Sarke: newsletter of 16 February 2009

TODAY:

politics

HEADS OF TWO NEW DEPARTMENTS IN ECONOMIC DEVELOPMENT MINISTRY ARE APPOINTED

Georgian Economic Development Ministry announces about appointment of heads of two new departments. David Chelidze, 41, is appointed the head of Department of Treaty Commitments Monitoring.

economics

EXPERTS: MOST FINANCING OF TRADE BY BANKS IS A PROBLEM

Experts from coalition Transparent Financial Aid to Georgia note that besides trade, industry and construction, banking credit almost does not cover sectoral GDP of Georgia. At that, experts say that trade, which mainly deals with import, is excessively covered by the banking credit.

EXPERTS AGAIN TALK ABOUT THE NECESSITY OF INSURANCE SYSTEM OF BANKING DEPOSITS

Experts from the coalition Transparent Financial Aid to Georgia name providing liquidity of Georgian banking sector and establishment of deposits insurance the first-priority tasks to avoid development of crisis. Deposits insurance should cover at least part of short-term deposits, the experts announce.

business

SHARE OF EUROOIL IN SAKHALKHO BANKI REACHED 89%

As Sakhalkho Banki (People’s Bank) told Sarke, share of EuroOil in this Georgian bank makes up 89%. To remind, 69% (1.08 billion shares) of bank’s shares was acquired by EuroOil, established by Arab RAK Investment, in January this year.

PROCREDIT BANK TO BUILD A NEW HEAD OFFICE IN TBILISI

ProCredit Bank announced a tender on construction of the new head office in the center of Tbilisi. The office will be located on Vazha Pshavela Ave.

OFFICIAL REPRESENTATION OF ONCOR INTERNATIONAL STARTS OPERATIONS

RPA Caucasus, official representation of global investment (broker) company Oncor International, starts activity in Georgia. According to the company, future plans include expanding activity on Azerbaijan as well.

GG&MW TO INCREASE EXPORT TO THE BALTIC STATES

Company Georgian Glass & Mineral Waters (GG&MW) announces that its strategy for 2009 includes increasing of export to the Baltic States. As GG&MW notes, with these aims the company opened a representation on Vilnius in November 2008, which covers all three Baltic States (Estonia, Latvia and Lithuania).

COCA-COLA BOTTLERS GEORGIA TO EXPAND RANGE OF PRODUCTION

President of the company Coca-Cola Bottlers Georgia Temur Chkonia announced that the company will produce two new brands of soft drinks in the nearest future. Namely, the company will start production of three types of Schweppes tonic from the end of February.

DEVELOPMENT COMPANY NIBA INVEST BUILDS BUSINESS AND TRADE CENTERS IN TBILISI

Development company Niba Invest announces that trade center Niba Delisi and business center Niba Tower will be built in Tbilisi at the adjacent territory of Delisi subway station. According to the company, trade center Niba Delisi will be of 4 floors.

AVERSI TO OPEN A CLINIC IN GORI IN MARCH

Pharmaceutical company Aversi announced that it is going to open a clinic in Gori in March. Volume of investments is not named.

AVERSI: PRICES ON DRUGS INCREASED BY 2-3%

Paata Kurtanidze, director general of pharmaceutical company Aversi, told Sarke that prices on drugs increased in the distribution chain of the company by 2-3% compared with the previous year. Kurtanidze explained the rise of prices with 17% drop of lari rate towards dollar in November 2008.

AGRICULTURAL FIRM KOBULETI TO SELL ITS TEA MAINLY ON THE LOCAL MARKET

Agricultural firm Kobuleti is going to sell its tea mainly on the local market. As head of the company Temur Jashi told Sarke, it is planned to harvest 2,000 t of tea in a season (5 months) in Ochkhamuri, where the company owns 400 ha plantation.

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