Caucasian Business Week #42

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BUSINESS WEEK February 17, 2014 #42

caucasian business week www.facebook.com/CBW.ge Partner News Agency

February 17, 2014, Issue 42

caucasian1

BE INFORMED, DO BUSINESS

GEORGIA GOVERNMENT TO INCREASE GDP PER CAPITAL 2.2 TIMES BY 2020

Margvelashvili Comments on Putin’s Readiness for Meeting Pg. 2

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overnment of Georgia aims to increased GDP per capita by 2,2 times by 2020. It’s considered by the social-economic development project of the country - “Georgia 2020”, prepared by Ministry of Finance. Pg. 2

“ANADOLU GROUP” TO CONTINUE INVESTING IN ENERGY SECTOR OF GEORGIA

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urkish company “Anadolu Group”, which is currently building “ParavanHPP”, intends to continue investing in the energy sector of Georgia. Pg. 5

NEW LAW: GENETICALLY MODIFIED SEEDS BANNED FROM ENTERING GEORGIA

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ork on a new Bill to prohibit importing live genetically modified organisms into Georgia has begun. Pg. 6

PASSENGERS SWINDLED BY ATLASJET AND PEGASUS OR GASA

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eorgian passengers presume Turkish airlines may have concluded collusion. Commersant newspaper published passenger pretences several days ago. Pg. 7

THE RATING OF PROFITABLE BANKS

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he Georgian bank sector registers 21 commercial banks as of January 1, 2014. Total profits of 16 commercial banks marked 400 million GEL as of January 1. Pg. 7

NBG STATED THAT WITHDRAWAL FROM SMOOTH MONETARY POLICY STARTED

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n February 12 Monetary Policy Committee of National Bank of Georgia made a decision to increase refinancing rate by 25 basic points. Monetary policy rate equals to 4%. Pg. 9

AZERBAIJAN QATAR HOLDING SEEKS TO INVEST IN AZERBAIJAN

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ruitful investment environment in Azerbaijan was highlighted at the meeting of Azerbaijan`s Agriculture Minister Heydar Asadov and representatives of Qatar Holding in Baku on February 5. Pg. 11

CIS WORSE THAN GREECE: FITCH SAYS UKRAINE’S DEFAULT RISK HIGH

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he worsening political and economic circumstances in Ukraine has prompted the Fitch Ratings agency to downgrade Ukrainian debt from B to a pre–default level CCC. Pg. 12

WORLD NEWS US HOUSE RAISES $17.2 TRILLION DEBT CEILING, NO STRINGS ATTACHED

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he US House of Representatives has agreed to raise the government’s borrowing cap until March 2015, without specifying the exact limit. Pg. 13

RESEARCH BANK OF GEORGIA, LIBERTY BANK AND VTB BANK AS CONSUMER RIGHTS MAJOR VIOLATORS

Pg. 5

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ccording to the current legislation, every bank operating in Georgia is obliged not to issue any kind of information about a client without his consent. In contrast with abovementioned, often banks hand information about the client to various institutions which on one had represents a bank secret and on the other hand personal information. Organization the “Young Barristers” are actively asked for legal help by citizens whose rights are violated by banks operating in Georgia. In precise: • Banks often issue data about their clients without their consent to JSC “Kreditinfo Georgia”;

• In order to extract unpaid bills, banks often address various legal persons and without client’s consent hand them private information. • Banks do not write off requests of remoteness. Organization instructs, that according to “protection of personal data” of civil code and “about commercial banks” of Georgian statute, a bank institution has no right to issue information it possesses about a client without his consent. In addition to this, according to the 22nd article of Georgian statute about “protection of personal data”, bank is obliged to correct, update, add, block, delete or destroy information about the client if it is incomplete, wrong or has not been updated.

SENTA ARGUES FOR 60 REFUELING STATIONS WITH SUN PETROLEUM GEORGIA

Pg. 7

ACCUSED OF TAX EVASION

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criminal investigation was initiated in respect of a mobile operator “Geocell “ on the fact of tax evasion on a large scale - Investigation Service of the Ministry of Finance of Georgia states. Checks in the central office of the company began on February 13. According to the company’s management, “Geocell” is an international company that operates transparently and responsibly , complies with all ethical standards and in any case does not avoid paying taxes or performing other financial obligations. “Geocell “ is one of the largest taxpayers in the country and all the company’s operations are monitored and documented by leading auditors of Georgia. We will take all legal measures in order to protect our interests as much as possible. We will also strongly contribute the investigation passed transparently and objectively,” - the company says. “ Geocell “ is a subsidiary of the Swedish telecommunications company “Telia Sonera”.

Natia Mikeladze: Competition Agency will Start Working in April Pg. 4

Archil Mestvirishvili: Variable rate loan in GEL is much cheaper than its analogic loan in the foreign currency

Pg. 4

David Mirtskhulava: “5% of the company’s profit will be permanently transferred to Svaneti Development Fund”

Pg. 10

Georgian Experts against Non-core Assets of Banks An interview with an expert Levan Kalandadze Pg. 4

Business Association: Georgia can Become a Regional Center in Various Sectors Pg. 6

Irakli Iashvili: MoF Slows Terminals Industry Pg. 4


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