Georgian English Russian Main Register Company Partners Feedback
Sarke Information Agency
Georgian/English/Russian Menu

Daily News
Economic Press Monitor
Special Report
 
Georgian Business Ethics Web Conference


Economic Press Monitor

May 28 - June 3, 2017

Previous Issues:  Days: < 20 27 03 10 17 > 

 

Note: Please login to get full access to the articles. If you are still not the Sarke's user, please register.

economic & politics

    REZONANSI: “ALARMING STATISTICS: THERE ARE 800,000 POORS IN THE COUNTRY!”

    June 2, 2017 - Sakstat estimates that 21.3% of the country’s population is below absolute poverty line that makes 792,000 people. In 2015, their share made up 20.8%.


    TABULA: “BY INITIATIVE OF “EUROPEAN GEORGIA”, ECONOMIC OFFENCE OF UP TO 200,000 [LARI] SHOULD BE DECRIMINALIZED”

    June 2, 2017 - The Parliament considers package of legislative amendments, drafted by European Georgia, Tabula reports.

    According to the opposition party’s initiative, volume of economic offense, which is subject to criminal responsibility, increases from current 50,000 lari to 200,000 lari, while envisaged sanctions are softened at the same time.


    REZONANSI: “CHANCE TO PICK UP THE LAND STILL REMAINS FOR FOREIGNERS”

    May 31, 2017 - Legislative package, which sets restrictions and conditions in connection with sell of agricultural land to foreign citizens, is submitted to the Parliament, the newspaper reports. In particular, foreigners will not be able to buy sites with area less than 5 ha and over 100 ha.


    TABULA: “UNDER THE DRAFT BILL, FOREIGNERS TO HAVE TO PASS BUREAUCRATIC LABYRINTHS FOR LAND ACQUISITION”

    May 31, 2017 - The draft bill, which sets certain restrictions for foreigners on acquisition of agricultural lands, is submitted to the Parliament, Tabula reports.

    Even if the foreigner manages to obtain the right for a land acquisition, the site still has not exceed 100 ha in area, while land acquisition within 10 km from the state border will be possible only in exceptional cases, the article specifies.


    FORBES GEORGIA: “GEORGIA IN INTERNATIONAL RATINGS OF PROPERTY PROTECTION”

    May 30, 2017 - In International Property Rights Index, being published annually by American organization Property Rights Alliance, Georgia in 2016 was on the 90th place among 128 countries, the magazine reports.

    The worst situation in Georgia is with protection of intellectual property rights – the 125th place.


    KVIRIS PALITRA: ““WHAT HINDERS CONSIDERATION OF ME AS THE HEAD OF AUDIT SERVICE?” – WHAT NARMANIA SPEAKS ABOUT PARTSKHALADZE AND KALADZE’S POSSIBLE MAYORSHIP?”

    May 29, 2017 - Referring to preliminary conclusion of State Audit Service, the newspaper reports that Tbilisi City Hall has protracted for 4 years issuing of compensation for land site, estimated in 2013 at 513,000 lari, and gave out in 2016 a site worth 2.61 million lari in exchange.

    Recipient of the compensation was the company, which owner that time was Otar Partskhaladze’s (former main prosecutor).


macroeconomics & budget

    FORBES GEORGIA: “GEORGIA OCCUPIES THE 47TH PLACE IN “BDO” RATING OF INVESTMENT ATTRACTIVENESS”

    June 2, 2017 - In rating International Business Compass 2017 (investment environment study of consulting company BDO), Georgia occupies the 47th position among 174 countries.

    The country improved its position in the rating by 3 steps, but it is still below an indicator of 2015 when Georgia was on the 43rd place.


    TABULA: “NEARLY HALF OF POPULATION’S INCOME IS SPENT FOR FOOD PURCHASE”

    June 1, 2017 - Georgia is among countries with upper average income by qualification of the World Bank (WB), however by many indicators, the country is still much closer to countries, which are poorer than it, Tabula states.

    In particular, according to Sakstat, 44% of Georgian population’s income is spent for food.


    TABULA: “THE COMMITTEE SUPPORTED DRAFT OF “EUROPEAN GEORGIA” ON GROWTH OF ALLOWANCES TO VIOLENTLY DISPLACED PERSONS”

    May 30, 2017 - The Parliament’s Human Rights Committee supported legislative initiatives of party European Georgia, which envisage growth of allowances to violently displaced persons from 45 to 60 lari, Tabula reports.

    However, the initiative was not support by Healthcare Committee, the article notes.


companies

    NETGAZETI.GE: “NIKA GVARAMIA: IF I WILL NOT SETTLE FINANCIAL PROBLEMS OF “R2” BY SEPTEMBER, I WILL LEAVE THE CHANNEL”

    June 1, 2017 - Nika Gvaramia, director general of Rustavi-2 TV company (R2), declared that reorganization is underway in TV company because of financial crisis, which envisages reduction of staff, as well as optimization of income and costs.

    Gvaramia explained that because of trials (being underway with former owners of the company) and seizures, the company cannot address to banking sector, which complicates much functioning of the channel.


    REZONANSI: ““CHILDREN’S WORLD” WAS BURNT PURPOSELY, NEW SHOPPING CENTER IS UNDER CONSTRUCTION THERE”

    June 1, 2017 - Regarding fire, which happened on June 30 in Children’s World, lawyer of this shopping center Vazha Maisuradze declares that his clients “exclude the fact that the fire was caused by electrical wiring, as the building was repaired recently and, respectively, the wiring operated in order”.

    Also, “the version is excluded that the fire was caused artificially by directors of Children’s World and the adjacent markets”, Maisuradze declares and adds: “by such exclusions, we come to conclusion that the fire was caused artificially and by strangers”.


    BANKEBI DA FINANSEBI: “IN 2016, GAMBLING’S REVENUES EXCEEDED 4B LARI”

    May 31, 2017 - In 2016, revenues of gambling sector amounted to 4.24 billion lari, exceeding by 1 billion lari the showing of 2015, the newspaper reports. Profit of the industry made up 363 million lari, increasing year-on-year by 50 million lari.


    BANKEBI DA FINANSEBI: ““IMEDI”, “RUSTAVI-2”, “MAESTRO”, “GDS”, “COMEDY ARKHI” AND “MARAO” TO BE DISCONNECT IN PROTEST”

    May 31, 2017 - About 30 cable operators, working in Georgia, decided to disconnect in protest 6 TV channels (Imedi, Rustavi-2, Maestro, GDS, Comedy Arkhi and Marao).

    Operators plan to switch-off those channels, which are united in MRG company and demand payment for re-broadcasting.


transport & communications

    REZONANSI: “THERE ARE 150,000 SCRAPPED CARS IN THE COUNTRY!”

    May 30, 2017 - Gela Kvashilava, head of fund Partnership for Road Safety, declares: “Now, most part of cars countrywide, about 150,000 cars, are stopped and do not move at all”.

    “Besides, there are cars, which are used by owners very seldom and such ones, which operation is inadmissible because of technical malfunction”, Kvashilava says and adds: “As technical checkup does not exist now [it is cancelled since 2004], control is impossible”.


finances & banking

    FORBES GEORGIA: “LAW ON SECURITIES HAS BEEN AMENDED”

    June 2, 2017 - Amendments are made to law on securities, the magazine reports.

    In particular, according to the government-initiated draft bill, National Bank of Georgia will be able to set not simplified demands during approval of securities’ prospectus, but show different approach to approval of prospectus of different securities.


    BANKEBI DA FINANSEBI: “FOR THE LAST 4 YEARS, BANKS GOT 3 TIMES BIGGER PROFIT, THAN DURING PREVIOUS 15 YEARS”

    May 31, 2017 - Expert Mikhail Dundua states on own Facebook page: “For the last 4 years and 4 months, Georgian banks got 3 times bigger net profit, than during their 15-year history of existence in total”.

    In particular, “Commercial banks 15-year net profit for 1998-2012 totaled to 780 million lari, while total net profit of Georgian banks for 2013-2016 and first third of 2017 amounted to 2 billion 376 million lari”, Dundua specifies.


    FORBES GEORGIA: “PENSION REFORM AND CORPORATE MANAGEMENT”

    May 29, 2017 - According to the report for 2016, released by the Economy Ministry’s department of capital market development and pension reform, after introduction in Georgia of model of private accumulative pension, pension accumulations will be directed to noncommercial Pension Fund, founded by the Parliament. Management of the Fund’s assets will be handed over on the basis of tender to asset management companies.


    KVIRIS PALITRA: “CODE OF ETHICS WILL NOT FORBID “A RACKET RUN””

    May 29, 2017 - Since June 1, new regulation will enter in force for financial organizations, according to which they will have to treat customers more correctly, the newspaper reports.

    However, the article points that regulations of National Bank of Georgia do not apply to intermediary debt-collecting companies, which are LLCs.


agriculture & food

    EUGEORGIA.INFO: “FARMERS COMPLAIN OF LOW-QUALITY AGROPREPARATIONS”

    May 29, 2017 - According to the action plan, being worked out within Free Trade Agreement between Georgia and the EU (DCFTA), renewal of Code of Food/Forage, Veterinary and Plants’ Protection has to be completed by end in the current year, Eugeorgia.Info reports.

    Agriculture Ministry declares that the project of rapprochement of the Code with the European standards is already prepared and will be considered at autumn session of the Parliament.


Note: Please login to get full access to the articles. If you are still not the Sarke's user, please register.

Exchange Rates (NBG)
  10/18/17 + / -
  USD   2.4844   0.0005
  EUR   2.9204   0.0019
  RUR   4.3347   0.0029
Announcements
Dear readers,

We have left for summer vacations, so the site updates will resume on September 4. See you all then!

Wish you happy vacations and peace of mind!

Sincerely,

Sarke Information Agency

Fujitsu Computer Systems Corporation

© 2017 Sarke Information Agency