Sarke: newsletter of 10.11.2008

Today news:

economics

NBG: LARI RATE REACHED NEW BALANCE POINT

As a result of trades on Tbilisi Interbank Currency Exchange, lari rate dropped down to 1.6500 GEL/USD today, i.e. more than by 10% since the previous trades (November 7). As David Amaglobeli, acting president of National Bank of Georgia (NBG), announced on special press briefing today, NBG conducted correction of lari rate.

IMF TO TRANSFER THE SECOND TRANCHE OF STAND-BY CREDIT IN NEAR FUTURE

The second tranche of the International Monetary Fund (IMF) support credit (Stand-By Arrangement) will be transferred at the account of National Bank of Georgia (NBG) these days, announced NBG acting president David Amaglobeli at today’s briefing. The size of the tranche is $250 million.

GRAPE HARVEST IN KAKHETI IS LESS THAN TARGET BY 27% THIS YEAR

As Georgian Agriculture Ministry informs, grape harvest made up 102,000 t this year, which is less by 27% compared with the planned figures.

Rkatsiteli variety accounts for 75% (76,900 t) of the total harvest, Saperavi – 19% (19,000 t), while hybrid ones – 6% (6,100 t).

business

FIRST BRITISH BANK FINISHED 9 MONTHS WITH 50,333 LARI PROFIT

First British Bank reported profit of 50,333 lari for 9 months of 2008. This rate made up 762,745 lari in the same period of 2007.

RICO EXPRESS ATTRACTED CREDIT LINE FROM PROGRESSBANK

Micro-financial organization LLC Rico Express received credit line of $600,000 from JSC ProgressBank, told Sarke company’s founder Lasha Nikolaishvili.

According to Nikolaishvili, the mentioned sum will give the company a possibility to reduce monthly interest rates on collateral loans from 4% to 3.5% from tomorrow.

SKY GEORGIA DELAYED FLIGHTS UNTIL NOVEMBER 14

Air company Sky Georgia delayed flights to Istanbul and Kiev, which should have been implemented on November 9, until November 14. To remind, the company announced about starting of flights on October 21.

POPULI OPENED SEVERAL NEW SHOPS IN TBILISI

JSC Galt&Taggart Asset Management informs that 4 new shops of supermarket chain Populi were opened these days in Tbilisi.

Two shops of Populi Express format were opened on Chavchavadze and Vazha Pshavela Avenues, having selling space of 125 square m and 160 square m, respectively.

MAGTI OFFERS INTERNET SERVICE TO CLIENTS OF MAGTI-FIX

Mobile operator Magti announced that its Magti-Fix service (wireless fixed telephone of CDMA standard) offers internet access to its clients from today.

According to the company, speed of the internet traffic makes up 153 Kbps, while cost is 1 tetri per sec.

NON-AGRICULTURAL LAND PLOT IS SOLD IN BATUMI

Ajara Finance and Economy Ministry announced auction on non-agricultural land plot, located in Batumi (Queen Tamar highway). Starting price of the land plot with building (ruins) makes up 420,000 lari.

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