Business

19 January 2007 [00:34]

Gunay bank to join Western Union

Azerbaijan's Gunay Bank intends to join Western Union International Money Transfer System.
19 January 2007 [00:34]

AtaLeasing increases leasing portfolio to $1.5m

As of December 31, the leasing portfolio of Azerbaijan's AtaLeasing Company amounted to US $1,484,505 in 2006.
19 January 2007 [00:32]

Azerbaijan's GDP grew by 34.5% in 2006

GDP grew by 34.5%, year on year, in 2006, to AZN 17.7 billion.
19 January 2007 [00:31]

Azercell concludes GPRS/MMS deal with Telefonica

Azercell Telecom Joint Venture has concluded a GPRS/MMS roaming agreement with Spain's Telefonica.
19 January 2007 [00:29]

Nominal incomes grow 23.4% in Azerbaijan

During 2006 Azerbaijani population's total nominal incomes rose 23.4%, or AZN 1.9bn year-over-year.
19 January 2007 [00:27]

Azal Insurance increases its nominal capital

Azerbaijan's Azal Insurance Company increased its authorized capital by 33.3%, year-over-year, to AZN 800,000.
19 January 2007 [00:25]

Electricity supply cut off in some residential areas in Balaken

Electricity supply has been cut off in some residential areas in Balaken from January 16.
19 January 2007 [00:04]

Nymex crude hits $52.24

Crude oil is going to recover on the market.
19 January 2007 [00:03]

Dow Jones, S&P500, Nasdaq go down

The Dow Jones industrial average slipped 5.44 points, or 0.04 percent, to end at 12,577.15, the Standard & Poor's 500 Index dipped 1.28 points, or 0.09 percent, to close at 1,430.62, the Nasdaq Composite Index fell 18.36 points, or 0.74 percent, to finish at 2,479.42.
18 January 2007 [23:52]

Gold plant to be opened in Azerbaijan

In April gold-producing plant will be opened in Gadabey, Azerbaijan.
18 January 2007 [23:45]

President Aliyev to attend Davos Forum

Annual economic forum will be held on January 24-28 in the city Davos in Switzerland and Azerbaijani President Ilham Aliyev will participate in the World Economic Forum. The main theme of discussions will be "the shifting power of equation."
18 January 2007 [22:47]

Trades at BICEX, Jan. 18

The weighted average exchange prices made up 0.8713 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 18.
18 January 2007 [21:52]

IMF says price hike likely to accelerate inflation in Azerbaijan

The International Monetary Fund said the recent hike in utilities and energy on domestic market has caused the rice in consumer price inflation in the country.
18 January 2007 [21:49]

Indonesia, Azerbaijan explore cooperation in oil and gas sector

In a sign of a more concrete relations between Azerbaijan and Indonesia, ministries and companies from both countries have explored possible cooperation in education, transportation and energy.
18 January 2007 [17:31]

Perspectives and advantages of new oil refinery in Ceyhan Port

Early December, 2006 the President of the State Oil Company of Azerbaijan (SOCAR), Rovnag Abdullayev, and the Chairman of the Management Board of Turkey's Turcas, Erdal Aksoy, signed an agreement on establishment of SOCAR & Turcas Energy Joint Venture to ensure investment-making in oil processing in Ceyhan Port, gas import and wholesale selling of gas and Turcas' participation in the exploration activities on the Caspian.
18 January 2007 [16:11]

Government discusses rise of basic pension and minimum salary

The rise of basic pension and minimum salary was discussed in the conference held on the rise of energy deliveries in the Cabinet.
18 January 2007 [16:04]

Construction of ring road starts in Baku

Construction of Baku ring road project has commenced. The preliminary cost of the 21.5km road is estimated at US$49.5m.
18 January 2007 [01:55]

Azerbaijan to get more gas from BP-led consortium, official says

A consortium led by Western oil giant BP PLC will help Azerbaijan do without Russian natural gas by providing the former Soviet republic with about 3 billion cubic meters of gas this year, the head of the nation's state petroleum company said Wednesday.
18 January 2007 [01:38]

Tex terminal to be set in Azerbaijan

From the second quarter of this year project on establishment of tax terminals in Azerbaijan will start.
18 January 2007 [01:38]

Nika Giluari: "Azerbaijan to have 1.2bn and Georgia 0.8bn of Turkish quota"

Georgia continues to discuss details with Turkey on redistribution of Turkey's quota in Shah Deniz project.
18 January 2007 [01:36]

Hyundai to open three regional service departments and salons

Hyundai Auto Azerbaijan intends to open services and salons in regions of Guba, Ganja and Lenkeran.
18 January 2007 [01:35]

Azerbaijan seeks solution to price hike

Government of Azerbaijan has begun to discuss proposals submitted by the government agencies so as to find a solution to the plight resulting from the sharp increase of prices.
18 January 2007 [01:33]

Ukraine wants to join Nabucco project

Ukraine Premier who paid official visit to Turkey stated that his country wants to join the construction of Nabucco project.
18 January 2007 [01:27]

Charges for communication services not to rise

"Hike of charges for energy supplies will not influence the prices of communication services," Communication and Information Technologies Minister Ali Abbasov told the journalists.
18 January 2007 [01:24]

New buses to be brought to Ganja

New buses are planned to be brought to Ganja beginning from 2008.
18 January 2007 [01:23]

Printing prices in Azerbaijan Publishing house to depend on paper editions

"Azerbaijan Publishing House hesitates in increasing printing prices. Therefore the rise of prices may delay," said Besti Ismayilova, Deputy Director of Azerbaijan Publishing House.
18 January 2007 [01:18]

Bank of Baku achieves 34%-rise of assets

Azerbaijan's Bank of Baku increased by 34% or AZN18.39 to AZN 72.99m, as of early January 2007.
18 January 2007 [01:14]

Oil prices falls 3.4 percent on NYMEX

Oil slumped $1.78 to $51.21 a barrel on the New York Mercantile Exchange, the lowest it's traded since May 2005. Brent futures shed 86 cents to $52.26.
18 January 2007 [01:12]

Alan Waddams: "No negotiations on granting market-economy status to Armenia carry out"

Armenian Diasporas spread the information on the negotiations on granting market-economy status to Armenia.
18 January 2007 [00:53]

Industry grows by 36.6% in Azerbaijan

Industrial production grew by 36.6%, year-over-year, to AZN 14.4bn in Azerbaijan during 2006.
18 January 2007 [00:52]

Georgia's foreign debt hits 1.697bn

As of early January, 2007 Georgia's foreign debt and government loan liabilities totaled to $1.697484 billion, including $498.044 million owed to 15 creditor nations.
18 January 2007 [00:51]

Bank Respublika increases interest rates on euro deals

Azerbaijan's Bank Respublika has increased interest rates on euro transactions to 12%.
17 January 2007 [22:59]

Agriculture Minister to visit Germany

A delegation led by Ismat Abbasov, Azerbaijan's Minister for Agriculture, has left for the Federal Republic of Germany to take part in the international Green Week exhibition on food, agriculture and gardening industry to be held in Berlin on January 18-28.
17 January 2007 [22:58]

Trades at BICEX, Jan. 17

The weighted average exchange prices made up 0,8714 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 17.
17 January 2007 [22:37]

Shah Deniz gas buttressing Georgia, Azerbaijan economically and politically

At 10 pm local time on January 14, commercial production and the delivery flow of gas started at the first well of Azerbaijan's giant offshore field Shah Deniz, a BP-led project.
17 January 2007 [17:05]

Cherkizov market owned by Azeri businessmen to be closed

One of the most famous markets in Moscow Cherkizov market will be closed.
17 January 2007 [14:48]

Agreement on Baku-Tbilisi-Kars railway ready to be signed

The agreements on Baku-Tbilisi-Kars railway between Azerbaijan, Georgia and Turkey governments, as well as the agreement on the construction and rehabilitation terms of the railway in Georgia within the frame work of the implementation of this project between Azerbaijan and Georgia governments have been coordinated on January 13 in Tbilisi.
17 January 2007 [14:43]

Azerbaijan-UNDP agree on two renewable energy projects

UNDP Resident Representative Marco Borsotti and Azerbaijan's Industry and Energy Minister Natig Aliyev signed two projects on renewable energy development.
17 January 2007 [11:46]

Azeri State Budget not to be amended amid hike in energy prices

The State Budget blueprint is not expected to be amended amid hike in energy prices.
17 January 2007 [11:45]

Imishli-Parsabad power line to be in use in May

330 KV Imishli-Parsabad power line will be put in use on May 28.
17 January 2007 [11:30]

Water supply and sewerage system of Ganja and Sheki to be reconstructed

The water supply and sewerage system of Ganja and Sheki will be reconstructed beginning from May on the joint project to be realized with Azerbaijan, German and Switzerland governments.
17 January 2007 [11:28]

64.1% of housing stock privatized in Azerbaijan

In Azerbaijan 389,500 flats (21m square meters in total) have to date been privatized by people and this figure makes up 64.1 percent of total housing stock, as of January 1, 2007.
17 January 2007 [11:27]

Trades at BICEX, Jan. 16

The weighted average exchange prices made up 0.8714 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 16.
17 January 2007 [11:25]

Azerbaijan ranked 107th freest economy

A survey said Hong Kong was the world's freest economy for the 13th straight year, and Singapore was ranked No. 2 in the study released Tuesday by the Heritage Foundation.
17 January 2007 [11:24]

Bank Standard lends first mortgage in 2007

Bank Standard, as an authorized bank of the Azerbaijan Mortgage Fund, has lent the first mortgage loan in 2007.
17 January 2007 [11:23]

BP-Azerbaijan official: "BP and AIOC not responsible for oil pollution in Tovuz"

Neither Azerbaijan International Operating Company, nor BP-Azerbaijan is responsible for the pollution of 300 sq m area with oil as a result of the accident happened near Govlar station in Tovuz region, BP-Azerbaijan press secretary Tamam Bayatli stated.
17 January 2007 [11:07]

Bank Standard more than doubled its assets in 2006

As of early January, Azerbaijan's Bank Standard increased its assets by $194.7m (AZN 169.7m) or 2.7 times to $310m (AZN 270m).
16 January 2007 [17:07]

Azerbaijan, Russia reach electricity deal

On Tuesday, Azerbaijan's Azerenergy and Russia's RAO UES signed an electricity deal in Baku after coming agreement on the amount and price of electricity imports for 2007.
16 January 2007 [16:25]

Oil prices hover around $53

Oil prices rose on Tuesday amid continued uncertainty about possible Opec moves to bolster crude prices out of a 13% slump this year alone.
16 January 2007 [16:16]

Russian markets abandon

New law on migration may cause increase of prices in Russia, consider the officers of Federal Migration Service.
16 January 2007 [16:15]

EU can finance Baku-Tbilisi-Kars railway project in future

"Germany and the neighboring countries expect improvements from Germany's chairmanship of the European Union," German ambassador to Azerbaijan, chairing the EU since January 1, Per Stankina said at the press conference.
16 January 2007 [15:54]

Construction companies to meet new tax system

According to the amendments to the Taxes Code of Azerbaijan, construction companies has to pay at least AZN 10 in tax per square meter of apartments in the buildings being constructed as of January 1.
16 January 2007 [15:53]

Ecology and Natural Resources Ministry raises claim against BP-Azerbaijan

300 sq m area has been polluted with oil as a result of the incident happened near Govlar station in Tovuz region.
16 January 2007 [11:51]

EU considers Azerbaijan alternative energy source

European Union considers Azerbaijan alternative energy source and plans to improve cooperation in this field, said spokesperson for the European Commission Ferran Tarradellas.
16 January 2007 [01:05]

Moscow to host meeting of Railway Council

The 45th meeting of the Railway Council of the CIS and Baltic States will be held in Moscow on February 14-15.
16 January 2007 [01:04]

Ganja-Istanbul flight to be launched

Turkish Airways delayed opening the planned Ganja-Istanbul flight this year due to lack of aircrafts.
16 January 2007 [01:03]

SOCAR's Georgia Office opened

The State Oil Company of Azerbaijan (SOCAR) has launched its representative office in Georgia.
16 January 2007 [01:02]

AzerTurkBank to join XPress Money system

AzerTurkBank intends to join XPress Money Transfer System in the nearest future.
16 January 2007 [00:43]

Londongate Insurance company's license revoked

During 2006 the Finance Ministry's Department for State Control over Insurance carried out examination in six insurance companies and revoked the license of Londongate Insurance Company 2006 because of irregularities.
16 January 2007 [00:40]

Lafarge representatives to visit Baku

A number of representatives from France's Lafarge, the largest cement manufacturer of the world, will visit Azerbaijan.
16 January 2007 [00:39]

NIKoil's credit portfolio to reach $100m in 2007

NIKoil Investment bank intends to raise its credit portfolio to at least $100m, more than double deposit portfolio to $70m this year.
16 January 2007 [00:37]

Foreign direct investment influx to Azerbaijan to fall

The World Bank has released its forecasts for macroeconomic growth of Azerbaijan in before-2010 period within the Country Partnership Strategy (CPS) for Azerbaijan, a central document defining the World Bank Group's support to Azerbaijan to meet the country's key development challenges, including reducing poverty, modernizing infrastructure, and improving governance and social services.
16 January 2007 [00:36]

Culture and Tourism Ministry appeals to 65 hotels on licensing

Culture and Tourism Ministry has begun licensing process from Monday.
16 January 2007 [00:22]

Brent price drops 4.8%, Light Sweet 5.9%

London Brent oil fell by 4.8% last week and Light Sweet oil dropped by 5.9% on the New York Mercantile Exchange.
16 January 2007 [00:20]

Standard Insurance to open five branches

Azerbaijan's Standard Insurance Company intends to open five branches in Baku and regions this year.
15 January 2007 [22:41]

Trades at BICEX, Jan. 15

The weighted average exchange prices made up 0.8714 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 15.
15 January 2007 [22:26]

Real estate market hot in Baku

The stability continuing from early 2006 in the real estate market suddenly jumped in late the year.
15 January 2007 [17:24]

Azerbaijan spending to increase by 35% with annual inflation rate of 17% in 2007-08

During 2007-08 government spending is projected to increase by about 35 percent p.a. (in nominal terms) as the reconstruction agenda continues, reads the World Bank's 2007-10 Country Partnership Strategy (CPS) for Azerbaijan.
15 January 2007 [13:42]

Shah Deniz Field returns on stream

The gas production was resumed in the giant Shah Deniz gas field in the Caspian Sea at 21:30 local time, Sunday.
15 January 2007 [13:15]

Azerbaijan agrees to buy Russia's high-priced electricity

January 16, Azerbaijan and Russia intend to sign an electricity deal in Baku after coming agreement on the amount and price of electricity imports for 2007, the Cabinet told.
14 January 2007 [20:51]

Turkey-Georgia-Azerbaijan railway to be built

Azerbaijan, Georgia, and Turkey have reportedely agreed on the details of a project to lay a rail line from Turkey to Azerbaijan via Georgia.
14 January 2007 [20:49]

Railroad traffic resumes between Azerbaijan, Georgia

Railroad traffic between Azerbaijan and Georgia, which was interrupted by a cargo train accident, has resumed, a source at the Georgian Railroad company said.
14 January 2007 [15:18]

RAO UES to invest $ 400 million in Turkey

Russian energy giant Inter Rao Ues has decided to establish a 400 million dollar thermal power plant in Gonen, Balikesir.
14 January 2007 [02:26]

Adidas buys Reebok distribution rights in Turkey

The Adidas Group announced on Saturday that it has bought the distribution rights for the Reebok brand in Turkey from RBK Spor Urunleri.
13 January 2007 [16:21]

Azercell signs new roaming agreements

Azerbaijan's largest mobile company Azercell Telecom has signed GPRS/MMS roaming agreement with Hungary's Vodafone and Sri Lanka's Dialog mobile operators, press service of the company said.