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Economic Press Monitor

January 14 - 20, 2018

Previous Issues:  Days: < 09 16 23 30 20

 

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economic & politics

    FORBES GEORGIA: “NONA MAMULASHVILI ELECTED AS PRESIDENT OF SWITZERLAND-GEORGIA BUSINESS ASSOCIATION”

    January 18, 2018 - Nona Mamulashvili is elected the president of Switzerland-Georgia Business Association with office terms of 4 years, the magazine reports.

    In parallel, Mamulashvili occupies post of vice-president of Georgia branch of International Chamber of Commerce (ICC-Georgia).


    KVIRIS PALITRA: “GEORGIA IS ON THE SECOND PLACE IN THE WORLD IN TERMS OF BITCOINS’ PRODUCTION”

    January 15, 2018 - Lasha Pataraia, director of the Caucasian Academy of Security Experts, states that “the 2nd place, which Georgia occupies in the world in terms of bitcoins’ production, should not create an illusion that everybody are engaged in this”.

    “The most worst is that people with illusion of fast money-making can get so-called miners, which produce cryptocurrency, and make investments”, Pataraia declares and notes: “I know that many have even borrowed for that end.


macroeconomics & budget

    REZONANSI: “TBILISI BECAME LEADER OF THE REGION IN TERMS OF EXPENSIVENESS”

    January 16, 2018 - According to high prices of products or service tariffs, including size of communal bills and cost of real estate, Tbilisi does not concede superiority, the newspaper states.

    Cost of service in hotel or restaurant sphere exceeds even tariffs in some European resorts, in spite of the fact that quality of service is much lower, the article specifies.


    FORBES GEORGIA: “LAST YEAR AND CHALLENGES OF 2018”

    January 15, 2018 - Author of the article estimates that in terms of economic development, 2017 was better for Georgia than 2016. However, significant challenges of 2017 were stability of lari exchange rate and inflation, he points.


energy, oil & gas

    REZONANSI: “ELECTRICITY OF “ENGURHES” WAS NOT ENOUGH TO ABKHAZIA ALREADY IN DECEMBER”

    January 18, 2018 - Referring to electricity balance of Georgia, the newspaper reports that electricity, generated by EngurHES in December 2017, amounted to 227 million kWh, while Abkhazia got 241 million kWh during this period.

    The article notes that generation of Georgia’s heat stations totaled in the reporting month to 393 million kWh, while import amounted to 134 million kWh.


    FORBES GEORGIA: “EARNINGS OF THE REGULATOR”

    January 17, 2018 - While summing up results of 2017, chair of National Energy and Water Supply Regulating Commission Irina Milorava indicates that the Commission, for the first time for last 11 years, has established tariffs for three large natural gas distributors.

    Milorava specifies that according to tariff methodology, amended in 2017, tariffs for companies, operating in electricity and water supply sectors, are established since 2018 for the 3-year period.


conflict and court

    TABULA: “IVANISHVILI’S PERSONAL BANKER AVOWS THAT HE FORGED THE BILLIONAIRE’S SIGNATURE SINCE 2008”

    January 18, 2018 - On the trial in Geneva, Patrice Lescaudron, Credit Suisse former personal banker of Georgia’s billionaire ex-premier Bidzina Ivanishvili, avows that starting from 2008, he forged signature of the client, Tabula says.

    The article reports that Lescaudron conducted transactions, which lack Ivanishvili’s authorization, inflicting thus damage of $150 million to the billionaire.


    NETGAZETI.GE: “IN KHARAGAULI, RAILWAYMEN SUSPENDED WORK, DEMANDING SAFETY OF WORK – TRADE UNIONS”

    January 17, 2018 - Referring to Georgia’s Trade Union Association, Netgazeti.Ge reports that 60 workers, occupied on construction of railway line and tunnel in Kharagauli municipality (Imereti region), suspended work with demands of work safety.

    According to the trade union, the workers “complain of rough violation of working conditions and life-threatening environment” in the company (China Railway 23rd Bureau Group Co., Ltd).


companies

    REZONANSI: “VOLUME OF ELECTRICITY, CONSUMED BY “BITFURY”, IS CATASTROPHICALLY BIG”

    January 16, 2018 - The parliamentary opposition quite sharply reacted on granting of privileges on electricity bills’ payment to BitFury, the bitcoin-producing company, the newspaper reports.

    MP Akaki Bobokhidze declares that only in December, BitFury spent more electricity, than whole region of Kakheti.


    TABULA: ““BITFURY” GETS KILOWATT FOR 13.6 TETRI, DOES NOT PAY VAT, BURNT IN DECEMBER ELECTRICITY OF 3.3M”

    January 15, 2018 - According to BitFury Group, electricity tariff for the bitcoin data-center (40 MW) in Tbilisi free economic zone makes up now 13.65 tetri per 1 kWh, while made up 12.3 tetri before the tariff raise.

    Important circumstance is that the company does not pay VAT, which makes up 2.46 tetri per 1 kWh, Tabula indicates.


international cooperation

    BANKEBI DA FINANSEBI: “GEORGIA AND CHINA TO OFFER VISA-FREE REGIME TO TOURIST GROUPS”

    January 18, 2018 - David Aptsiauri, Georgian ambassador to China, declared that Georgia and China plan to sign this year agreement on visa-free travel for tourist groups.

    The ambassador said the mentioned on air of TV company Maestro and noted that thorough study of Chinese market is necessary, as this is specific country and requires special knowledge.


finances & banking

    TABULA: “OBLIGATORY INSURANCE OF DEPOSITS IS ENACTED – 0.067% WILL BE WRITTEN-OFF MONTHLY FROM YOUR ACCOUNT”

    January 16, 2018 - Since January of this year, all persons, who place funds in Georgian commercial banks, are insured by special state fund, Tabula says.

    In this state fund, all depositors have to take part, from whose deposits in lari 0.067% will be written off monthly as commission charges and 0.01% – from deposits in foreign currency.


    KVIRIS PALITRA: “HOW MECHANISM OF PROBLEM CREDITS’ COLLECTION WORKS”

    January 15, 2018 - Among 3.7 million Georgians, there are about 800,000-1,000,000 problem borrowers, manager of Problem Borrowers Association Alexander Adamashvili says. Today in the country, 4-5 large companies and a set of their affiliates are engaged in collection of credits, he notes.


agriculture & food

    REZONANSI: “THERE ARE NO PREREQUISITES FOR THE BREAD RISE IN PRICE!”

    January 17, 2018 - Some bakeries both in the capital and in regions have already raised this year price of bread by 5-10 tetri, the newspaper reports.

    At that, large producers point that they did not change prices and do not plan to raise prices in future too, the article notes.


construction

    EUGEORGIA.INFO: “CONSTRUCTION COMPANIES ARE OBLIGED TO OBSERVE RULES OF FIRE SAFETY BECAUSE OF THE EU REQUIREMENTS”

    January 17, 2018 - According to the Association Agreement with the EU, by 2024 Georgia has to meet fully requirements of European directive on construction production (89/106/EEC), Eugeorgia.Info reports.

    This directive unites several requirements: safety during fire, mechanical durability and stability and usage safety.


    NETGAZETI.GE: “WHERE HAS TO BE LOCATED TBILISI RAILROAD? – THE DISPUTE BETWEEN THE CITY HALL AND GROUP OF MASTER PLAN”

    January 16, 2018 - Part of remarks, which Tbilisi City Hall has towards the group, working on master plan of the capital development (City Institute), concerns project of the bypass railroad, Netgazeti.Ge reports.

    The article notes that list of comments, published by architectural service of the City Hall, specified that positive estimation by City Institute of offer on cancellation of railway branch in the Tbilisi center and its move to suburb of the city is not based on corresponding research.


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