Azerbaijan studying possibility for banks’ merger

Azerbaijan’s Financial Market Supervisory Authority is studying the possibility of local banks’ merger, according to the monitoring report on the implementation of measures reflected in the Strategic Roadmap for the Development of Financial Services. The possibility of further capitalization of the banks is also being considered, according to the report. The Financial Market Supervisory Authority…

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Turkmenistan: Europe still hopeful to get gas

Turkmenistan, a hydrocarbon-rich Central Asian country, is still hopeful to see its gas reach the European markets, while Brussels counties talks in this regard. The EU is negotiating with Azerbaijan and Turkmenistan over a Trans Caspian Pipeline System, said Anca Paduraru, EU Spokesperson for Energy Union projects. “Negotiations are on-going,” Paduraru said, when answering on…

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Estonia: Coop Pank launches operations

The former Krediidipank is officially launching operations under the new Coop Pank brand. All Krediidipank subsidiaries will likewise be switching to the new name. Coop Pank’s major stakeholder is Coop Eesti, a retail group consisting of 19 regional consumer cooperatives. According to Coop Pank board chairman Margus Rink, 14 bank branches across Estonia have been…

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Ukraine: gas reserves replenished

Natural gas reserves in Ukrainian underground storage facilities (USFs) on September 23-30 rose by 2.2%, or by 347 million cubic meters, from 16.048 billion cubic meters to 16.395 billion cubic meters, according to the state-run gas transport system operator Ukrtransgaz. The daily volume of gas injection into the USFs as of September 30 was estimated…

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Turkmenistan: Berdimuhamedov instructs to strengthen fight against corruption

Turkmen President Gurbanguly Berdimuhamedov in his message to the National Security Ministry’s employees on the occasion of 26th anniversary of this authority said that the fight against corruption and bribery carried out jointly with other law enforcement agencies should be strengthened. “You must confront the challenges and threats of modernity, prevent the entry into the…

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Estonia: August 2017 industrial production up

According to information released by Statistics Estonia, the production of industrial enterprises increased by 5% YoY in August, with production increasing in mining and quarrying, but decreasing in the energy sector. In August, manufacturing production was 6% higher than the same month last year. Production growth was broad-based – last month, production surpassed August 2016…

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Turkmenistan to purchase KAMAZ trucks

The Ministry of Road Transport of Turkmenistan will purchase 250 KAMAZ-6520 trucks with a carrying capacity of 20 tons, the Turkmen government said. The relevant decree was signed by President Gurbanguly Berdimuhamedov. The truck market in Turkmenistan is a promising one for KAMAZ. Since 2006, the country has received more than 9,000 units of cars…

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Estonia: Latvenergo enters gas market

Latvenergo’s energy trading company in Estonia – Elektrum Eesti – has commenced selling natural gas to business clients, as confirmed by the company. Elektrum Eesti is the second largest electrical energy trader in Estonia. Now it will also start selling natural gas in addition to electricity, expanding the company’s services. The company will offer gas…

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Latvia: construction costs up in August 2017

Compared to July, the level of construction costs in Latvia grew by 0.1% in August. Maintenance and operational costs of machinery and equipment rose by 0.4%, labor remuneration of workers decreased by 0.1%, whereas prices of building materials did not change significantly. Compared to August 2016, construction costs increased by 2.3%. Labor remuneration of workers…

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Belarus: BelAZ signs strategic partnership agreement with Russian electric drive company

The Belarusian heavy truck manufacturer BelAZ and the electric motors manufacturer OOO Sibelektroprivod signed an agreement on strategic partnership in Novosibirsk. The two companies will continue working together as part of the joint project aimed at creating an electric traction drive for BelAZ dump trucks with the carrying capacity of 90 tons. Apart from that,…

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Azerbaijan: economy to grow in 2018

The Asian Development Bank (ADB) expects that Azerbaijan’s GDP growth will be 1% in 2018, according to the “Asian Development Outlook 2017 Update: Sustaining Development Through Public-Private Partnership”. Azerbaijan’s GDP growth rate decreased by 3.8% in 2016. The ADB expects that the recession will continue in 2017, but its pace will slow down. Thus, according…

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