Author: Hambardsumian Paul

EBRD WILL HEDGE CURRENCY RISKS OF BYBLOS BANK ARMENIA’S CREDIT AT TCX

ArmInfo
30.04.2010

ArmInfo. The European Bank for Reconstruction and Development will
hedge the currency risks of Byblos Bank Armenia’s synthetic credit
at TCX Investment Management Company, says the head of the Finance
and Administration Department of Byblos Bank Armenia Hayk Stepanyan.

To remind, in Mar 2010 EBRD and Byblos Bank Armenia signed a
$10mln credit agreement. This the first EBRD loan in Armenia having
a national currency component. This program is aimed at crediting
private companies and includes a synthetic AMD loan equivalent to
$5mln. This money will be spent on financing of local businesses and
circulating capital. The remaining $5mln will be spent on co-financing
of the bigger loans of Byblos Bank Armenia.

Stepanyan says that the bank is expecting to receive the synthetic
loan in one tranche in May. "This is a very important experience for
Armenia. In the future it can be used for SME crediting." The money
will be provided at agreed on, fixed USD/AMD exchange rate. This will
help to reduce the currency risk, to prolong the period of lending
in AMD and to enlarge the AMD credit portfolio.

To remind, in early autumn 2007 100% of the shares of ITB were bought
by Byblos Bank SAL. As a result, the bank was renamed into Byblos
Bank Armenia. For the moment, Byblos Bank SAL holds a 65% stake in
the bank with 25% belonging to EBRD and 10% – to OFID.

TCX Investment Management Company, headquartered in Amsterdam, is
a special purpose fund providing market risk management products to
investors active in emerging markets. It focuses on currencies and
maturiries which are not covered by regular market providers.

MIDDLE CLASS FORMED, "MIDDLE" TAXPAYER IS NOWHERE TO BE FOUND

news.am
April 29 2010
Armenia

As a matter of fact, the list of largest payers of social security
tax is not at all a surprise: natural monopolists, powerful
telecommunication companies, large energy and industrial enterprises,
commercial banks, hospitals, etc…

It should be noted, however, that the list, like that of the largest
taxpayers, shows gross disproportions. The ten largest payers ensured
19.5% of the total amount of social security taxes paid by the 1,000
largest payers.

The top 164 entities paid exactly 50% of the total amount, with the
rest 50% paid by the other 836 taxpayers. A ratio of 1:5 is obviously
indicative of the scale of disproportions.

The following conclusion can be drawn: as far as budget revenues and
social security tax are concerned, we can place all our hopes on the
largest companies alone. The fact of their ensuring a lion’s share can
only be welcomed, but the huge gap between the powerful companies and
a great many smaller economic entities casts a shadow on the situation.

As a matter of fact, the middle class, which is positioned between
the small and big businesses, is lacking in Armenia. On the other
hand, judging by the numerous luxury cars and mansions, the middle
class seems to have been formed in the country. But this class is
obviously behind others in terms of social security tax. The problem,
however, is not the "social tax burden," but the fact that the "true"
Armenian middle class, which would ensure mass employment, has not
yet been formed.

ANTI-SMOKING CAMPAIGN TO BE LAUNCHED FROM SELF: RA PREMIER

news.am
April 29 2010
Armenia

"Anti-smoking campaign should be launched from the self," said RA
Premier Tigran Sargsyan at the government session offering to approve
the relevant program for 2010-2015.

The program assumes several amendments, namely in advertisement. After
the session Deputy Minister of Health Hayk Darbinyan assured
journalists of the generous response the strategy met in the National
Assembly and various fines to be imposed on violators.

Researches show that Armenian male smokers make 55%, while females
– less. In Yerevan there are 7-8% women smokers, in the regions –
only 1%. However, the growth trend among females is registered.

ARMENIAN ASSEMBLY WELCOMES NEW HAMPSHIRE ARMENIAN GENOCIDE PROCLAMATION

Panorama.am
11:34 29/04/2010

Society

Today, the Armenian Assembly of America (Assembly) and the Armenian
American Action Committee of New Hampshire (ARAMAC-NH) welcomed
Manchester Mayor Ted Gatsas’ proclamation designating April 24 as
"Armenian Genocide Remembrance Day."

"Armenian-Americans in New Hampshire are proud of Mayor Ted Gatsas
who stands firmly for the cause of genocide prevention and education"
stated ARAMAC-NH State Chair Mike Manoian. "We call on our federally
elected officials from New Hampshire to support H. Res. 252 and S.

Res. 316, the Armenian Genocide resolutions, as we mark the 95th
anniversary of this ultimate crime against humanity," Manoian
concluded.

The proclamation stated that "the International Court of Transitional
Justice, the European Parliament, the International Association of
Genocide Scholars, the Institute on the Holocaust and Genocide and
20 countries around the world have all reaffirmed the extermination
of the Armenians by the Turkish government as genocide."

New Hampshire is one of 43 U.S. States to officially recognize the
Armenian Genocide.

"The hard work and dedication of our ARAMAC activists state-wide
cannot be overstated," said Taniel Koushakjian, Grassroots Director
of the Armenian Assembly. "We encourage all Americans to join human
rights and anti-genocide activists by writing to their Congressmen and
Senators and asking them to support the Armenian Genocide resolution
pending in the U.S. House and Senate," Koushakjian stated.

DISCUSSION OF ARMENIAN GENOCIDE BILL TABLED IN ISRAELI PARLIAMENT, SAYS AZERI PARLIAMENTARIAN

Asbarez
Apr 27th, 2010

JERUSALEM (APA)-A draft resolution calling for the official Israeli
recognition of the Armenian Genocide was pulled off the docket on
Tuesday, hours before it was set to be discussed in parliament,
the Azeri Press Agency reported, quoting a member of Azerbaijan’s
parliament, Yevda Abramov.

The resolution, submitted by the Chairman of the Meretz bloc in the
Israeli Knesset, was scheduled for a floor debate on April 28. It
was to be the first item on the legislature’s agenda after returning
from recess.

According to Abramov, the draft resolution was pulled after he
discussed his concerns regarding the bill with the head of the
Azerbaijani-Israeli Parliamentary Friendship Group, Robert Elatov.

Abramov said that after several phone conversations with Elatov he
was told the bill was removed from the agenda and that the Armenian
Genocide wouldn’t be discussed as scheduled.

The Kneset last May unanimously voted to discuss a similar resolution
calling on the Israeli government to recognize the Armenian Genocide.

But the bill was pulled off the docket shortly after over national
security concerns. The motion to re-table the discussion was introduced
by Oron late in March. The parliamentarian introduces this resolution
every year to coincide with April 24.

PRESS RELEASE
Mother See of Holy Etchmiadzin, Information Services
Address: Vagharshapat, Republic of Armenia
Contact: Office of Foreign Communications
Tel: +374-10-517163
Fax: +374-10-517301
E-Mail: [email protected]
Website:

His Holiness Karekin II Meets with President of Azerbaijan

On April 26, His Holiness Karekin II, Supreme Patriarch and Catholicos of
All Armenians, met with Ilham Aliyev, President of Azerbaijan, during his
one-day visit to Baku. Present at the meeting were Sheikh-ul-Islam
Allahshukur Pashazade, Grand Mufti of the Muslims of the Caucasus; His
Eminence Archbishop Yeznik Petrossian, General Secretary of Inter Church
Relations for the Mother See; His Grace Bishop Hovakim Manukian, Office
Director of the Inter Church Relations Department, and Rev. Fr. Vahram
Melikian, Director of the Information Services Department of the Mother See.
The meeting lasted an hour in an unconstrained and frank atmosphere, during
which they talked about the World Summit of Religious Leaders, stressing the
importance of religious and cultural dialogues for the sake of the
establishment of peace, and a secure and prosperous life for nations.

The Catholicos and the president discussed the issue of Nagorno Karabagh,
and welcomed the efforts being implemented aimed at the peaceful resolution
of the conflict, stressing the significant role of religious leaders and
workers. They also emphasized the importance of reciprocal visits and
communication, through which the spirit of mutual confidence and cooperation
would be built.

Following the meeting, the Pontiff of All Armenians and his delegation
visited the historic Armenian Church of St. Gregory the Illuminator in Baku,
which is currently being used as a library. His Holiness examined the
condition of the church which was damaged by fire in 1990, and expressed his
hope that by the mercy of God, this church would continue its mission and
reopen its doors to the faithful. While visiting the church, the delegation
recited Armenian prayers and sang Armenian hymns – an event the church had
not witnessed for several decades.

In the evening, following a banquet hosted by President Aliyev in honor of
the religious leaders, His Holiness departed from Baku and returned to the
Mother See of Holy Etchmiadzin. Sheikh ul-Islam Allahshukur Pashazade,
Grand Mufti of the Muslims of the Caucasus; the Minister of Religious
Affairs of Azerbaijan, and a representative of the Russian Orthodox Church
accompanied His Holiness to the airport.

Archbishop Yeznik and Bishop Hovakim remained in Baku to participate in the
World Summit.

For photos and video, click: or

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POST-SOVIET SECURITY BLOC COMPLETES JOINT ANTI-TERROR DRILLS

RIA Novosti
April 26
MOSCOW

Units from the Collective Security Treaty Organization’s rapid reaction
force have completed joint command-and-staff counter-terrorism
exercises in Tajikistan, a Russian Defense Ministry spokesman said
on Monday.

Over 1,000 servicemen, more than 150 pieces of military hardware, L-39
combat trainers, An-2 military transport planes and Mi-8 helicopters
from Russia, Kazakhstan, Kyrgyzstan and Tajikistan took part in the
Rubezh-2010 exercises, which started on April 22 at the Chorukh-Dairon
training range.

"The exercises were a success. The units have accomplished all the
set tasks," the official said.

The CSTO is a security grouping comprising the former Soviet republics
of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Uzbekistan,
and Tajikistan.

Five of the seven members signed an agreement on the creation of
the Collective Rapid Reaction Force in February 2009. Belarus, which
initially refrained from signing the deal because of a trade dispute
with Russia, joined it later last year.

Uzbekistan has so far refused to join the force, saying it opposes
stronger Russia’s role in Central Asia. Uzbekistan is also at odds
with regional neighbor Kyrgyzstan, which hosts a Russian airbase.

The CSTO members insist that the rapid reaction force is designed
to improve the security of the CSTO members against the backdrop
of existing and potential threats," including terrorism, extremism,
drug trafficking, natural disasters and to enhance the organization’s
role in ensuring international security.

However, many experts believe that the creation of a powerful
military contingent in former Soviet Central Asia by members of
the Russian-dominated security grouping is seen as Moscow’s bid to
counterbalance NATO.

TURKEY’S FOREIGN MINISTRY SPREADS MESSAGE OVER OBAMA APRIL 24 ADDRESS

Panorama.am
12:15 26/04/2010

Politics

Turkey’s Foreign Ministry spread message regarding US President Barack
Obama April 24 address. The message reads:

"Written statements issued regularly each year on the 24th of April
by the Presidents of the United States has been repeated by President
Obama this year as well.

We deeply regret this statement which reflects an incorrect and
one-sided political perception.

The toughest enemy of the historical facts are subjective memory
records. No nation has the right to impose its memory records on
another nation.

Third counties neither have a right nor authority to judge the history
of Turkish-Armenian relations with political motives."

YEREVAN STATE UNIVERSITY TO HOST STUDENTS’ CONFERENCE ON THE 95TH ANNIVERSARY OF THE ARMENIAN GENOCIDE

Panorama.am
16:51 26/04/2010

April 27-29, Yerevan State University (YSU) will host Students’
Republican Conference on the 95th anniversary of the Armenian Genocide,
according to YSU press office.

YSU Student Scientific Association has initiated the event.

35 students from Armenia’s 6 universities will participate in the
conference. Besides YSU, among the participating universities are:
Ijevan branch of Yerevan State University, Yerevan State University of
Economics, Yerevan State Medical University, Armenian State Pedagogical
University, Vanadzor State Pedagogical University.

PRESS RELEASE
American University of Armenia Corporation
300 Lakeside Drive, 12th Floor
Oakland, CA 94612
Telephone: (510) 987-9452
Fax: (510) 208-3576
Contact: Gaiane Khachatrian
E-mail: [email protected]

April 26, 2010

AUA ANNOUNCES APPOINTMENT OF NEW PRESIDENT

The American University of America (AUA) has announced the appointment
of Dr. Bruce M. Boghosian as President of the University, effective
late summer 2010. Dr. Boghosian is Professor and Chair of Mathematics
at Tufts University. A distinguished scholar with numerous
publications to his credit, he holds a B.S. degree in physics and an
M.S. degree in nuclear engineering from the Massachusetts Institute of
Technology, and a Ph.D. in Applied Science and Engineering from the
University of California, Davis. Dr. Boghosian has held visiting
positions at the Ecole Normale Supérieure in Paris, Peking University,
University College London, University of California Berkeley,
International Centre for Theoretical Physics in Trieste, Schlumberger
Cambridge Research Centre, University of California Davis, and
Massachusetts Institute of Technology.

In announcing the appointment of Dr. Boghosian, AUA Board Chairman
Dr. C. Judson King paid tribute to AUA’s current president
Dr. Haroutune K. Armenian, who will retire this summer: `Dr. Haroutune
Armenian has devoted thirteen heartfelt, energetic, and effective
years as President of the American University of Armenia, from 1997 to
2010. During his tenure the University received initial accreditation
by the Western Association of Schools and Colleges, opened two new
buildings, introduced new academic programs, and was instrumental in
creation of the Digital Library of Armenian Classical Literature.
Dr. Armenian personally led development and implementation of the
Turpanjian Rural Development Program, resulting in establishment of
over one hundred businesses in the Shirak and Tavush regions of
Armenia and in Artsakh. The Board is grateful both to Dr. Armenian
and to his wife, Mrs. Sona Armenian, for their thirteen years of
effective service to the University.’

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The American University of Armenia Corporation (AUAC) is registered as
a non-profit educational organization in the United States and is
affiliated with the Regents of the University of California.
Receiving major support from AGBU, AUA offers American-accredited
instruction leading to the Masters Degree in eight graduate programs.
For more information about AUA, please visit