Business

06 February 2007 [22:13]

Barmek's president faces official charges

Official accusations have been made against president of Barmek Azerbaijan Electricity Distribution LLC Huseyn Arabul on Article 179.3.2 (embezzlement), 308.2 (abuse of power) and 313 of the Criminal Code.
06 February 2007 [22:07]

Asia Telecom announces project update in Azerbaijan

In Q4 2006, the Internet service provider (ISP), a division of Asia Telecom Ltd., began the construction of its own data transmission network and placement of DSLAM equipment for the assignment ADSL (Broadband) services in Baku city, Azerbaijan, according to Asian Telecom press release.
06 February 2007 [16:44]

Azerbaijan buys five Boeings

Azerbaijan Airlines State Concern has signed a contract with the US Boeing company on Tuesday. Under the contract Azerbaijan is to buy five Boeing planes of two modifications worth 401 million dollars.
06 February 2007 [15:24]

US government finances projects in Khachmaz

Three projects financed by US government were implemented in Mollaburkhanli village of Khachmaz region, Azerbaijan, on February 5.
06 February 2007 [15:22]

CHF International implements projects in Azerbaijan

CHF International Organization implements several projects in Gakh region, financed by US Agency for International Development (USAID).
06 February 2007 [14:49]

Fitch upgrades Azerbaijan's rating to BB+

Fitch Ratings has upgraded Azerbaijan's foreign and local currency issuer default ratings from 'BB' to 'BB+' with a stable outlook, citing high oil production and low state debt in the former Soviet state.
06 February 2007 [14:33]

Russia and Azerbaijan to cooperate on banking supervision

The Bank of Russia and the National Bank of Azerbaijan have signed an agreement on cooperation in the sphere of banking supervision.
06 February 2007 [10:35]

Baku hosts satellite technology and prospects seminar

Dr. Roald Sagdeev, Distinguished Professor of Physics at the University of Maryland and Director of SilkSat, a telecommunications project utilizing small satellites, Director Emeritus of the Space Research Institute, the Moscow-based center of the Russian space exploration program, gave a seminar on modern status of satellite technologies and prospects at the Communications and Information technologies Ministry.
06 February 2007 [10:30]

Azerbaijan to attend Caspian Telecoms Conference

Caspian Telecoms Conference and Showcase, an ideal forum in which to discover what is happening within the Caspian, Central Asia and Black Sea telecoms market will be held in Istanbul on April 12-13 by international companies, trade-industry exhibitions and conferences professional-ITE Group PLC (UK), EUF (Turkey) and ITE Moscow LLC (Russia).
06 February 2007 [10:25]

Finance Minister: "Azerbaijan to penetrate international capital market"

Azerbaijan will penetrate international capital market this year, Finance Minister Samir Sharifov said.
06 February 2007 [10:15]

Azercell installs 16 more stations

Azercell Telecom JV continues its work on expanding field of its coverage and to provide high-quality telecommunication services in the country.
06 February 2007 [10:10]

Customs taxes and duties collection rises by 31% in Jan.

State Customs Committee of Azerbaijan transferred taxes and duties of AZN 57.65m to the State Budget in January. The forecast was met by 101.68 percent.
06 February 2007 [09:40]

Currency disintegration equipment to be delivered this week

National Bank of Azerbaijan has bought currency shredding devices and granulators from the Kusters Engineering to destroy old banknotes. The granulating devices will be delivered to Baku this week.
06 February 2007 [09:35]

Bashak-Inam increases insurance premiums collection 13%

Azeri-Turkish Insurance Company, Bashak-Inam increased insurance premiums collection to AZN 2,405,443.53, up 12.92% from 2005.
06 February 2007 [09:30]

AtaBank posts 96.5% assets rise

As at January 1, AtaBank's assets made up AZN 62,671,900, up 96.5% from the previous year.
06 February 2007 [09:25]

Improtex Trucks&Buses to open trucks sales and service center

Improtex Trucks & Buses, engaged in new project of sales and service of MAN trucks, intends to open new sales and service center on Shikh Highway.
06 February 2007 [08:25]

Gunay-Anadolu Sigorta to raise its nominal capital 13.3%

Gunay-Anadolu Insurance intends to increase its authorized capital 13.3% to AZN 800,000.
06 February 2007 [08:20]

BE&G Insurance to launch new services

Azerbaijan's BE&G Insurance Company intends to launch new insurance services such as mortgage, energy risk (oil&gas exploration and production) and jewellery carrying.
06 February 2007 [08:15]

UAE's Environment and Water Minister to visit Azerbaijan

United Arab Emirates Minister or Environment and Water, Dr. Mohammed Saeed Al Kindi, is expected to visit Azerbaijan at invitation.
06 February 2007 [08:10]

World market indices up and down, S&P 500 peaks

The Dow Jones industrial average lost 20.19, or 0.16 percent, to 12,653.49, after passing Friday a record close set Jan. 24.
06 February 2007 [08:00]

Tariff Council sets new fares

Tariff Council, State Price Regulator, has discussed new fares for intercity, in-city, suburban, and district passenger carrying, and prices proposed by State Land and Cartography Committee.
06 February 2007 [02:38]

SOCAR tenders Urals crude

Azeri state oil firm SOCAR has announced a tender for 450,000 barrels of Russian Urals crude oil for loading at the Black Sea port of Novorossiisk, the company said Monday.
05 February 2007 [22:03]

Trades at BICEX, Feb. 5

The weighted average exchange prices made up 0,8699 AZN for 1 US dollar in the Baku Interbank Currency Exchange on February 5.
05 February 2007 [21:38]

Iran-Armenia pipeline to become operational 'in March or April'

The first Armenian section of a key gas pipeline running from neighboring Iran will be officially inaugurated next month or in April at the latest, Energy Minister Armen Movsisian said on Monday.
05 February 2007 [21:34]

U.S. diplomat to discuss diversification of Kazakh hydrocarbon exports

A U.S. delegation headed by Assistant Secretary of State for Economic, Energy and Business Affairs Daniel Sullivan has arrived in Astana to discuss diversifying Kazakhstan's oil and gas export routes.
05 February 2007 [21:30]

MAZ sends two airfield passenger buses to Azerbaijan

Minsk Automobile Plant /MAZ/ has sent two airfield passenger buses MAZ-171075 to Azerbaijan. The buses were purchased by the state concern Azerbaijani Airlines – AZAL for the work in the Heydar Aliev Airport in Baku.
05 February 2007 [21:28]

U.N. lifts ban on exports of beluga caviar

The United Nations on Monday lifted a ban on exports of beluga caviar, the most expensive type of the delicacy, after Caspian Sea states agreed to limit catches in view of concerns over declining fish stocks.
05 February 2007 [21:23]

Azerbaijan to buy Boeing's latest B-787 'Dreamliner'

President Aliyev has received the delegation headed by executive vice president of The Boeing Company and president and CEO of Boeing Commercial Airplanes Scott Carson.
05 February 2007 [17:44]

Oil prices drop below US$59 a barrel after jump on cold U.S. weather

Oil prices fell in profit-taking Monday after rising nearly US$2 a barrel last week as forecasts of a cold snap in the United States raised expectations of higher demand.
05 February 2007 [17:34]

Pakistan-Azerbaijan intergovernmental joint commission to meet in Islamabad

The fourth meeting of Pakistan-Azerbaijan intergovernmental joint commission will be held in Islamabad on Tuesday.
05 February 2007 [17:21]

Baku hosts conference on economic growth and problems with use of financial resources

Conference examining priorities of new quality phrase in economic growth and problems with use of financial resources, supported by UK Links, was held by Parliament commission or economic policy.
05 February 2007 [16:00]

Azerbaijan posts $1.1 bln foreign trade surplus for 2006

Azerbaijan's foreign trade surplus totaled $1.1 billion in 2006.
05 February 2007 [12:33]

Georgia hopes to sign free trade agreement with Turkey soon

Georgian Minister of Economics and Infrastructure Giorgi Arveladze said that they hoped to sign a free trade agreement with Turkey in the near future.
05 February 2007 [12:20]

3 documents expected to be signed at Azerbaijan-US Economic Partnership Commission's meeting

"Bilateral economic relations between Azerbaijan and the United States rose to partnership from cooperation in 2006.
04 February 2007 [15:08]

Turkish PM to head for Georgia to attend signing ceremony for rail project

Turkish Prime Minister Recep Tayyip Erdogan will leave for Georgia on Feb. 7 to attend the signing ceremony for the Baku-Tbilisi-Kars (BTK) railway project.
03 February 2007 [17:56]

Internet providers to offer IP telephony service

IP telephony service has been provided in Azerbaijan by President Ilham Aliyev's order effective January 1, Communications and Information Technologies Minister Ali Abbasov said.
03 February 2007 [17:50]

ICT Ministry and IRIB conclude a protocol

A protocol was signed with Communications and Information technologies Ministry of Azerbaijan within the visit of a delegation led by Ezzatollah Zarghami, President of Islamic Republic of Iran Broadcasting (IRIB).
03 February 2007 [12:45]

BSE's turnover up 4,5 times

In total the deals closed on all instruments on the Baku Stock Exchange during January, 2007 stood at approx. AZN 179.304mln, up 4.5 times the same period last year.
03 February 2007 [12:42]

Azercell signs new roaming agreements with Bharti Airtel

Azercell Telecom has put into use roaming agreements with Karnataka, Haryana and Himchal, the networks of India's Bharti Airtel. This is Azercell's fifteenth agreement with Bharti Airtel.
03 February 2007 [12:40]

German company to export Azeri Lt. crude from Ceyhan

Germany's Select Energy GmbH has won the tender announced by the SOCAR Department for Marketing and Economic Operations.
03 February 2007 [12:39]

Koc Bank-Azerbaijan tops ranking of dealer

In January, according to the calculations by the Analytical Department of the BSE, in the government securities market (excluding repo operations market) Koc Bank-Azerbaijan headed the ranking of dealers with dealer operations in the total amount of AZN 16,356,515.14.
03 February 2007 [11:25]

Talks between Azerbaijan and RusAL suspended

The talks between Azerbaijan and RusAL have been suspended for short time.
03 February 2007 [11:20]

Azerbaijan-Moscow intergovernmental commission to meet

The meeting of the Azerbaijan-Moscow Intergovernmental Commission will be held this year.
03 February 2007 [11:10]

Standard Capital tops ranking of brokers in Azerbaijan in January

In January, 2007 according to the calculations by the Analytical Department of the BSE, in the government securities market (excluding repo operations market) Standard Capital headed ranking of brokers with brokerage services of AZN 42,221,457.02 provided to five clients.
03 February 2007 [10:35]

Taxes Ministry implements budget forecast with surplus

Azerbaijan's Taxes Ministry paid AZN 2,716,621,200 to the State Budget, meting the forecast with a surplus (103.3%) in 2006.
03 February 2007 [10:30]

Trades at BICEX, Feb.2

The weighted average exchange price made up 0.8701 AZN/USD at trading sessions on the Baku Interbank Currency Exchange on Friday.
03 February 2007 [10:25]

Industry Bank of Azerbaijan becomes AMF authorized bank

Authorized banks of Azerbaijan Mortgage Fund reached 23 in number after Industry Bank of Azerbaijan joined.
03 February 2007 [10:20]

Mortgage Fund lends first preferential loan through Bank Standard

The first preferential mortgage loan has been allowed after the presidential decree on improvement of mortgage lending mechanism in the country.
03 February 2007 [10:15]

Baku Module Power Plant Construction about to complete

The construction of Baku Module Power Station has continued to progress, and lighting and renovation of the territory is ongoing.
03 February 2007 [09:35]

Gunay Bank moves to new location

Gunay Bank will be moving to a new location.
03 February 2007 [09:30]

Oil prices rise to more than $59 a barrel on cold weather, escalating geopolitical risks

Oil prices rose to more than $59 a barrel Friday on expectations of bitter cold weather in the U.S. Northeast this weekend and on growing concerns over geopolitical factors.
03 February 2007 [09:25]

Two road bridges and a tunnel to be commissioned in Baku

Two road bridges and a tunnel will be commissioned in Baku on the eve of Novruz Holiday.
03 February 2007 [09:20]

AMFA members' current loan portfolio grows 91%

At January 1, 2007, total amount of the current loan portfolio of 22 AMFA member bank and nonbank crediting organizations reached US $139,767,756, up 91.1% from the previous year.
02 February 2007 [23:12]

Exxon Mobil posts U.S. record annual profit

U.S. oil giant Exxon Mobil Corp. posted Thursday a record profit of 39.5 billion dollars in 2006, also the largest annual profit by a U.S. company.
02 February 2007 [22:48]

Azerbaijan to earn $50mln annually from railway project, says Azeri Transport Ministry

Azerbaijan Deputy Minister of Transport Musa Panahov comments perspectives of a regional railway project.
02 February 2007 [22:40]

President Aliyev receives WB mission

President Ilham Aliyev of Azerbaijan received Senior Economist of the World Bank, author of the "Doing Business 2007" Simeon Djankov and the WB country manager Gregory Jedrzejczak, 2 February.
02 February 2007 [21:48]

Musa Panahov: "Bridge near Azizbayov circle underwent corrosion"

The problem in the road bridge near Azizbayov metro station is related to corrosion in metal constructions.
02 February 2007 [18:12]

Ukraine, Kazakhstan pledge to boost energy cooperation

The presidents of Ukraine and Kazakhstan pledged Friday to boost energy cooperation between the two ex-Soviet republics as Kazakhstan tries to find more outlets for its energy resources and Ukraine seeks to boost the reliability of its imports.
02 February 2007 [15:09]

Dow hits new all-time high

The Dow Jones Industrial Average (DJIA) closed at a record high following investor confidence in inflation and the economy.
02 February 2007 [14:31]

Turkey to sell its own gas to Greece to make up for Shah Deniz delay

Turkey plans to sell natural gas to Greece from its own reserves if delays from the new Azeri Shah Deniz project are extended, an energy ministry official said.
02 February 2007 [01:36]

Explosion hits oil refinery in northwestern Turkey, killing 2

An explosion ripped through a storage tank at Turkey's largest oil refinery in northwestern Turkey on Thursday, killing two South African workers and injuring seven other people, the governor's office said.
02 February 2007 [01:04]

NYSE and TSE merge, two in one stronger

The Tokyo Stock Exchange and the New York Stock Exchange announced that they have signed a tie-up agreement.
02 February 2007 [01:03]

Market indices up and down

Stocks soared Wednesday afternoon amid the Federal Reserve, as expected before, left short-term interest rates unchanged at 5.25 percent, and showing that the economy remains healthy and that inflation pressures are easing gradually.
02 February 2007 [01:02]

Oil prices about to level off

Oil futures regained nostalgic prices Wednesday.
02 February 2007 [01:01]

Shah Deniz gas to reach Georgia in two weeks

Georgia is reshaping its energy balance to reduce gas consumption as much as possible by closing gas-fuelled power plants.
02 February 2007 [01:00]

Azerbaijan's most profitable deposit product

Azerbaijan's Azerdemiryolbank has started up new Khamsa deposit product campaign.
02 February 2007 [00:54]

Trades at BICEX, Feb.1

The weighted average exchange price made up 0.8701 AZN/USD at trading sessions at the Baku Interbank Currency Exchange on Thursday.
02 February 2007 [00:50]

UniLeasing doubles investments in 2006

Azerbaijan's UniLeasing doubled investments in the economy to AZN 10.9mln during 2006.
02 February 2007 [00:49]

Baku bakeries under monitoring

Azerbaijan State Agency for Standardization, Metrology and Patents are monitoring bakeries in Baku to assess the quality and weight of bread loafs.
02 February 2007 [00:47]

Amount and price of Russian electricity likely to be reconsidered

The amount and price of Russian electricity supplies Azerbaijan is importing in the second quarter can be reconsidered, said Azerenergy Vice-President Marlen Asgarov.
02 February 2007 [00:45]

Azerbaijan develops power grids reconstruction program

Azerbaijan is developing a five-year program on reconstruction of electricity networks in regions.
02 February 2007 [00:42]

Lafarge is doing market research in Azerbaijan

Representatives from Lafarge, the largest cement manufacturer, are doing market research in Azerbaijan.
02 February 2007 [00:41]

Azerbaijan Micro Finance Bank's loan portfolio tripled

Azerbaijan Micro Finance Bank trebled its loan portfolio to US $47.6mln at early January, 2007.
02 February 2007 [00:40]

Azercell concludes roaming agreement with SFR

Azerbaijan's leading mobile operator, Azercell JV, has concluded a GPRS/MMS roaming agreement with SFR operator of France.
02 February 2007 [00:39]

Taxes Ministry cancels VAT registration of 62 taxpayers

Taxes Ministry has deregistered 62 taxpayers for VAT during January.