year. The project, titled “Transformation of Soviet district: formation of time bank community”, deals with Soviet mass construction policy, the Ministry said.
Eugeorgia.Info: “ACCESS TO MARKET AND FINANCES, NEW STANDARDS AND SMALL FARMS – PUZZLE FOR FARMERS AND POLITICIANS”
(Economic Press Monitor: August 9, 2016)
Two months ago, the 2nd congress of Georgian farmers was held within national food safety strategy, being organized with support of EU and German organization Brot fur die Welt and involvement of Oxfam and Elkana (association of organic farms), Eugeorgia.Info reports. Upon closure of the congress, 3 major problems were identified to farmers: market accessibility; investment resources accessibility; impact of reforms of food safety system on small farmers and agricultural cooperatives, the article reports.
IN 6 MONTHS, GEORGIAN FOOTBALL DEVELOPMENT FUND RECEIVED 10.23M LARI FROM MUNICIPALITIES AND 6M LARI – FROM CENTRAL BUDGET
(Daily News: August 8, 2016)
Georgian Football Development Fund reported that donations for 6 months of the year, made by municipalities, amounted to 10.23 million lari, while by the state budget – to 6 million lari. The Fund started operation on March 1.
THE GOVERNMENT: “CARTU” FUND ALLOTTED MORE THAN 20M LARI TO “GEM FEST”
(Daily News: August 8, 2016)
The government declared that Cartu fund has financed GEM Fest, Georgian electronic music festival, “almost completely, by allotment of more than 20 million lari”. The festival, which will held within “Check in Georgia” state project on August 9-14 in Anaklia sea resort, is expected to attract about 40,000 guests.
USAID/REAP TO SUPPORT TRAININGS FOR BENEFICIARIES OF “PLANT THE FUTURE” AND “GEORGIAN TEA” PROGRAMS
(Daily News: August 8, 2016)
Agriculture Ministry announced that beneficiaries of “Plant the Future” and “Georgian Tea” state programs will pass trainings, supported by USAID’s program “Restoring Efficiency to Agriculture Production” (REAP). The assistance will be provided to 234 beneficiaries of “Plant the Future” and 7 beneficiaries of “Georgian Tea”, the Ministry specified.
THE GOVERNMENT APPROVED 4 AGREEMENTS, SIGNED WITH TURKEY IN JULY
(Daily News: August 8, 2016)
Four agreements, signed with Turkey on July 19, were approved by decrees of Georgian government. The matter concerns agreements on mutual promotion and protection of investments, on international combined cargo transportation, on freight and passenger railway transportation and on cooperation in spheres of labor, social protection and employment.
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