News from Georgia courtesy of Sarke

TODAY:

- politics

* 3 AGREEMENTS ON DOUBLE TAXATION AVOIDANCE TO BE RATIFIED

According to Finance Ministry, currently, 3 agreements on double taxation avoidance are in queue for ratification. The matter concerns agreements with Ireland, Israel and Russia.

- economics

* CHAMBER OF COMMERCE AND TRADE WOULD HAVE REPRESENTATIVE IN MORE 4 COUNTRIES

Georgian Chamber of Commerce and Trade reported that it will be represented in more 4 countries since today. David Bakhtadze was appointed as permanent representative of the Chamber in Cyprus, Nodar Giorgadze – in Slovakia, Vazha Kiknavelidze – Czech Republic, Gulnara Managadze – Flanders (Belgium).

* SAKSTAT STARTS FIELD WORKS ON AGRICULTURAL INFRASTRUCTURE DESCRIPTION

Sakstat announced about start of filed works on agricultural infrastructure description. The description is part of project on assessment of Millennium Challenge – Georgia (MCG) program impact.

* NUMBER OF PARTICIPANTS OF “NEW LIFE FOR OLD TBILISI” PROGRAM’S 2ND STAGE IS INCREASED 5 TIMES

According to Tbilisi City Hall, number of participants of the 2nd stage of “New Life for Old Tbilisi” program is increased 5 times. Over 50 developers submitted applications on the 2nd stage instead of only 11 during the 1st stage.

- business

* SAKARTVELOS BANKI ACCOUNTS FOR 14.2% OF PLASTIC CARDS ISSUED

Sakartvelos Banki (Bank of Georgia) reports that total number of its plastic cards makes up 570,000 as of March 31. Respectfully, market share of the bank makes up 14.2% in these terms.

* STOCK-EXCHANGE TRADES WITH SAKARTVELOS BANKI’S SHARES ARE SUSPENDED

According to Georgian Stock Exchange, trades on shares of Sakartvelos Banki (Bank of Georgia) have been suspended. Trades are expected to be resumed on Monday, Stock Exchange said.

* TBC BANK OFFERS INTEREST-FREE INSTALLMENT FOR SHOPPING IN ELIT ELECTRONICS

TBC Bank announced about launching of interest-free installment for customers of Elit Electronics (chain of household appliance stores), which will last until June 30. Payments of loan’s principal should be made monthly.

* JSC TBILISI CENTRAL OFFICIALLY LAUNCHED SHOPPING MALL

JSC Tbilisi Central announced that shopping mall on the territory of Tbilisi Central Railway Station was officially opened today. To remind, opening of the mall was delayed twice (reasons were not named).

* HYPERMARKET GOODWILL NOT TO OPEN BRANCHES IN KARVASLA AND TBILISI CENTRAL

Hypermarket Goodwill reported to Sarke that it is not going to open branches in Karvasla and Tbilisi Central (malls near Tbilisi Central Railway Station). The company said that the decision was made based on the results of marketing research, according to which, opening of branches in these trade-centers would be unprofitable.

* AUCTION ANNOUNCED ON LAND PLOTS WITH CONDITION OF INTERIOR MINISTRY’S OBJECTS REPAIR

Economic Development Ministry has announced auction on land plots with condition to conduct repairing of Interior Ministry’s objects. Buildings and land plot of 17,646 square m (Kakheti Highway, 36b) are offered for $25,000.

- society

* JSC ENERGYINVEST’S DIRECTOR GENERAL IS SENTENCED TO 2-MONTHS PRE-TRIAL DETENTION

Tbilisi City Court has sentenced Genadi Malazonia, JSC EnergyInvest’s director general, to 2-month pre-trial detention. Malazonia was arrested on May 19.

For further information: Sarke