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Economic Press Monitor

February 11 - 17, 2018

Previous Issues:  Days: < 03 10 17 24 03 > 

 

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economic & politics

    NETGAZETI.GE: “PENALTY FOR VIOLATION OF LABOR SAFETY RULES TO MAKE UP FROM 100 TO 50,000 LARI – DRAFT BILL”

    February 16, 2018 - New version of draft bill on labor safety envisages penalty from 100 to 50,000 lari for violation of requirements of the government-approved regulations, Netgazeti.Ge reports.

    The Parliament’s Healthcare Committee has supported the draft in the 2nd reading on February 15.


    FORBES GEORGIA: “WEF: IN TERMS OF INCLUSIVE DEVELOPMENT, GEORGIA IS ON THE 32ND PLACE AMONG DEVELOPING COUNTRIES”

    February 16, 2018 - Inclusive Development Index 2018 (IDI) of the World Economic Forum (WEF) places Georgia on the 32nd place among 79 countries, united in the group of emerging economies, the magazine reports.

    The article points that during the last 5 years, Georgia’s score in the rating has improved by 6.8%.


    NETGAZETI.GE: “CONFUSION ABOUT LABOR SAFETY LAW – WHO WILL CONCEDE MORE?”

    February 15, 2018 - Healthcare Committee of the Parliament will hold on February 15 consideration of the draft bill “On Labor Safety”, being adopted in the 1st reading.

    “We have already coordinated positions of employers representatives of workers, as well as representatives of executive power”, chairman of the Committee Akaki Zoidze declares.


    FORBES GEORGIA: “OPTIMISM OF SMALL BUSINESS DECLINES, OF LARGE ONE – RAISES”

    February 14, 2018 - Index of business mood in the 1st quarter has increased by 3.2 points and made up 31.4, the magazine reports.

    The article explains that 60% of respondents expect improvement of own business activity within next 3 months.


macroeconomics & budget

    BANKEBI DA FINANSEBI: “MORE THAN A HALF OF GEORGIAN ECONOMY IS IN THE SHADOW SECTOR”

    February 15, 2018 - Referring to the last research of the IMF (2018), the article reports that level of so-called shadow economy in Georgia exceeds 50%.

    At that, according to the IMF, this rate in Turkey makes up 31.38%, in Russia – 38.42%, Armenia – 42.59%, Azerbaijan – 52.19%.


    TABULA: “OFFICIALS, EXECUTING “RARE AND SCARCE” ACTIVITY, WILL RECEIVE SUPPLEMENT OF 30%”

    February 14, 2018 - The government will set salary supplement of 30% to those public employees, who execute “rare and scarce activity”, Tabula reports.

    According to the article, such activities include analytics, software development and administration, cyber security, tax audit, various avia and marine specialties.


energy, oil & gas

    EUGEORGIA.INFO: “TRANSPARENCY OF PRICES OF ENERGY PRODUCTS IS IMPERATIVE PRECONDITION OF GEORGIAN ENERGY SECTOR’S DEVELOPMENT”

    February 16, 2018 - While joined to European Energy Community, Georgia undertook improvement of transparency of gas and electricity prices for end consumers and ensuring maintenance of annual, monthly and short-term energy statistics, Eugeorgia.Info reports.

    For that end, respective state services had to draft until 2017 the appropriate legislation, the action plans and mechanisms of energy statistics’ sharing with Eurostat.


    BANKEBI DA FINANSEBI: “BILLION-DOLLAR OIL REFINERY WILL BE BUILT ON KULEVI TERRITORY IN KHOBI”

    February 14, 2018 - LLC Phasis Oil will built oil refinery on territory of Kulevi near Khobi (Samegrelo region), the newspaper reports.

    As the article specifies, cost of the project makes up $1 billion.


conflict and court

    LIBERALI: “WHAT IS WRITTEN IN RESOLUTION ON ASSIGNMENT OF STATUS OF SUFFERED TO DVALI AND AKIMIDZE”

    February 15, 2018 - Founders of broadcasting company Rustavi-2 David Dvali and Jarji Akimidze declare that if Prosecutor’s Office does not bring a charge against possible violators during about 1 year, limitation period for consideration in court of Rustavi-2 case will expire.

    “That means that we lose any legal levers to continue fight in domestic legal way”, Dvali states and notes that “for the last 3 years, no activity is noted from the side of Prosecutor’s Office”.


    LIBERALI: “WHAT QUESTIONS PROCESS OF PROGRAMS’ ACCREDITATION CAUSES TO GIPA”

    February 15, 2018 - Council for Educational Programs Accreditation at the National Center for Development of Education Quality refused to accredit new bachelor program (law) at Georgian Institute of Public Affairs (GIPA). The Institute objected the decision in Appeal Council.


    BANKEBI DA FINANSEBI: “SI, CERTO “BADAGONI” – LIGHT AND SHADE OF “BADAGONI” CASE”

    February 13, 2018 - Last week, investigative service of the Finance Ministry has started examination of winemaking company Badagoni.

    As the article notes, former president of Badagoni Temur Ubilava and investor Vladimir Janjgava accuse current head of the company, Giorgi Salakaia, of illegal seizure of stakes.


    TABULA: “THE FINANCE MINISTRY’S INVESTIGATIVE SERVICE: SEARCH WAS NOT CARRIED OUT IN “BADAGONI””

    February 12, 2018 - The Finance Ministry’s Investigative Service declares that court ruling envisages full removal of documentation in winemaking company Badagoni for the period from January 1, 2013 until February 1, 2018.

    However, in order not to interfere with activity of the company, only documentation, related to alienation of stake, investment, receiving of credit and its purposeful use (only one folder) was removed from head office of Badagoni, the Service declares.


    TABULA: ““BLOOMBERG”: BIDZINA IVANISHVILI LOST $200M FOR THE LAST 10 DAYS”

    February 12, 2018 - Referring to Bloomberg, Tabula reports that Bidzina Ivanishvili has lost $200 million in February. Currently, Ivanishvili is on the 304th position in list of richest people of the world, his property is estimated at $5.72 billion.


companies

    TABULA: ““BITFURY” SOLD GLDANI DATA-CENTER”

    February 13, 2018 - After several months of negotiations, BitFury Group has sold Tbilisi data-center of bitcoins, Tabula reports. The group opened 40-MW center in Tbilisi free industrial zone (in Gldani district of the capital) in 2016.


    KVIRIS PALITRA: “FRAUD BY DISCOUNTS”

    February 12, 2018 - Fraud by means of sales seems to be approved method in Georgia, the newspaper notes.

    Goods, which validity date has been expiring or even has expired, often are included in the list of discounted production, the article says.


transport & communications

    REZONANSI: “SINCE SUMMER, TAXI DRIVERS WILL HAVE TO PAY MONEY FOR REGISTRATION”

    February 13, 2018 - Process of taxi inventory will begin, presumably, in summer, the newspaper reports.

    According to deputy to Tbilisi Mayor Maia Bitadze, drivers will have to pay certain fee, but it “will be cheap procedure”.


international cooperation

    EUGEORGIA.INFO: “THE EU TO START INDIVIDUAL ACCREDITATION OF GEORGIAN COMPANIES, PRODUCING FOODSTUFF OF ANIMAL ORIGIN”

    February 15, 2018 - The EU-Georgia free trade agreement (DCFTA) restricts export of Georgian products of animal origin to the EU until recognition by the EU of compliance of Georgia’s spheres, where these products are made, the article notes.

    However, Georgian Ministry of Economy and Sustainable Development points that agreement is reached to allow successful Georgian enterprises to bypass these restrictions and to confirm compliance of their standards with European legislation and to carry out export independently, Eugeorgia.Info says.


finances & banking

    BANKEBI DA FINANSEBI: “IN 2017, REAL ESTATE WORTH 15B LARI WAS MORTGAGED IN BANKS”

    February 14, 2018 - Referring to National Bank of Georgia, the newspaper reports that in 2017, residential spaces worth 14.99 billion lari was mortgaged in banks for receiving of credits.

    The article specifies that biggest sum accounts for TBC Bank – 6.08 billion lari.


    BANKEBI DA FINANSEBI: “THE COUNTRY, TURNED INTO BUSINESS OF “SAKARTVELOS BANKI””

    February 14, 2018 - In respect of possession of non-core assets, Sakartvelos Banki (Bank of Georgia) is one of the distinguished banks, the newspaper states.

    True, the bank currently does not own non-core businesses and they are united in Georgia Capital holding (former BGEO Group), but it is well known how Sakartvelos Banks had entered in various businesses for years, the article points.


    REZONANSI: ““CARTU” BANK IS NOT INTEREST OF BIDZINA IVANISHVILI ANY MORE!”

    February 13, 2018 - For a long time, rumors are circulating about merger of Cartu bank (belongs to family of billionaire ex-premier Bidzina Ivanishvili) to Liberty Bank, the newspaper reports.

    The article notes that the same way, as it happened with broadcasting company GDS, Ivanishvili’s property will be acquired by family of late tycoon Badri Patarkatsishvili.


    REZONANSI: “POPULATION LOSES ANNUALLY PROPERTY WORTH HALF A BILLION LARI”

    February 13, 2018 - Share of bad borrowers’ property, seized by banks, microfinancial organizations or private usurers grows year by year, the newspaper says. In the 4th quarter of 2017, banks owned seized property of 209.19 million lari.


    FORBES GEORGIA: “WHEN THERE ARE NO WINNERS”

    February 13, 2018 - The article reviews legislative amendments concerning the financial sector, which had entered in force in 2017.

    In particular, certain restrictions on the financial sector were enacted on January 15, 2017.


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