Month: December 2008

GLOBAL ANNUAL REVENUES OF GRANT THORNTON INTERNATIONAL GROWS BY 14% TO 4BLN DOLLARS

ARKA
Dec 19, 2008

YEREVAN, December 19. /ARKA/. Combined annual revenues of 93 member
companies of Grant Thornton International consulting organization
grew by 14% up to 4bln U.S. dollars by the end of September 2008 as
compared with 2007.

The organization reports that audit revenues increased by 12% to over
$2 billion and the specialist advisory services business generated
over US$1 billion for the first time, now accounting for 25% of
total revenues.

"These are excellent results for what became an increasingly difficult
year economically for listed and privately held clients. I am delighted
to see so many member firms grow their businesses both domestically
and internationally and the continuing strength of audit is evidence
that Grant Thornton member firms continue to take market share from
other accounting networks as the market and regulators demand greater
auditor choice," David McDonnell, CEO of Grant Thornton International
Ltd, said.

Whilst 50% of global revenues come from the USA and the UK member
firms, this percentage continues to decrease year on year as other
member firms expand. 12 member firms, including Brazil, Hong Kong/China
and Japan are now $50 million businesses. Following the roll-out of
a new global brand in 2008, 99% of member firms now use the Grant
Thornton corporate identity throughout the world.

In the Americas, the U.S. me mber firm grew somewhat slower than
the previous year in a challenging climate and during the year led
the Public Accounting Report audit rankings, the first time a firm
outside the Big four has been ranked top.

McDonnell also said that in 2008 the organization made major
investments in development of common audit software and methodology
for all member firms, a situation the company’s nearest competitors
have yet to match

"This is now paying dividends as we pitch for more cross-border
audits for global clients. We may not have the market share of the
four major accounting networks but we find ourselves constantly
competing with them.

What we also find is that increasing numbers of mid-sized companies –
both listed and privately held – believe we are a more appropriate
fit for their business as we provide a more personalised service and
better value for money," McDonnell said.

"We’re a business like any other. We are not immune to the current
conditions and will have to manage our businesses with care over
the next 12 months. But we won’t turn our back on opportunities to
develop our global business through merger or acquisition in order
to maintain our position as one of the leading players in the global
accounting profession," he said.

Grant Thornton International is one of the world’s leading
organizations of independently owned and managed accounting and
consulting firms.

Gra nt Thornton International does not deliver services in its
own name. Each member and correspondent firm in Grant Thornton
International is a separate independent national firm. These firms
are not members of one international partnership or otherwise legal
partners with each other, nor is any one firm responsible for the
services or activities of any other. Each firm governs itself and
handles its administrative matters on a local basis. Yet, Grant
Thornton International member firms share a commitment to providing
the same high quality service to their clients wherever they choose
to do business.

ARMENIAN PRESS SPREAD INFORMATION ABOUT RAFIG HASANOV’S REFUSAL TO RETURN TO AZERBAIJAN

Azeri Press Agency
Dec 19 2008
Azerbaijan

Yerevan-APA. "There are different reports about Armenian-captured Rafig
Hasanov and he also gives contradictive information about himself.

It is a result of tortures and violence committed against him in
Armenia. There is no doubt. I do not consider his last statement
accidentally from this view", Press Officer of the Defense Ministry
Colonel-Lieutenant Eldar Sabiroglu told APA, expressing his
reaction to the reports spread about Hasanov’s refusal to return to
Azerbaijan. Sabiroglu said using such crafty and humiliating methods
Armenia tried to create negative opinion about the Azerbaijani Army
in the international arena and used the captured soldier for this
goal. "Such attitude is contradictory to the human rights and freedoms
and to the conventions on war prisoners. However the Armenians continue
inhumanity against the captured soldier".

The State Committee of Azerbaijan on War Prisoners, Hostages and
Missing People told APA the International Committee of the Red Cross
(ICRC) reported last week that Rafig Hasanov wanted to return home. The
State Committee expressed its readiness to get back the captive in
a short time.

Press Service of the ICRC representation in Azerbaijan told APA the
ICRC officials met with Hasanov on December 12 for the last time. All
details related to the meeting are kept in confidentiality.

The captive’s brother Afig Hasanov told APA Karabakh bureau that
they heard Rafig Hasanov made appearance on Armenian TV. "However
we do not believe that he does not want to return to Azerbaijan,
because Rafig wrote in his last letter that he wants to return home".

Hasanov expressed his wish to return back to Azerbaijan in his last
letter written to his parents.

"I thought much and decided to return back to my motherland
and my mother. Wait a little. We will meet soon", the letter
says. Representative of International Committee of the Red Cross
wrote on behalf of the captive, because Hasanov cannot write or read.

Novsti-Armenia spread information on the fact that captive Rafig
Hasanov, 19, addressing one of the TV Channels stated that he refused
to return back to Azerbaijan. Hasanov said that he was insulted and
humiliated in Azerbaijani Army during military service.

"I shot at my foot not bearing all of these actions and I was treated
in hospital. After it I was again insulted," he said. Hasanov added
that he was treated well in Armenia and sent his best regards to his
parents and relatives.

"Do not worry about my fortune and I was treated well. I declare that
I will not return back to Azerbaijan," he said.

Soldier of Azerbaijani Defence Ministry’s military unit, Rafig Rahman
Hasanov, 19, was captured by Armenian soldiers in contact line near
Gazakh Region on October 8, 2008.

From: Emil Lazarian | Ararat NewsPress

VICE-CHANCELLOR OF SLAVONIC UNIVERSITY: ARMENIAN BANKING SYSTEM FULLY RELIABLE AND HEALTHY

ARKA
Dec 19, 2008

YEREVAN, December 19. /ARKA/. Armenian banking system is fully reliable
and healthy that is a positive result of building high-efficient
banking regulation and supervision system in the 90ies, vice-chancellor
for university education development of the Russian-Armenian (Slavonic)
university Edward Sandoyan said.

"No similar country can be found in the world today, and I fully
answer for what I say," he said at "Novosti" International Press
Center during Moscow-Yerevan-Kiev-Kishinev video-bridge on social
responsibility of states under the crisis circumstances.

He pointed out that practically no unreliable or non-standard loans
exist in the assets of Armenian banks.

Paying capacity of the banking system and capital adequacy is within
30% – three times as much as the Basel standards, and no liquidity
problems exist in the banking system of Armenia, Sandoyan said.

HAS THE ARMENIAN-CAPTURED AZERBAIJANI SOLDIER DECIDED NOT TO RETURN TO HIS COUNTRY?

Today.Az
cs/49690.html
Dec 19 2008
Azerbaijan

Armenian mass medias claim that Armenian-captured Azerbaijani army
soldier Rafik Hasanov rejects to return to the country.

According to Novosti-Armenia, Hasanov’s appeal was shown on the
Armenian television. In his appeal Hasanov announced that in the
Azerbaijani army he was subjected to abuse and humiliation.

According to the TV material, Hasanov said that he not bearing the
humiliations he purposely wounded his leg, after which he was treated
in the hospital. Yet after this the humiliations did not stop.

The serviceman is said to tell that Armenians treat him well and sent
his warm greetings to the parents, relatives noting that he does not
intend to return to Azerbaijan.

It should be noted that earlier it was reported that Hasanov’s parents
said they got a letter from their son in which he wrote: "I thought
much and decided to return to the country, to my mom… See you soon".

Soldier of N military unit of the Azerbaijan Defense Minister Hasanov
Rafig (1989) was captured by Armenians on October 8 of this year on
the contact line in the direction of the Gazakh region.

ARMENIAN EXPERT: ARCHITECTURE OF FINANCIAL MARKET REGULATION NEEDS TO BE CHANGED IN WORLD

ARKA
Dec 19, 2008

YEREVAN, December 19. /ARKA/. Modernizing the architecture of
financial market regulation and establishing effective institutions
and mechanisms at supranational level became necessary in today’s
world, vice-chancellor for university education development of the
Russian-Armenian (Slavonic) university Edward Sandoyan said.

The problem is that national financial regulation or financial
mediation institutions are inefficient and not in line with what is
happening in the world, he said at "Novosti" International Press
Center during Moscow-Yerevan-Kiev-Kishinev video-bridge on social
responsibility of states under the crisis circumstances.

Such a stand is not popular today as financial means are being
distributed through the International Monetary Fund or sovereign funds,
Sandoyan said.

"But time is passing, and we will be treating the consequences, and
if we manage to overcome the crisis, we will then forget about what
it was caused by," the expert said.

According to Sandoyan, the main problem is institutional imperfectness
of the market economy model "that we have built in our states". The
countries should have already started forming their own self-sufficient
institutions long ago, he said.

"If these institutions were at a higher efficiency level in Russia,
there would not be such a huge amount of c orporate external debt
the return of which triggered the crisis in Russia," Sandoyan said.

According to the expert, one should not be proud of what Armenia,
Moldova and Ukraine are proud of today, i.e. of not having accomplished
and effective capital market institutions of. "This means that we
have lost huge potential of our own development," Sandoyan said.

From: Emil Lazarian | Ararat NewsPress

ARMENIAN DEPUTY: "MOSCOW, WHICH HAD BECOME "THE GODFATHER" OF THE MOSCOW DECLARATION, WILL BE RESENTED OVER THE RECOGNITION OF KARABAKH"

Today.Az
politics/49688.html
Dec 19 2008
Azerbaijan

"By signing the Moscow declaration on Nagorno Karabakh, Armenia has
lost the opportunity to recognize independence of Nagorno Karabakh",
said deputy of Armenian parliament from the Heritage opposition party
Stepan Safaryan.

"The Moscow declaration states clearly that Armenia and Azerbaijan
will hold bilateral direct talks for the peaceful resolution of the
Karabakh conflict, in the framework of the Minsk Group proposals. The
unilateral recognition of independence of Karabakh will be a risky
step, which would mean, first, that Armenia does not respect the
documents, it undersigned, second that we renounce the previously
welcomed peaceful process", explained Safaryan.

The deputy noted that Moscow, which is a "godfather" of the
declaration, will be resented.

"Russia was not interested in the deterioration of another conflict,
especially after the August war, which could have created additional
problems for it, especially because its interference in the context
of the Karabakh conflict was not substantiated in any document",
noted he and stressed that Russia can view any violation of the Moscow
declaration as actions against its interests.

ARMENIAN GOVERNMENT APPROVES AMENDMENTS TO LAW ABOUT COMPULSORY CONSCRIPTION

ARKA
Dec 19, 2008

OSHAKAN, December 19. /ARKA/. Armenian Government approved the draft
amendments to the country’s law about compulsory conscription at its
visiting sitting Thursday.

The aim of the amendments is to ensure that citizens of conscription
age (18-27 years old) appear in call-up offices and fulfill their
constitutional obligations, Armenian Minister of Defense Seyran
Ohanyan said.

The Minister said that currently Armenian passport is valid in other
countries during five years, but this term has no connection with
citizens’ conscription and with the terms of corporal appearance in
military service offices.

According to the law about compulsory military service, citizens get
deferment of military service for up to three years due to health
conditions and till completion of their education if they study,
Ohanyan said.

"The existing conflict needs to be solved. Hence, it is reasonable to
tie the passport validity period with terms of citizens’ conscription,"
the Minister said.

Passing these amendments is expected to ensure that conscription-age
citizens appear in the military service offices and fulfill their
constitutional obligations, the Minister said.

18.8% RISE IN AVERAGE MONTHLY WAGES IN ARMENIA IN JAN-NOV

ARKA
Dec 19, 2008

YEREVAN, December 19. /ARKA/. This January-November, the average
monthly wages reached 89,029 AMD in Armenia – an annual rise of 18.8%.

The Ra Statistical Service reports that the monthly wages in
government-financed organizations reached 63,197 AMD – an annual rise
of 19.1%, and a monthly rise of 1.5%.

The average monthly wages reached 110,991 AMD – an annual rise
of 18.3%.

CAMPAIGN WE APOLOGIZE TO ARMENIANS CAN PROVOKE POLITICAL CRISIS IN TURKEY: TREND NEWS COMMENTATOR
Rufiz Hafizoglu

Trend News Agency
Dec 19 2008
Azerbaijan

Since Turkish President Abdullagh Gul’s visit to Yerevan to ‘watch’
football match between Turkish and Armenian teams, the events have
been developing at a faster pace and they will keep on developing in
this way further. Armenia not only prepared for Gul’s visit, but also
determined which political steps to take after this visit. Different
position of the current Islamist government of Turkey towards the
European Union unlike that of previous nationalist government and
insistence on the EU admission encouraged Armenians to make more
efforts to restore ties between the two countries.

Strive of the governing Justice and Development Party (AK Party)
is due to not only numerous economic problems, but also unsolved
problem of head-dresses at universities. AK Party intends to solve
this problem under Human Rights Convention by securing full-right
EU membership. All these problems can be solved only through EU
membership. It is already known that EU with its "Christian club",
so called by the Turkish Prime Minister Recep Tayyip Erdogan once,
will serve interests of Armenia, rather than Turkey.

It is noticeable that at the moment the EU membership is held by
France, which is considered second homeland of Armenians. Greece will
assume EU chairmanship in the second half of 2009 who will display
its hard stance towards Turkey. Armenian diplomats understand it very
well and given all these realities they are willing to establish ties
with Turkey ‘in accordance with friendly and good-neighbor’ principles.

Soon the ‘dialogue’ and policy of ‘good-neighborhood’ will yield
results. As a more active side in this regard, Turkey made a gesture
towards Armenia and planned to open Istanbul-Yerevan flight and
departments of Armenian language and culture in Trakiye and Nevshehir
universities. On its part, Armenia, as a ‘fraternal’ move, removed
"Armenian genocide" from the agenda to let relations develop and
announced that Armenia does not have territorial claims to this
country.

These events are likely to lead to partial implementation of a plan
to open borders.

As to the campaign We Apologize to Armenians for the "genocide"
committed during Ottoman empire launched by the Turkish
‘intellectuals", it caused more sensation in the country than it
was expected.

Officials and political parties of the country expressed their sharp
attitude against this company and even criticized AKP and President
Abdullah Gul. However, statements of Prime Minister Erdogan and
that of President Gul differed to a great extent. President Gul
said: "Turkey is a country where everyone has a right to express
views freely." However, Prime Minister said bad many intensions
stand behind this campaign. Erdogan said those calling themselves
‘intellectuals’ seek to instigate trouble and compel people to
conflict. ‘Intellectuals’ who launched this campaign have links with
Ergenekon terrorist organization, he said.

Different opinions of two officials on the same issue demonstrate that
there are differences between the two Turkish top-rank officials
regarding Armenian issue. Gul’s bad attitude to We Apologize
campaign made mainstream opposition more active. Doubtless, the
forces dissatisfied with the governing party will take advantage of
it which can deteriorate situation in the country. Willingness to
adopt an appeal on behalf of parties included in the parliament
to express parliament’s opinion to this issue provoked sharp
criticism by pro-kurdish Democratic Community Party which proves all
above-mentioned. Development of events in this way and increased
efforts of the Armenian lobby can cause a new internal crisis in
Turkey.

USAID TO HELP ARMENIA TRANSLATE FINANCIAL ACCOUNTING STANDARDS INTO ARMENIAN

ARKA
Dec 19, 2008

YEREVAN, December 19. /ARKA/. Armenia will collaborate with USAID in
translating official financial counting standards into Armenian.

RA Deputy Minister of Finance Suren Karayan and Chief of the USAID
Armenia Financial Sector Deepening Project signed a relevant memorandum
today, the RA Ministry of Finance reports.

The document provides for Armenia’s adoption of standards set by IASCF
(International Accounting Standards Committee Foundation).