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Daily Archives: May 6, 2015

Carrefour’s Statement Assessed as an Insult to Georgian Consumers

Carrefour's Statement Assessed as an Insult to Georgian Consumers

Carrefour insults the Georgian consumers. This is how the Chairperson of the Georgian Consumer Federation Madona Koidze responds to the scandalous statement made by Carrefour about selling low-quality in Georgia. Carrefour made a scandalous statement admitting that it sells a low-quality sugar in Georgia. The Armenian representation of a trading network …

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Head of Tbilisi Development Fund Dismissed

Head of Tbilisi Development Fund Dismissed

“Commersant” reports that the head of the Tbilisi Development Fund (TDF) was fired due to the fund’s inactivity. Tbilisi Development Fund was established in 2010. Its main activities are: • Rehabilitation of the historical part of Tbilisi. • Reconstruction works in the historic part of the capital. • Tbilisi development …

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Insurance Company “Ardi ” Releases a Special Statement

Insurance Company “Ardi " Releases a Special Statement

In many cases, government officials try to justify the lack of professionalism in the field of procurement by shifting the blame to the private companies. This problem is particularly acute in the last few years that is openly acknowledged by the state’s highest government officials and NGOs. The insurance company “Ardi …

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“Silk Road Bank” being Sold

“Silk Road Bank" being Sold

After “Progress Bank”, “Silk Road Bank” may be sold. “Commersant” reports that the bank is looking for an investor. In addition, its purchase by any Georgian bank will not be considered and the owners hope for the interest from one of the foreign financial groups. The bank avoids commenting on …

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Cannes Young Lions Winners Announced!

Georgia has revealed a team of two people who will represent the country at the next international Cannes Lions festival in June. Dimitri Vachnadze and Zackharia Metreveli from Windfor’s will compete with the world’s other best “young lions” at the international competition. The pair were revealed as the winners of …

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Nepal counts the cost of earthquake

It is probable that the total cost of the earthquake crisis will be much higher than expected. The direct impact is evaluated roughly around 5 billon dollars. The indirect consequences on the economy will probably be much worse and could reach almost 20% of Nepal’s GDP. The country is entering …

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Banking Sector’s Profits Hike

Loan Interest Rate Exceeds Deposit Interest Rate by about 300% The bank sector’s performance makes impression as if there is no problem in the Georgian economy. However, the economic developments and the bank sector’s indicators have long distanced from each other, as the bank sector runs forward at higher paces …

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Tbilisi Real Estate Market Overview

Retail Market The total amount of retail space in the three main Georgian cities amounts to around 1.1 million sqm, out of which 80% is concentrated in Tbilisi. During the last two years the total volume of shopping centre supply in Georgia grew by 28% approximately and currently amounts to …

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How Much?! Global Spending on Cancer Medicines Hit $100B Last Year

As concerns mount over outlays for prescription drugs, a new report finds that global spending on oncology treatments reached $100 billion last year, which represented a 10.3% increase from the previous year and a substantial rise from $75 billion spent five years ago. The increased spending worked out to a …

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Samsung Q1 profit slumps 39%, hit by Apple competition

Samsung Electronics’ first quarter earnings dropped 39 percent because of a big fall in revenue from its mobile business due to increased competition from Apple. The South Korean company reported Wednesday a net profit of $4.35 billion (4.63 trillion won) compared with $7 billion (7.49 trillion won) a year ago. …

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Georgia Celebrates Saint George’s Day

Saint George has always been especially honored and respected as a patron saint of Georgia and there are hundreds of churches dedicated to him. Georgian Orthodox Christians celebrate Saint George’s Day, Giorgoba, (Georgian: გიორგობა) twice a year; on May 6 and on 23 November.    

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