Azerbaijan: Aliyev approves funding for Zire-Turkan highway’s construction

Azerbaijan’s President Ilham Aliyev has signed an order to provide funding for the construction of Zire-Turkan highway.

Under the presidential order, 3 million manats is allocated from the Presidential Contingency Fund for the construction of the highway, which connects two residential areas with the total population of 24,000 people. (Trend/Business World Magazine)

Ukraine: PrivatBank net profit up in Q1 2017

PrivatBank in January-March saw its net profit rise 3.52-fold, to UAH 744 million, the bank said in the information disclosure system of the National Commission on Securities and the Stock Market. Its net interest income increased by 22%, to UAH 959 million. After sending UAH 2.337 billion to the reserves for bad loans, the bank’s…

Latvia: Toyota sales up in H1 2017

5,735 new Toyota cars were sold in Baltic States in the first six months of 2017, up by 33% YoY. Toyota’s total market share in Baltics is 14.2%. Toyota sales in Latvia have grown by 25%. 1,264 new Toyota cars have been sold in Latvia since the beginning of the year. More than half of…

Ukraine: gas reserves up in mid-July 2017

Natural gas reserves in Ukrainian underground storage facilities (USFs) on July 15-22 increased by 2.9%, orby 355 million cubic meters, from 12.320 billion cubic meters to 12.675 billion cubic meters, according to the state-run gas transport system operator, Ukrtransgaz. The daily volume of gas injection into the USFs stood at about 58.7 million cubic meters,…

Turkmenistan interested in foreign investors for its gas and chemical industry

Energy-rich Turkmenistan invites foreign investors to participate in the development of the gas and chemical industry. The country plans to build several large gas chemical complexes, a source in the fuel and energy complex of the country said. These large complexes will focus on the production of polyethylene, polypropylene, polyvinyl chloride, monoethylene glycol, dimethyl ether…

Latvia: envelope wages priority this year

More than half of Latvian employers pay their employees wages below the minimal monthly amount, said Director of the State Revenue Service Tax Control Office Sandra Karklina Admine on July 24. She says SRS puts a lot of effort into combating grey economy. Combating envelope wages will be one of this year’s main priorities, she…

Ukraine: Economy Ministry promulgates list of state enterprises to be privatized

The Ukrainian Ministry of Economic Development and Trade has published a list of state enterprises, organizations and institutions that will either remain in state ownership or will be transferred to concession, privatized or liquidated. The Cabinet of Ministers approved the relevant documents that together represented a strategic vision for the further management of state-owned enterprises,…

Latvia: Norvik Banka and Rietumu Banka fined

Finance and Capital Market Commission in cooperation with Federal Bureau of Investigation’s Counterproliferation Center found out in a target inspection that Latvian banks – Norvik Banka and Rietumu Banka – had not followed requirements of regulations for the prevention of money laundering and terrorism funding. Violations are associated with client evaluation, which includes transaction monitoring…

Ukraine: barley exports up in 2016-2017

According to the official statistics figures, in 2016-2017 MY Ukraine exported 5.35 million tons of barley, up by 21% YoY (4.41 million tons), which became the highest rate for the country in seven recent years. In the season 2016-2017, Saudi Arabia (42% of the general supplies) and Libya (18%) were the main importers of Ukrainian…

Uzbekistan: S&P affirms Ipoteka Bank’s rating

S&P Global Ratings affirmed its “B+/B” long- and short-term counterparty credit ratings on Ipoteka Bank JSCM. The outlook is stable. The affirmation reflects S&P’s view that over the past two months Ipoteka Bank’s capitalization has significantly improved on the back of support received from the government of about Uzbekistani sum (UZS) 380.8 billion (about $95…