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Economical news
Bulletine Economics 


2017 October 26 ( Thursday )  16:44:20
Print version
Русский Azərbaycan

 

Head Executive of Sumgait about Baku Steel Companys Plans

Baku / 26.10.17 / Turan: Preparatory work is underway to lay the foundations of a new metallurgical complex on the territory of Azerboru OJSC - the Azerbaijan Tube Rolling Plant. This was stated by the head of the Sumgait Executive Power Zakir Farajov at the meeting of the city"s administration held this week, the official Azerbaijan newspaper reported on October 26.

According to Farajov, $ 2.3 billion will be invested in the construction of five plants. The enterprise plans to produce import-substituting steel products. Two thousand people will be employed there.

The agreement on the creation of a new metallurgical cluster in Sumgait was signed in December 2016 between Baku Steel Company and Danieli & C Officine Meccaniche SpA (Italy). The value of the contract between the parties amounted to EUR 1.2 billion. The document provides for the development of a mining deposit in the Dashkesan region. But since that time, the parties have never talked about the implementation of the tasks set. And the government"s plans to privatize LLC Dashkesan Filizsaflasdirma were unsuccessful, although the ore mining and processing enterprise has been put up for sale since September 2016.

LLC Baku Steel Company declares that its production capacity is 1.1 million tons of steel products. The company privatized OJSC Azerboru in 2012, but it has no serious production achievements. ------08B--

Two European Companies Leave Azerbaijan

Baku / 26.10.17 / Turan: The Belgian company Ravago Distribution Center announced the liquidation of its Azerbaijan representation. The curtailment of activities in Azerbaijan was also announced by the German company Bioworks AG.

Ravago Distribution Center opened a representative office in Baku in the summer of 2012. The group of companies Ravago has production capacities in a number of countries and has also been selling products in Azerbaijan. It is one of the leading companies in the production of raw materials for construction, food, alcoholic and polymer industries.

Bioworks Caspian, a subsidiary of Bioworks AG, was established in April 2012 with the participation of the local LLC GMR International. The company was engaged in the field of innovative technologies for wastewater treatment.

The companies do not disclose the reasons for taking the decisions on their liquidation in their statements published in the printed body of the state registration of commercial persons (Vergiler (Taxes) newspaper).

As a rule, foreign companies leave Azerbaijan as they achieve their assigned tasks, as many of them deploy activities for specific projects. It is not uncommon for companies with foreign capital to shut down their offices in Baku because of the deteriorating economic situation in the country. -----08D

Buta Airways Changes Terminal of Departure Flights from Baku

Baku/26.10.17/Turan: Starting from October 29, 2017, all departure flights of low-cost Buta Airways from Baku will be carried out through the North entrance of Terminal 2 of the Heydar Aliyev International Airport.

Buta Airways plans to carry out arrival flights to Terminal 1 as before.

Terminal 2 meets all international requirements on the operation of civil airports. The terminal has cafes and restaurants, and Duty Free shops. Free high-speed Internet access (Baku Airport Free Wi-Fi) is available throughout the airport.

Due to the changing of terminal of departures, Baku Bus H1 Airport Express bus will also change its route. An additional stop will appear at the departure area of Terminal 2. The bus runs every half hour between the Heydar Aliyev International Airport and the center of Baku (28 May metro station) with a short stop at the Koroglu metro station. -08D---

Visa Inc. Presents Card Payment System to FIMSA

Baku / 26.10.17 / Turan: At a meeting in the Financial Markets Supervision Authority (FIMSA), the representative of the international card company Visa Inc. Igor Kovalev spoke about Visa Token Service (VTS), a system of clearing settlement, which, according to the company"s specialists, can be launched first in Baku, and then in other regions of Azerbaijan.

Visa representatives made public the results of the study on the state of non-cash payment in various cities of Azerbaijan. Also, forecasts were made for the future, the FIMSA press service said.

According to experts, the tokenization technology makes it possible to secure electronic payments with the help of a reliable data encryption system, because when paying with a card the seller is not provided the buyer"s data. The thing is that Visa has converted the standard sixteen-digit card number into a unique sequence of numbers, which is further used for online and mobile payments.

These tokens are stored in the client base of the stores, where the user makes a payment. For further purchases, one finger tap is enough. The advantage of using this method is not only convenience - it eliminates the possibility of the client"s card number being stolen in the digital space. Earlier, having learned the data, the attacker could use them until the owner blocked the card.

According to forecasts of Visa experts, by 2020 one of every five consumers will make payments every day with the help of a smart phone. It is still early to predict how it will be in Azerbaijan. The level of non-cash payments in the country remains low. POS terminals do not cover all the objects of trade, catering and paid services. The population still prefers cash settlements. -----08D--

International Bank of Azerbaijan Reduced

Baku / 26.017 / Turan: OJSC International Bank of Azerbaijan (IBA) announced episodic indicators of the semi-annual balance for 2017, according to which the assets of the giant of the Azerbaijani banking family decreased by 3.5 billion manat or about 25% over 12 months.

As of July 1 of this year, the IBA"s assets amounted to 10.6 billion manat, of which 3.7 billion manat was loans granted to customers. For the year the Bank"s loan portfolio decreased by 1 billion 424 million manat. The IBA assets include 3 billion 50 million manat deposited in financial institutions. In comparison with last year"s period, these assets decreased by 235 million manat. Nothing is reported on the funds expected to be received from the state-owned CJSC Agrarkredit.

The IBA also does not disclose the full volume of its debt portfolio. Information for six months of this year is available only on the composition of deposits in the Bank - 5 billion 187 million manat, of which 2 billion 473 million manat is demand deposits. Over the past 12 months (from July 1, 2016 until June 30, 2017) in deposit accounts, the funds decreased by about 3 billion manat.

The insolvency of the IBA became known on the eve of the February devaluation of the manat. It turned out that the Bank issued loans of many billion AZN under "words of honesty", not requiring proper collateral. At the same time, the Bank could not pay for the funds attracted by it, both from local investors and international loans. In July 2015, a decree was issued to improve the IBA, according to which it received AZN 10 billion from the Central Bank under the state guarantee. In June of this year, the state took over part of the international obligations of the IBA for a total of $ 2 billion 383.4 million. --08B

Foreign currencies rates fixed by Central Bank

1 ABŞ dollarıUSD1.7002
1 AvroEUR2.0107
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1 Braziliya rialıBRL0.5259
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