Today news:

economics

REVISED DRAFT BUDGET-2009 TO BE SUBMITTED TO THE PARLIAMENT THESE DAYS

The revised draft budget-2009 will be submitted to the Parliament these days, Georgian Finance Minister Nika Gilauri announced after today’s government meeting.

According to Gilauri, expected volume of budget assignments is 6.25 billion lari, which is increased by 1.7 billion lari compared with the initial draft, submitted to the Parliament on October 17.

GEORGIAN-LITHUANIAN BUSINESS FORUM WAS HELD

Tbilisi hosted today Georgian-Lithuanian business-forum, which was organized by Georgian National Investment Agency and the Baltic Chamber of Commerce in Georgia.

Lithuanian delegation was represented by 14 companies, while the Georgian side - by 40 ones.

business

TENDER ON REHABILITATION OF KUTAISI WATER SUPPLYING WELLS IS ANNOUNCED

Georgian Municipal Development Fund announced a tender on construction and rehabilitation of wells of Kutaisi water supply system. Expected duration of reconstruction works on Partskhanakanebi and Mukhiani wells makes up 8 months.

HALF OF GEORGIAN BANKS FINISHED Q3 WITH LOSSES

Georgian Financial Supervision Agency reported that 11 banks out of 21 ones, operating in Georgia, finished the 3rd quarter with losses. Total volume of losses exceeded 60 million lari by the state of September 30, 2008.

NEW DIRECTOR GENERAL TO BE APPOINTED IN SAKHALKHO BANKI

Sakhalkho Banki (People’s Bank) announced about management’s change. Namely, supervisory board decided to invite Gigi Glonti, vice president of the National Bank of Georgia, as a new director general of the bank.

BANK REPUBLIC AND INSURANCE COMPANY IMEDI-L CONCLUDED AN AGREEMENT

Bank Republic and insurance company Imedi-L signed agreement on strategic partnership today. According to the agreement, life of any borrower, who takes credit in the bank, will be insured, while in case of mortgage crediting – in addition to life insurance, subject of mortgage will be insured as well.

LIBERTY CONSUMER PLANS RIGHTS ISSUE

JSC Liberty Consumer (the former Galt&Taggart Capital) is going to issue 28 million shares in its new rights issue at 0.50 lari per share. At that, company’s executive director Eli Enoch told Sarke that shares will be offered at that price to new investors as well.

THREE OBJECTS WERE NOT SOLD AT THE AUCTION

Georgian Economic Development Ministry informs that auctions, which were scheduled for yesterday, had failed because of applications absence.

The matter concerns a land plot in Martkopi (Gardabani district of Kvemo Kartli region) of 17,414 square m (starting price - $750,000, a land plot in Rustavi of 9,006 square m (starting price - $500,000) and a land plot in Tbilisi (Mosulishvili Str.

LLC SAKHELMTSIPO UZRUNVELKOPA RE-AUCTIONS LAND PLOT ON TVALCHRELIDZE STREET AND BUILDINGS ON PUSHKIN STREET

LLC Sakhelmtsipo Uzrunvelkopa (State Provision) announced for the fourth time auction on land plot in Tbilisi (Tvalchrelidze Str. 2).

society

SAKARTVELOS BANKI TO RESTORE SCHOOLS IN ERGNETI AND DITSI

Relief fund of Sakartvelos Banki (Bank of Georgia) will fund restoration of two public schools in Ergneti and Ditsi, which suffered after Russian aggression in August, announced today head of bank’s supervisory board Nika Enukidze.

According to Enukidze, the relief fund of the bank will allocate 420,000 lari for restoration works in these schools.

LAST WEEK REVIEW

privatization & investment

FOR THEY DO NOT KNOW WHAT THEY ARE DOING

It is known that power enterprises being natural monopolies are under constant rapt attention of the state that cares about its power security.

Georgian power system had not been fit to operate independently and for the past ten years of political independence the problem of natural gas and power supply has not been solved.

politics & society

THE WAR

The whole territory of Georgia, far beyond Tskhinvali region, is targeted by Russian aviation for bombardments. Vaziani near Tbilisi, Black Sea port of Poti, Senaki in Samegrelo region, Gori and others cities of Georgia are bombed.

Sarke