Settlement Exchange Rate Of Armenian Dram Against US Dollar Falls By

SETTLEMENT EXCHANGE RATE OF ARMENIAN DRAM AGAINST US DOLLAR FALLS BY 12.9% SINCE EARLY 2007

Noyan Tapan
Dec 03 2007

YEREVAN, DECEMBER 3, NOYAN TAPAN. The 5.1% inflation registered
in the Armenian consumer market in November 2007 on December 2006
was accompanied by a 12.9% fall in the settlment exchange rate of
the Armenian dram against the US dollar (the dram appreciated). A
similar tendency was registered in the same period of last year:
the settlement exchnage rate fell by 16.3% in parallel with a 3.5%
growth of consumer prices.

According to the RA National Statistical Service, a 3.8% fall in
the settlement exchange rate of the Armenian dram against the US
dollar was registered in the currency market in parallel with a 2.1%
inflation in the country’s consumer market in November on October 2007.

The average settlement exchange rate of the Armenian dram against
the dollar made 317.59 drams in November 2007, which is less by 15.6%
as compared with the index of November 2006 (376.16 drams).

Who Will Raffi Hovhannisian Support?

WHO WILL RAFFI HOVHANNISIAN SUPPORT?

A1+
[07:58 pm] 04 December, 2007

On 6 December the "Heritage" party will hold a session to discuss who
the party will support during the upcoming presidential elections. We
should remind that the RA Police Department of Passports and
Visa refused to give a certificate to Raffi Hovhannisian on the
RA citizenship, thus, depriving him of the participation in the
presidential elections.

During the last 10 days "A1+" has been conducted a survey as to whom
Raffi Hovhannisian will support during the presidential elections. 59
percent of 1247 participants consider that he will support the RA
First President Levon Ter-Petrosyan, 23 percent consider that he
will support the candidate of the ARF Vahan Hovhannisian. 7 percent
of the participants consider that Raffi Hovhannisian will support
the Chairman of the "Republican Party of Armenia" Serge Sargsyan,
while 10 percent consider that he will support another candidate.

Holbrooke: Kosovo Independence Declaration Could Spark Cries

Council on Foreign Relations, NY
Dec 5 2007

Holbrooke: Kosovo Independence Declaration Could Spark Cries

Interviewee: Richard C. Holbrooke, Vice Chairman, Perseus LLC
Interviewer: Bernard Gwertzman, Consulting Editor, The Council on
Foreign Relations

December 5, 2007

Richard C. Holbrooke, who served as President Clinton’s ambassador to
the United Nations at the end of his second term, and who helped
broker the Dayton Accords that ended the Bosnia war in 1995, says a
lack of Russian cooperation may lead to a "huge diplomatic train
wreck" when Kosovo declares its independence.

On December 10, the three-man group – U.S. envoy Frank Wisner, Russian
representative Alexander Botsan-Kharchenko and EU envoy Wolfgang
Ischinger – that the United Nations set up last summer to bring about a
negotiated solution between Kosovo and Serbia ends its work in
failure. It’s widely expected that Kosovo, the autonomous province of
Serbia, will soon announce its independence. Do you have any idea
when that may happen?

To the best of my knowledge, the Kosovo Albanian leaders, who were
elected last month, will make a unilateral declaration of
independence about a month or so after December 10.

And they will ask all countries of the world to recognize them, as
well as the United Nations?

Yes.

Now the European Union, at the moment, from what I can tell, has
about five member states that are nervous about recognizing an
independent Kosovo.

The United States, Britain, France, and Germany have already said
they will recognize Kosovo. Most of the EU [European Union], but not
all, will recognize them. Some will recognize them on a slightly
slower time frame than others. Russia will not recognize them. Other
countries will be up for grabs. There will be a lot of pressure in
both directions. And I’m assuming the Islamic states will recognize
them.

This will leave the new country of Kosovo in somewhat of an awkward
position. UN membership will not be possible as long as the Russians
are prepared to veto their admission, and the Russians have indicated
that will be their policy. The EU will have to find ways of giving
them economic assistance, even when not all EU members recognize
them. Most importantly, a new basis for the continuation of
international security forces – the sixteen thousand NATO forces that
are now there – must be found. If those forces were to leave, the
chances of violence would be even greater.

How many Serbs still live in Kosovo?

There is no accurate census, but the best estimates are that there
are about two million Albanians, and somewhere between 100,000 and
200,000 Serbs left. But I stress, those are estimates.

Serbs have a majority in the most northern part of Kosovo that
borders on Serbia.

Around the town of Mitrovica in the north is a predominantly Serb
population and then there are Serb communities scattered throughout
other parts of Kosovo. It is my assumption that Serbian-populated
districts, which did not participate in the recent elections at all,
will announce that they do not accept the fact that they are part of
a newly declared independent state of Kosovo. They’ll say, `No, we’re
still part of Serbia.’ So you’ll have another one of these breakaway
conflicts, which have dotted Eastern Europe and the former Soviet
Union in the last fifteen years, such as in Nagorno-Karabakh [a de
facto independent republic within Azerbaijan but claimed by Armenia],
South Ossetia [a rebellious part of Georgia backed by Russia],
Abkhazia [an independent republic within Georgia that is not
recognized by any state but backed by Russia] and Trans-Dniester [a
breakaway part of Moldova also backed by Russia]. I suspect these
Serbian areas in Kosovo will fall into that category.

Talk a bit about the situation in Belgrade. The Serbian government is
supposedly pro-Western, right? And they’ve been talking about trying
to get in the EU.

Calling the Serbian government in Belgrade pro-Western is a bit of a
stretch. They are intensely nationalistic, particularly Prime
Minister Vojislav Kostunica. He is a real nationalist. Former Serbian
President Slobodan Milosevic was a fake nationalist. He’s the real
deal. He has a mystical attachment to Kosovo as the birthplace of the
Serb people. Some of the greatest religious monuments in Europe are
these ancient Serb monasteries that are all over Kosovo – twelfth-,
thirteenth-, fourteenth-century monasteries. So the Serbs have been
there a long time, but over time this area has become overwhelmingly
Albanian.

A new basis for the continuation of international security forces – the
sixteen thousand NATO forces that are now there – must be found. If the
forces were to leave, the chances of violence would be even greater.
The Serbs suppressed the Albanians and denied them their political
rights, particularly under Milosevic, but ever since 1912, Serbs have
been the minority rulers of Kosovo and now the situation is about to
be reversed in the most dramatic manner imaginable.

Will the Serbs in the north make some declaration to definitely be
part of Serbia itself?

It’s very possible that the northern districts will do the same thing
which the Serb portions of Bosnia did in 1992, when the Bosnian
Muslims declared Bosnia an independent country. You’ll recall that
the Bosnian Serbs refused to accept it, and instead started the
terrible civil war, which was so costly.

The difference between Kosovo in 2007 and Bosnia in 1992, however, is
twofold: One, the overwhelming majority of the people in Kosovo – over
90 percent are Albanian, where as in Bosnia there was a relatively
even balance between the three groups, Bosnians, Serbs and Croats.
Secondly, there just isn’t the appetite anymore for the kind of
all-out, brutal, genocidal war, which took place in that area for so
long.

Still, there’s a real threat of violence as this escalates, and for
that reason I have called, in my recent column in the Washington
Post, for the United States and NATO to put additional troops into
both Kosovo and Bosnia as quickly as possible. Not an enormous amount
of troops, because those aren’t available anyway, but enough to let
both sides know that a slide back into violence is not acceptable to
the international community.

NATO is stretched to the hilt with its troop obligations in
Afghanistan right now.

They’re stretched very thin, but they have troops. And I’m just
talking about a couple of companies, a battalion or so, and it
doesn’t have to be primarily American. We have two choices here: You
send troops in beforehand, to prevent the violence, or you rush
troops in after it breaks out and the social fabric has been further
torn apart.

We always talk about `preventative diplomacy.’ The Council on Foreign
Relations has a Center for Preventive Action. Everyone talks about
it, but no one ever does anything about it. Here is a classic case
where a few troops now might prevent the need for more troops later,
and we have to try to get some additional troops in fast. I am very
pessimistic that the suggestion I just made for more troops will be
acted on, because of the problem you just raised: Iraq, Afghanistan.
Also the passivity of the European Union, the mistakes that the U.S.
government has made in the last few years, and the opportunistic
actions of the Russians have been a poisonous combination.

On the Russian side, has the United States pressed President Vladimir
Putin on this at all?

Not adequately. It’s been discussed at lower levels, but President
Bush has not brought it up with Putin in a firm, determined way that
would indicate to Moscow that this really matters. And the
U.S.-Russia relationship is not a very good one anyway. This
administration misjudged Putin from the beginning. In effect this
administration gave Putin complimentary words, which he didn’t
deserve. And he just kept taking advantage of it – not just in Kosovo,
but all over the place.

So you think there’s about a month between the end of the UN mission
and some declaration of independence. Do you think Kosovo can work
out any kind of deal with the Serbs on their own?

No. The only chance for a deal was if the Russians had joined the EU
and the U.S. in the search for a solution. They did this in 1999,
while the United States and NATO were bombing Serbia for
seventy-seven days, and that group, run by former Finnish President
Martti Ahtisaari for the EU, Deputy Secretary of State Strobe Talbott
for the U.S., and Russian envoy Viktor Chernomyrdin, produced UN
Resolution 1244, which ended the bombing and created the UN
trusteeship over Kosovo, which has lasted eight years. That was a
pretty successful operation, because when the Serbs, Milosevic
specifically, realized that there was no more chance for him to get
Russian help, that’s when he came around. But this time around, Putin
is playing a very different game. He is in effect enabling the Serbs.
He’s put no pressure on them at all to reach an agreement. On the
contrary he’s become their encourager, and that is the reason we’re
headed towards such a huge diplomatic train wreck.

Is there any chance the Serbs will try to send troops into Kosovo?

There’s a chance, and the only way to prevent that is twofold: One,
the international community must prevent Albanians from taking
vengeance against the Serbs. That’s a real danger and it’s a big one.
Secondly, the presence of additional international troops, NATO
troops in particular, is the best guarantee to reduce the chances of
that happening. Serb troops moving into Kosovo would be such a
provocation that it’s hard to imagine, but this year everything has
gone wrong in the region because of the Russian encouragement of the
Serbs.

Are there problems in Bosnia, too?

In Bosnia, after twelve years in which the Dayton Accords [which
Holbrooke helped broker] have worked pretty well, and there have been
no casualties, a very serious dilemma has now arisen. In the Serb
portion of Bosnia, the Serb leader, Milorad Dodik, has previously
been pro-Western and worked with the United States and the EU quite
well, but he now seems to have been turned into something of an
anti-Western, pro-Russian, pro-separatist leader. I believe it’s
because the Russians have been showering petrodollars on him and he’s
under intense pressure.

Here is a classic case where a few troops now might prevent the need
for more troops later, and we have to try to get some additional
troops in fast.
When I wrote this in the Washington Post last week, he wrote a very
angry letter back to the Post, in which he said the Dayton agreement
was still `sacrosanct.’ I wrote a letter saying, `Well, I’m glad
things are sacrosanct, but I’m not sure we interpret it the same way
and, besides which, some of his words have undermined it.’ So that’s
the problem, but it’s also true that some of the Muslim politicians
in Sarajevo have been provocative lately as well. Bosnia is a federal
state. It has to be structured as a federal state. You cannot have a
unitary government, because then the country would go back into
fighting. And that’s the reason that the Dayton agreement has been
probably the most successful peace agreement in the world in the last
generation, because it recognized the reality.

I’ll conclude on Kosovo. You were talking about the possibility again
of the Albanians seeking retribution against the Serbs. They already
had a kind of brief massacre a couple years ago, right?

Yes. Very serious.

I would have thought by now things had calmed down, but I guess not.

Who knows? Most people hate each other, really hate each other, much
more than in Bosnia. In Kosovo, there was almost no intermarriage,
there are completely different languages, different cultures sitting
in the same land – it’s much more like Arabs and Israelis. Bosnians,
Croats, and Serbs all spoke the same language, all went to the same
schools, all lived together – it wasn’t the kind of apartheid that
you’ve got in Kosovo. And there’s so much history there. Even in the
Middle East, you will not find people who hate each other as much as
these people.

tml?breadcrumb=%2Fpublication%2Fpublication_list%3 Ftype%3Dinterview

http://www.cfr.org/publication/14968/holbrooke.h

ANKARA: Gul: Increased Democracy Has Isolated Terror

GUL: INCREASED DEMOCRACY HAS ISOLATED TERROR
Suleyman Kurt, AlÝ Ýhsan Aydin Paris

Today’s Zaman
Nov 28 2007
Turkey

President Abdullah Gul yesterday noted with pride that Turkey has
avoided sacrificing democracy and freedom in its fight against
terrorism and that this has resulted in the isolation of terrorism.

"Some countries have opted to restrict rights and freedoms in the
name of the fight against terror, but Turkey has expanded them,"
said Gul, in apparent reference to countries such as Britain that
have tightened anti-terror legislation and restricted freedoms by
measures such as extending pre-trial detention periods.

"Speaking in general terms, strengthening democracy in Turkey helps
our fight against terrorism," Gul went on to say at a press conference
in Paris, where he was wrapping up a visit to France to rally support
for Turkey’s bid to host the global EXPO 2015 fair.

The Aegean city of Ýzmir is competing with Italy’s Milan to host the
EXPO fair in eight years’ time. Government officials have said a set of
drastic reforms would quickly be passed as soon as Parliament finishes
debates over the 2008 budget by the end of the year. The reforms are
expected to expand freedoms for Kurds and increase compliance with EU
standards. The reform plans are proceeding hand-in-hand with military
preparations for a possible cross-border operation against the outlawed
Kurdistan Workers’ Party (PKK) in northern Iraq. With the Kurdish
regional administration in northern Iraq beginning to take steps to cut
logistical supplies to the PKK and with the US military cooperation,
any large-scale operation seems unlikely in the immediate future.

Gul, who met with French Prime Minister Francois Fillon in Paris
yesterday, said a recently initiated closure case against the
pro-Kurdish Democratic Society Party (DTP) — due to its alleged
ties with the PKK — was not discussed during talks with the French
premier because it was a domestic issue for Turkey.

Gul did not meet with French President Nicolas Sarkozy, who is
currently on a visit to China, during his stay in France. There is
concern that Sarkozy, a firm opponent of Turkey’s accession to the EU,
will block Ankara’s negotiations with the EU during France’s upcoming
term in the EU presidency in 2008.

Gul played down concerns about the French EU presidency, saying
Turkey must focus on reforms to achieve membership in the EU and
thus become a different country in the next years. "We need to mind
our own business. If we do this and make Turkey a stronger country,
Turkey will become a different country with a doubled per capita
income and a much stronger place in world politics," Gul said. "No
one can treat such a country in the way they wish."

In remarks published in the French Le Figaro newspaper, Gul said Ankara
was studying a French proposal to create a union of Mediterranean
states but that such a grouping is not an alternative to Turkish
membership in the EU. Gul also said that Turkey was continuing its
reform efforts with a view to joining the 27-nation EU bloc. "We are
interested in everything that touches the Mediterranean. We are also
studying the project proposed by Mr. Sarkozy," he said. "Negotiations
are ongoing, the goal has been set.

There is no question of the [Mediterranean] project being an
alternative to our joining the European Union."

In his press conference yesterday Gul said there were strong business
ties between Turkey and France, with trade volume nearing 10 billion
euros and French investments continuing to flow into Turkey. "The
French have realized Turkey’s potential," he said. Gul said he
discussed Armenian claims of genocide at the hands of the Ottoman
Empire and the extradition of PKK leaders in his talks with the French
prime minister. "I told him that these issues must be discussed by
historians, not politicians," said Gul in reference to the Armenian
allegations. "He agreed and backed our proposal to set up a committee
of historians to study the claims," he added.

Hopes for EXPO bid

The president also said there was strong support from both the
government and opposition parties for Ýzmir’s bid to host EXPO 2015.

He added that he was hopeful that Ýzmir will win in the March 2008
decision to determine the fair’s host. His visit to Paris, during
which he made a speech on Monday at a meeting of the International
Exhibitions Bureau (BIE) — the official sanctioning body for the EXPO
— to promote Ýzmir’s candidacy for EXPO 2015, was in itself a show
of Turkey’s support for Ýzmir’s bid at the highest level. "I did my
share and expressed our support at the highest level. From now on,
the people and authorities of Ýzmir must work hard," he said.

–Boundary_(ID_fiDPW0Nu7KjLXMzaOt4MCg)–

Georgian Ex-Defense Minister Irakly Okruashvili Arrested In Berlin

GEORGIAN EX-DEFENSE MINISTER IRAKLY OKRUASHVILI ARRESTED IN BERLIN

PanARMENIAN.Net
28.11.2007 17:15 GMT+04:00

/PanARMENIAN.Net/ Georgian ex-Defense Minister Irakly Okruashvili
was arrested in Berlin on 27 November evening.

Okruashvili was arrested by request of Georgian authorities on the
basis of European Convention on Extradition, Die Berliner Zeitung
reports. Berlin’s Prosecutor General confirmed the fact of arrest.

Georgian Prosecutor General’s Office accused Okruashvili in corruption
after the former Minister subjected the leadership to severe criticism
and announced formation of an opposition party.

Dawkins’ Publisher Faces Jail Over ‘Atheist Manifesto’

DAWKINS’ PUBLISHER FACES JAIL OVER ‘ATHEIST MANIFESTO’
By Nicholas Birch in Istanbul

The Independent/UK
Published: 30 November 2007

Richard Dawkins’ best-selling atheist manifesto The God Delusion was
at the centre of a growing row over religious tolerance yesterday
after the Turkish publishers of his book were threatened with legal
action by prosecutors who accuse it of ‘insulting believers’.

Erol Karaaslan, the founder of the small publishing house Kuzey
Publications, could face between six months and a year in jail for
"inciting hatred and enmity" if Istanbul prosecutors decide to press
charges over the book, which has sold 6000 copies in Turkey since it
was published this summer.

"A reader complained, saying that he wanted the book banned and the
publishers punished", said Mr Karaaslan after talks with the Istanbul
state prosecutor. Mr Karaaslan, whose company specialises in self-help
books and children’s literature, has been given a few days to prepare
a written statement of defence.

This is not the first time Dawkins has come up against the wrath
of the Turkish authorities. Published here in the mid-1990s, his
less confrontational book The Selfish Gene also faced problems,
with the Islamist government then in power trying to get it banned
from bookshops. The God Delusion, the fourth of Dawkins’ books to be
published in Turkish, sparked controversy with its damning approach
to religion and unashamed avowal of atheism. While some appreciated
his frankness, many questioned the book’s relevance to Turkish readers.

"It aims to explain atheism from the perspective of Christianity",
one amateur reviewer wrote, "and I don’t think that’s of much use in a
Muslim country, because Muslims are already aware of the contradictions
and oddities of Christianity as it is." Another writing on a popular
blogging website was more direct: "If I were God, I’d give Dawkins
a good smacking" they wrote.

Mr Karaaslan is by no means the first publisher to face
investigation in Turkey, a country that has become notorious over
the past two years for a slew of cases based on laws restricting
freedom of expression. Nobel prize-winning novelist Orhan Pamuk and
Armenian-Turkish journalist Hrant Dink were two of dozens of writers
to be charged last year under a controversial law that makes it a
crime to "insult Turkishness." Pamuk was acquitted. Dink – who was
murdered this January by a 17-year ultra-nationalist – was convicted.

The fact is, analysts say, that for all that it has a secular
constitution, Turkey remains a relatively conservative country. The
word atheist has only recently appeared in Turkish, but "godless"
still remains an insult here.

"Only 2% of the people we interviewed said they didn’t believe in God",
says Ali Carkoglu, co-author of a 2006 study of religious attitudes.

"Given that we had a 2% margin of error that could mean nobody",
he added.

"In any case it takes considerable courage for a Turk to admit to a
stranger that they are atheists."

In this atmosphere, writers like Richard Dawkins will invariably
cause a stir. Polls done last summer showed that only 25% of Turks
accepted evolutionary theory.

Minister Oskanain Off To Tallin

MINISTER OSKANAIN OFF TO TALLIN

armradio.am
03.12.2007 12:45

Today RA Foreign Minister Vartan Oskanian left for the Republic of
Estonia for a working visit, MFA Press and Information Department
informs.

Minister Oskanian is expected to have meetings with the First
Vice-Speaker of the Estonian Parliament Kristiina Ojuland and Foreign
Minister Urmas Paet. Meetings with representatives of the Armenian
community and members of the Armenian-Estonian Parliamentary Friendship
Group are envisaged.

December 5-6 Minister Oskanian will leave for Moscow for a working
visit.

Mr. Oskanian is expected to meet with Russian Foreign Minister
Sergey Lavrov, the Secretary General of the Collective Security treaty
Organization Nikolay Bordyuzha, Heads of Diplomatic missions accredited
in Armenia, which have a set in Moscow. Vartan Oskanian will visit the
Diplomatic Academy of the Russian Federation, where he will deliver a
speech on "The reality of traditional and new directions of Armenia’s
complementary foreign policy."

December 7 Minister Oskanian will leave for Strasbourg for a working
visit.

Mr. Oskanian will have meetings with the Secretary General of the
Council of Europe Terry Davis, members of Ago Monitoring Group of
the CoE Foreign Ministers, as well as the President of the European
Court of Human Rights Jean Paul Costa.

December 8 Minister Oskanian will leave for Italy, where he will
meet with local authorities of the city of Conegliano, will visit
the Trade Chamber, the Association of producers and the wine-making
school. December 9 at the Academic Theatre of Conegliano Minister
Oskanian will be awarded a Civilitas Prize.

Berdj Terzian Named Honorary Chairman of AGBU Cairo Chapter

AGBU Press Office
55 East 59th Street
New York, NY 10022-1112
Phone: 212.319.6383, x118
Fax: 212.319.6507
Email: [email protected]
Website:

PRESS RELEASE

Friday, November 16, 2007

Berdj Terzian Named Honorary Chairman of AGBU Cairo Chapter

In recognition of his accomplishments and contributions to AGBU and the
Egyptian-Armenian community, Berdj Terzian has been conferred the title
of Honorary Chairman of AGBU Cairo.

Berdj Terzian’s involvement with AGBU goes back over half a century,
having joined the organization’s scout troupe in 1954. Ten years later,
he became a member and was appointed to the AGBU District Committee of
Egypt, of which he is chairman since 1988. In the interim, he held
various executive positions on this regional committee. As for the Cairo
Chapter, he has been a member of its executive committee at various
times and served as its chairman from 1992 to 2002.

Although much devoted to AGBU, Berdj Terzian has contributed his time
and energy over the years to other Armenian organizations, such as the
Diocesan and Executive Councils of the Armenian Prelacy of Cairo and the
Educational Council of the same, Board of Trustees of Noubarian National
School, "Arev" daily and its monthly Arabic Supplement.

A graduate of the Mekhitarist School of Cairo and Maronite Fathers’
School, Terzian received his higher education at Ain Shams University
and attended courses at the American University of Cairo. In 1969, he
founded his own press, African Press, which specializes in the
production of boxes and labels through offset printing. This firm became
transformed into a joint stock company in 1996 and, at the present time,
Terzian holds the position of Chairman and Managing Director of its
board of directors. He played a major role with the cooperation of the
Centennial Committee members in organizing the memorable AGBU Centennial
celebrations in Egypt last year.

Established in 1906, AGBU () is the world’s largest
non-profit Armenian organization. Headquartered in New York City with an
annual budget of $36 million, AGBU preserves and promotes the Armenian
identity and heritage through educational, cultural and humanitarian
programs, annually serving some 400,000 Armenians in 35 countries.

www.agbu.org
www.agbu.org

ArmSwissBank Getting Ready For Second Issue Of Corporate Bonds Of ‘V

ARMSWISSBANK GETTING READY FOR SECOND ISSUE OF CORPORATE BONDS OF ‘VALLETTA’ COMPANY

arminfo
2007-11-15 17:53:00

ArmInfo. The second issue of bonds of one of the leading multi-profile
Armenian companies, the "Valletta", will be shortly held.

Today, a contract was signed in ArmSwissBank on formation of a group
for placement of the second issue. The syndicate of underwriters
includes the ArmSwissBank, which comes out the main underwriter
of the issue, as well as the "TonTon", "Renessa", "Armenbrok" and
"Future Capital Market" investment- broker companies. On behalf of the
syndicate, an agreement was also signed between the company-emitter and
the ArmSwissBank on a guaranteed placement of the bonded loan. As the
ArmSwissBank’s press-service told ArmInfo, the volume of the second
issue of non-documentary coupon bonds of the "Valletta" Company
will make up 500 mln drams, divided by 10,000 securities with par
value of 50,000 each. The maturity of bonds makes up 24 months with
the annual rate of 10.5%. The coupon payments will be carried out
every 6 months. The bonds are guaranteed by the "Valletta" Company’s
property and envisage availability of additional guarantees by the
emitter-affiliated company, the "Star Glow" CJSC.

As Executive Director of ArmSwissBank Gevork Machanyan said, the
issues of the bonds of "Valletta" are unprecedented for the Armenian
market because they sufficiently exceed the circulated bonds in the
market not only by the volume and profitability, but also by the
mechanism of their initial placement through formation of a syndicate
of underwriters. By the agreement, the ArmSwissBank undertakes
acquisition of bonds to the sum of 100 mln drams, the "TonTon" –
100 mln drams, the "Renessa" – 100 mln drams, the "Armenbrok" and
"Future Capital market" – 50 mln drams each. The bonds with volume of
100 mln drams will be placed at the open market by underwriting. To
note, the first issue of the "Valletta" bonds to 350 mln drams with
the same parameters and the repayment term of 18 months was carried
out by ArmSwissBank in July, 2007. The securities underwent listing at
the Armenian Exchange ArmEx. "Initially, we targeted at active entry
of bonds in a secondary market, therefore, the ArmSwissBank was given
a license on May 30 for a broker-dealer and depositary activities",
G. Machanyan said.

He also said that in 2007, the bank became the underwriter of the
bonds issue to the total sum of 1.35 bln drams, 850 mln of which are
the bonds of the "Valletta" and 500 mln drams are the volume of debut
debt securities of the ACP mining company. "We succeeded to "form"
the maximum comfortable and attractive tools for investors both by
the level of profitability and liquidity, which we are ready to assure
continuously", G. Machanyan emphasized. According to the business-plan,
the bank intends to increase the issue of debt securities of different
emitters in 2008 to 2 bln drams.

As manager of financial programs of "Valletta" company Anna Gevorkyan
told ArmInfo correspondent, the funds gained from the bonded loans
will be directed to restructuring the sources of finance and reducing
the value of the company’s loan funds, to capital investments in
implementation of new programs and a small part -to the replenishment
of floating assets.

"Restructuring, factually, cheapening of loan funds became one of the
strategically important tasks of our company, which runs a fairly
successful and diversified business, A. Gevorkyan emphasized. The
capital investments are directed to the creation of a net of cafes
of the world- known Italian Segafredo Zanetti company in Armenia. It
will be based on the principles of franchising and floating assets are
necessary to increase import component of the company’s activity and
formation of sufficient supplies of commodities. To note, "Valetta"
company occupies leading places in the list of the largest taxpayers
in Armenia. Within the frames of the company there are a number of
refining productions, fast service facilities, restaurants, networks
of shops, firms importing household appliances.

ARF Dashnaktsutyun Will Nominate President

ARF DASHNAKTSUTYUN WILL NOMINATE PRESIDENT

KarabakhOpen
14-11-2007 15:48:21

No elections are scheduled in Karabakh. In Armenia, however, the
presidential election is drawing nearer. The ARF Dashnaktsutyun decided
to nominate a candidate, and is going to choose a candidate between
two nominees. Recently, however, the ARF Dashnaktsutyun has been said
to give up the idea of nominating president forced by the political
situation in Armenia, and will support one of the "main" candidates.

Davit Ishkhanyan, representative of the ARF Dashnaktsutyun Central
Committee, commented on this for Karabakh-Open.com.

"I was surprised to hear about it. I think those are mere rumors. We
commend the decision to nominate president, which was made in the
General Meeting held in Karabakh. I do not think that the decisions of
the meeting will be cancelled. Moreover, on November 30 the Supreme
Body of Armenia will hold a meeting in Yerevan where the candidate
of the ARF Dashnaktsutyun will become known. I think it is going to
be a difficult choice because both candidates are worthy."