Daily News August 4, 2020	Days:  31 03 04 05 06

economics

BUSINESS ASSOCIATION: ASSOCIATION MEMBERS ESTIMATE OWN SITUATION STILL NEGATIVELY, BUT HAVE POSITIVE EXPECTATIONS FOR THE NEXT 6 MONTHS

Business Association of Georgia (BAG) declared that BAG business climate index moved by the end of the 2^nd quarter from a “recession” quarter (negative current condition, negative expectations) to a “growth” quarter (negative current state, positive expectations).

That means that the Association members within the survey, conducted at the end of June, still negatively estimated own situation, but had positive expectations for the next 6 months, the Association explained.




“CUSHMAN&WAKEFIELD GEORGIA”: BATUMI DEVELOPERS EXPECT REDUCTION OF 30-80% IN SALES OF RESIDENTIAL REAL ESTATE

Real estate company Cushman&Wakefield Georgia conducted survey on housing market of Batumi, which, according to the company, captured 56% of developers, operating in Ajara capital.

As interviewed developers state, drop of sales be 30% is expected, reported Cushman&Wakefield Georgia.

business

REHABILITATION OF KHULO-ZARZMA ROAD SECTION TO BE CONDUCTED BY CHINESE “SINOHYDRO”

Georgian Roads Department reported that rehabilitation of 42-km Khulo-Zarzma section of Batumi-Akhaltsikhe road of domestic importance will be carried out by Chinese SinoHydro.

As the Department noted, the company was selected through international tender and currently procedures of signing of the contract are underway.




ECONOMY MINISTER: WE HOPE TO HAVE LOCAL PLANT OF “STADLER”

“We convinced Stadler [Swiss producer of railway cars] that Georgia is one of the best places for their business expansion”, Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared. “We hope that with our support, we will have a local plant of Stadler”, the Minister pointed.




IN Q2, LOSS OF “TBC BANK” MADE UP 156.4M LARI

Georgia’s largest TBC Bank reported loss of 156.4 million lari for the 2^nd quarter. The bank had loss of 277.4 million lari in the 1^st quarter, explaining it by growth of loan loss reserves.




IN Q2, LOSSES OF “SAKARTVELOS BANKI” MADE UP 157.2M LARI

Georgia’s second largest Sakartvelos Banki (Bank of Georgia) reported loss of 157.2 million lari for the 2^nd quarter. The bank had loss of 276.4 million lari in the 1^st quarter, explaining it by growth of loan loss reserves.




IN 2019, PROFIT OF “ALDAGI” DECREASED BY 11.7%

Aldagi insurance company had profit of 14.9 million lari in 2019. According to audited report of the company, the volume has decreased by 11.7% year-on-year.




IN 2019, “GPIH” HAD LOSS OF 3.6M LARI

GPIH insurance company had loss of 3.6 million lari in 2019. In 2018, the company had profit of 5.3 million lari.




IN 2019, “GPIH” CONVERTED DIVIDENDS OF 4.48M LARI INTO EQUITY CAPITAL

Dividends, announced in 2019 by GPIH insurance company, amounted to 4.48 million lari. According to audited report of the company, dividends were converted into equity capital.