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Daily Archives: June 29, 2014

EBRD: GEORGIAN BANKS EMERGE AS REGIONAL LEADERS IN TRADE SECTOR CREDITING

TBC Bank has hosted a one-day conference as part of the trade support program of the European Bank for Reconstruction and Development (EBRD). The conference made focus on trade sector crediting on international and regional markets. The meeting also discussed the bank sector challenges with leading specialists, regulators and lawyers. …

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CHINA PLANS INVESTMENT BANK TO BREAK WORLD BANK DOMINANCE

China is moving forward with a plan to create its own version of the World Bank, which will rival institutions that are under the sway of the US and the West. The bank will start with $100 billion in capital. The Asian Infrastructure Investment Bank (AIIB) will extend China’s financial …

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UK BANK TO INVEST £1BN OF GREEN ENERGY IN THE OCEAN BLUE

The UK’s Green Investment Bank (GIB) will raise £1bn to invest in domestic offshore wind farms, tapping into the billion dollar industry of generating renewable energy from ocean winds. GIB has put £1.3billion into 29 green infrastructure projects since it was started 18 months ago, and is transitioning from simply …

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BULGARIA: SOUTH STREAM DOESN’T BREACH EU LAWS

Bulgarian officials say the construction of the Russian-led South Stream gas pipeline does not breach EU legislation. The European Commission is concerned the agreement between Russia and Bulgaria violates EU competition law. The Bulgarian government stood by its position on the legality of the pipeline in a Wednesday statement, ITAR-TASS …

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ARGENTINA SOUNDS ALARM, SAYS CLOSE TO ‘TECHNICAL DEFAULT’

Argentina’s economy is on a collision course, and is headed for default following a US Supreme Court ruling that could send creditors demanding bond payments, Economic Minister Axel Kicillof warned UN diplomats. By June 30, the country needs to pay out creditors for billions of dollars of bonds that were …

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AZERBAIJAN&CENTRAL ASIA HEALTHCARE SUMMIT KICKS OFF IN BAKU

A two-day Azerbaijan and Central Asia Healthcare Summit 2014 started in Baku on June 23. The summit brings together key industry professionals from Azerbaijan and the Central Asia region with the aim to discuss the latest developments in the region’s healthcare market. The governments of Azerbaijan and Central Asia countries …

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RUSSIA INVITES AZERBAIJANI BANKS TO ITS MARKET

Russia invites Azerbaijani banks to operate on its territory, Deputy Chairman of the State Duma’s Financial Markets Committee Dmitry Saveliev said at a roundtable during the 5th Azerbaijani-Russian interregional forum held in Gabala on June 23-24. “We are ready to provide full support for Azerbaijani banks’ entering the Russian market,” …

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SOCAR COMMISSIONS NEW FILLING STATION IN UKRAINE

Azerbaijan’s state energy company SOCAR has commissioned a new filling station in Ukrainian Rivne region. This is the second premium class station in the Rivne region and the eleventh in the Western Ukraine, SOCAR reported on June 20. The petroleum products produced at the advanced refineries in Poland and Lithuania, …

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AZERBAIJAN KEEPS POSITION IN GEORGIA’S TRADE SECTOR

Azerbaijan remains the second largest foreign trade partner of Georgia, as the trade turnover between the two countries was $489 million in January-May, 2014, Georgia’s National Statistics Office reported. Azerbaijan is the largest export market for Georgia and accounts for 20.5 percent of Georgia’s total export volume. Georgia exported some …

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