Daily News February 14, 2018	Days:  12 13 14 15 16

politics

YOUNG LAWYERS ASSOCIATION: ACCUMULATIVE PENSION SCHEME IS UNCONSTITUTIONAL

Georgian Young Lawyers Association declared that the government-proposed scheme of accumulative pension is unconstitutional.

According to the scheme, financial provision of the accumulative pension will be secured by obligatory contributions of employee, employer and the state.




YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION: RULES OF HOLDING ROAD TENDERS HAVE TO BE IMMEDIATELY CHANGED

Young Financiers and Businessmen Association urges the Ministry of Infrastructure and Regional Development to change immediately rules, by which large road and infrastructure tenders are held.

Even the first phase of these tenders’ study clearly show serious violations and shortcomings, which might become subject of comprehensive investigation of law enforcement agencies, the Association declares.




EXPERTS INDICATE NEED OF ALTERNATIVE WAYS’ DEVELOPMENT FOR LAWSUITS’ SETTLEMENT

Today, the meeting was held in Tbilisi, which aimed acquaintance with situation in Georgia in respect of alternative ways of lawsuits’ resolution, Georgian representation of the UN Development Program (UNDP) reported.

According to the representation, participants of the meeting have concluded that “Protracted legal proceedings and underdeveloped alternative dispute resolution create burdens for business environment and investments in Georgia”.

economics

IN Q3 OF 2017, PORTFOLIO INVESTMENTS MADE UP NEGATIVE $4M

National Bank of Georgia reported that in the 3^rd quarter of 2017, portfolio investments in Georgia made up negative $4 million. In relation to GDP, this showing made up 0.1%.




REVENUES FROM TOURISM INCREASED IN 2017 BY 27%

Revenues from tourism amounted in 2017 to $2.75 billion, National Bank of Georgia (NBG) reported. If compared with 2016, the volume has increased by 27%, NBG noted.




ECONOMY MINISTER: USAID-SUPPORTED ENERGY PROGRAMS PROMOTE STRENGTHENING OF GEORGIA’S ENERGY SECURITY

The USAID-supported energy program “promote strengthening of Georgia’s energy security”, Georgia’s First Deputy Premier and Minister of Economy and Sustainable Development Dimitri Kumsishvili declared.

Thus, new USAID program will assist to development of energy market, in line with obligations within membership in the EU Energy Community, as well as will encourage investments in energy sector, the Minister stated.




TBILISI HOSTS INTERNATIONAL CONGRESS “HYDROPOWER, CASPIAN AND CENTRAL ASIA” FOR THE SECOND TIME

Today, 2-day international congress “Hydropower, Caspian and Central Asia” was started in Tbilisi. The event, which Georgian capital hosts already for the second time, is attended by over 100 delegates.

business

BANK “CREDO” FINISHED Q4 OF 2017 WITH PROFIT OF 14.96M LARI

Bank Credo reported net profit of 14.96 million lari for the 4^th quarter of 2017.

Credo, which operated in Georgia as microfinancial organization since 2007, got banking license in March 2017, so year-on-year comparison is unavailable.




IN Q4 OF 2017, PROFIT OF “PASHA BANK GEORGIA” DECREASED BY 45.6% Y-O-Y

Pasha Bank Georgia reported net profit of 4.01 million lari for the 4^th quarter of 2017. If compared with the same period of 2016, the volume has decreased by 45.6%.




IN Q4 OF 2017, PROFIT OF “AZERBAIJAN INTERNATIONAL BANK – GEORGIA” DROPPED 6.58 TIMES Y-O-Y

Azerbaijan International Bank – Georgia reported net profit of 750,960 lari for the 4^th quarter of 2017. If compared with the same period of 2016, the volume has decreased 6:58 times.