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Monthly Archives: October 2014

British Bank Lloyds Closes 150 Branches Over Mobile Banking

  The Lloyds Banking Group confirmed a cut of 9,000 jobs and a closure of 150 branches, according to a BBC report. The bank says the cuts and branch closures are due to customers switching towards mobile banking.   Three years ago, Lloyds had no customers using mobile technology, yet …

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International Investment Forum Tbilisi, 2014

Today Tbilisi hosts a two-day long international investment forum  – “Georgia – Regional Center and the Door of Asia to Europe.” The Forum that takes place at Radisson Hotel was opened by Prime Minister Irakli Gharibashvili. Nearly three hundred  representatives from the governmental and business sector will attend the forum. …

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Azerbaijan to develop winemaking industry

The Azerbaijani government intends to develop its winemaking industry in the mountainous Shirvan region. In order to effectively use the economic capacity of the region, Azerbaijan’s Economy and Industry Minister Shahin Mustafayev has assigned the relevant bodies with financing certain projects in this sector. The relevant instructions were given on …

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Air Cairo-new company in Georgian Air market

AirCAiro  announced the start of its new flights from Sharm el Sheikh to Tbilisi. The airline will operate two flights per week starting on November 2nd  and three flights per week, starting January 9th. Air Cairo is a low fare airline based in Cairo, Egypt. The airline is the low fare …

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Export from Georgia to China Grew by 68%

Georgia is becoming more interesting and promising for Chinese business – this was said at the Georgian-Chinese Business Forum in Chengdum. As per the data for  6 months of 2014, the trade turnover between Georgia and China reached USD380 million which is 26% more than in the same period of …

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NBG: The Government does not Spend the Available Budget Funds

An interview with President of the National Bank of Georgia Giorgi Kadagidze One of these days you have expressed surprise at the fact that the Georgian government is not fulfilling its obligations – for example, in the area of infrastructure, despite the fact that funds are allocated for this purpose. …

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Long -Term Socially Oriented Budget is Harmful

Experts have different views in regard to the Prime Minister’s statement that in 2015 the budget of Georgia will be socially oriented. In particular, according to the head of the government, within 2 years the “Georgian Dream” coalition’s staying  in power, the budget hasincreased by GEL 1 billion and became …

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Georgia increases health, welfare budget

Georgian state policy’s main priority is the human and his/her health, the Prime Minister of Georgia Irakli Garibashvili said presenting the government report for the last two years. “The health and welfare budget has been increased by about 1 billion GEL (1 GEL = 0.570440 USD). Yes, we budgeted that …

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Euro Region Faces Deflation

The recent drop in commodity prices has pulled down the prices of goods and services across Europe. The euro region as a whole is experiencing disinflation, in which inflation slows but remains above zero. Some countries in the area have started to see outright deflation, in which prices fall and …

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Uzbek insurance companies increase premiums by almost 30% in Jan.-Sept

Oct. 28–TASHKENT, Uzbekistan — Uzbek insurance companies increased insurance premiums by 29 percent, up to 316.559 billion soums in January-September 2014 compared to the same period of 2013. Some 218.814 billion soums (a growth of 125 percent) of premiums collected on voluntary insurance in January-September, 97.745 billion soums on compulsory …

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US sanctions on Russia not to affect relations with other countries

The sanctions against Russia will not affect US relations with other countries and in particular with the countries in Central Asia, the Principal Deputy Assistant Secretary for South and Central Asian Affairs, Richard Hoagland said Oct. 27. He made the remarks at a roundtable meeting in Astana, Kazakhstan Hoagland said, …

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Wall Street Will Not Be Kind To Brazil

Dilma Rousseff has won another term as Brazil’s president. President Rousseff garnered 51.45% of votes cast. Despite allegations of corruption at the highest levels of her administration — especially regarding the massive state oil firm Petrobras — the incumbent will have another four years to right Brazil’s ship after a close …

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