Economic Press Monitor July 9 - 15, 2017	Days:  01 08 15 22 29

economic & politics

NETGAZETI.GE: “CORRUPTION AND PREVIOUS CONCERT – AT THE MEETING OF INVESTORS COUNCIL, COURT WAS SEVERELY CRITICIZED”

July 14, 2017 - At the 5^th meeting of Investors Council (independent consulting body at the Prime Minister of Georgia) on June 14, high-rank representatives of international organizations have severely criticized situation in Georgia court system, Netgazeti.Ge reports.

According to record of the meeting, president of Georgian Business Association Giorgi Chirakadze acquainted the Council members with results of poll, which show that 100% of respondents consider court as the main problem.




NETGAZETI.GE: “WHAT REMARKS CONCERNING BAN ON SALE OF LAND TO FOREIGNERS WERE RECEIVED BY THE GOVERNMENT AT THE MEETING OF INVESTORS”

July 14, 2017 - At the meeting of Investors Council (independent consulting body at the Prime Minister of Georgia) on June 14, presidents of Georgian Business Association and American Chamber of Commerce in Georgia advanced remarks in connection with planned deprivation of foreigners in Georgia of agricultural land ownership right.

Content of the mentioned discussion became known from the official record of the meeting, the article notes.




REZONANSI: “BEER WILL CHEAPEN IN 2-3 WEEKS”

July 13, 2017 - On July 30, excise on low-alcoholic beer will be decreased, so some categories of beer will cheapen after that, the newspaper says.

Price of 1 l of low-alcoholic beer is expected to decrease by 15-20 tetri, respectively, the most popular packing of 2.5 l will decrease in price by 40-50 tetri, the article points.




FORBES GEORGIA: “ADB: USE OF THE BLOCKCHAIN TECHNOLOGY INCREASES TRANSPARENCY IN GEORGIA”

July 11, 2017 - Asian Development Bank (ADB) notes that blockchain can bring infrastructure to the country, which did not exist before, as well as ensure renewal of existing inefficient systems.

“Georgians can already conduct land registration and check data of various operations by means of blockchain technology that increases transparency and accountability”, ADB specifies.

macroeconomics & budget

NETGAZETI.GE: “MPS, WHO SPENT OVER 30,000 FOR FOREIGN BUSINESS TRIPS”

July 13, 2017 - In 6 months after parliamentary elections of 2016, MPs have spent 804,716 lari for business trips abroad and within Georgia, Netgazeti.Ge says.

Referring to information, requested from the Parliament, the article reports that biggest sum was spent by vice speaker from the majority Tamar Chugoshvili (53,313 lari), while the smallest – by member of opposition Akaki Bobokhidze (180 lari).




REZONANSI: “SALARIES ON NEW VACANCIES DECREASED NOTICEABLY”

July 11, 2017 - In spite of the fact that unemployment is a problem number one in the country, even unemployed abstain from low-wage job, as small salaries often do not allow them to satisfy even essential needs, the newspaper states.

Referring to employment agencies, the article notes that number of vacancies has grew, but tendency of salaries decrease was observed within the last year.

energy, oil & gas

FORBES GEORGIA: “ATTEMPT TO SELL “KAKHETI ENERGY DISTRIBUTION” ON AUCTION FAILED”

July 12, 2017 - Electronic auction, on which property of Kakheti Energy Distribution was put on July 3, has finished on July 11, but no buyer did appear, the magazine reports. The property was auctioned for 27.28 million lari.




FORBES GEORGIA: “INVESTMENT OF $55M IN OIL AND GAS EXTRACTION IN GEORGIA IS UNDER CONSIDERATION”

July 12, 2017 - Investment of $55 million in oil and gas extraction in Georgia is under consideration, the magazine reports. Respective tender was announced by Georgian Oil and Gas Agency on April 3.

companies

FORBES GEORGIA: “SKILLED INSURER OF YOUR RISKS”

July 10, 2017 - “So far, share of insurance market is very small” in Georgian economics, director general of TBC Insurance Paata Gadzadze points. “Including the medical direction, share of insurance in GDP exceeds a little 1.2%, while if we take not medical insurance only, it makes up 0.6%”, he specifies.




TABULA: “THE GOVERNOR: SITUATION IN BURNED-DOWN SHOPPING CENTER IS DIFFICULT, DAMAGE WILL BE ESTABLISHED BY THE COMMISSION”

July 10, 2017 - Shopping center at Poti market caught fire this morning and according to preliminary information, 70 shops have been burned down, Tabula reports. At the moment, the fire is localized.




KVIRIS PALITRA: ““FEELERS” OF THE RUSSIAN CAPITAL – JOURNALISTIC INQUIRY”

July 10, 2017 - After investment in large business and strategic objects, Russian money became interested in Georgia in rather small, but profitable spheres, the newspaper says.

As the article notes, biggest investments from Russia arrived in Georgia in 2007 – nearly $89 million and in 2014 – $82 million.

ecology & health

NETGAZETI.GE: “IN 2018, COUNTRYWIDE STUDY OF LEAD CONTENT IS PLANNED TO CONDUCT IN GEORGIA”

July 14, 2017 - Amiran Gamkrelidze, director general of National Center for Diseases Control and Public Health, declares that countrywide study of lead content in human body is planned to conduct in 2018 in Georgia. Representative study will be conducted in cooperation with the US Centers for Disease Control and Prevention, he notes.

finances & banking

FORBES GEORGIA: “GEORGIAN CORPORATE BONDS MARKET”

July 12, 2017 - The article reviews history of Georgia corporate bonds market and current tendencies there.

“Multiple factors facilitate development of local bonds and capital market in Georgia: corruption-free environment, support of Georgian government and regulators, existence in the growing number of potential issuers, local and international investors”, the author specifies.




LIBERALI: “POTI MAYOR: BANKING SECTOR IS READY TO TAKE CONDITION OF VICTIMS OF THE FIRE INTO ACCOUNT”

July 11, 2017 - Poti Mayor Irakli Kakulia declares that calculation of damage, inflicted by fire in shopping center in Poti, is started and its volume will become known only after completion of investigation. “Unfortunately, not a single owner did insure products”, he points.




REZONANSI: “FINANCE COMPANIES “DECEIVED” THE PEOPLE FOR $100M”

July 11, 2017 - The article points that financial company Sakartvelo (Georgia) appropriated depositors’ money of $70 million, MFX Broker Georgia – $20 million, Okros Iremi (Golden Deer) – $10 million.

Despite this, nobody cares of consumer rights protection in Georgia, the newspaper states.

agriculture & food

BANKEBI DA FINANSEBI: “WE DO NOT OPPOSE IMPORT WITH ADOPTION OF ANTI-DUMPING LAW”

July 13, 2017 - Chairman of Wheat Producers Association Levan Silagava states that imported wheat enjoys preference as “at least 3,000 t of unified wheat is supplied, whereas supply of Georgian wheat does not distinguish with stability”.

Silagava declared the mentioned in live show Business Code at TV channel Iberia TV.




REZONANSI: “GRAIN PRICE BROKE A RECORD FOR THE LAST 2 YEARS”

July 12, 2017 - Current price of 1 bushel of wheat makes up $5.4 that is the highest mark, observed since July 2015, the newspaper reports. Change of price is connected with bad weather, which broke balance of demand/offer on foreign commodity exchanges, the article notes.

construction

FORBES GEORGIA: ““ALLIANCE GROUP” BRINGS “WYNDHAM GARDEN” TO GEORGIA”

July 13, 2017 - “If we look at number of bookings and guests during the whole year, we will see that demand for hotels in Georgia is very high”, points Philippe Bijaoui, Wyndham Hotel Group’s manager in Europe, Middle East, Eurasia and Africa.

“My advice is more development in direction of airports and air routes.

tourism

BANKEBI DA FINANSEBI: “100-ROOM HOTEL WILL BE PLACED NEAR KUTAISI AIRPORT”

July 10, 2017 - Construction company GDG will built hotel near Kutaisi airport, in which $3 million will be invested.

As head of the company Bezhan Tsakadze points, there are practically no hotels on the adjacent territory of the airport.