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Monthly Archives: August 2016

July Sees 1.5% Inflation Rate in Georgia: Economist

In July 2016 the inflation rate in Georgia rose by 0.2% compared to June and by 1.5% compared to July 2015 (annual inflation rate). The consumer price index increased by 15.7% compared to the averaged indicator of 2010. As compared to June 2015, the July inflation rate formation was influenced …

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First Stock of Nabeglavi Appeared in Korea

Increased demand on mineral water in Korea might be satisfied by Georgian products. Company “Premier Water International” has already implemented export of first stock of Georgian mineral water “Nabeglavi”. The company holds negotiations on product supply with one of the largest trade centre in Korea and restaurants of City Seoul. …

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10 Mln Dollar Investment to Put into Bentonite Clay Processing Plant

10 Mln Dollar Investment to Put into Bentonite Clay Processing Plant

In the Ozurgeti Municipality village Dvabzu, Bentonite clay processing plant is being built. Gia Salukvadze, the Governor of Guria with the businessman Gocha Chkhaidze get acquainted with the construction process. Ltd. “Askangel Alliance”, plans to reprocess at least 100 000 tonnes of bentonite clay annually. Accordingly, 10 million dollar investment …

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Temporary Administration is Appointed by NBG in “Caucasus Development Bank-Georgia”

Temporary Administration is Appointed by NBG in “Caucasus Development Bank-Georgia”

National Bank of Georgia (NBG) adopted decision to appoint temporary administration in “Caucasus Development Bank-Georgia”. According to NBG, the fact is not caused by the problems of the bank, operating in Georgia, but by the processes developed around Azerbaijan-based mother bank. Assets of “Caucasus Development Bank-Georgia” amounts 0.14% of total banking assets. …

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Cyprus-incorporated Mathade Buys 10% Stake in Rustavi Azot

Changes have taken places in Rustavi Azot stakeholders’ structure. According to official reports, Cyprus-incorporated Mathade has bought a 10% stake in Rustavi Azot from Agrochim S.A. The deal value is 17.5 million USD. Final owners will not be replaced and only internal shifts are reported, the company representatives said. Georgia’s …

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Companies That Demand for Capital Market Products Appeared in Georgia

“Companies, which show interest in capital market products have already appeared in Georgia”, Otar Dzidzikashvili, head of the pensions reforms service, told the Business Contact program. Companies’ demand for capital market products grow, but the country lack for investment foundations. The current legislation does not support development of investment foundations. …

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Europe’s top Olympic Official Arrested in Rio Over Tickets Sales

Europe's top Olympic Official Arrested in Rio Over Tickets Sales

Police in Brazil have arrested the head of the European Olympic Committees, Irishman Patrick Hickey, in Rio over illegal Olympic ticket sales. Mr Hickey, 71, is suspected of being involved in a scheme to sell tickets for higher than their face value. He was taken to hospital after his arrest as …

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Caucasus Development Bank and Atrabank Declared Bankrupt

Two Azerbaijani banks, the Caucasus Development Bank and AtraBank, licenses of which were revoked by the Central Bank of Azerbaijan (CBA) in January 2016, have been declared bankrupt, said Azerbaijan Deposit Insurance Fund (ADIF) in a message Aug. 17. The message said the decision on the banks’ bankruptcy has been …

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Georgian Restaurant Included in the List of the Best Restaurants in Austria

Georgian restaurant “Aragvi” in Vienna is included in the list of the best restaurants in Austria. The ratings are established by  the Austrian newspaper “alisti” permanently and in the list customers’ preferable and selected institutions are added. The administration of the site contacted the Georgian restaurant’s management team and informed them …

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The World’s Worst Currency Is in a Record Slide

MONGOLIA TUGRIK

Mongolia’s tugrik, the world’s worst-performing currency in August, is in its longest losing streak on record as the nation’s government seeks ways to stabilize an economy it says is in the grip of a crisis, according to Bloomberg. The currency weakened a 22nd day to 2,243.50 per dollar. In the …

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