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Economic Press Monitor

April 23 - 29, 2017

Previous Issues:  Days: < 01 08 15 22 29

 

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economic & politics

    TABULA: “FADY ASLY: DECISION ON MY REMOVAL FROM THE MEETING WAS NOT MADE BY THE PREMIER”

    April 28, 2017 - Chair of International Chamber of Commerce in Georgia (ICC-Georgia) Fady Asly states that “both the airport incident and cancellation of the meeting”, which happened during visit of high-profile business delegation from Middle East, “naturally, have had a negative impact on the country’s investment climate”.

    However, “I’m addressing a request to political parties, to refrain from politicizing of this incident in favor of Georgia”, Asly’s statement says.


    TABULA: “DANELIA: OUR COUNTRY’S LAND SHOULD NOT BE ALIENATED TO FOREIGNERS”

    April 27, 2017 - “Our country’s land should not be alienated to foreigners”, MP Otar Danelia (Georgian Dream, former Agriculture Minister) declares. He names two reasons for this.


    TABULA: “THE GOVERNMENT REQUIRED TO REMOVE FADY ASLY FROM THE MEETING WITH INVESTORS, THE MEETING FAILED”

    April 26, 2017 - Georgia’s Prime Minister Giorgi Kvirikashvili had to hold meeting with business delegation from Middle East, but the planned meeting failed.

    12-member delegation arrived in Georgia by organization of International Chamber of Commerce in Georgia (ICC-Georgia).


    TABULA: ““UNM” DEMANDS TO INVESTIGATE POSSIBLE CORRUPT ACTIVITY OF GOGASHVILI”

    April 26, 2017 - United National Movement (UNM) applied to Main Prosecutor’s Office with demand to investigate possible corrupt activity of deputy head of State Security Service Soso Gogashvili, Tabula reports.

    Until apportionment on the high-ranking position in the Service, Gogashvili was beneficiary of social allowance, while now he is owner of property worth of several millions, UNM states.


    KVIRIS PALITRA: “PRICE OF GEORGIAN LAND”

    April 24, 2017 - Chair of the Parliament’s Agrarian Committee Otar Danelia declares that “about 5-5.5% of agricultural lands is property of foreigners”. “The matter concerns 45-55 thousands ha.


    TABULA: “BY LAW ON EXPROPRIATION, THE STATE CAN EVICT THE OWNER FROM PROPERTY IN A MONTH”

    April 24, 2017 - According to legal pack, submitted to the Parliament, the state will be able to expropriate property from its owners.

    Namely, land site with buildings should be released by owner within 1 month, while the one without buildings should be released within 14 calendar days.


macroeconomics & budget

    BANKEBI DA FINANSEBI: “CORPORATE INCOME TAX REFORM IN GEORGIA”

    April 27, 2017 - From January 1, tax on retained earning has been annulled in Georgia – reform of such kind was conducted in Estonia in 2000 and brought quite successful economic results, the newspaper states.

    According to the USAID’s estimation, new model of profit tax will improve Georgia’s investment environment.


    REZONANSI: “LARI FLOATING WILL CONTINUE FOR A WHILE”

    April 25, 2017 - “People were hopeful over the past 2-3 weeks, as lari had strengthened, food decreased in price a little, but the situation has changed shortly”, Economist Paata Aroshidze says.

    On April 23, the rate 2.42 GEL/USD “caused quite a turmoil”, Aroshidze states.


    TABULA: “STRONG WIND HIT THE REGIONS, CLAIMING VICTIM AS WELL”

    April 25, 2017 - Tabula reports that strong wind damaged roofs of houses and power transmission lines in regions. Damages are reported from Guria, Samegrelo – Zemo Svaneti and Ajara.


    BANKEBI DA FINANSEBI: “FOR THE PAST 6 MONTHS, LARI HAS STRENGTHENED UNPRECEDENTEDLY”

    April 25, 2017 - Official exchange rate in the beginning of the month made up 2.43 GEL/USD, while now it stands at 2.39 GEL/USD. The newspaper points that such rate of lari was not observed during the past 6 months.


conflict and court

    LIBERALI: ““KAZTRANSGAS” AND “INTERRAO” AGAINST GEORGIA”

    April 27, 2017 - Kazakhstan’s KazTransGas filed a suit against Georgia to London Court of International Arbitration (LCIA).

    The subject of claim is recovery of investments, made in KazTransGas-Tbilisi (Tbilisi gas distribution company) in amount of $130 million, and reimbursement of loss of $50 million.


    REZONANSI: ““KAZTRANSGAS” FILED A SUIT AGAINST GEORGIAN GOVERNMENT”

    April 25, 2017 - Referring to Kazakh media, the newspaper reports that Kazakhstan’s KazTransGas filed an arbitrage suit in order to return Tbilisi gas distribution company KazTransGas-Tbilisi. According to spread information, the company is claiming $180 million.


companies

    EUGEORGIA.INFO: “GEORGIAN IT COMPANIES ENTERED INTERNATIONAL MARKETS”

    April 28, 2017 - Referring to research of Dutch Center for Promotion of Imports from developing countries (CBI), the article points at lack of IT knowledge and experience in Europe. At that, outsourcing of web development is much cheaper for European companies.


    FORBES GEORGIA: “112 AUDIT COMPANIES PASSED COMPULSORY REGISTRATION IN GEORGIA”

    April 26, 2017 - 112 audit companies passed compulsory registration in Georgia, the magazine reports. Since November 1, 2016, when the registration has started, 384 accountants were registered in audit registry.


transport & communications

    TABULA: “IMPORT OF HYBRID CARS TO GEORGIA INCREASED 8 TIMES SINCE 2014”

    April 28, 2017 - Referring to Interior Ministry’s statistics, Tabula reports that 5.7% of cars, imported to Georgia in 2016, had hybrid engine. This rate has jumped almost 5 times, if compared with the showing of 2015 (1.4%), while 8 times, if compared with 2014 (0.7%), the magazine states.


finances & banking

    BANKEBI DA FINANSEBI: “POSSESSION OF NON-CORE ASSETS WILL BE EVEN MORE COMPLICATED FOR BANKS”

    April 27, 2017 - Draft bill on non-core business separation from banking sector is planned to submit to the Parliament in about a month, the newspaper reports.

    Member of the Parliament majority Ilia Tsulaia says that by the moment, consultations are held with the government and National Bank of Georgia (NBG).


    BANKEBI DA FINANSEBI: “BANKS DO NOT HOLD NON-CORE ASSETS, ASSETS ARE HELD BY THOSE SHAREHOLDERS, WHO OWN BANKS”

    April 24, 2017 - Vice-president of National Bank of Georgia (NBG) Murtaz Kikoria points that NBG’s demand is met by all banks and Georgian banks as legal entities do not hold non-core assets. “Assets are held by those shareholders, who own banks”, he specified in Economist’s Time program of FM radio Commersant.


construction

    TABULA: “KUMSISHVILI: EXTENSION OF TAX PRIVILEGE FOR CONSTRUCTION WILL BRING TO END PROJECTS OF 200M”

    April 26, 2017 - By initiative of the government, tax privilege (exemption from VAT), set for construction projects, launched before 2008, will be extended by 2 years, until 2020.

    Finance Minister Dimitri Kumsishvili said: “We made the first decision on setting privileges in 2015.


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Exchange Rates (NBG)
  04/28/17 + / -
  USD   2.4416   0.0335
  EUR   2.6701   0.0295
  RUR   4.2768   0.0811
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