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Economic Press Monitor

April 14 - 20, 2019

Previous Issues:  Days: < 23 30 06 13 20

 

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economic & politics

    FORBES GEORGIA: “REFORM OF ACCOUNTING AND AUDIT: FIRST EVALUATION”

    April 19, 2019 - The magazine reviews the situation with companies’ obligation to publish financial statements. As the article indicates, it is difficult to name exact number of companies, which are subjected to this obligatory reporting.


    TABULA: “REGULATION, PROHIBITING PLASTIC BAGS, COULD BE TEMPORARILY SUSPENDED”

    April 17, 2019 - Regulation, prohibiting plastic bags (enacted in Georgia on April 1), could be temporarily suspended, Tabula reports.

    Chairman of Georgian Parliament’s Committee for Environment Protection Kakha Kuchava said that the term of 6 months, given to manufacturers for re-equipment, appeared insufficient.


    TABULA: “KOBULIA ABOUT RESIGNATION FROM THE POST: ASK BIDZINA IVANISHVILI, I DO NOT KNOW”

    April 15, 2019 - “I think that the government is chosen correctly”, but “there could be small questions” concerning some ministers, billionaire chairman of ruling Georgian Dream Bidzina Ivanishvili declared, while appearing on April 9 on air of TV company Imedi.

    Tabula notes that after the interview, information was spread that the ruling team holds consultations in connection with government changes.


    KVIRIS PALITRA: “PROBABLY, GEORGIA COULD BE BOUGHT, BUT IVANISHVILI HAS NO ENOUGH MONEY, MUCH BIGGER SUM IS REQUIRED FOR THIS”

    April 15, 2019 - The magazine publishes commentary of expert Sandro Tvalchrelidze regarding recent TV appearance of Bidzina Ivanishvili, billionaire chairman of ruling Georgian Dream, in air of Imedi broadcasting company.

    I did not have impression that Ivanishvili “anyhow comprehensively perceives the created situation”, the expert declares.


macroeconomics & budget

    FORBES GEORGIA: “INVESTMENTS IN GEORGIA ARE AT THE LEVEL OF 2009”

    April 19, 2019 - Foreign direct investments (FDI), made in Georgia in 2018, totaled to $1.2 billion, being at the lowest point for the last 5 years, the magazine says.

    The article reports that Sakstat has adjusted data of investments for last years and it turned out that the largest volume, $1.9 billion, was made in 2017.


    TABULA: “KOBULIA ON MAINTENANCE OF AVLABAR RESIDENCE: WHY THERE ARE DOUBLE EXPENSES?”

    April 18, 2019 - Former presidential residence in Tbilisi area Avlabar, which was built during presidency of Mikheil Saakashvili, is renamed into “State Ceremony Palace”.

    The residence of current President Salome Zurabishvili is located in former Orbeliani palace on Atoneli Street.


    BANKEBI DA FINANSEBI: “AUDIT SERVICE REVEALED UP TO 700 SHORTCOMINGS IN MUNICIPALITIES’ DISPOSAL OF 626M LARI IN 2016-2017”

    April 16, 2019 - Georgia State Audit Service published results of audit of municipalities’ activity in 2016-2017, which covered sum of over 3 billion lari, the newspaper reports.

    According to the report, about 700 cases of wrong management and disposal of funds, totaling to 626 million lari, are revealed, including accounting and reporting shortcomings of 578.1 million lari.


    FORBES GEORGIA: “GOVERNMENT’S EXPENSES ON EDUCATION IN EUROPEAN COUNTRIES AND GEORGIA”

    April 15, 2019 - Georgian government plans to increase share of education in GDP of the country up to 11%, for which end plans to spend for education per 25% of the budget annually in the next years, the magazine reports.

    According to the World Bank, currently share of education in GDP makes up in the EU 4.7% on average, while in Georgia – 3.8%.


energy, oil & gas

    FORBES GEORGIA: “HOW FUEL PRICES CHANGED SINCE THE BEGINNING OF THE YEAR IN GEORGIA AND COUNTRIES OF THE WORLD”

    April 17, 2019 - From January 7 through April 15, average petrol price in Georgia is decreasing, the magazine reports. The article specifies that if the price made up 2.42 lari at the beginning of January, then in mid-April it made up 2.34 lari.


    FORBES GEORGIA: ““GAZPROM” AND DIVERSIFICATION – QUESTIONS, WHICH DEMAND THE ANSWER”

    April 16, 2019 - The contract with Gazprom is classified, as a trade secret, says author of the article, head of non-governmental organization International Experience for Georgia (WEF) Murman Margvelashvili.

    Concealment of cost of gas, which is purchased from Gazprom, looks illogically as Georgian companies have to know the price in advance, the author specifies.


conflict and court

    TABULA: “FADY ASLY WON LITIGATION WITH THE JUDGE, WHOM HE CALLED CORRUPTED”

    April 19, 2019 - Georgian Supreme Court did not satisfy claim of judge Vladimir Kakabadze against Fady Asly, chairman of Georgian national committee of International Chamber of Commerce (ICC), Tabula reports. The judge submitted a claim in 2017, after Asly named him corrupted.


companies

    FORBES GEORGIA: “NEW DIRECTOR OF “GEORGIAN AIRWAYS” – THE GEORGIAN-AMERICAN EXPERIENCE OF ROMAN BOKERIA”

    April 19, 2019 - The magazine reports about appointment of new director general at Georgian air carrier Georgian Airways. Roman Bokeria, who was executive director of the US Miami Red Square Realty for years, is connected also with many projects of Trump International, the article reports.


    FORBES GEORGIA: “IN A YEAR, “GEORGIA CAPITAL” GAINED INCOME OF 1.3B LARI”

    April 16, 2019 - Georgia Capital gained income of 1.3 billion lari in a year, the magazine reports. The article notes that the volume has increased by 13.8% year-on-year.


    FORBES GEORGIA: “GEORGIA’S 100 LARGEST COMPANIES”

    April 15, 2019 - Income, received in 2017 by Georgia’s 100 largest companies outside the financial sector, totaled to 17.5 billion lari, the magazine reports. The net profit of these companies amounted to 1.2 billion lari.


transport & communications

    TABULA: “FOR REHABILITATION OF VENTILATING SYSTEM OF THE SUBWAY, ASIAN DEVELOPMENT BANK ALLOCATED $15M”

    April 18, 2019 - Tbilisi Mayor Kakha Kaladze reported that Asian Development Bank (ADB) allocated $15 million for the project on safety of Tbilisi subway and rehabilitation of ventilating systems there.

    Works will be started this July and will be completed in June 2020, the Mayor declares.


    TABULA: “TBILISI CITY HALL STARTED DISMANTLE OF METAL PEDESTRIAN BRIDGES”

    April 18, 2019 - Tbilisi City Hall started dismantles of pedestrian bridges in scales of the city, Tabula reports. They will be substituted by the single-level crosswalks, regulated by traffic lights.


finances & banking

    BANKEBI DA FINANSEBI: “IRAKLI IASHVILI – BANKING REGULATION GENERALLY CONCERNED IMPORT-CONTAINING BRANCHES”

    April 18, 2019 - “Banking regulation generally concerned import-containing branches”, businessman Irakli Iashvili declares.

    Commenting on results of regulation, which were enacted in Georgia this year, Iashvili notes: “I do not know, how much it will slow down economic growth rate, but it is the fact that the balance of payments has improved”.


construction

    TABULA: “AFTER INSPECTION’S CHECKING, CONSTRUCTION WORKS ON “PANORAMA TBILISI” ARE SUSPENDED”

    April 17, 2019 - Construction works on Panorama Tbilisi complex are suspended, Tabula reports with reference to department of labor conditions inspection of the Ministry of IDPs from Occupied Territories, Labor, Healthcare and Social Protection.

    The decision has followed falling of 3 workers from the construction woods on the object on April 16.


    NETGAZETI.GE: “THIS IS INSTRUCTION OF ADVISORY NATURE – THE CITY HALL’S EXPLANATION ON SOPROMADZE’S ACCUSATIONS”

    April 17, 2019 - Vasil Sopromadze, founder of chain of supermarkets Fresco, accuses Tbilisi City Hall of pressure, Netgazeti.Ge reports.

    According to Sopromadze, he was going to open new shop on Tsereteli Avenue in Tbilisi, while the City Hall advised him to buy the land site, owned by relative of one of the high-ranks.


tourism

    TABULA: ““GALT&TAGGART”: THERE IS EXCESS SUPPLY ON TBILISI “AIRBNB” MARKET”

    April 16, 2019 - Referring to research of Galt&Taggart, Tabula reports that supply on Tbilisi Airbnb market increased 2.5 times in 2016-2018. In particular, number of monthly offers in 2018 exceeded 10,000.


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