Month: November 2009

HSBC BANK ARMENIA CJSC MAKES ITS BUSINESS GREENER

ArmInfo
2009-11-06 16:15:00

ArmInfo. HSBC Bank Armenia cjsc has pledged to sponsor planting up
to 1000 trees in Yerevan to encourage its customers to opt to receive
their statements electronically and for signing up to Personal Internet
Banking services, thus helping to preserve the environment, HSBC Bank
Armenia told armInfo.

Continuing the good tradition of tree planting initiated in 1996, on
8 November HSBC Bank Armenia staff and their families will plant 500
trees in "Huisi Avan" residential community together with specialists
from Armenia Tree Project and community members.

Tree planting is only one aspect of a comprehensive "Green Bank"
campaign which the Bank has initiated. Following the launch of
Telephone Banking in March 2009 and Internet Banking in July 2009,
the availability of electronic statements is aimed at reducing paper
consumption and helping to preserve the environment.

"To further encourage our customers and community to use green
channels and sign up for Telephone or Internet Banking services and
switch to e-statements, today we go green with tree planting. It is
also important to mention that all HSBC Armenia staff do their daily
banking via direct channels, acting as role models for the community",
said Tim Slater, HSBC Bank Armenia Chief Executive Officer.

The area where the tree planting will take place was also chosen
with care. "Huisi Avan" is a shelter for 76 underprivileged Armenian
families, mainly refugees, with a minimum of three children. By
planting decorative trees and donating much needed fruit trees,
the Bank is helping to improve the lives of people in need.

CASCADE BANK REDUCES INTEREST RATES ON CREDITS

ArmInfo
2009-11-06 12:36:00

ArmInfo. Cascade Bank has reduced the interest rates on dollar trade
credits from 13% to 11% per annum. As Cascade Bank’s press service
told ArmInfo, the bank started granting of trade credits also in AMD,
with 13% base interest rate.

Moreover, Cascade Bank reduced the rates on auto loans from 17-20%
to 15-18%, and, under cooperation with KIA Motors Company, the bank
grants auto loans with 5% prepayment. The bank also reduced the rates
on mortgage credits, including the rates for housing acquisition,
from 14-16% to 13-15% per annum, and the rates for housing repair have
been reduced from 24% to 18%. Under cooperation with Glendale Hills
Company, the bank offers flats in the new buildings at 13% annual
rate. According to the data of Cascade Bank, the bank resumed granting
of credits for acquisition of heating systems, at 22% annual rate.

To note, Cascade Capital Holdings is 100% holder of Cascade Bank’s
block of stock.

ARMENIAN TRUCKS DENIED ENTRY TO NEIGHBORING IRAN AND TURKEY

ArmInfo
2009-11-06 16:33:00

ArmInfo. Armenian trucks are denied the entry to neighboring Iran
and Turkey due to the EURO III and IV standards accepted in these
countries, Armenian Transport and Communication Minister Gourgen
Sargsyan said at parliamentary hearings on the draft budget 2010,
Friday.

He said only three or four Armenian many-tonnage cars meet these
standards, and the whole remaining car fleet needs to be upgraded. The
minister pointed out that the non-compliance with these stands
practically hinders transportation of Armenian cargoes to these
countries while Iranian, Turkish and Georgian trucks enter Armenia
without any obstacles. G.Sargsyan added that these cars belong to
the private sector, and their replacement is connected with financial
difficulties. The parliamentarian offered the government to decrease
or cancel the customs duties for import of trucks to Armenia, this
will decrease their value and contribute to upgrading of the car fleet.

INFLOW OF TOURISTS TO ARMENIA SCALES UP

ArmInfo
2009-11-06 16:17:00

ArmInfo. Inflow of tourists to Armenia till the end of the year will
reach 600000 people growing 7.4% per year, says Mekhak Apresyan,
Head of the Armenian Economy Ministry Department for Tourism. He
told ArmInfo that in Jan-Sept 2009 422807 tourists visited Armenia,
which was 5.8% more than in the same period of 2008. M. Apresyan
says that in winter tourists can have a rest at the resort towns of
Tsakhkadzor and Jermuk as well as in Gyumri were skiing is becoming
more and more popular.

Although 60% of tourists visiting Armenia are Diaspora representatives,
M.Apresyan says, residents of more and more countries are visiting
Armenia year by year. "Over the last year tourists from the
Scandinavian countries and the Far East had visited Armenia. The
number of tourists from Iran and Turkey has significantly grown as
well," he said.

As regards hotel resorts, he said Armenia offers over 170 accommodation
facilities, and over 70 hotels. Half of these complexes are in the
regions. The number of Bed and Breakfasts keeps on growing.

National Statistical Service of Armenia reports 396560 people left
Armenia for tourism purpose in Jan-Sept 2009, which is 1.2% more than
a year ago.

RUSSIAN GAS IMPORT TARIFF FOR ARMENIA TO RISE 16.8% STARTING APRIL 2010

Arminfo
2009-11-06 14:16:00

ArmInfo. Starting April 2010, import of natural gas to Armenia will
cost $180 per 1000 cu meters versus the present $154, Robert Nazaryan,
Chairman of the Public Services Regulatory Commission (PSRC) told
media on Friday.

He said Armenia has agreed to reduce the tariff by $20 for the next
year i.e. to $180 instead of the earlier announced $200 per 1000 cu
meter. He explained that rise of the import tariff will result in the
growth of internal tariffs of gas for the population and enterprises.

The exclusive supplier of natural gas to Armenia ArmRusgasprom CJSC
will apply to PSRC for revision of the internal prices of gas till
the end of January 2010, Nazaryan said. Electricity tariff will rise
simultaneously. "Even if the power generating companies did not apply
to the Commission for revision of tariffs, we will change the tariffs
in order the generating companies avoid losses," PSRC Chairman said.

Thermal power plants ensure 24-25% of total power generation in the
country, and these plants are gas consumers. R. Nazaryan said that
in 2010 the new modern power unit of Yerevan TPP will be put into
exploitation which is twice as effective as the existing plants. The
fifth power unit of Hrazdan TPP will be put into exploitation in 2011,
he said. (Ed. It was reported earlier that Hrazdan-5 would be put
into exploitation in 2010).

Since April 1 2009, import of natural as to Armenia grew in price 40%
to $154 per 1000 cu meters. As a result, the tariff grew 40.2% to $215
per 1000 cu meters for industrial enterprises (consumers over 10000
cu meters of gas monthly) versus the previous $153.26. Tariff for the
consumers using up to 10,000 c/m of natural gas monthly (mainly the
population) grew from the present 84,000 drams per 1,000 c/m inclusive
of VAT to 969,000 thousand drams inclusive of VAT (a 14.2% growth).

ARMENIAN FOREIGN MINISTRY TO GET 4.6 BILLION DRAMS TO MAINTAIN EMBASSIES AND OTHER DIPLOMATIC MISSIONS ABROAD IN 2010

ARKA
Nov 5, 2009

YEREVAN, November 5, /ARKA/. First deputy finance minister Pavel
Safarian said today the Armenian foreign ministry will get 4.6 billion
Drams next year to maintain Armenian embassies and other diplomatic
missions abroad.

Speaking at another parliamentary hearing today on next year’s budget
Pavel Safarian said the ministry will get as much for the maintenance
of embassies and missions as it received this year.

He said there are some calculation problems caused by the depreciating
Armenian national currency Dram, because the funds need to be converted
into US Dollars and Euros.

Pavel Safarian said the ministries of finance and foreign affairs
are having special consultations to determine the best calculation
rate so that the changing exchange rate of Dram does not affect the
operation of embassies and diplomatic missions.

According to the 2010 draft budget, the government plans to collect
676. 6 billion Drams of revenues, down from 772 billion projected
for 2009. It also plans to spend 859.6 billion drams, of which 85.7%
will be current expenditures. Tax revenues for 2010 are projected at
533 billion Drams, up from 510 billion, projected for 2009.

From: Emil Lazarian | Ararat NewsPress

VTB BANK ARMENIA AND MONEYGRAM SIGN COOPERATION AGREEMENT

ARKA
Nov 6, 2009

YEREVAN, November 6, /ARKA/. VTB Bank Armenia and the international
money transfer system MoneyGram signed last month a cooperation
agreement, VTB Bank Armenia said in a statement today. It said
now its customers can send and receive money-US Dollars and Euros-
through this safe and fast system.

In comments on this agreement, VTB Bank Armenia CEO Valery Ovsyanikov
said the bank has chosen MoneyGram because it has a wide network of
agents and because it offers speedy money transfer operations.

Customers can receive money in just minutes.

Now, according to Ovsyanikov, VTB Bank Armenia customers can also
choose the currency in which they would like to receive or send money.

MoneyGram operates about 180,000 agents and financial institution
customers in over 190 countries.

It also allows a free extra message of 10 words with the money
transfer.

VTB Bank Armenia and MoneyGram started their cooperation in 2009
September. Now MoneyGram services are available to all VTB Bank Armenia
customers in its 74 branches across Armenia in Yerevan and all regions.

As of November 1 VTB Bank Armenia offered its customers six different
money transfer systems. All 100 percent of shares in VTB Bank Armenia
are owned by the second largest Russian VTB Bank.

MINISTER: MINISTRY OF TRANSPORT AND COMMUNICATION OF ARMENIA TO CONTINUE TO SUPPORT ORANGE ARMENIA IN ITS MARKET ENTRY

ARKA
Nov 6, 2009

YEREVAN, November 6. / ARKA /. Ministry of Transport and Communication
of Armenia will continue to assist Orange Armenia in the full output
of the local market, Minister of Transport and Communications Gurgen
Sargsyan said on Thursday during the presentation of the company.

According to him, the entry of the Orange Armenian company into the
Armenian market of cellular and broadband Internet promotes economic
development and telecommunications in the country, as well as the
development of friendly relations between Armenia and France.

He stressed that the company has already implemented investments
amounting to $ 90 million in Armenia, thus took a leading position
in the list of the largest taxpayers in Armenia.

"This demonstrates the serious intent of the company and its
contribution to further liberalization of the market as well as
improving the quality of communication," Sargsyan said.

Orange Armenian has already started operating in the country since
November 5. Orange is an international trademark and has been
registered in Armenia since 2001. It is the 100% daughter of France
Telecom (Orange trade mark).

Orange Armenia received the final license on November 19th 2008. The
license is granted for a term of 15 years, with the right of its
extension for another 15 years and the right to use radio frequencies
for 10 years.

The company is allowed to provide numbers with +374 (0) 55 and +374
(0) 95 codes and it has the right of numbers substitution for 10 years.

Tender Commission of Armenia announced the France Telecom company
(Orange trade mark) as the winner in the tender for the third mobile
operator in the country on October 7, 2008.

The company unveiled the biggest proposal for a GSM-license in the
amount of 51.5 million euros.

Orange Armenia begins work in Armenia with 83% coverage, providing
access to mobile networks and the Internet in 500 cities and villages
of the republic.

The company provides technology-based 2.5 G and 3G networks, as well
as access to the network 3G +. Roaming is available in 130 countries.

Prior to Orange Armenia, the Armenian market of cellular communication
was operated by two companies: ArmenTel, 100% owned by Russia’s
VimpelCom, and VivaCell-MTS, the controlling stake of which is held
by Russia’s MTS.

CES CONSULTING ENGINEERS SALZGITTER GMBH TO CONTROL RECONSTRUCTION OF ARMENIA’S IRRIGATION SYSTEM

PanARMENIAN.Net
06.11.2009 14:12 GMT+04:00

/PanARMENIAN.Net/ In a session on November 6, Government approved
results of tender aimed at establishing technical control in the
frames of "Reconstruction of Irrigation System" program.

German CES Consulting Engineers Salzgitter Gmbh was recognized
as winner, Andranik Andreasyan, Chair of State Water Committee,
announced. In cooperation with Yerevan State Engineering University,
it will carry out technical and quality control in Armavir and Talin
regions. Program is implemented by under the funding of World Bank.

From: Emil Lazarian | Ararat NewsPress

TURKEY NOT INTERESTED IN VOTING DOWN PROTOCOLS

PanARMENIAN.Net
06.11.2009 14:40 GMT+04:00

/PanARMENIAN.Net/ Armenia’s position on protocols is quite explainable,
said Eduard Sharmazanov, spokesman for the ruling Republican Party
of Armenia.

"Turkey has always used the language of preconditions. So, it’s logical
that it should be the first to ratify the protocols," he told a news
conference in Yerevan.

"Turkish parliament will announce the final decision on the protocols
on December 7, the day when Prime Minister Recep Tayyip Ergodan is
scheduled to meet U.S. President Barack Obama. If the decision is
negative the meeting will hardly take place, since the U.S. stand on
normalization of Armenian-Turkish relations is well-known," Sharmazanov
said, adding that Armenia will never make unilateral concessions.

He also emphasized that worldwide recognition of the Armenian Genocide
remains one of the RA’s foreign policy priorities.

From: Emil Lazarian | Ararat NewsPress