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Economic Press Monitor

April 29 - May 5, 2018

Previous Issues:  Days: < 21 28 05 12 19 > 

 

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economic & politics

    REZONANSI: “KOBAKHIDZE’S SURROUNDINGS IS COMPLETELY WALLOWED IN CORRUPTION, AT LEAST ZARDIASHVILI AND HIS FAMILY”

    May 4, 2018 - Political scientist Soso Tsintsadze comments for the newspaper appearance of President Giorgi Margvelashvili in the Parliament with the annual report.

    Tsintsadze considers correct the President’s demarche (Margvelashvili left the Parliament hall after he was refused an opportunity to answer the charges, stated by MPs.


    KVIRIS PALITRA: “BILLIONS AT THE EXPENSE OF POPULATION IMPOVERISHMENT!”

    April 30, 2018 - In 2017, turnover of gambling business exceeded 5.6 billion lari, while the state budget received from this business only 332 million lari, or 5.8%, the newspaper reports.

    As the article notes, turnover of gambling business in 2016 amounted to about 4 billion, while for the last 11 years, the turnover has increased 187 times.


    FORBES GEORGIA: “GEORGIA “IS ON SALE””

    April 30, 2018 - Georgia will have commercial attaches in 6 countries (China, Germany, Turkey, UAE, the UK and the US). These attaches will assume responsibility for neighboring countries too.


macroeconomics & budget

    NETGAZETI.GE: “GROWING FINANCING AND LOW RATING – WHAT MAINTENANCE OF “PUBLIC BROADCASTER” COSTS”

    May 3, 2018 - In 2016, financing of Public Broadcaster made up 43.2 million lari, in 2017 – 46.4 million lari, in 2018 – 50.2 million, including 44.6 million lari of direct allocations from the budget and 5.6 million lari of off-budget financing, Netgazeti.Ge reports.

    According to Georgian Young Lawyers Association, financing of Public Broadcaster exceeds financing of any other Georgian TV channel, at least in 2017, but its rating is nearly 7 times lower than ones of the TV market leaders – Rustavi-2 and Imedi.


conflict and court

    NETGAZETI.GE: “LINA GVINIANIDZE: POSITION OF KALADZE ON THE STRIKE OF SUBWAY DRIVERS IS PROBLEMATIC”

    May 1, 2018 - Since 2016, independent labor union of Tbilisi Transport Company unsuccessfully demands rise of salary of employees of the subway, Netgazeti.Ge reports.

    Currently, salary of engine driver makes up 1,035 lari a month, while the union demands its increase up to 1,500 lari.


companies

    FORBES GEORGIA: ““BGEO GROUP” ACQUIRES 60% IN “KINDZMARAULIS MARANI” FOR $7.2M”

    May 4, 2018 - BGEO Group’s investment company Georgia Capital acquired 60% in Kindzmaraulis Marani (Kindzmarauli Wine Cellar), the magazine reports. According to the article, cost of the transaction made up $7.2 million.


    FORBES GEORGIA: “GEORGIA’S LARGEST EMPLOYER COMPANIES”

    May 3, 2018 - Among 10 largest employers of Georgia’s nonproduction sphere, 3 ones are banks, the magazine reports. These include TBC Bank, which employs over 7,000 people, as well as Liberty Bank and Sakartvelos Banki (Bank of Georgia).


    FORBES GEORGIA: ““ACHARA GROUP” OPENS NEW HOTEL “STAMBA” IN TBILISI”

    May 2, 2018 - Achara Group opens new Stamba Hotel in the building of publishing house of the Soviet era, located in the center of Tbilisi (Kostava Street), the magazine reports.

    As the article notes, the hotel will offer 40 rooms and 2 suites (79 square m) at the 1st stage, while upon completion of construction, the hotel will have 150 rooms.


transport & communications

    KVIRIS PALITRA: “GEORGIAN FORWARDERS IN UNEQUAL WAR”

    April 30, 2018 - Paata Tsagareishvili, expert of the Transport Corridor Research Center, says that “Georgian forwarders face big barriers upon international transportation as in neighboring Azerbaijan and Armenia, as well as in direction of Russia, Iran and Europe”. They “often become the victims of discriminative treatment, and they have to pay high fees, including informal ones”, he declares.


finances & banking

    FORBES GEORGIA: “HOW OFTEN MONEY IS SAVED AND BORROWED IN GEORGIA AND IN THE WORLD”

    May 4, 2018 - According to Global Findex 2018 of the World Bank, 27.4% of Georgia’s adult population (15 years old and above) have taken credits from financial institutions for the last year, including by means of credit cards. In 2014, this rate made up 20.3%, the magazine reports.


    TABULA: “IRAKLI RUKHADZE: I WANT VERY MUCH TO WIN ACQUISITION OF “CARTU””

    May 4, 2018 - Referring to Business Media Georgia, Tabula reports that Irakli Rukhadze, member of supervisory board of Liberty Bank, plans acquisition of Cartu bank (belongs to family of billionaire ex-premier Bidzina Ivanishvili).

    As Rukhadze stated, “I want very much to win acquisition of Cartu”.


    BANKEBI DA FINANSEBI: “WHO USES INSURANCE IN GEORGIA?”

    May 3, 2018 - Referring to this year’s research of Analysis and Consulting Team (ACT), the newspaper reports that women constitute over a half (53%) of insurance users, while biggest group of both sex users is 25-34 years (35%). This age group generally uses health (medical) insurance.


    TABULA: “SINCE 2019, SHOPS HAVE TO GIVE THE ROUNDED CHANGE INSTEAD OF EXACT CHANGE”

    May 2, 2018 - Provision of organic law “On National Bank of Georgia” will enter in force on January 1, 2019, according to which sums in the country will be rounded multiple to 5, Tabula reports.

    At that, Code of Administrative Offenses has been amended and article, adopted in 2011, will be cancelled, which obliged shops to return change with 10-tetri accuracy.


    BANKEBI DA FINANSEBI: “KOBA GVENETADZE – ENACTMENT OF NEW REGULATION DOES NOT BEAR RISK OF SHADOW MARKET ACCELERATION”

    May 2, 2018 - President of National Bank of Georgia (NBG) Koba Gvenetadze does not think that there “is big risk and credits will move to the black market” because of new regulation for commercial banks. Decisions, which are made by NBG, are based on international practice, he assures.


    REZONANSI: “THE 1-MILLION ARMY WILL GO TO USURERS AND PAWNSHOPS”

    May 1, 2018 - National Bank of Georgia (NBG) drafted a package of amendments, which restricts access to credits for persons with unconfirmed income, the newspaper reports. The matter concerns mainly self-employed.


    FORBES GEORGIA: “PROFIT OF MICROFINANCIAL ORGANIZATIONS DECREASES”

    May 1, 2018 - Net profit of Georgian microfinancial organizations in the 1st quarter amounted to 5.23 million lari. As the magazine notes, the profit has dropped 3.4 times in comparison with the same period of last year.


    FORBES GEORGIA: ““MOODY’S” ESTIMATES NEW BANKING REGULATIONS”

    April 30, 2018 - Moody’s gave “positive” credit assessment of regulations, set for commercial banks by National Bank of Georgia (NBG), the magazine reports.

    According to these regulations, banks have to issue credits only after thorough analysis of solvency of the customers.


agriculture & food

    REZONANSI: “PROGRAM OF FREE REGISTRATION OF LAND WORKED POORLY”

    May 1, 2018 - According to official data, within the program of free registration land ownership was registered by over 450,000 citizens.

    Whereas experts declare that at this stage sites of over 500,000 ha are registered that makes up only one-fifth of total area, the newspaper reports.


tourism

    TABULA: “WHAT AFFECT ON TOURISM HAVE STORIES OF HUNDREDS OF VISITORS, RETURNED FROM GEORGIAN BORDER”

    May 2, 2018 - Along with growing inflow of tourists, number of those, who was refused entry in Georgia on the border, has increased considerably too, Tabula writes.

    According to the legislation, the visitor could be refused entry in the country if he/she does not have corresponding documentation.


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