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Economic Press Monitor

February 12 - 18, 2017

Previous Issues:  Days: < 04 11 18 25 04 > 

 

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economic & politics

    BANKEBI DA FINANSEBI: “ABOUT 250 EMPLOYEES DISMISSED FROM EDUCATION MINISTRY”

    February 17, 2017 - As part of reorganization, Education and Science Ministry has dismissed about 250 employees, the newspaper reports. The Minister Aleksandre Jejelava says that this number could be changed.


    NETGAZETI.GE: “SMALL AND MEDIUM TV OPERATORS SAY THAT DRAFT BILL ON SECRET WIRETAPPING PUTS THEM IN DANGER”

    February 15, 2017 - Georgian Association of Small and Middle-Sized Telecommunication Operators declares that draft bill on secret wiretapping, which the Parliament has considered in first reading, is risky for their existence, the newspaper reports.

    The Association unites about 40 small and medium-sized internet providers and cable TV broadcasters.


    FORBES GEORGIA: “DISPUTABLE AMENDMENTS TO VALUE ADDED TAX”

    February 14, 2017 - In 2017, in parallel with profit tax reform, another important amendment has entered in force, being connected with VAT, the magazine says.

    In the end of 2016, without any communication with interested parties, the government has initiated draft bill, which makes advance payments (i.e. those, paid before delivery of good or provision of service) liable to VAT taxation, the article points.


    REZONANSI: “WHO AND WHY PLANNED TO POISON THE PATRIARCH”

    February 14, 2017 - The guard of the Patriarch Ilia II in Berlin hospital is strengthened, the newspaper reports, noting that part of clerics do not believe to the statement of the Prosecutor’s Office concerning attempt of the priest Giorgi Mamaladze to poison the Patriarch and have questions in this regard, while part of them completely trust to the Prosecutor’s Office.

    Part of those, familiar with situation in the Patriarchate, says that fight for legacy of the Patriarch Ilia II has started already in his life and the scandal, raised on poisoning, takes its roots exactly in this fight, the article says.


    FORBES GEORGIA: “GEORGIA RANKS THE 16TH IN WORLD INDEX OF ECONOMIC GLOBALIZATION”

    February 13, 2017 - In the World Index of Economic Globalization, Georgia is ranking the 16th, while in terms of general globalization level, the country is 64th, the magazine reports. In 2015, Georgia held the 19th position in Economic Globalization Index.


macroeconomics & budget

    TABULA: “BY THE GOVERNMENT’S DECREE, 150,000 PEOPLE WILL BE LEFT WITHOUT UNIVERSAL HEALTHCARE”

    February 17, 2017 - According to the government’s decree, those beneficiaries, who had any healthcare policy of private insurance as of January 1, 2017, will be automatically withdrawn on March 1 from universal healthcare program.

    As a result, about 150,000 people will appear beyond the state insurance program, the article points.


    THE FINANCIAL: “IS LARI HITTING OUR DINNER TABLES?”

    February 13, 2017 - In nominal terms, the lari depreciated with respect to the US dollar by 49.1% (that is, from 1.78 GEL/USD in November 2014 to 2.65 GEL/USD in December 2016), the newspaper reports. However, if one looks at the GEL/USD real exchange rate, lari has dropped against the US dollar by 29.5% for the same period, the article points.


    KVIRIS PALITRA: “SHADY BUSINESS”

    February 13, 2017 - Taxi driver, babysitter, tutor – in Georgia, over million of people are earning a living with these and similar activities, the newspaper says.

    As Finance Ministry estimates, turnover of these businesses totals to 200-300 million lari yearly and despite that the law charges most of them to pay income tax, actually no one contributes to the budget, the article states.


    KVIRIS PALITRA: “CATCH UP AND OVERTAKE TARGET INFLATION?”

    February 13, 2017 - In January 2017, consumer price index in Georgia has increased by 3.9% year-on-year. In comparison with the average rate of 2010, the prices have increased by 22.5%.


energy, oil & gas

    NETGAZETI.GE: “AUDIT SERVICE REVEALED VIOLATIONS IN OIL AND GAS CORPORATION”

    February 15, 2017 - State Audit Service has studied activity of JSC Georgian Oil and Gas Corporation for 2012-2014. The audit report was released in September 2016 and was sent to the Prosecutor’s Office for further action.


conflict and court

    BANKEBI DA FINANSEBI: ““BRITISH AMERICAN TOBACCO” FINED WITH 90M LARI”

    February 16, 2017 - Tobacco manufacturer British American Tobacco has been fined with 90 million lari, the newspaper reports. Court of the first instance made the mentioned decision on February 10.


companies

    REZONANSI: “CLOSING OF MEGA MARKETS WILL CONTINUE DURING THE WHOLE YEAR”

    February 16, 2017 - In Georgia, there are about 15 large trade networks and many small and middle-sized stores and street markets, the newspaper says. Such a large number of trade outlets is apparently excessive for the country of 3.7 million, that is why cases of liquidation are frequent, the article considers.


    BANKEBI DA FINANSEBI: “CHKONIA PLANS TO BUILD “BRITISH AMERICAN TOBACCO” PLANT IN NATAKHTARI”

    February 15, 2017 - The businessman Temur Chkonia plans to build plant of British American Tobacco in Natakhtari. Negotiations with this international brand are already underway, he says.


    LIBERALI: ““THE MOST PRINCIPLE OPINION” OF VASIL MAGLAPERIDZE”

    February 14, 2017 - “It is impossible to talk about success of private media, if it is simply unprofitable”, points Vasil Maglaperidze, director general of Public Broadcaster.

    Regarding Public Broadcaster, Maglaperidze declares that “inflow of taxpayers’ money is guaranteed, we should think carefully how to spend this money”.


transport & communications

    TABULA: “IN 2016, RAILWAY CARGO TURNOVER DECREASED BY 16%”

    February 15, 2017 - In 2016, Georgian Railway transported 11.9 million t of freight, which is by 15.6% less than a year ago. At that, railway transportations last year were 2.5 times less than road transportations (by trailers), Tabula reports, referring to data of Economy and Sustainable Development Ministry.


finances & banking

    BANKEBI DA FINANSEBI: “INSURANCE INDUSTRY DEMANDS TO HALT THE GOVERNMENT’S REGULATION #73, ADOPTED ON FEBRUARY 9”

    February 17, 2017 - The government’s regulation #73 envisages withdrawal of beneficiaries of any private health insurance from the state universal healthcare program.

    Insurance industry believes that the mentioned regulation will cause big financial problems to tens of thousands people.


    TABULA: “CONSTITUTIONAL COURT RECOGNIZED NORM, RESTRICTING BANKING SECRECY, AS UNCONSTITUTIONAL”

    February 16, 2017 - Georgian Constitutional Court has satisfied constitutional complaint of Levan Alapishvili, which was submitted in connection with legal norms, restricting banking secrecy, Tabula reports.

    By its decision, the Court announced invalid amendments, made to the Code of Administrative Practice in 2014, which authorized tax agency to have access to personal banking data, the article says.


    REZONANSI: “LARI OVERCAME CRISIS: 2.50 EXPECTED IN MARCH”

    February 14, 2017 - Trend of lari strengthening has started on Bloomberg platform a month and a half ago and since that, is continuing with varying amplitude, the newspaper says. On January 5, the rate was 2.76 GEL/USD, while today it ranges within 2.63 GEL/USD.


construction

    THE FINANCIAL: ““PWC” USES SPATIAL DATA ANALYSIS TO CREATE DEVELOPMENT MASTERPLAN FOR THE CITY OF TBILISI”

    February 16, 2017 - The consulting company PwC has prepared a detailed masterplan for development of Tbilisi Sea area, the newspaper reports.

    The project used spatial data analysis to determine the selection and location of investments in developing tourist, hospitality and retail facilities alongside the city’s main water reservoir, the article says.


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