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Economic Press Monitor

June 25 - July 1, 2017

Previous Issues:  Days: < 17 24 01 08 15 > 

 

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economic & politics

    REZONANSI: “CONFUSION AROUND THE COMMISSION”

    June 30, 2017 - Georgian National Energy and Water Supply Regulation Commission has to have 5 members. Now, 3 members work in the Commission, of whom powers of one expire in August.


    TABULA: ““DREAM” HAS SUPPORTED GROWTH OF PARKING PENALTY IN APRIL AND ITS REDUCTION TODAY”

    June 30, 2017 - On April 21, ruling Georgian Dream has supported increase of penalty for wrong parking up to 20 lari, which entered in force on July 1, Tabula says.

    As the article points, decision on penalty growth was mistake of the ruling party, for which correction Georgian Dream has drafted new bill, which halves earlier doubled penalties.


    FORBES GEORGIA: “GEORGIA ADVANCED IN SOCIAL PROGRESS INDEX”

    June 27, 2017 - In index of social progress (Social Progress Imperative), Georgia occupies the 53rd place among 128 countries, the magazine reports. In comparison with previous year, the country has advanced by one position.


    FORBES GEORGIA: “NEW LAW WILL REGULATE COPYRIGHT ISSUES iN INTERNET”

    June 26, 2017 - Ministry of Economy and Sustainable Development is near to end in its work on law “On Electronic Commerce”, which coming into effect is planned in 2018, the magazine reports.

    Sakpatent, Georgian National Center for Intellectual Rights, which participates in drafting of the law too, declares that current subject of the work is how to avoid hamper of interests of any party upon execution of the bill.


macroeconomics & budget

    REZONANSI: “THEY PULLED OUT MORE THAN A BILLION FROM THE PEOPLE’S POCKET THROUGH DEVALUATION OF LARI”

    June 27, 2017 - Doctor of economics Soso Archvadze estimates that last year, borrowers had to pay on their credits’ servicing by 1 billion lari more than in 2015.

    “The current process comprises of 3 coincided tendencies.


energy, oil & gas

    REZONANSI: “THERE IS ACUTE SHORTAGE OF ELECTRICITY IN THE COUNTRY!”

    June 27, 2017 - “There is big problem in the country, as shortage of electricity really threatens us”, MP Revaz Arveladze says.

    Recently, ShuakheviHES of 180 MW was launched, before that DarialHES of 109 MW was commenced, “but that is not enough”, Arveladze points and adds that “construction is not conducted with the pace, which we want”.


companies

    EUGEORGIA.INFO: “GEORGIA CAN GAIN STRENGTH ON 16B MARKET OF ORGANIC COSMETICS”

    June 29, 2017 - In Georgia, production of essential oils and cosmetics ingredients was considered in the past as one of the most successful kinds of activity, Eugeorgia.Info says.

    Vakhtang Sanaia, former chief engineer of essential oils plant in Babushera near Sukhumi, points that the plant, which was opened in 1932, had operated until 1990-ies, and Georgian production was delivered to Great Britain, France, Bulgaria and Romania.


transport & communications

    REZONANSI: “UNTIL END OF THE YEAR, ALL GAS-POWERED CARS HAVE TO BE CERTIFIED”

    June 29, 2017 - Deadline for inspection of gas-powered cars expires on January 1, 2018, but drivers practically are not aware of this, the newspaper reports.

    Currently, there is 2 accredited companies in Georgia, which carry out inspection.


    KVIRIS PALITRA: “TBILISI TRANSPORT WEB”

    June 26, 2017 - Last year. Tbilisi subway has transported 105 million passengers, municipal buses – 160 million, while minibuses – 180 million, the newspaper reports.


ecology & health

    NETGAZETI.GE: “WHY DRUGS IN GEORGIA ARE TWICE MORE EXPENSIVE, THAN IN TURKEY”

    June 27, 2017 - Head of medications’ registration department Naili Shengelidze says that share of locally-produced drugs on Georgian pharmaceutical market makes up 13%, while the rest is occupied by imported drugs, made in Europe, Russia, India and Belarus.

    Until 2009, dues on all types of drugs made up 2,500 lari.


finances & banking

    BANKEBI DA FINANSEBI: ““TBC” HAS DEVELOPED SO MUCH, THAT OVERNIGHT CONCLUSION OF DEAL WORTH 50 MILLION POUNDS BECAME POSSIBLE”

    June 30, 2017 - TBC Bank says that when shares of TBC Bank (to be more exact, of TBC Bank Group PLC – holding company of the bank) were handed over to French Societe Generale, price per share made up 12.91 GBP, while upon sale of these shares by Societe Generale on June 28, price per share made up 15.25 GBP. Stake of Societe Generale included 2.8 million actions (5.61%).


    FORBES GEORGIA: “IMPORTANT EVENTS OF 2016 ON INSURANCE MARKET”

    June 30, 2017 - The article reviews regulations on Georgian insurance market, which had entered in force in 2016.

    In particular, insurance companies’ pass to corporate management is mentioned.


    BANKEBI DA FINANSEBI: “INTRODUCTION OF BASEL-3 WILL PUSH BANKING SECTOR TO TURN TO BUSINESS CREDITING OF CORPORATE SECTOR”

    June 28, 2017 - Economist Mikheil Dundua declares that recommendation of IMF should be surely fulfilled and banking sector must transit to Basel-3 model (within requirements of Basel Committee on Banking Supervision).

    “In case the banking sector turns to new standards, indicator of reserved capital quality will improve”, Dundua notes.


    FORBES GEORGIA: “MICROFINANCIAL MARKET – CONSOLIDATION OR DISAPPEARANCE?”

    June 26, 2017 - According to initiatives of National Bank of Georgia, margin indicator of equity capital will double for microfinancial organizations at first, while will be quadrupled then, i.e. will amount to 2 million lari, the magazine reports. Currently, there are 88 microfinancial organizations, registered in Georgia.


agriculture & food

    EUGEORGIA.INFO: “NUMBER OF MODERN FARMS GROWS IN GEORGIA”

    June 29, 2017 - Representative of Kavkasia Genetika (supplier of equipment for cattle farms) Giorgi Khatiashvili declares that “in the last two years, at least 10 new farms had started operation, and 2,000-3,000 heads of highly productive cattle were brought [in the country]”. It “is very good, as for years selection was not carried out and breed degradation occurred”, he notes.


    TABULA: “SINCE JULY 1, SALE AS CHEESE THE PRODUCT, MADE OF MILK POWDER, TO BE FORBIDDEN”

    June 28, 2017 - Amendments, made to technical regulations on milk and dairy products, forbid to brand as “cheese” the products, made of milk powder, starting from July 1.

    Businessmen use milk powder in production of cheese mainly for cost reduction, Tabula notes and does not exclude that new regulations will trigger price increase on cheese.


    REZONANSI: “OVER A HALF OF CHEESE BEING ON SALE IS FALSIFIED”

    June 28, 2017 - Head of National Food Agency Zurab Chekurishvili declares that “production of cheese with use of milk powder acquired mass character in the recent period”. That “puts business operators, occupied in this sphere, in noncompetitive conditions”, he notes.


construction

    REZONANSI: “MORE THAN A HALF OF RESIDENTIAL HOUSES’ EXTENSIONS IS ILLEGAL”

    June 29, 2017 - In current sessional week, the Parliament should adopt in third hearing legislative amendments, which exempt citizens from penalty for unauthorized reconstruction and extension of their residential houses, the newspaper reports.

    As the article notes, more than 50% of extensions of residential houses in Tbilisi is illegal.


tourism

    REZONANSI: “AFTER VISA-FREE TRAVEL, TRIP TO EUROPE ROSE IN PRICE BY 20%”

    June 28, 2017 - The newspaper conducted a poll, which revealed that after visa liberalization, cost of tourist packages in direction of Europe has increased by 15-20%.

    This is reasoned by much higher price of air tickets, the newspaper writes.


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