DISTRIBUTED FREE OF CHARGE
BUSINESS WEEK February 10, 2014 #41
caucasian business week www.facebook.com/CBW.ge Partner News Agency
February 10, 2014, Issue 41
caucasian1
BE INFORMED, DO BUSINESS
GEORGIA
U.S. IMPOSES RESTRICTIONS FOR COMPANIES IN GEORGIA FOR EVADING U.S. SANCTIONS ON IRAN
U
.S. imposes restrictions for companies in Georgia for evading U.S. sanctions on Iran The U.S. Treasury Department has announced new actions against companies and individuals in Europe and the Middle East that have been doing business with Iran in defiance of international sanctions. Pg. 2
Giorgi Kvirikashvili: Business Really Saw New Opportunities
PARTNERSHIP FUND HOSTS BRITISH BANKERS
I
rakli Kovzanadze, Executive Director of the Partnership Fund met with high officials of BARCLAYS, UK’s multinational banking and financial services company, while they visited Tbilisi. Pg. 5
IRANIAN BUSINESSMEN ARE INTERESTED IN INVESTING IN GEORGIA
I
ranian businessmen are interested in investing in construction and agro-sector of Georgia. Delegation of Iranian businessmen will visit Georgia in the framework of Georgian-Iranian business forum at the end of February. Pg. 5
BANK OF GEORGIA MAY INTRODUCE PAID SERVICE FOR CELL PHONE BALANCE RECHARGE
G
iorgi Kadagidze, the President of the National Bank of Georgia (NBG), has got several questions to pose to cell communication operators. Pg. 8
TBC BANK LAUNCHES FINANCIAL LITERACY PROJECT
A
new face has emerged on social networks. Salome Shelia, the author of the new project of TBC Bank. Over 4,000 viewers have seen Salome Shelia’s promo video in one day alone. Pg. 9
AZERBAIJAN PRESIDENT ALIYEV: AZERBAIJAN BECOMES INDISPENSABLE PARTNER FOR CONTINENT
Pg. 4
GEORGIAN PRODUCERS AGAINST LIPTON TEA
T
he MP from the parliamentary majority Gogi Topadze states that “Lipton” tea contains dyes, nevertheless imports flooded the country, despite the fact that Georgia has all the features to provide itself with this product through domestic production. “Instead of Georgian tea, imported European often GM tea is sold today. Given a fact that Georgia may satisfy market demand in tea on its own,”- says Topadze. The representative of “Unilever” company in Georgia (producer of tea “Lipton “) Nino Gordiashvili says that recently the examination has been conducted excluding the possibility of the presence of dyes in the tea. “Univeler” company’s motto is a healthy and beautiful lifestyle so it’s absurd to say that our products contain dyes. On this occasion, we have been repeatedly appealed to. We even conducted an examination in 2010 to find out whether our products contain banned substances. The report
H CIS
SOCHI OLYMPIC DEBT ‘MANAGEABLE’ - FITCH
D
WORLD NEWS SUGAR DEBATE TURNS SOUR FOR FOOD GROUPS
S
ugar in fizzy drinks and food came under fresh attack from scientists on both sides of the Atlantic this week in an escalating public health debate about the link between added sugar and mounting global health problems. Pg. 13
clearly states - “ Lipton “ tea is without any dyes,” - she says. According to her, at the stage Georgian manufacturer “Gurieli “ competes with “Lipton “ tea but “Lipton “ is sold in 150 countries and is much more famous and popular brand. Chairperson of the Association of Georgian Tea Producers Tengiz Svanize notes that a few years ago an examination of several kinds of tea was carried out, as a result of which, a number of dyes were found in “Lipton” but later the company denied this information . “Today, many manufacturers mislead consumers and the presence of dyes is not declared on the labels.We intend to apply to Parliament demanding to pass legislation that would oblige all producers to identify the composition of ingredients. For example, if a company produces a jasmine tea, it is natural there will be a certain amount of dye there. The main thing is that the consumer must be informed about this,”- says Tengiz Svanidze .
ARCHIL GEGENAVA’S “FOODMART” IS SUED
eydar Aliyev Center hosted a conference on the implementation of the state programs for social and economic development of Azerbaijan. The conference was chaired by the country’s President Ilham Aliyev. Pg. 11
ebt created by the Sochi 2014 Olympics will be “manageable” for the Russian Krasnodar region, Fitch Ratings wrote in a note Wednesday. Pg. 12
Bidzina Ivanishvili: Georgia could become the new Dubai Pg. 3
A
s “PirWeli” was told, a suit has been lodged aginst the former MP of the “National Movement” Archil Gegenava and a supermarket chain “FoodMart” associated with him. A founder and current shareholder of JSC “Populi” network, Evgeni Pichkhaia is planning to launch a legal dispute against Gegenava in order to protect his own interests. During a telephone conversation with “PirWeli”, Evgeni Pichkhaia confirms that he is being consulted
with several groups of lawyers and notes that a dishonest deal has completely ignored his rights, as an acting shareholder of JSC “Populi”. Evgeni Pichkhaia owns up to 12% of the shares of JSC”Populi”. Recently, “Ioli” Ltd, a holder of the remaining 88% of the company shares, has sold the assets to “FoodMart” so that Evgeni Pichkhaia had learnt about that after the deal, as he says himself. SEAF CAUCASUS GROWTH FUND LP founded “FoodMart” shortly before buying shares of “Populi”. About a month later, 30% of its shares gave to “Food Service” Ltd and got a 10% share in the same company’s capital. According to Evgeni Pichkhaia, he has serious doubts that “SEAF’s” partner international financial institutions did not have comprehensive information about this dishonest transaction. The media linked “Food Service’s” name with Archil Gegenava in the past years. The company has often won less transparent public tenders. It was impossible to communicate with Archil Gegenava, though, “Maestro” TV reported the news that made clear that the Financial Police has already started to investigate this case because of the complaints voiced by “Populi” distributors against “FoodMart”.
Kakha Kaladze: The Khudoni HPP Project is of Utmost Importance to Georgia Pg. 10 Tornike Abuladze: Banks Began to Compete with Business Pg. 4
Archil Gachechiladze: The Devaluation of the GEL is a Healthy ProcessPg. 6 Lasha Nikoladze: Mandatory Auto Insurance will Be Introduced in 2014 Pg. 4
Irina Gaprindashvili: Marneuli Food Factory proves that Georgian Agriculture has Future Pg. 7