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Economic Press Monitor

March 18 - 24, 2018

Previous Issues:  Days: < 10 17 24 31 07 > 

 

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economic & politics

    BANKEBI DA FINANSEBI: “STATE POLICY IN RESPECT OF SPHERES WITH SCARCE INVESTMENTS SHOULD BE RECONSIDERED”

    March 23, 2018 - In 2017, considerable drop of foreign direct investments in Georgia was recorded in manufacturing, healthcare, agriculture and fishery, the newspaper points.

    In particular, investments in manufacturing have decreased almost twice in comparison with 2016 and made up $74.7 million, in agriculture and fishery – almost 3 times (to $3.6 million), almost 4 times – in health sector (to $3.3 million).


    FORBES GEORGIA: “INCOME OF TV COMPANIES”

    March 22, 2018 - In 2017, all Georgian TV companies gained total income of 145.9 million lari, from which share of Public Broadcaster and Ajara Television made up 49.1 million lari, the magazine reports.

    Respectively, income of private TV companies totaled in the reporting year to 96.8 million lari, while made up 96.1 million lari in 2016, the article specifies.


    NETGAZETI.GE: “AUCTION ON RENT OF THE LAND PLOT NEAR SAKDRISI WAS WON FOR 5 MILLION BY GIORGI VASHADZE”

    March 21, 2018 - The auction on rent of the land plot of 16 ha near Sakdrisi gold deposit was won by the leader of New Georgia Giorgi Vashadze, Netgazeti.Ge reports.

    As the article notes, Vashadze applied to the auction after Fund for Dmanisi Saving, uniting up to 14 political parties, was rejected to take part.


    NETGAZETI.GE: “WHO TRUSTS WHAT IN TERMS OF EFFICIENCY OF SERVICE OF THE STATE INSPECTOR”

    March 21, 2018 - On March 20, the Parliament’s Human Rights Committee considered in first reading the draft bill on creation of Service of the State Inspector (which will conduct investigation of cases of possible mistreatment by law enforcement authorities).

    The coalition of non-governmental organizations has several major remarks in connection with the draft, Netgazeti.Ge reports.


    REZONANSI: “BECAUSE OF THE STATE TENDERS, CHAOS AND IRRESPONSIBILITY ESTABLISHED IN THE COUNTRY”

    March 20, 2018 - The newspaper states that the state tenders are won by those companies, which submit false references upon participation. That is resulted in unfinished projects, low-quality construction, services and production, the article indicates.


    KVIRIS PALITRA: “IN THE TOP 10 OF “CASH-RICH”, THERE ARE THREE ONLINE TOTALIZATORS”

    March 19, 2018 - According to Sakstat, there are 3 online totalizators among the top ten of companies with biggest turnover.

    Referring to non-governmental organizations, the newspaper reports that there are over 400,000 online gamblers in Georgia.


macroeconomics & budget

    EUGEORGIA.INFO: “WITH ASSISTANCE OF THE EU, EMPLOYMENT RATE OF VOCATIONAL SCHOOLS’ GRADUATES INCREASED”

    March 23, 2018 - During 4 years, 4 projects were implemented in the sphere of employment and professional education with financing of the EU.

    As a result, employment rate of graduates of vocational schools has increased from 33% in 2012 to 56%, Eugeorgia.Info reports.


    FORBES GEORGIA: ““MOODY’S” ESTIMATES GEORGIA’S ECONOMY”

    March 22, 2018 - Moody’s improved the sovereign credit rating of Georgia last year from “Ba3” to “Ba2”, saying that outlook is “stable”.

    In updated assessment, Moody’s notes that Georgian government’s rating is affected by potential high economic growth of the country, strong and developing institutions and moderate size of debt, the magazine reports.


energy, oil & gas

    REZONANSI: “INVESTOR OF “KHUDONHES” HAS INDEBTEDNESS OF 2.3M”

    March 20, 2018 - Kakha Zhorzholiani, gamgebeli (head of administration) of Mestia, declares that TransElectrica, investor company of KhudonHES, paid property tax only once – in 2013. The company collected tax debt of 2.3 million (lari), because of which its accounts are seized, he notes.


    REZONANSI: ““INDUSTRIAL GROUP” ACQUIRES “KAZTRANSGAS-TBILISI” FOR $40M”

    March 20, 2018 - Kazakhstan’s KazMunaiGas has published already the decision regarding sale of its Georgian asset, KazTransGas-Tbilisi. Buyer of this Tbilisi gas distributor company is Georgian Industrial Group, which has offered $40 million, the newspaper reports.


conflict and court

    NETGAZETI.GE: “BUSINESSMAN NUGZAR KAKHIDZE KILLED IN TBILISI”

    March 22, 2018 - Businessman Nugzar Kakhidze was shot in own house in Tbilisi, Netgazeti.Ge reports with reference to information of the Interior Ministry.

    Relatives of the killed businessman told journalists that the murderer presented himself to Kakhidze as post employee and opened fire after was let in the apartment.


    NETGAZETI.GE: “KAKHA KALADZE: 120 EMPLOYEES OF “CT PARK” WILL BE EMPLOYED IN TBILISI TRANSPORT COMPANY”

    March 22, 2018 - “I confirm once again that the contract is cancelled because of constant non-fulfillment of assigned obligations by CT Park [parking operator of Tbilisi]”, Tbilisi Mayor Kakha Kaladze declares. The contract will be terminated on April 10.


    KVIRIS PALITRA: ““CT PARK” ON THE POUND”

    March 19, 2018 - After 10-year monopoly of CT Park for parking organization in Tbilisi, the City Hall cancelled the contract with the company, explaining that with non-execution of obligations.

    The company names decision of the City Hall groundless and plans to file a lawsuit, demanding compensation, the newspaper reports.


companies

    FORBES GEORGIA: “PROFIT OF PARTNERSHIP FUND DECREASED 8 TIMES”

    March 21, 2018 - According to audited data, profit of Georgian Partnership Fund for 2016 decreased 8 times and amounted to 24 million lari, the magazine reports. In 2015, this indicator made up 194 million lari, in 2014 – 124 million.


    NETGAZETI.GE: “AGARA SUGAR PLANT DENIES CREATION OF CRYPTOCURRENCY DEVELOPMENT CENTER”

    March 20, 2018 - Plant of Agara Sugar company is idle already for 6 months, Netgazeti.Ge reports. Director of the company Alkhan Alizadeh connects this with growth of sugar import to Georgia, which caused drop of sugar price.


transport & communications

    TABULA: “WITH FINANCING OF IVANISHVILI, THE STATE WILL BECOME LARGE PLAYER ON INTERNET MARKET”

    March 21, 2018 - Talks about internetization project are heard for over 5 years, but its implementation begins only this year, Tabula says.

    Company OpenNet, founded by the government, already announced the tender for installation of fiber-optic cables (4 lots).


finances & banking

    FORBES GEORGIA: “TWO MEMBERS TO LEAVE SUPERVISORY COUNCIL OF “TBC BANK””

    March 23, 2018 - Independent directors Stefano Marsaglia and Stephan Wilcke will leave supervisory council of TBC Bank during a year, the magazine reports. As the article says, this is part of the planned changes in the council.


    FORBES GEORGIA: ““AZERBAIJAN INTERNATIONAL BANK” LEAVES GEORGIA”

    March 19, 2018 - Azerbaijan International Bank plans to close several subsidiary banks, including one in Georgia, the magazine reports. Azerbaijan International Bank – Georgia operated on the local market since 2007.


construction

    REZONANSI: “ALL BUILDINGS AND OBJECTS ARE DANGEROUS AS ALMOST NOTHING IS CHECKED!”

    March 20, 2018 - Construction expert Shota Gujabidze indicates that, for example, elevators have to be checked by the relevant companies twice a year at least, residential houses – by flatowners’ associations, etc.

    However, as of now, all checks and monitoring obligations are abandoned, Gujabidze states.


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