Sarke: newsletter of 27 May 2009

TODAY:

politics

LASHA ZHVANIA: INVESTMENT ACTIVITY, PRIVATIZATION PROCESS AND TOURISM CONSIDERABLY RETARDED DURING THE PROCESSES OF APRIL-MAY

Economic Development Minister Lasha Zhvania said today that investments activity, privatization process and tourism considerably retarded in April-May on the background of the political processes in Georgia. Namely, assets of 12 million lari were brought for sale, however, budget revenue from privatization amounted to 155,000 lari only since April 9 (starting date of protest actions), Zhvania reported.

GEORGIA OBJECTS TO BENETTON’S ACTIVITY IN ABKHAZIA

Economic Development Minister Lasha Zhvania said that opening of a shop in Abkhazia by the Turkish representation of Benetton will be one of the main topics during his meeting with Turkish State Minister for Foreign Trade, which is scheduled for June 2. Zhvania reminded the investors that Georgian legislation forbids any commercial activity at the territory of Abkhazia and so-called South Ossetia, i.e. at the territories, occupied by Russia.

economics

CONSTRUCTION OF RAILWAY TUNNEL BETWEEN GEORGIA AND TURKEY TO START IN 2010

Construction of tunnel will start on the border of Georgia and Turkey in terms of Baku-Tbilisi-Kars railway line project. Tunnel length will make up 2.6 km and it will connect Georgian and Turkish sections of the railway.

SOME PRODUCTION, IMPORTED IN GEORGIA, WILL BE SUBJECTED TO VETERINARY AND SANITARY CONTROL

According to the Georgian government’s regulation, made on May 12, some imported or transited production will be subjected to veterinary and sanitary control. The matter concerns those countries, where diseases listed in international veterinary and sanitary code were revealed.

business

SAKHALKHO BANKI FINISHED YEAR 2008 WITH LOSSES OF 48.16M LARI

Sakhalkho Banki (People’s Bank) reported losses of 48.16 million lari in the year 2008, which make up 22% of Georgia’s banking totals. The bank fixed profit of 10.64 million lari in 2007.

REORGANIZATION OF TURKISH ZIRAAT BANK’S TBILISI BRANCH INTO INDEPENDENT BANK IS SUSPENDED

Reorganization of Tbilisi branch of Turkish Ziraat Bank into independent bank is temporarily suspended. To remind, this process was planned initially to be finished in the end of November last year.

BANK CONSTANTA FIXED PROFIT OF 450,343 LARI IN Q1

Bank Constanta reports that it fixed profit of 450,343 lari in the 1st quarter of 2009. It should be mentioned that JSC Constanta got its banking activity license on July 3, 2008.

LOSSES OF HALYK BANK GEORGIA IN Q1 AMOUNTED TO 500,222 LARI

Halyk Bank Georgia reports that its losses in the 1st quarter of 2009 made up 500,222 lari, which is 31.6 times more compared with the same period of 2008. It should be mentioned that the bank got the license on January 29, 2008 and started its activity from October 2008.

LLC HYDROENERGYPROJECT TO DESIGN REHABILITATION PROJECT FOR CHITAKHEVHES

As JSC Chitakhevi-Borjomi told Sarke, LLC Hydroenergyproject will design rehabilitation project of ChitakhevHES (Chitakhevi hydroelectric station). The LLC was selected through the tender, held in April, where it was rivaled by two companies.

CONCRETE-MIXING PLANT OF LLC HEIDELBERGBETON GEORGIA WORKS ON ONE-TIME ORDERS NOW

LLC HeidelbergBeton Georgia reports that concrete-mixing plant, located in Ponichala (Tbilisi suburbs), works currently on one-time orders now. The plant was launched in the end of April 2009.

ECONOMIC CRISIS DID NOT HAVE NEGATIVE INFLUENCE ON LLC WOOD SERVICE

Archil Papava, marketing director of wood processing company LLC Wood Service, said that economic crisis did not have negative influence on the company. As Papava told Sarke, it was caused by two factors.

LLC TKBILI KVEKANA TO PRODUCE CHOCOLATE-LESS CAKES BY SUMMER

LLC Tkbili Kvekana (Sweet Country) plans to produce a new kind of cake (without chocolate) by summer. As the company told Sarke, expected price will make up nearly 2-4 lari per 1 kg.

INFORMATIONAL INFRASTRUCTURE OF FINANCE MINISTRY TO BE RENEWED

Georgian Finance Ministry announced a tender on renewal of its informational infrastructure. Tender envelopes will be opened on June 16 in the Ministry.

PROPERTY OF JSC ALIONI WAS NOT SOLD

Tbilisi Regional Center of Georgian Finance Ministry’s Revenue Service (Tax Inspection) told Sarke that selling of JSC Alioni’s seized property failed, as no applications were submitted on auction, announced on April 24. Starting price of the property was envisaged by 2.06 million lari.

PROPERTY OF KOBULETI TEA FACTORY WAS NOT SOLD

Ajara Finance and Economy Ministry told Sarke that property of the former tea factory was not sold at the auction, held on May 25. Starting price was envisaged by 800,000 lari.

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Sarke