Author: Kanayan Tamar

LEO PLATVOET: PARTICIPATION OF ALL CONFLICTING PARTIES IS NECESSARY TO SETTLE KARABAKH PROBLEM

PanARMENIAN.Net
17.07.2007 17:40 GMT+04:00

/PanARMENIAN.Net/ PACE (Parliamentarian Assembly of the Council of
Europe) rapporteur on South Caucasus Leo Platvoet says participation
of all conflicting parties is necessary in the peaceful resolution of
the Nagorno Karabakh problem. Commenting on presidential elections of
NKR, Platvoet said Nagorno Karabakh is not recognized by any country in
the world, including even Armenia. Thus, according to the rapporteur,
"the President of Karabakh will be an unrecognized figure on the
international level". From the other hand, all conflicting parties must
be involved in the peaceful solution of the Nagorno Karabakh conflict,
Platvoet underlined. He said, the elected President of Nagorno Karabakh
can play a role in the peaceful solution of the conflict as the leader
of the Armenian community of Nagorno Karabakh, "Trend" reports.

U.S. HOUSE OF REPRESENTATIVES VOTED TO WITHDRAW MOST U.S. TROOPS FROM IRAQ

PanARMENIAN.Net
13.07.2007 14:30 GMT+04:00

/PanARMENIAN.Net/ The U.S. House of Representatives last night voted
to withdraw most U.S. troops from Iraq by April 1, acting hours after
President Bush urged Congress not to interfere in war strategy and
to maintain funding for the military.

The 223-to-201 vote, which is not enough to override Bush’s threatened
veto, came after the president delivered a report to Congress that said
Iraq is making satisfactory progress on only eight of 18 benchmarks
the United States has set for it.

Earlier yesterday, Bush defended his handling of the war and sought
to minimize the role of an increasingly restless Congress in the
conflict. He said the House and Senate should provide money for the
troops but leave the war strategy to him and U.S. military commanders.

"Congress has all the right in the world to fund.

That’s their main involvement in this war, which is to provide funds
for our troops," Bush said at a White House press conference.

Mindful that Democrats, and some Republicans, on Capitol Hill may try
to force a change in strategy, the president said lawmakers should not
be "determining how troops are positioned, or troop strength. . . . I
don’t think that would be good for the country."

While the House Democrats could not attract enough Republican support
to override a veto, last night’s vote signaled continued discontent
with Bush’s war strategy, and could be followed by a similar effort
in the Senate.

House Speaker Nancy Pelosi said the president’s progress report
"makes clear that not even the White House can conclude there has been
significant progress." But House Republican leader John A. Boehner
said the House vote was meaningless, adding, "There is only one way
to end the war on radical jihadists, and that is to win."

The House bill calls for the withdrawal of combat troops to begin
within 120 days, and to be completed by April 1. It allows for a
small force to train Iraqis, protect U.S. assets, and fight terrorists.

The vote was mostly along party lines, with 219 Democrats and four
Republicans in favor, and 191 Republicans and 10 Democrats opposed.

Bush had urged Congress to wait for a more complete Iraq progress
report in September, but the Democratic-led Congress pushed forward
yesterday with their effort to mandate a pullback or pullout of
troops within months. Lawmakers pointed to a provision included in a
war-budget bill earlier this year that required significant progress
in Iraq to justify continued funding, The Boston Globe reports.

This is a multi-part message in MIME format.
Chair of the Council of Europe’s Committee of Ministers: Declaration on
the "presidential elections" to be held in Nagorno Karabakh on 19 July
2007

Strasbourg, 12 July 2007 – "As regards the "presidential elections" to
be organised in Nagorno Karabakh on 19 July 2007, and having in mind
that neither the "elections" nor their results are recognised by the
international community, the Chairmanship of the Committee of Ministers
of the Council of Europe reiterates its full support to the OSCE Minsk
Group and its Co-Chairmen in their efforts towards a settlement of the
Nagorno Karabakh conflict. It notes with concern that conducting such
"elections", thus pre-empting the outcome of the ongoing negotiations,
cannot contribute to the resolution of the conflict. It calls on all
parties concerned to intensify their efforts to find a peaceful solution
to the conflict, in accordance with the commitment undertaken by Armenia
and Azerbaijan upon accession to the Council of Europe".

Présidence du Comité des Ministres du Conseil de l’Europe :
Déclaration sur les " élections présidentielles " qui se tiendront
au Haut-Karabakh le 19 juillet 2007

Strasbourg, 12 juillet 2007 – " En ce qui concerne les " élections
présidentielles " qui seront organisées au Haut-Karabakh le 19
juillet 2007, et tenant compte que ni les " élections ", ni leurs
résultats, ne sont reconnus par la communauté internationale, la
Présidence du Comité des Ministres du Conseil de l’Europe
réitère son plein soutien au Groupe de Minsk de l’OSCE et à ses
co-présidents dans leurs efforts pour parvenir à un règlement du
conflit du Haut-Karabakh. Elle note avec préoccupation que la conduite
de ces " élections ", qui préjugent du résultat des négociations
en cours, ne peut contribuer à résoudre le conflit. Elle appelle
toutes les parties concernées à intensifier leurs efforts en vue de
trouver une solution pacifique au conflit, conformément à
l’engagement pris par l’Arménie et l’Azerbaïdjan lors de leur
adhésion au Conseil de l’Europe ".

Press Release
Council of Europe Press Division
Ref: 511b07
Tel: +33 (0)3 88 41 25 60
Fax:+33 (0)3 88 41 39 11
[email protected]
internet:

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A political organisation set up in 1949, the Council of Europe works to
promote democracy and human rights continent-wide. It also develops
common responses to social, cultural and legal challenges in its 47
member states.

ON THE OTHER SIDE OF "GOLDEN APRICOT"

A1+
[08:48 pm] 10 July, 2007

Many world famous actors and film producers participate in the 4-th
annual international film festival "Golden Apricot" in Yerevan,
Armenia.

Representatives of Armenian actors and producers are also taking part
in the festival, either representing their works or being among the
judges. Many artists are also present at the festival. A number of
actors and film directors are standing out of the territory where
the festival is held "to watch the festival from the other side
of banisters".

They were mainly those artists who had their individual opinions on
the festival. "That was the reason that we are not in the invitation
list. I say this since a couple of days before the festival I met with
the organizers of the festival and talked about it. I understand that
they do not need progress this year, just like during the previous
years. May be they are pleased with it and get benefit from it", said
a move maker, who preferred not to publish his name, motivating that
"I want to avoid from persecutions and unwanted problems".

Sergej Magalyan, actor of the Russian Dramatic Theater after
K. Stanislavsky, said that he was not invited: "May be they are
greater producers, than I am and I bend down before them". He made his
opinion on the festival on the first day judging from the technical
organization of the ceremony. "The launching ceremony is without
lights and it is very dark. Who has organized this performance? The
stage is not seen well. I have not seen such darkness in the Square
of Liberty for a long time", said Sergej Magalyan.

Karen Kocharyan, a TV broadcaster, noted that the move was awakening
unlike the TV. "Golden Apricot" gives unprecedented opportunity to
meet world famous directors. "I hope that these names will become
more famous and real stars will visit Armenia in the future". "I
cannot say that we have starts in the Armenian movie art, but we have
talented directors. We had stars in the 20-th century, and to me that
was a golden period in the art. It is not easy to become a star",
pointed Karen Kocharyan and added: "Will our film producers give an
opportunity to real stars?"

RA MINISTER OF FINANCE RECEIVED US CHARGE D’AFFAIRES ANTHONY GODFREY

armradio.am
10.07.2007 16:03

On July 10 RA Minister of Finance and Economy Vardan Khachatryan
received US Charge d’Affaires Anthony Godfrey and Permanent Adviser
on Internal Audit of the US Treasury Ara Oghuryan.

Congratulating Mr. Khachatryan on reappointment as RA Minister of
Finance and Economy, MR. Godfrey informed that that his term in office
is coming to an end: the newly appointed Charge d’Arraires is already
in Armenia and will get down to his duties.

Mr. Godfrey noted that the meeting was mainly targeted at discussing a
number of issues related to the program directed at the development of
the sphere of internal audit. Permanent Adviser on Internal Audit of
the US Treasury, Mr. Ara Oghuryan presented the works implemented in
the framework of the program, turning to the main directions of those.

During the meeting the parties turned to the preparation works of
the recurrent sitting of the Armenian-American taskforce for economic
cooperation due in October. Other issues of Armenian-American economic
cooperation were also discussed.

Azeri Press Agency, Azerbaijan
July 5 2007

Rene van der Linden: I regret to say that Azerbaijan-Armenian match
did not take place

[ 05 Jul 2007 16:41 ]

`I regret to say that Azerbaijan-Armenian match did not take place’,
Parliamentary Assembly of the Council of Europe president Rene van
der Linden was quoted by APA as saying.

PACE President René van der Linden said UEFA decision on cancelling
Azerbaijan-Armenian matches was unexpected. PACE persident emphasized
that sport helps to expand relations between nations. `Sport is too
interesting field. Sport has power to develop inter-people
relations’.
After the draw Azerbaijan wished to hold the matches in neutral zone.
The other side voted for Baku and Iravan to hold the matches. UEFA
Executive Committee decided to cancel the matches after meeting in
Herenven, Netherlands. /APA-Sport/

The Messenger, Georgia
July 4 2007

Armenian Economy Growing, Inflation a Risk

By M. Alkhazashvili
(Translated by Diana Dundua)

Armenia’s economic indicators are looking better than other states in
the region, although they are also facing inflation increases, stated
IMF representative Marta Castello-Branco in Yerevan July 2, according
to the news agency Regnum.

So far this year, economic growth and tax revenues are exceeding
predictions, while inflation is under control-for now.

In 2007, state tax incomes will amount to 15.2 percent of GDP, writes
Regnum. Inflation is beginning to rear its head-costs on wheat are
rising, and budget expenses will increase in the second half of the
year.

To ensure healthy economic growth with low inflation, Castello-Branco
said, Armenia must continue with structural reforms, improving tax
administration and weeding out corruption.

Research has revealed that the shadow economy in Armenia is worth 30
percent of the real economy.

The national currency, the AMD, is growing stronger. From the
beginning of the year up to July 1, the AMD rose from 357 to the
dollar to 338. Despite harm done to exports, the IMF says there’s no
serious concern, reports Regnum.

THAT WOULD BE STRANGE, IF SERBIA SUPPORTED INDEPENDENCE OF NKR
By Aghavni Haroutiunian

AZG Armenian Daily
04/07/2007

"There is no difference between the conflict in Nagorno Karabakh and
that in Kosovo," Boris Tabic, President of Serbia, said this during
the meeting at the CE Political School. "Day.az" agency informed about
this. Tabic commented on his statement saying that one shouldn’t give
independence to Kosovo, as this may be dangerous for the territorial
integrity of Georgia, Azerbaijan and other states. Moreover, President
of Serbia stated that the independence of Kosovo might destabilize
the region.

ECONOMY OF ARMENIA REMAINS "COMPETITIVE ON THE WHOLE"
By Ara Martirosian

AZG Armenian Daily
04/07/2007

In order to preserve the competitiveness, the Government of Armenia
should invest additional efforts, according to the Head of IMF
delegation in Armenia

After the meeting with the representatives of RA Government, Central
Bank, International donors and Armenian businessmen, the Head of
International Monetary Fund (IMF) mission’s Armenian group Ms. Marta
Castello-Branco met with the reporters in Armenia, on July 2.

Summarizing the recorded indexes of Armenian economy of the first 5
months of 2007, she stated that the indexes remained "impressive",
as the growth of GDP exceeded the expectations and the inflation was
consonant with the purposeful index.

According to the representative of IMF, Armenia is notable for
its combination of high economic growth and low inflation in the
region. Armenia has recorded progress in tax-collecting sphere,
though there are more opportunities of progress in this sphere.

Ms. Marta Castello-Branco stressed the importance of preserving the
high rates of the economic growth and the urgency of further reducing
of poverty.

At the same time she expressed concern over the rapid rise of wheat in
international market, which might have an influence upon the economic
growth index of Armenia.

The economic growth index may be influenced also by Central Bank,
which buys dollar to reduce the rapid shakings of currency value.

The next possible factor on the economic growth index is that fewer
expenses are run up in the first half of this year and the increase
in the expenses of the second half of this year may record surplus
inflation.

There are three main issues in the economy of Armenia according to
IMF representative of Armenia: the amendments in pension system,
gas subsidization and competition of economy.

IMF welcomes the new project of the Armenian Government to improve the
pension system. The pensions are very low in Armenia at present. It’s
necessary to increase the subtractions for the pensions and to raise
the pensions. It may also influence the inflation index.

The next issue is the subsidization of gas, as the subsidization time
of the gas ends by the end of 2008, and after it the gas prices will
rise rapidly. There is a big threat that the consumer prices will also
have a rapid rise influenced by the gas prices. IMF representative
advised the Government to reduce the subsidization gradually. And
also to subsidize only socially not provided strata.

The issue of the competition of Armenian economy is connected with
the valuation of Armenian dram. In spite of a great number of inflows
of foreign currency, which have a negative influence on some export
spheres and the households that are dependent on private transfers,
the IMF records that the economy of Armenia remains "competitive on
the whole". In order to preserve the competitiveness, the Government
of Armenia should invest additional efforts to improve the business
environment and to increase the productivity.

High-yielding securities of Valletta company to shortly enter the
start-up market of corporate bonds

arminfo
2007-06-30 00:22:00

High-yielding securities of Valletta, one of the leading multi-industry
Armenian companies, will shortly enter the start-up market of debt
instruments. Today, an agreement on formation of a group for placement
of inaugural issue of the bonds was signed at the ArmSwissBank. The
underwriting syndicate comprised ArmSwissBank, which is the main
underwriter of the issue, as well as Conversebank, Armenian Development
Bank (ADB) and Future Capital Market, an investment and broker’s
company. On behalf of the syndicate, an agreement on guaranteed
placement of bond loan was also signed between the issuing company and
ArmSwissBank. It is planned to hold the procedure of securities’
registration in the Central Bank of Armenia (CBA) next week.

The ArmSwissBank press-service told ArmInfo correspondent that the
volume of issue of undocumentary coupon bonds of Valletta will total
350 mln AMD. This amount will be divided into 7 thsd securities; the
nominal value of each will be 50 thsd AMD. The period of the bond
turnover is 18 months with 10.5% of yearly interest. Coupon payments
will be carried out once every six months. The bonds are secured by the
Valletta’s property and stipulate supplementary guarantees by the
company’s owners.

According to the Chairman of ArmSwissBank’s Board, Gevorg Machanyan,
the issue of Valletta’s bonds is unprecedented for the Armenian market
not only because the issue considerably exceeds the bonds traded in the
market by its volume and profitability, but also by its mechanism of
initial placement through forming of an underwriting syndicate. Under
the agreement, ArmSwissBank is to purchase bonds worth 175 mln AMD,
Conversebank – 75 mln AMD, ADB and Future Capital Market – 50 mln AMD
each. "In late July, the securities will be listed at the Armenian
Exchange (ArmEx), and they will enter the REPO market. Initially we
were going to put the bonds on the secondary market, that’s why
ArmSwissBank was granted license for broker’s, dealer’s and depositing
activities," G.Machanyan noted. According to his estimations, at the
moment the demand for Valletta LLC’s bonds in the secondary market
totals about 150- 200 mln AMD. "We managed "to form" a maximally
convenient and attractive instrument for investors both by yield and
liquidity," the Head of the bank said. He added that the bank is ready
to secure the liquidity constantly. To note, the interest rate on bonds
exceeds the treasury curve by 4-4.5% at the mean. G.Machanyan pointed
out that this won’t be the only issue of the company. In August, the
company is planning to organize a new issue of bonds. According to the
business plan, the company intends to hold three issues worth a total
of $7 mln in 2007.

The manager of Valletta’s financial programs, Anna Gevorgyan, told the
ArmInfo correspondent that the funds received from the inaugural bonded
debt will be spent on restructuring of financing sources and
reduction of the value of the company’s loan proceeds, as well as on
capital investment in implementation of new programs; a small part of
the money will be spent on replenishment of floating funds.
"Restructuring, i.e. reduction of the value of loan proceeds has become
one of the strategically important tasks of our company which is
conducting quite successful and diversified business," A.Gevorgyan
emphasized. According to her, capital investments will be directed to
creation of a network of cafes of the world famous Italian company
Segafredo Zanetti in Armenia on a franchising basis. The floating funds
are to increase the import component of the company’s activity and form
sufficient commodity stocks for further development of the retail
market in the person of Star, the largest network of supermarkets in
Armenia, affiliated with Valletta.

To note, Valletta holds the 33rd place on the list of the largest
Armenian tax payers. A number of processing industries, restaurants, a
network of stores, as well as firms engaged in import of household
equipment, operate within the framework of the company. On the basis of
its financial condition, the company was rated ‘B-‘ by CBA specialists.

According to the data of ArmInfo, ArmSwissBank, which was established
in 2005, is developing in investment, corporate and private banking.
According to the financial accounting as of early April, the total
capital of the company was $8.6 mln, assets – $25.8 mln, financial
investments of them totalled $8.9 mln.