Month: August 2008

VTB (ARMENIA) BANK TO HAVE 75 BRANCHES BY LATE 2008

ARKA
Aug 29, 2008

YEREVAN, August 29. /ARKA/. The VTB (Armenia) Bank will have 75
branches by late 2008, said Valery Ovsyannikov, general director and
chairman of the directorial board of the bank. To optimise the bank’s
network, the Supervisory Board of the bank has decided to close down
temporarily the bank’s branches in Nor-Hatchn, Yeghvard, Metsamor,
Ashotsk and Stepanakert.

The customers of Karabakh will get services through the bank’s local
partners.

The Araratbank, Ardshininvestbank, Artsakhbank, Armbusinessbank,
Armeconombank and Unibank have branches in the Nagorno-Karabakh
Republic.

The VTB (Armenia) Bank (former Armsavingsbank), became member of the
VTB Banking Group in April 2004. The Russian VTB is now the absolute
shareholder of the bank.

The authorized capital stock of the VTB (Armenia) Bank totals 13.78bln
drams. The bank’s own capital amounts to 21.88bln dram. It has 80
branches across Armenia. The Fitch International Ratings Agency
upgraded in July the bank’s short term and long-term issuer ratings
to B and BB+ respectively.

VTB (ARMENIA) BANK ALLOTS $30 MLN WORTH CREDIT TO ELECTRIC NETWORKS OF ARMENIA

ARKA
Aug 29, 2008

YEREVAN, August 29. /ARKA/. The VTB (Armenia) Bank has allotted a
three-year credit to Electric Networks of Armenia (ENA).

The company is engaged in regulated distribution and sales of
electric energy in Armenia. Overall spread of its grid is 36 thousand
km. Subsidiary of Russia’s giant RAO UES INTERNATIONAL CJSC, ENA
company provides service to about 935.000 customers.

The VTB (Armenia) Bank (former Armsavingsbank), became member of the
VTB Banking Group in April 2004. The Russian VTB is now the absolute
shareholder of the bank.

The authorized capital stock of the VTB (Armenia) Bank totals 13.78bln
drams. The bank’s own capital amounts to 21.88bln dram. It has 80
branches across Armenia. The Fitch International Ratings Agency
upgraded in July the bank’s short term and long-term issuer ratings
to B and BB+ respectively.

ARMENIA’S CIVIL AVIATION SAYS AIR TICKET PRICES TO FALL

ARKA
Aug 29, 2008

YEREVAN, August 29. /ARKA/. Air ticket prices are expected to fall in
Armenia soon, reported Artyom Movsesyan, RA Civil Aviation head. "As
fuel prices hit low, ticket prices will reduce," he said.

According to Movsesyan, record-high fuel prices resulted in a hike
to ticket prices in many countries. "Armenia is only a fuel consumer
and cannot influence global prices," Movsesyan added.

He said the issue will be on the agenda of the 57th Yerevan meeting
of the European Civil Aviation Conference (ECAC).

FIRST-HALF FOREIGN INVESTMENTS INFLOW INTO ARMENIA UP 65%

ARKA
Aug 29, 2008

YEREVAN, August 29. /ARKA/. Armenia’s National Statistical Service
(NSS) reported $515.1mln of net inflow (without loans allotted by
public management agencies and banks) into Armenia’s economy in the
first half of 2008 – 65% year-on-year increase.

Direct investments were up 64.8% to $352.7mln, having the lion’s
share (68.5%) in the first-half inflow of investments into Armenia
(against 68.6% in the first half of 2007).

According to NSS, $221.8mln (43.1% of total investments, 62.9% of
direct investments) was invested in electricity, gas, steam and water
distribution sector. First-half investments in communications totaled
$35.9mln (10.2% of total investments). Some $25mln was allocated in
air transport (7.1%), NSS reported.

Armenia’s major investors in the first half were Russia ($386.7mln),
Argentine ($28.2mln), Lebanon ($21.9mln) and the United States
($16.2mln).

ARMENIAN, RUSSIAN PRESIDENTS TO MEET IN SOCHI ON SEPT 2

ARKA
Aug 29, 2008

YEREVAN, August 29. /ARKA/. Armenia’s President Serge Sargsian leaves
for Sochi on September 2 to meet his Russian counterpart Dmitry
Medvedev, the RA President’s press service reports.

Armenian-Russian cooperation and Armenia’s CSTO chairmanship, as well
as international issues will be on the agenda of the meeting.

ARMENIA’S NATIONAL AIR CARRIER ARMAVIA AWARDS 400,000TH TRAVELLER

ARKA
Aug 29, 2008

YEREVAN, August 29. /ARKA/. Armenia’s national air carrier Armavia has
awarded the 400th traveler. Christine Batikyan, citizen of Armenia
and France, who flew with her two children (U8 -101 flight), got a
Nokia 5500 cell phone and a gold SIM card from VivaCell.

Besides, Armavia gave Batikyan and her children an opportunity to
fly business class.

"Armavia and Armenia’s leading mobile operator VivaCell organize such
campaigns every year," said Levon Karamyan, deputy director of Armavia.

"It was a nice surprise to get these lovely presents early in the
morning," Batikyan said. "Though I live in Paris, I am looking forward
to returning Armenia soon."

The Armavia Air Company LLC is the national air carrier of the
Republic of Armenia. The company was founded in 1996. The founders
are the Armenian Aviafin Ltd and Mika Armenia Trading Ltd owned by
Mikhail Baghdasarov.

At present the air company offers its customers flights to Russian
cities and CIS, as well as Middle East and Europe.

From: Emil Lazarian | Ararat NewsPress

CONFLICTS SHOULD BE RESOLVED PEACEFULLY, HOVHANNES MARGARIAN SAYS

Noyan tapan

Au g 29, 2008

YEREVAN, AUGUST 29, NOYAN TAPAN. The Georgian-Ossetian conflict showed
that the problems in the region should be solved in a peaceful way
rather than by war, member of the National Assembly "Orinats Yerkir
Party" (OYP) faction Hovhannes Margarian said at the August 29 press
conference. In his words, the Armenian authorities have conducted a
constructive and balanced policy concerning this issue.

Speaking about Armenian-Turkish relations, the member of "OYP" faction
said that they have a positive opinion about the principle adopted
by Armenian President Serzh Sargsyan. As he put it, "one does not
choose neighbors so it is necessary to try to find solutions to the
existing problems by more contacts, through a dialog."

As regards the circulating rumors about the nomination of the chief of
the RA presidential staff Hovik Abrahamian for the post of NA speaker,
H. Margarian noted: "The Republican Party of Armenia decides itself
whom to nominate for this post."

HRAYR KARAPETIAN: ARF HOLDS MEETINGS ON APPROPRIATE OCCASIONS ONLY

Noyan tapan

Au g 29, 2008

YEREVAN, AUGUST 29, NOYAN TAPAN. The ARF holds meetings on appropriate
occasions only, member of the ARF Armenia Supreme Body, vice speaker
of the National Assembly Hrayr Karapetian stated at the August
29 press conference when speaking about the meeting-concert to be
organized on September 2 by the ARF Dashnaktsutyun on the occasion
of the 17th anniversary of Artsakh’s independence. According to him,
the municipality did not give permission to hold it, explaining that
some events dedicated to Day of Knowledge are scheduled for that
day. However, the court upheld the ARF’s claim against the decision
of the municipality. "It should not occur to any Armenian official to
ban a celebration of Artsakh’s independence anniversary. This is not
a meeting for making calls for civil disobedience. It has no relation
to the chain of meetings that are held constantly," he said.

In the words of H. Karapetian, the aim of the ARF’s initiative is to
reassert and show to the world that the Armenians are united in the
name of international recognition of Artsakh. He did not rule out that
similar events will be held in Paris and Los Angeles on those days.

SPECIAL RAPPORTEUR OF OSCE PARLIAMENTARY ASSEMBLY TO VISIT SOUTH CAUCASUS COUNTRIES

Today.Az
ics/47267.html
Aug 29 2008
Azerbaijan

Goran Lennmarker, special rapporteur on Georgia and South Ossetia of
the OSCE Parliamentary Assembly, plans to visit the South Caucasus
countries-Georgia, Azerbaijan and Armenia.

According to a source from the parliamentary assembly, it will be
his first visit after being appointed to the said position.

The visit to the region will start with the visit to Azerbaijan on
September 1. It is also noted that the situation in the South Caucasus
will be considered at the session of the OSCE Parliamentary Assembly
in Toronto on September 18-21, at which Goran Lennmarker will present
a report on the situation in Georgia.

It should be noted that on August 15, the OSCE Parliamentary Assembly
has appointed Lennmarker as a special rapporteur on the situation in
Georgia and South Ossetia. Before that he had been the president of
the assembly for two years. It should be noted that Goran Lennmarker
is also the special representative of the president of the OSCE
Parliamentary Assembly on Nagorno Karabakh.

A TRICKY BALANCE
By Soli Ozel

Turkish Press
Aug 29 2008

SABAH- It seems that by recognizing South Ossetia and Abkhazia,
Russia has completed a move it`s long been planning. What happens
next depends on the stance taken by the US, which was unprepared for
this development. The Bush administration`s nonexistent credibility
in its final months and the involvement of US forces in Afghanistan
and Iraq made it impossible for Washington to give Russia a tough,
immediate response. Actually, Russia couldn`t have made a military
response, either. Disagreement over how NATO should respond painted
a dark picture of the future of the Western alliance.

Serious debate over Russia`s move has started in the US . Some claim
that Russia remains an imperialist power and that it acted out of an
understanding of power tending towards authoritarianism fed by war,
and so it can`t help but act violently. They argue that Russia `s
policies are anti-Western due to its structure and strategic aims
and that the US response should be tough and should aim to isolate
Russia . Others, however, claim that US policy towards Russia over
the last 20 years, the failure to keep promises to Moscow about its
vital interests, and such policies as NATO enlargement, recognizing
Kosovo`s independence and agreements to bring US missile defense to
the Czech Republic and Poland caused Russia to respond this way.

These people stress that Russia actually wants to act in cooperation
with the West, but that it also wants to be treated respectfully and
protect its interests. For example, former CIA official Flynt Leverett
and his wife Hillary Mann Leverett argued, ` Russia wants to expand its
energy and financial ties to the West, but it will use the tools it has
to defend its interests… [U]nder the rubric of strategic partnership,
Moscow would provide greater support to US objectives on a range of
international issues, including the Iranian nuclear problem.`

The future scope of this crisis for Turkey depends on what stance the
US takes. But it will be hard for Turkey to strike a balance between
the West and Russia, something it had done easily up to now. As Ian
Lesser of the German Marshall Fund said, "In the near-term, Turkey
will face difficult policy choices in reconciling the country`s
Russian and Western interests."

In fact, Turkey has been experiencing these difficulties since
the beginning of the Georgian crisis in terms of the Montreux
Convention, passage through the Turkish Straits, and the way the
Black Sea has turned into an area of strategic conflict. In such
a problematic situation, Turkey should first explain its situation
to its allies. Senior commentator Mehmet Ali Birand, who knows the
Caucasus very well, summed up the situation by saying that Turkey and
the US share common goals and strategic interests and that now the
only thing that matters is to show these interests in the US display
case and put them on the US agenda. Birand added that if the US makes
missteps, as its ally we should warn it and also try to sway it through
close consultation, as over the Montreux issue. Turkey has to take
dramatic steps in order to initiate such public diplomacy. Under
these circumstances, this means steps to normalize our relations
with Armenia.

From: Emil Lazarian | Ararat NewsPress