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Economic Press Monitor

January 13 - 19, 2019

Previous Issues:  Days: < 29 12 19 26 02 > 

 

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economic & politics

    FORBES GEORGIA: “MAJOR RISK FOR DOING BUSINESS IN GEORGIA”

    January 18, 2019 - Referring to the Global Risks Report 2019, published by the World Economic Forum (WEF), the magazine reports that major risk for doing business in Georgia is a conflict of interests – it was named by 58% of surveyed respondents (In fact, Global Risks Report 2019 indicates as Georgia’s major risk not “conflict of interests”, but “interstate conflict” (47.5%) – Sarke).

    Other risks are failure of national governance – 30%, unemployment or underemployment and failure of urban planning – per 27.5% each, energy price shock, fiscal crisis, unmanageable inflation – per 22.5% each.


    BANKEBI DA FINANSEBI: “IF YOU EVADE FROM PENSION CONTRIBUTION, YOU WILL BE FINED WITH 500 LARI”

    January 17, 2019 - Violation by employer of obligation on own or employer’s pension contributions will cause fining with 500 lari, the newspaper reports. The article indicated that repeated violation causes doubling of the penalty.


    FORBES GEORGIA: “FOR THE FIRST TIME IN 2018: FROM THE EU THE LARGER SUM IS TRANSFERRED, THAN FROM RUSSIA”

    January 16, 2019 - 2018 is the first year, when remittance from the EU to Georgia exceeded ones from Russia, the magazine reports.

    In particular, remittances from Russia made up $457 million, while from EU countries – $547 million, i.e. by $90 million more.


    REZONANSI: “THE LAW, CREATED WITH GOOD AIM, CAN BE USED FOR BAD PURPOSES – KAKULIA ON THE PRESIDENT’S INITIATIVE”

    January 14, 2019 - Georgia’s president Salome Zurabishvili declared that it is necessary to adopt such legislation, which will protect better dignity of person and freedom of speech.

    The Parliament’s majority MP, chairman of Committee on Branch Economy and Economic Policy Roman Kakulia, who considers that “the problem is in the society itself”, welcomes this initiative.


    KVIRIS PALITRA: “POLITICAL SANCTION OR SUSPICIOUS TRANSACTION?”

    January 14, 2019 - Referring to spread information, the newspaper reports that Bidzina Ivanishvili (billionaire founder of ruling Georgian Dream), upon his return to politics, was irritated by information on possible alliance between Giorgi Kvirikashvili (ex-premier of Georgia) and Mamuka Khazaradze (founder of TBC Bank).

    According to unofficial information, Ivanishvili even said: “let Khazaradze be beware, or he can share Khodorkovsky’s fate”, the article says.


macroeconomics & budget

    FORBES GEORGIA: “HOW IS CHANGED AND WHAT IS AVERAGE PAYMENT IN THE COUNTRIES OF THE WORLD AND GEORGIA”

    January 15, 2019 - Referring to International Labor Organization (ILO), the magazine reports that average payment in Georgia increased in 2017 by 0.2%. The article indicates that the highest rate of real growth for last 5 years was recorded in 2013 – 9.1%.


    FORBES GEORGIA: “SPARK – BUSINESS ACCELERATOR”

    January 15, 2019 - Since 2019, business accelerator will be launched for small and medium business, the magazine reports.

    Deputy chief of Tbilisi City Hall’s service of economic development Victor Tsilosani declares that total budget of the business accelerator exceeds 3 million lari, being equally provided by Tbilisi City Hall and the EU.


    REZONANSI: “WHAT WILL BE LARI RATE AND FUEL PRICE IN GEORGIA”

    January 15, 2019 - The newspaper points that expected indicator of national currency rate for the current year makes up 2.7 GEL/USD.

    Banking expert Vakhtang Khomizurashvili forecasts stable lari until spring.


    FORBES GEORGIA: “WHAT CONFLICTS COST TO ECONOMIES OF COUNTRIES OF THE WORLD AND GEORGIA”

    January 14, 2019 - Global Peace Index, published by Institute for Economics and Peace (IEP), estimates influence of violence and conflicts on Georgia’s economy as nearly $2 billion, or 13% of the country’s GDP, the magazine reports. By this indicator, Georgia occupies the 34th place among 134 countries.


energy, oil & gas

    TABULA: “STATEMENT OF “KAZTRANSGAS-TBILISI” IN CONNECTION WITH THE FACT, HAPPENED ON JANUARY 16 ON AVTANDIL STREET”

    January 18, 2019 - Reasons, causing explosion of gas in residential building on Avtandil Street in Tbilisi district Didi Digomi on January 16, “at this stage are unknown”, Tbilisi gas distributor company KazTransGas-Tbilisi declares.

    The company specifies that on January 16, it was notified via the hot line by inhabitant of the building about gas smell in the entrance.


    REZONANSI: ““THE CITY SITS ON A MINE, NUMBER OF EXPLOSIONS WILL GROW, LARGE-SCALE EXPLOSIONS ARE POSSIBLE TOO” – THE EXPERT”

    January 17, 2019 - Because of leak of gas, about 10 people perish a year in Georgia, while thousands get poisonings, the newspaper says.

    Expert Soso Simonishvili (former deputy director of Tbilisi gas distribution company KazTransGas-Tbilisi) declares that Tbilisi “sits on a mine”, as underground gas distribution networks of the city are amortized and gas leaks.


    NETGAZETI.GE: “SUPPOSEDLY, NEGLIGENCE OF EMPLOYEES IS TRACED – ENERGY OMBUDSMEN ON DIGOMI EXPLOSION”

    January 17, 2019 - Explosion of gas in residential house in Tbilisi district Didi Digomi killed 4 persons, including one child, Netgazeti.Ge reports.

    According energy ombudsman Salome Vardiashvili, supposedly, there is traced negligence or non-professionalism of staff of Tbilisi gas distributor KazTransGas-Tbilisi.


companies

    BANKEBI DA FINANSEBI: “FOR LARGE BUSINESS, THE YEAR APPEARED POSITIVE – BUSINESS SECTOR ESTIMATES 2018”

    January 16, 2019 - In spite of certain problems, created by devaluation of lari, 2018 appeared quite attractive and active for representatives of business sector, the newspaper says.

    The article brings comments of some representatives of large companies, including executive director of Georgian Business Association Irakli Aslanishvili, founder of development company Redix Lasha Papashvili and corporate director of brewing company Natakhtari Nikoloz Khundzakishvili.


    FORBES GEORGIA: “LARGEST EMPLOYER ENTERPRISES, WHICH ARE IN THE STATE OWNERSHIP”

    January 16, 2019 - Referring to Sakstat, the magazine reports that the state-owned enterprises operate in 12 sectors of Georgian economy.

    According to the article, more than a half of these enterprises operate in the sectors of healthcare and social assistance, communal utilities, provision of social and personal services and real estate, rent and provision of consumer services.


transport & communications

    TABULA: ““CAR SHARING” – NEW INITIATIVE OF KALADZE”

    January 16, 2019 - In his appearance in Facebook Live, Tbilisi Mayor Kakha Kaladze announced new initiative – “car sharing”. “Soon, 300 cars will be brought to the city and placed on various locations”, he said.


finances & banking

    REZONANSI: “CREDIT TO PERSONS, WHO APPEARED IN THE LIST OF ZEROED (CREDITS), WILL BE OFFERED UNDER HIGH INTEREST”

    January 18, 2019 - Process of zeroing of distressed loans is about to come to the end, and change of status of credits, nullified by Cartu fund (founded by Bidzina Ivanishvili, billionaire leader of ruling Georgian Dream), is gradually conducted in CreditInfo (credit bureau), the newspaper says.

    As CreditInfo explains, such credits initially will be marked as “bought by Cartu fund”, while upon completion of the process, they will get status of “closed”.


    TABULA: “ADDITIONAL 14 FINANCIAL ORGANIZATIONS JOINED THE PROJECT OF CREDITS ZEROING”

    January 17, 2019 - Referring to Georgian Finance Ministry, Tabula reports that after offer of charity fund Cartu (founded by Bidzina Ivanishvili, billionaire leader of ruling Georgian Dream), additional 14 financial organizations joined the project of zeroing of problem credits between January 1 and January 15 (it seems that the matter concerns extension of the project, which was planned initially to complete on December 31, 2018 – Sarke).

    Besides, agreement on sale of the credits is reached with 2 organizations.


construction

    NETGAZETI.GE: “KALADZE CONSIDERS THAT CONSTRUCTION IN VAKE PARK IS INADMISSIBLE”

    January 18, 2019 - For alienation and permission of development of territories in Vake Park, nearby to Turtle Lake and in front of Holiday Inn hotel, Tbilisi Mayor Kakha Kaladze blames the former authorities of the capital, Netgazeti.Ge reports. The Mayor declares that he will not allow such development.


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