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Daily News

May 4, 2017

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politics

    GEORGIAN PREMIER: GEORGIA IS VERY IMPORTANT PARTNER OF THE US

    Georgia’s Prime Minister Giorgi Kvirikashvili stated that appeal of 30 members of the US Congress to President Donald Trump with support to Georgia “testifies that Georgia is very important partner of the US”.

    “It was so for 25 passed years and we have a big hope that within next 25 years we will be able to establish even closer partnership”, the Premier declared at the government meeting today.


economics

    NEW REQUIREMENTS ON MINIMUM SUPERVISING CAPITAL FOR COMMERCIAL BANKS ENTERED IN FORCE

    On May 3, president of National Bank of Georgia (NBG) issued an order, which defines new requirements on minimum supervising capital for commercial banks. The order became effective after publication (on May 4).


    DURING SALE BY PARTNER OF STAKE IN LLC, OTHER PARTNERS WILL HAVE PRIORITY ACQUISITION RIGHT

    The Parliament considered in second reading today draft amendments, which apply priority acquisition right to partners in LLC during sale of stake by any of them.

    The amendments envisage also liability of external auditor or certified accountant to check transactions, which cost makes up 10% or more of cost of assets of the company.


    IN 2016, NUMBER OF TRANSACTIONS IN RTGS SYSTEM GREW BY 6.6%, WHILE CASH TURNOVER DECREASED BY 4%

    National Bank of Georgia (NBG) reported that 20.5 million settlement operations were made in Real Time Gross Settlement (RTGS) system during 2016. In monetary expression, turnover made up 129.6 billion lari.


    AGRICULTURE MINISTRY: PROGRAM OF TRADITIONAL AGRICULTURE DEVELOPMENT IS IMPLEMENTED IN TUSHETI

    Agriculture Ministry reported that its Scientific-Research Center signed memorandum on cooperation with non-governmental organization Caritas Czech Republic in Georgia.

    The memorandum targets development of traditional agriculture in Tusheti (mountainous northern part of Akhmeta municipality in Kakheti region), the Ministry specified.


    GEORGIA WILL BE THE FIRST EVENT MANAGER IN BORDEAUX CENTER FOR WINE AND CIVILIZATIONS

    Georgian government reported that large-scale events, devoted to winegrowing and winemaking, will be held during 3 months, starting from end of July, in Bordeaux Center for Wine and Civilizations (France).

    Georgia will be the first manager of these events, Prime Minister Giorgi Kvirikashvili declared at the government meeting today.


business

    COMPETITION AGENCY: NO MISUSE OF DOMINANT POSITION BY POTI PORT IS CONFIRMED

    Georgian Competition Agency decided that “planned start by Poti port of the “new scheme” will restrict markets of container transportation from the port to external terminals and terminal service in that form, which damages interests of customers”.

    However, at that, the Agency pointed: “No misuse by Poti port of a dominant position is confirmed, as new scheme of containers’ processing, being recognized as acting against competition, was never started”.


    “GEORGIAN AIRWAYS” STARTS REGULAR FLIGHTS ON NEW DIRECTIONS

    During summer navigation season, Georgian Airways will conduct regular flights from Tbilisi to Sochi and from Batumi to Tel Aviv, the Ministry of Economy and Sustainable Development reported.

    Operating on a route between Tbilisi and Sochi will begin on June 2 and will last until end of summer navigation season.


    HOTEL ON LOPOTA LAKE TO BE EXPANDED

    Partnership Fund signed agreement with LLC Lopota Investment, which envisages expansion of hotel on Lopota Lake (Napareuli village, Kakheti region).

    According to the document, the Fund will invest $5.4 million in the company, established jointly with Lopota Investment.


    42 GEORGIAN AND FOREIGN DESIGNERS SHOW THEIR COLLECTIONS IN THE 5TH SEASON OF “MERCEDES-BENZ FASHION WEEK”

    Tbilisi hosts the 5th season of Mercedes-Benz Fashion Week (May 4-8), within which fashion shows will be held in Museum of Modern Art again. Winter collections of 2017 will be shown by 42 Georgian and foreign designers, organizers say.


    “ANT GROUP” PLANS PRODUCTION OF CONSTRUCTION MATERIALS WITHIN “PRODUCE IN GEORGIA” PROGRAM

    Ministry of Economy and Sustainable Development reported that LLC Ant Group plans to launch production of roofing materials, construction accessories and plaster-cardboard within “Produce in Georgia” state program.

    The enterprise will start operation in July and will employ 20 people at the first stage, the Ministry said.


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