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Armenia's Economic Pulse

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  • Mher
    replied
    Re: Armenia's Economic Pulse

    Police halt production of counterfeit shoes and bags

    YEREVAN, June 5. / ARKA /. An Armenian police unit in charge of combating organized crime has halted the operation of an illegal workshop in Yerevan that was producing counterfeit footwear and leather goods of famous world brands.

    According to a police statement, they found counterfeit branded shoes and leather bags marked ‘Brioni" Stefano Ricci,"" Zili" and others in a trade center pavilion in Yerevan owned by Carlo Comberzi LLC and in an illegally running workshop at Tychina street.

    Overall, the police found 103 pairs of shoes and three leather jackets in the pavilion owned by a Vagharshak Muradyan. It turned out that he set up production in August 2013 without the permission of trademarks rights holders.

    He neither ran books to record the commercial activity. The damage was assessed to be 12 million drams (about $26,000). -0-

    An Armenian police unit in charge of combating organized crime has halted the operation of an illegal workshop in Yerevan that was producing counterfeit footwear and leather goods of famous world brands.



    What is the point of this? China has in part built its economy on the sales of fake jerseys, electronics, shoes, etc. All it does is take away employment opportunities from ordinary citizens. I assuming it was done due to international pressure

    Leave a comment:


  • Shant03
    replied
    Re: Armenia's Economic Pulse

    ^ I'd like to purchase a copy as well! Let me know!

    Leave a comment:


  • Haykakan
    replied
    Re: Armenia's Economic Pulse

    Anyone know how to get a copy?

    FIRST GUIDE TO ARMENIAN WINES PUBLISHED

    17:27, 05 Jun 2015
    Siranush Ghazanchyan

    The first "Guide to Armenian Winemaking and Armenian Wines" has been
    published with the support of the "Antares" publishing house and the
    Armenian Association of Winemakers.

    The author of the book Anik Petrosyan says it will provide thorough
    information about Armenian wines to tourists.

    The publication consists of two parts. The first one presents the
    history of Armenian winemaking, the second is dedicated to Armenian
    wines.

    Head of the "Antares" Media Holding Armen Martirosyan says the guide
    is a considerable achievement for presenting Armenia to tourists.

    Five hundred copies of the guide have been published. They will be
    available in bookstores and will cost 6-7 AMD.

    Leave a comment:


  • Mher
    replied
    Re: Armenia's Economic Pulse

    Armenia posts 2.2% economy growth in Q1 - statistics


    YEREVAN, May 29. /ARKA/. Armenia posted a 2.2% economic growth in the first quarter of this year.

    According to the preliminary information from the National Statistical Service, the country’s GDP amounted to 873.6 billion drams or about $1.83 billion (the Q1 2015 exchange rate was 477.26 drams per $1).

    According to the statistics, the economic growth level was recorded due to 2% industry growth, 4.5% growth seen in agriculture and 3.9% growth in services sector. Construction growth rate was 0.8% in the first quarter.

    The budgeted levels were 4.1% for GDP growth and 4% (±1.5%) for inflation for the first quarter of 2015. The Central Bank of Armenia made an upward revision of its economy growth forecast for 2015 to 2.1-2.5%. Yet, many international financial organizations lowered their projections of the Armenian GDP growth.

    Many international organizations have recently lowered their economic projections of Armenia’s GDP growth for 2015. In particular, the World Bank says it is 0.8%, EDB’s forecast is 1.6%, ADB’s projection is 1.6%. The IMF expects the Armenian economy to decline by 1% and the EBRD projects a 1.5% decline.

    Fitch Agency said in its last review a moderate recession was expected in Armenia in 2015 due to the worsening in Russia. According to Moody’s, Armenian economy will grow by 2.3%. ($1- 479.3 drams).

    Leave a comment:


  • Haykakan
    replied
    Re: Armenia's Economic Pulse

    Originally posted by Zeytun View Post
    [ATTACH]2930[/ATTACH]
    It is nice to see Armenia mentioned.

    16 incredible European destinations that haven't been discovered by tourists:

    #16)Near Armenia's Tatev Village is the Tatev Monastery, a ninth-century monastery sitting on a basalt plateau. It's incredibly well-maintained and provides breathtaking views.

    Read more: http://www.businessinsider.com/under...#ixzz3bQFIvS7z
    I Don't know if this is the appropriate place to share this, so if there is a thread about Tourism in Armenia please inform me.
    This seems appropriate

    Leave a comment:


  • Zeytun
    replied
    Re: Armenia's Economic Pulse

    Click image for larger version

Name:	near-armenias-tatev-village-is-the-tatev-monastery-a-ninth-century-monastery-sitting-on-a-basalt.jpg
Views:	1
Size:	104.8 KB
ID:	539118
    It is nice to see Armenia mentioned.

    16 incredible European destinations that haven't been discovered by tourists:

    #16)Near Armenia's Tatev Village is the Tatev Monastery, a ninth-century monastery sitting on a basalt plateau. It's incredibly well-maintained and provides breathtaking views.

    Read more: http://www.businessinsider.com/under...#ixzz3bQFIvS7z
    I Don't know if this is the appropriate place to share this, so if there is a thread about Tourism in Armenia please inform me.

    Leave a comment:


  • Mher
    replied
    Re: Armenia's Economic Pulse

    Thousands Rally In Yerevan Against Energy Price Hike

    Hovannes Movsisian

    Հրապարակված է՝ 27.05.2015

    Thousands of people took to the streets of Yerevan on Wednesday to protest against a more than 35 percent rise in electricity prices sought by Armenia’s loss-making national power distribution network.

    Protests against the highly unpopular measure, currently considered by public utility regulators, were also staged by civic groups and opposition parties in other cities and small towns across Armenia. They drew much smaller crowds, however.

    Holding a huge banner that read “High Voltage” and chanting anti-government slogans, the protesters marched through central Yerevan after rallying in the city’s Liberty Square. They were joined by senior members of Armenia’s leading opposition parties strongly objecting to the price hike.

    The protesters, many of them young people, booed and whistled as they reached Prime Minister Hovik Abrahamian’s office. They held a brief sit-in there before resuming the procession sanctioned by municipal authorities.

    The Electricity Networks of Armenia (ENA) utility formally requested a higher tariff in a letter sent to the Public Services Regulatory Commission (PSRC) earlier this month. The Russian-owned company cited continuing financial losses incurred by it and the need to repay its outstanding massive debts.

    The Armenian government essentially backed the ENA application, with Energy and Natural Resources Minister Yervand Zakharian calling it “totally justified.” Zakharian insisted that the existing energy tariffs are too low to allow the ENA to sort out its financial troubles.

    Opposition forces and other government critics dismiss these explanations. They say the electricity network’s losses primarily result from the ENA’s mismanagement and corruption among its senior executives.

    The daytime electricity price for Armenian households already went up by 27 percent in July 2013 because of the increased cost of Russian natural gas, which generates more than one-third of Armenia’s electricity. The PSRC raised it by another 10 percent in July 2014.

    Although the campaign against a further surge in the tariff was initiated by non-partisan groups, the Armenian opposition seems eager to use it for mounting a fresh challenge against the government. Aram Manukian, a leader of the Armenian National Congress (HAK), said it could serve as a catalyst for the formation of a new anti-government coalition comprising the HAK and other opposition groups.

    “This is not only possible but also desirable,” Manukian told RFE/RL’s Armenian service (Azatutyun.am) during the demonstration.

    Thousands of people took to the streets of Yerevan on Wednesday to protest against a more than 35 percent rise in electricity prices sought by Armenia’s loss-making national power distribution network.

    Leave a comment:


  • Mher
    replied
    Re: Armenia's Economic Pulse

    A 35 percent surge in electricity prices will prompt drop in consumption, management expert says

    YEREVAN, May 19. / ARKA /. A 35 percent surge in electricity prices sought by Electricity Networks of Armenia (ENA), Armenia’s Russian-owned national power distribution company, will prompt a sharp drop in electricity consumption, a management expert Harutyun Mesropyan said to a news conference today.

    "Falling electricity consumption will be tantamount to pushing the country's economy towards a collapse, because less electricity consumption means less services and goods and a blow to local producers, ‘ said Mesropyan.

    "Effective management primarily means reducing costs, which in case of the Electricity Networks of Armenia are very inflated. When a natural monopoly faces the challenge of effectiveness, it is reflected directly on the state,’ Mesropyan said.

    According to him, losses in Armenia’s power grid are equal to 12.7%, while in other CIS countries the figure ranges from 5% to 6%.

    According to economist Artak Manukyan, a surge in electricity prices will lead to a loss of competitiveness. He said in 2014 electricity consumption grew by 0.5% after an increase in natural gas price made many consumers to switch to electricity.

    On May 8 the Electricity Networks of Armenia asked the Public Services Regulatory Commission to allow it to raise the price of electricity a third time in less than two years by 17.08 drams per one KWh. The company asks for a permission to increase the daily rate (from 7 am to 11 pm) from the current 41.85 drams per 1 kWh to 58.93 drams and the night rate (from 11 pm to 7:00 am) from the current 31.85 drams per 1 kWh to 48.93 drams.

    The tariff went up 27 percent in July 2013 because of the increased cost of Russian natural gas, which generates more than one-third of Armenia’s electricity. The PSRC raised it by another 10 percent in July 2014, citing the need to end the company’s mounting losses.

    Five major electricity generating companies – the Armenian Nuclear Power Plant, International Energy Corporation, the Yerevan TPP, Hrazdan Thermal Power Plant and Gazprom Armenia (it runs Hrazdan-5 power plant), as well as High Voltage Power Lines and Settlement Center companies have also submitted applications requesting permission to raise their tariffs.

    Armenia’s leading opposition parties on Monday pledged to join efforts to try to prevent the increase.

    Earlier energy and natural resources minister Yervand Zakharian called the ENA’s bid “totally justified,” because of the company’s 37.6 billion drams worth losses caused by unplanned halt of Armenia’s nuclear power plant’s operation, a drop in electricity generated by hydropower and ineffective management.

    The Electric Networks of Armenia is a 100% subsidiary of Russian INTER RAO UES.




    The Russian state owned entity clearly has management and operational issues. The idea that the punishment for their mistakes should fall on the consumer is ridiculous. It should sell the company to a private non government owned entity to rid itself of its losses instead of expecting the consumer to continue to pay for its errors. Hopefully the Armenian government has enough foresight to ensure the sale

    Leave a comment:


  • Mher
    replied
    Re: Armenia's Economic Pulse

    Resumption of Nairit plant in Yerevan may cost from $250 to $350 million- minister says

    YEREVAN, May 13. / ARKA /. According to a World Bank study the resumption of Nairit chemical plant in Yerevan would cost from $250 to $350 million, Armenian energy and natural resources minister Yervand Zakharyan told a news conference today.

    He said World Bank experts believe that resumption of the plant’s operation is not desirable because it is not clear whether its main product, the synthetic rubber, would be competitive and whether the plant would find markets to sell it

    Zakharyan stressed that the study is preliminary and the final decision will be made by the government after discussing the findings and proposals of WB experts.

    The minister said also that over the last 4 years when the plant was idle it has accumulated 5.7 billion drams worth of wage arrears and had to lay off hundreds of workers and now has about 480 people on its payrolls.

    In early April Armenian Central Bank chairman Artur Javadyan said the CIS Interstate Bank could write off Nairit’s debt and return the bank’s shares to the Armenian government. According to him, the plant’s debt stood at 102 billion drams, including 63 billion dram to be paid as loans.

    On January 22, 2014 the Moscow Arbitration Court ruled that Rhinoville Property Limited, the owner of Nairit, pay $107.95 million to the Interstate Bank. Particularly, the court ordered that the company pay $68.6 million of principal debt as well as interests and penalty on an Interstate Bank loan.

    Nairit was the only plant in the Soviet Union to produce chloroprene rubber. The plant was closed in 1989 for environmental reasons and resumed operating partially in 1992. In 2006, 90% of Nairit’s shares were sold to British Rhinoville Property Limited for $40 million. The remaining 10% belong to the Armenian government.

    Rhinоville Property Limited has been co-founded by the Samex company (Poland), Intertex (USA) and Evrogaz (Russia). In 2010 production was suspended at the plant. The back wages in late 2013 were worth $12 million.

    The Interstate Bank was founded in 1993 by ten CIS countries – Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine. The bank promotes development of CIS member countries’ national economies.



    According to a World Bank study the resumption of Nairit chemical plant in Yerevan would cost from $250 to $350 million, Armenian energy and natural resources minister Yervand Zakharyan told a news conference today.

    Leave a comment:


  • Mher
    replied
    Re: Armenia's Economic Pulse

    Government To Privatize Armenian Postal Service


    Hovannes Shoghikian

    Հրապարակված է՝ 27.05.2015

    The Armenian government announced on Wednesday plans to privatize the country’s state-owned national postal service employing thousands of people.

    Prime Minister Hovik Abrahamian’s cabinet approved the planned sell-off during its weekly session in Yerevan. The decision took the form of draft amendments to an Armenian law that lists state companies subject to privatization. It therefore also requires the parliament’s approval.

    Speaking at the cabinet meeting, the head of the government’s privatization agency, Arman Sahakian, said the Haypost operator should be privatized because it needs substantial capital investments.

    “The company’s privatization will foster the development of postal communication in Armenia through new investments, installation of new equipment, and rehabilitation and modernization of its physical infrastructure,” Sahakian said.

    The official added that the sell-off is also supported by a private firm that runs Haypost in accordance with a 10-year management contract which it signed with the government in 2006. That company is controlled by Eduardo Eurnekian, an Argentinian billionaire of Armenian descent who has extensive business interests in Armenia.

    It was not clear whether this means Eurnekian would like to buy Haypost. Nor did the government explain just how it will seek to privatize the company and its asking price will be.

    Haypost has an authorized capital of only 512 million drams ($1.1 million) despite employing around 3,000 people at its Yerevan headquarters and some 900 postal offices across Armenia. Many of those offices have been refurbished since 2007.

    The company not only provides traditional postal services but also collects utility payments and some taxes and duties, handles wire transfers of cash and even distributes travel insurance.

    The Armenian government announced on Wednesday plans to privatize the country’s state-owned national postal service employing thousands of people.

    Leave a comment:

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