Economy

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Turkey and Azerbaijan delay signing of the gas agreement until June

The gas agreement between Turkey and Azerbaijan is about to be completed, Turkish prime minister Recep Tayyip Erdogan said at his meeting with Azeri president Ilham Aliyev inAzerbaijan at a press conference, APA reports, citing CNN Turk.The final signing of the document will take place during Aliyev's visit to Turkey in June.

Volcanic ash grounds hundreds of European flights

Volcanic ash from Iceland caused widespread disruption at airports inBritain and other parts of northern Europe on Monday, delaying orgrounding hundreds of flights, reports Reuters.Airports in Ireland and the Netherlands and the UK have been closed,over fears that drifting ash could damage jet engines and bring downaircraft.The same Icelandic volcano's ash last month prompted a number ofEuropean countries to close their airspaces for nearly a week andtravel chaos ensued in Europe and beyond.A sp

Georgian-Chinese consortium to build new Tbilisi railway

The construction project of the orbital railway to Tbilisi will becarried out by a Georgian-Chinese joint consortium of the Georgiancompany "Moststroi" and the Chinese National Railway building Company,reports Business Georgia.The project provides for extending a railroad running through thecenter of Tbilisi, to the Tbilisi Sea.

Inflation in Azerbaijan 4.4% in period to May 2010

The inflation rate in Azerbaijan has increased by 4.4% in the periodto May 2010 in comparison to the index of the same period in 2009,reports RIA Novosti.According to the information of the State Statistics department,consumer good prices increased by 1.6%, and the cost of services by8.3%.Last year the inflation rate in Azerbaijan was estimated at only 1.5%.

Dagestan: economic review

Dagestan: economic review

River energy will turn into electricity

Five ski resorts to be built in NCFD by 2020

The Russian government will carry out construction projects for fivenew ski resorts in the North Caucasus Federal District (NCFD). Thetotal cost is estimated at 451.44 billion roubles, reports Kommersant.The President's envoy to the NCFD, Alexander Khloponin, is planning toinvolve such giants as Sberbank, Morgan Stanley, JPMorgan, Citi andAllianz in the project.A working group recently finished drawing up a resorts concept, withinthe framework of the tourist zone of the North Caucasus.

Paata Kalandadze: Kazakhstan has no desire to reclaim its investments back from Georgia

Paata Kalandadze: "Kazakhstan has no desire to reclaim its investments back from Georgia"

Kazakhstan and Georgia intend to increase relations, not reduce them.

Turkish premier arrives in Azerbaijan.

Recep Tayyip Erdogan, the prime minister of Turkey, is arriving in Baku tonight, TRT reports. The sides are going to sign an agreement on gas deliveries from Azerbaijan to Turkey. Erdogan is also planning to visit some memorials tomorrow and to participate in opening a monument to Mustafa Kemal Atatürk in Baku.

Quartet summit on natural gas to be held in Turkey or Greece

Turkish Energy Minister Taner Yildiz has stated that Turkey, Azerbaijan, Italy and Greece will hold a joint summit onnatural gas, the Anadolu agency reports.Turkey and Greece could also develop joint projects in the sphere of wind energy, the Minister said.

Start of flights between Istanbul and Nakhchivan

Turkish airlines (THY) will begin flights from Istanbul to the Azerbaijani city of Nakhchivan this year. The date of the first flight will be June 17th, Vesti.Az reports, with reference to Turkish media.

Armenian language is in Google Translate

From now on the Armenian language is functioning in the system of Google Translate. The Georgian, Azerbaijani, Basque and Urdu languages have also been added to the system, ArmeniaToday reports.

SOCAR: important steps taken to clean silt from the Kura river

Rovnag Abdullayev, the director of the State Oil Company of the Azerbaijani Republic, said that the company is taking serious measures to clean the Kura river from silt and get over the consequences of the flooding in coastal residential areas, 1news.az reports.

European Bank for Reconstruction and Development estimates Armenia's GDP growth at 3% in 2011

 According to the prognosis of the European Bank for Reconstruction and Development, the GDP of Armenia will grow about 3% in 2011 and 10% in 2010. RIA Novosti writes that the GDP growth of Russia …

"Verhnii Lars" to open transit to heavy trucks no earlier than June 1st

The checkpoint "Verhnii Lars" will open transit to heavy trucks onJune 1st, reports Armenia Today, citing the Transport Ministry ofArmenia.Currently, only the transit of light motor vehicles, passengervehicles with less than 30 seats, and trucks with a capacity of lessthan 10 tons are permitted.The transit limitations were imposed due to weather conditions.

Turkey to approve construction of "South Stream" in November

In November 2010 Turkey will give official permission for theconstruction of the 'South Stream' pipeline in its economic area,reports RIA Novosti, citing Russian Vice-premier Igor Sechin.Turkey supports the project, but corresponding documents will only beready in late autumn, said Turkish Premier Erdogan

Armenia accused of violating WTO rules

Ukraine has accused Armenia and Mongolia of being in violation ofWorld Trade Organisation rules: the Ukrainian Ministry for the Economyhas disclosed discriminatory taxation on Ukrainian tobacco goods inthese countries, reports "Kommersant-Ukraine".The conflict should be resolved by means of the protective mechanismof the WTO, which recently helped Ukraine defend its interests inGeorgia.The Ukrainian association "UkrTabak" has already started unofficialconsultations with the Armenian side on the is

Emergency Ministry of Azerbaijan buys two Ka-32A helicopters

Emergency Ministry of Azerbaijan buys two Ka-32A helicoptersThe Russian helicopter construction company "Helicopters of Russia"has sold to Azerbaijan two medium-size multipurpose Ka-32Ahelicopters, designed by the Kumertausk aircraft manufacturing company(KumAPP), reports Interfax, citing the company's press-service.According to the information of the press service, the helicopterswere put into operation in May, following which demonstration flightswere held for representatives of the Azerbaijani Emergency Ministry."We've paid attention to the contract wi

5% growth expected in Armenian tourism

Armenia marked a growth in the tourism sector of 9.4% in the firstfour months of 2010, Armenian Economy Minister Ara Petrosyan saidtoday.“Despite the challenges last year in all spheres of the economy, whenglobal tourism was badly damaged, nonetheless, Armenia saw a growth intourism of 3%, at a time when world tourism saw a 4% fall”, theminister said, panorama.am reports.He said that world tourism expects a 2% rise this year, and Armenia 5%.

Oil can no longer be the engine of Azerbaijani economic growth

The International Monetary Fund (IMF) warned Azerbaijan that oilextraction can no longer be the source of the country’s economicgrowth. The report was made after the latest annual survey of theAzerbaijani economy, provided by the 4th article of IMF’s Charter,PRIME-TASS reports.

Georgian Airways asks Moscow for permission to open new flights

Georgian airline company Georgian Airways has requested the RussianMinistry of Transport for permission to open several new directcharter flights to Moscow and back.According to Georgia Online, the flights are planned for May 24th –July 1st. The PR department of the company expressed hopes for theRussian side to allow flights, as they did in January and April thisyear.