Month: March 2007

ARMENIAN LEGISLATION ON FINANCIAL SERVICES BROUGHT INTO LINE WITH EUROPEAN LAWS

Noyan Tapan
Feb 27 2007

YEREVAN, FEBRUARY 27, NOYAN TAPAN. The RA National Assembly on
February 27 passed 15 bills and legislative packages discussed the
day before. Most of these bills and legislative packages envisage
amendments and additions in current laws.

Particularly, the amendment to the RA Code of Administrative
Infringements (it was passed in first reading) invalidates the article
on entering an election center while being armed, as the RA Criminal
Code also envisages punishment for this action.

The addition to the Law on Protection of Atmosphere (passed in first
reading) clarifies obligations of construction organizations with
the aim of reducing dust emissions during construction.

In accordance with amendments to the RA Criminal Code (passed in
first reading), the minimum amount of fine for illegal tree cutting
has been increased.

The bill on preservation, protection, keeping and hunting of hunt
animals and the bill on organic agriculture were passed in first
reading, the package of bills on insurance and insurance activity –
in second reading, particularly, the RA legislation on financial
services is brought into line with EU laws, and the bill on unions
of employers was passed in third reading.

NECESSITY OF REINFORCING SOME ZONES OF ARAX RIVER BANK POINTED OUT DURING MEETING OF ARMENIAN PRESIDENT AND ARMAVIR REGIONAL GOVERNOR

Noyan Tapan
Feb 27 2007

YEREVAN, FEBRUARY 27, NOYAN TAPAN. Problems of Armavir marz were
discussed during the working meeting of the Armenian President Robert
Kocharian and the regional governor of Armavir marz Ashot Ghahramanian
on February 27. The governor presented the situation in all spheres
of the region, as well as programs being implemented.

Particularly, they addressed problems related to drinking and
irrigation water, an increase in the number of agricultural food
processing enterprises and the execution of community budgets.

The necessity of reinforcing some zones of the Arax River banks was
pointed out, as it has become urgent to eliminate the danger of local
agricultural lands being destroyed by spring floods.

According to the RA President’s press service, R. Kocharian gave
instructions concerning the discussed issues.

From: Emil Lazarian | Ararat NewsPress

OMX AB COMPANY SUBMITS BUSINESS PROPOSALS ON DEVELOPMENT OF ARMENIA’S SECURITIES MARKET

Noyan Tapan
Feb 27 2007

YEREVAN, FEBRUARY 27, NOYAN TAPAN. OMX AB, a Swedish-Finnish company
of financial services, has submitted to the Central Bank of Armenia
(CBA) its business proposals on development of the Armenian Stock
Exchange (ASE) and the results of its studies on development of
Armenia’s securities market.

CBA Chairman Tigran Sargsian stated this at the February 27 press
conference.

According to him, OMX submitted a package of 70 measures envisaging
legislative amendments for development of the securities market, which,
in particular, are related to granting tax privileges. "By means of
such tax privileges we will promote operation of those enterprises
which are willing to work in a transparent way and will undergo ASE
listing. It means that these enterprises will come out of the "shadow"
and issue their own securities," T. Sargsian said.

He noted that OMX programs have been discussed and positively assessed
during a consultation with the participation of representatives of
the RA Ministry of Trade and Economic Development and the RA Ministry
of Finance and Economy. It is envisaged that at the initital stage
of the program, OMX will become one of the owners of the ASE and the
Central Depositary, then – their 100% owner.

It was noted that if ASE is managed by OMX, securities listed at the
stock exchange may be sold and placed on international markets.

In response to NT correspondent’s question, CBA chairman said that
OMX uses the machanism of privileges in Baltic countries, getting good
results. In his words, it is expected that at the end of second year
of the OMX program’s implementation, the annual turnover of Armenia’s
securities market will make 500 mln dollars, and at the end of the
fifth year – 5 bln dollars.

To recap, stock exchanges of Sweden, Finland, Copenhagen, Vilnius,
Tallin and Riga operate as part of OMX. OMX is implementing a project
on development of stock markets in Macedonia and plans to implement
such projects in Ukraine and Bulgaria.

As the CBA chairman said previously, studies were done on 25 Armenian
companies which are prepared to ratify the transparency of their
accounting through the conclusion of an audit company and then to be
listed at ASE in accordance with OMX procedure.

ARMENIAN TEAM OF GRECO-ROMAN WRESTLING TO PARTICIPATE IN BIG INTERNATIONAL TOURNAMENT IN IRAN

Noyan Tapan
Feb 27 2007

YEREVAN, FEBRUARY 28, NOYAN TAPAN. The team of the Greco-Roman style
of wrestling of Armenia left for the city of Mashad, Iran, on February
28 to take part in the big international tournament. 8 wrestlers,
including Europe champions and prize winners Karen Mnatsakanian,
Movses Karapetian, Abas Jndoyan and Hovhannes Haytayan, are involved.

KAPAN "GANDZASAR" WINS FOOTBALL OLYMPIC TEAM OF TURKMENISTAN WITH SCORE OF 2:0

Noyan Tapan
Feb 27 2007

ASHGHABAD, FEBRUARY 28, NOYAN TAPAN. The last meeting of the group
tournament of the "Turkmenbashi Cup" tournament took place in Ashghabad
on February 27. The Kapan "Gandzasar" again played a drawn game
(0:0) with the Kazakhstan "Ordabas" and took the 2nd place in the
sub-group. "Ordabas" entered semi-final.

"Gandzasar" remained out of the struggle held a friendly meeting with
the Turkmenistan Olympic team and won with a score of 2:0. Edvard
Manucharian and Karen Khachatrian became authors of goals. Football
players of Kapan will have one more friendly meeting on February 28,
this time with the Ashghabad "Kopetdagh" team, multiple champion
of Turkmenistan.

UEFA TO DECIDE PLACE OF MEETING OF NATIONAL FOOTBALL TEAMS OF ARMENIA AND AZERBAIJAN

Noyan Tapan
Feb 27 2007

YEREVAN, FEBRUARY 28, NOYAN TAPAN. Meetings of the national teams of
Armenia and Azerbaijan are envisaged by the program of the Europe
football championship on September 8 and 12. The competition place
is not decided yet. The Azerbaijani side proposes to hold meetings
in Ukraine, and the Armenian side proposes to hold in Yerevan and
Baku. The UEFA Executive Committee will make the final decision.

TURKISH ENGINEER ADDRESSES TO EUROPEAN COURT OF HUMAN RIGHTS WITH PROTEST AGAINST ARMENIA

Noyan Tapan
Feb 27 2007

STRASBOURG, FEBRUARY 28, NOYAN TAPAN. Turkish engineer Melih Vidinli
addressed to the European Court of Human Rights with a demand of
compensation of 150 million evros from Armenia. He insists that because
of insistences of the Armenian Genocide his institution is deprived of
a number of functions and has great material damages. Marmara states
about it, quoting Hurriyet.

In the applicant’s words, the Constitution of Armenia by which
recognition of the Armenian Genocide is demanded contradicts principles
of the Council of Europe.

Engineer Vidinli insists in his appeal that the policy carried on by
Armenia in the direction of the Genocide recognition spoils relations
of Turkey with some states, and trade institutions suffer from it,
deprived of a number of functions and signing of agreements. The
engineer insists that the decisions recongizing the Armenian Genocide
made by the parliaments of 19 countries laid obstacles on the way of
works of his organization and violated their right of earning money.

FINANCIAL CRISIS IS EXPECTED IN PENSION SYSTEM OF ARMENIA

Noyan Tapan
Feb 28 2007

YEREVAN, FEBRUARY 28, NOYAN TAPAN. A financial crisis is expected in
the pension system of Armenia. Aghvan Vardanian, the RA Minister of
Labour and Social Issues stated about it at the February 28 discussion
of the draft "On RA State Demographic Policy Conception." In his words,
people born during the years of the Great Patriotic War retire on a
pension, whose number is, naturally, small. In the Minister’s words,
such a number of pensioners will remain till 2015, after what the
number of retiring people will strictly increase, provided by increase
of births fixed in 50-60s.

It was also mentioned that the population’s aging process, provided
by strict fall of the level of birthrate and prevailing emigration
activeness of the population at the working age, greatly quickened
during the post-Soviet years. In 2006 the specific weight of the
population at the pension age grew in Armenia 3.6% compared with 1990,
making 12.7%. Whereas, this index must not surpass 9% in the conditions
of normal demographic development.

ARMENIAN SOCIETY PASSES FROM MODEL OF FAMILY HAVING MANY CHILDREN TO MODEL NOT SECURING EVEN SIMPLE REPRODUCTION, AGHVAN VARDANIAN STATES

Noyan Tapan
Feb 28 2007

YEREVAN, FEBRUARY 28, NOYAN TAPAN. Though small positive movements were
fixed in Armenia during the recent years, however, serious challenges
of the social-demographic character, particularly, aging of the
population, negative balance of migration, degradation of traditional
families, destruction of national values arose. Aghvan Vardanian, the
RA Minister of Labour and Social Issues stated about it at the February
28 discussion of the draft "On RA State Demographic Policy Conception."

In his words, during a period of time even less than one cycle of
generaion change, the Armenian society passes from the model of family
having many children to the model of family, with 1-2 children,
not securing even simple reproduction. A.Vardanian mentioned
that self-regulation of the country’s demographic situation is
not realistic: the only way to reach it is active, purposeful and
consistent state interference. The Minister stated that for that
purpose the "RA State Demographic Conception" was worked out at
the Ministry which will be soon presented to the RA Government’s
affirmation.

In A.Vardanian’s words, it is proposed to use strategy for introduction
of approaches fixed in the conception, according to which, security
of family reproduction, strengthening of family, restoration of the
system of national values must be considered primary.

According to the observation of Garik Hayrapetian, the UN Population
Fund representative, demographic problems, with different expressions,
today exist in many countries. Those are displayed in some countries
in the way of the population’s overgrowth and territorial and vital
security problems arising of it, and in other countries is the
opposite. In his words, Armenia belongs to the number of countries
of the second group.

ENTRANTS MUST FILL IN APPLICATIONS TILL MARCH 10 TO PARTICIPATE IN STATE FINAL AND JOINT EXAM

Noyan Tapan
Feb 28 2007

YEREVAN, FEBRUARY 28, NOYAN TAPAN. The estimation and testing center
started the process of organization of the state final and 2007
entrance exam of higher educational institutions on the "Armenian
Language, Literature" subject for the 2006-2007 academic year
school-leavers of the organizations implementing general secondary
educational program (irrespective of the organization-legal type)
in the Republic of Armenia.

As Noyan Tapan was informed by the Press Service of the Estimation and
Testing Center, school-leavers (entrants) must fill in applications
for participation in the state final and joint examination. 2006-2007
academic year school-leavers fill in applications at their educational
institution.

Those school-leavers of previous years who will take exam on the
"Armenian Language" subject for entering an institution of higher
education, fill in the application at the educational institution of
their place of settlement, separated for that purpose.

To recap, the last term for filling in the applications is March
10, 2007.