Moody’s changes Ameriabank’s outlook to stable; affirms Ba3 rating

 16:56,

YEREVAN, JUNE 29, ARMENPRESS. Moody's Investors Service ("Moody's") upgraded Ameriabank’s Baseline Credit Assessment (BCA) to ba3 from b1 and affirmed the bank’s long-term deposit ratings at Ba3. The rating agency also changed the outlook on the Ba3 long-term deposit ratings to stable from negative.

The upgrade of Ameriabank's BCA and Adjusted BCA to ba3 from b1 is driven by the bank's asset quality resilience through pandemic combined with dramatically improved capital adequacy and profitability over the last two years. The upgrade of the bank's long-term Counterparty Risk Ratings (CRRs) to Ba2 from Ba3, and the upgrade of the long-term Counterparty Risk Assessment (CR Assessment) to Ba2(cr) from Ba3(cr) follows the BCA upgrade.

The rating agency notes that Ameriabank continues to demonstrate robust performance as reflected in a very high return on tangible assets of 3.6% in 2022 and 3.5%(annualized) during the first quarter of 2023.This was supported by strong pre-provision income, lower credit costs and robust cost efficiency with a cost to income ratio of 45% in Q1 2023.

According to Moody's, Ameriabank also materially improved its asset quality in 2021-2022 following the pandemic.The share of non-performing loans (NPL) decreased to 2.5%as ofQ1 2023 from4.2%at the end of 2020.NPL coverage by reserves remains robust at 80%as ofQ1 2023.

Ameriabank's capital buffer has materially strengthened over the recent years amid strong profitability and modest loan book growth.

The outlook on Ameriabank's long-term deposit ratings is stable, reflecting Moody’s view that the bank will maintain its sound fundamentals over the next 12-18 months. Ameriabank rating outlook update follows the sovereign rating outlook change from negative to stable.

Ameriabank CJSC

Ameriabank is a leading financial and technology company in Armenia, a major contributor to the Armenian economy, with assets exceeding AMD 1 trillion. In the course of digital transformation, it has launched a number of innovative solutions and platforms going beyond banking-only needs of its diverse customer base, thus creating a dynamically evolving financial technology space. 

Ameria was the first in Armenia to create ecosystems for both businesses and individuals, which give one-window access to a range of banking and non-banking services, among them - Estate.ameriabank.am, Automarket.ameriabank.am, Business.ameriabank.am. 

As a truly customer-centric company, Ameria aims to be a trusted and secure financial technology space with seamless solutions to improve the quality of life.

The Bank is supervised by the Central Bank of Armenia.

Pashinyan congratulates Romanian PM Marcel Ciolacu on taking office

 11:16,

YEREVAN, JUNE 30, ARMENPRESS. Prime Minister Nikol Pashinyan has congratulated new Romanian Prime Minister Ion-Marcel Ciolacu on taking office.

“On behalf of the Government of the Republic of Armenia, I cordially congratulate you on your election as Prime Minister of Romania and wish you endless vigor and continuous achievements,” Pashinyan said in a letter to Ciolacu. “Armenia highly values the development of cooperation with Romania in both bilateral and multilateral platforms, especially within the framework of the EU and in the area of connectivity. I express my readiness to work with you for the benefit of further expanding and deepening partnership between our two friendly countries. I am convinced that your tenure will be marked by the development of the interstate relations and multi-sector cooperation between our two countries which is based on common values, cultural similarities and strong historic friendship, with the Romanian-Armenian community bridging us being an important conducive factor.”

Armenpress: United States reports ‘further progress’ in Armenia-Azerbaijan negotiations, notes ‘hard work’ ahead

 10:20,

YEREVAN, JUNE 30, ARMENPRESS.  United States Secretary of State Antony Blinken on Thursday commended "further progress" made during the foreign ministerial talks between Armenia and Azerbaijan in Washington D.C., but acknowledged that "hard work" still needs to be done to achieve a peace deal.

“First, to both of my colleagues and their delegations, great thanks and appreciation for the important and hard work that’s continued in the effort to reach a durable peace agreement between Armenia and Azerbaijan, as well as to deal with a number of other important issues that can help advance relations between the countries,” Blinken said at the closing session of the Armenia-Azerbaijan talks.

“ I’m grateful for the time that you’ve all spent here, now the second meeting that we’ve held.  I appreciated very much the opportunity to spend time with you, as did our team, the National Security Advisor Jake Sullivan, and appreciate again that, as we’ll share in a statement that’ll be released in a little while, further progress toward this shared objective of an agreement, to include agreement on some additional articles as well as a deepening understanding of the positions on other outstanding issues, as well as a recognition that there is – there remains hard work to be done to try to reach a final agreement.We’ve had a series of meetings not only here but also with our counterparts – hosted by our counterparts in the European Union, to include as well Prime Minister Pashinyan and President Aliyev, and we know that a further meeting is expected in a few weeks’ time with the European Union and the president and prime minister.  And we look forward to continuing this process as well in the weeks ahead to take advantage of the momentum that we’ve helped achieve through these meetings, through further agreement on different discrete pieces, with, again, the objective of reaching an overall and final agreement in the weeks and months ahead. I think there’s also a clear understanding on everyone’s part that the closer we get, the closer you get to reaching an agreement, in some cases the harder it gets, because by definition the most difficult issues are left for the end.  But I very much appreciate the spirit of candor, openness, directness that everyone has exhibited.  That is the way, ultimately, to reach understanding and, finally, to reach agreement. So again, thank you both for being here.  Thank you for the hard work that’s gone into these three days.  Thank you for the progress that has been made.  And thank you for the determination to continue this effort in the weeks and months ahead,” he added.

Central Bank of Armenia: exchange rates and prices of precious metals – 29-06-23

 17:38,

YEREVAN, 29 JUNE, ARMENPRESS. The Central Bank of Armenia informs “Armenpress” that today, 29 June, USD exchange rate down by 0.21 drams to 386.32 drams. EUR exchange rate down by 1.20 drams to 422.17 drams. Russian Ruble exchange rate down by 0.07 drams to 4.44 drams. GBP exchange rate down by 1.58 drams to 488.97 drams.

The Central Bank has set the following prices for precious metals.

Gold price down by 143.38 drams to 23703.23 drams. Silver price down by 2.95 drams to 280.83 drams.

PM Pashinyan, the delegation of the US State Department refer to regional and international processes

 18:56,

YEREVAN, JUNE 29, ARMENPRESS. Prime Minister of Armenia Nikol Pashinyan received the delegation headed by James O'Brien, Head of the US Department of State's Sanctions Coordination Office, ARMENPRESS was informed from the Office of the Prime Minister.

The Prime Minister expressed satisfaction with the dynamic nature of the development of Armenian-American relations and emphasized the support of the US administration in promoting democratic reforms in our country.

The interlocutors referred to the processes taking place in the region and the international arena, as well as various issues of mutual interest.

Issues related to the humanitarian crisis in Nagorno-Karabakh resulted by the illegal blockade of Lachin Corridor by Azerbaijan, Azerbaijan's provocative and aggressive actions on the Armenian-Azerbaijani border and on the line of contact with Nagorno-Karabakh, the progress of negotiations on the settlement of relations between Armenia and Azerbaijan, as well as the Armenian-Turkish process were discussed.

Education Minister of Armenia and the Minister of Culture of France discuss a wide range of joint cultural programs

 18:26,

YEREVAN, JUNE 29, ARMENPRESS. Minister of Education, Science, Culture and Sports Zhanna Andreasyan, who is in Paris, met French Minister of Culture Rima Abdul-Malak in order to participate in events dedicated to the 850th anniversary of Nerses Shnorhali's death.

As ARMENPRESS was informed by the Ministry of Education, Science, Culture and Sports of Armenia, at the meeting, preservation of cultural heritage, in particular, the preservation of the cultural heritage of Nagorno Karabakh, the Urartian exhibition being prepared in the Louvre, the exhibitions of the works of Martiros Saryan and Minas Avetisyan, which will be held in France in the near future, as well as a series of questions about co-production of films and opera tours were discussed.

The issue of organizing events on the 100th anniversary of Charles Aznavour was also discussed at the meeting.

The parties discussed a number of issues aimed at the activation of the exchange between the artists of the two countries, especially among the youth.

The French Minister of Culture Rima Abdul-Malak plans to visit Armenia in autumn.

Azerbaijan opens fire on the harvester doing agricultural work in Artsakh

 20:05,

YEREVAN, JUNE 29, ARMENPRESS. On June 29, around 6:10 p.m., the Azerbaijani Armed Forces violated the ceasefire by opening fire from firearms at a harvester doing agricultural work in the fields of Chartar community in Artsakh, ARMENPRESS was informed from the Ministry of Defense of Artsakh, adding that there were no casualties on the Armenian side.

"At the same time, the Ministry of Defense of Azerbaijan has spread misinformation that allegedly the units of the Defense Forces opened fire in the same direction towards the Azerbaijani positions," the message says.

The ceasefire violation was reported to the command of the Russian peacekeeping troops.

Transparency is key for investment. Poland welcomes the democratic reforms of Armenian government

 21:01,

YEREVAN, JUNE 29, ARMENPRESS. Poland supports the democratic reforms implemented by the Armenian government, emphasizing that the transparency of the economic system has a key impact on the attractiveness of foreign investments in the country, ARMENPRESS reports, Wojciech Gerwel, Undersecretary of State at the Ministry of Foreign Affairs of Poland, said at the 7th session of the Armenian-Polish Intergovernmental Commission on Economic Cooperation held in Yerevan.

“According to Polish businesses, the stability and strength of democratic institutions, as well as the transparency of the economic system, have a key impact on the country's attractiveness as a destination for foreign investment. That is why Poland supports the democratic reforms implemented by Nikol Pashinyan's government," said Gerwel.

He said that Poland is ready to support the development of economic policies and accomplishment of institutions in the region, especially in such areas as macroeconomic management, fiscal administration, public finance management, etc.

"Poland is ready to start cooperation with Armenia within the framework of the tax solidarity program on the promotion of reforms and the exchange of experience. It offers Polish expertise and IT solutions aimed at combating tax evasion and reducing the shadow economy," said Gerwel.

He expressed confidence that the session of the commission will lead to new initiatives of economic cooperation between the countries.

Armenpress: Mirzoyan-Blinken-Bayramov trilateral meeting kicks off in Washington

 23:45,

YEREVAN, JUNE 29, ARMENPRESS. The trilateral meeting of Armenian Foreign Minister Ararat Mirzoyan, US Secretary of State Antony Blinken and Azerbaijani Foreign Minister Jeyhun Bayramov has started in Washington, ARMENPRESS reports, Spokesperson of MFA ArmeniaAni Badalyan wrote on Twitter.

"After the bilateral talks between the Armenian Foreign Minister and the US Secretary of State, the trilateral meeting with the participation of the Azerbaijani Foreign Minister has started," she wrote.

Asbarez: High School Student Nara Ekhsigian’s Fantasy Novel Now Available on Amazon

Author Nara Ekhsigian


BY HOVSEP MELKONIAN

Nara Ekhsigian is on a momentous journey that is as important as the proposed destination. Her love for the written word is embodied in the pages of a fantasy novel that was born as a result of a simple question: “Did Armenians have a mythology like the Greeks?”

The answer is a resounding yes. Amazon has just published Nara’s new book, a fantasy novel, entitled “Tales of the Myths.”

This is not Nara’s first attempt at writing and publishing. A few years ago, and within a very short span of time, she published “Math and Outer Space” (2018) and “Planets and their names and the solar System” (2019) that constituted the initial steps of a child, literally and figuratively speaking, engaged in the contemplation of the magical universe that surrounds us, eager to share her findings and discoveries with the rest of us.

How did this journey come about? 

“I found writing through reading” said Nara. “I read a lot of books all my life so it was only natural for me to explore writing. I was inspired by the stories I read.”

Nara is currently a high school student, attending W. T. Woodson High School in Fairfax, Virginia where she lives with her parents, Raffy and Nathalie Ekhsigian, and younger sister Lorie, and is scheduled to graduate from high school in 2025.

In “Tales of the Myths,” thirteen-year-old April undertakes an adventurous and perilous quest to save her beloved dog, Teddy. Teddy was once a dog-god known as Aralez. “Despite his divinity, Teddy is fading away and dying soon to be turned into a constellation for eternity,” announces the book. Therefore the dramatic question we are faced with is summarized simply as follows: “Can April save Teddy and the gods before they are conquered by the ravages of time?”

The book covers of Nara Ekhsigian’s fantasy novels

Fantastical elements have been a part of storytelling from the beginning of times, as evidenced by the gods, monstrous beasts, and magic found in ancient mythologies, folklore, and religious texts. The fantasy novel has its rules, standards, and terms. It is a literary genre that is set in a magical world, involving traditional myths and magical creatures. It borrows ideas or events from the real world, especially from ancient and medieval times, to create its own unique world.

Fantasy writings transport readers to fictional realities ranging from primitive lands ruled by dragons to familiar spaces inhabited by superheroes, to futuristic visions where aliens vie for supremacy in a strange world. This imaginary world is populated by exotic creatures, characters, societies, and environments that flourish as the story develops. While the plot is central to the story, character building takes center stage. The common themes and features of this genre are built around the struggle of good vs. evil, the heroic (or villainous) quest for power or knowledge, the emergence of an unlikely or reluctant hero, and the clash between the individual and society. While the heroes are not technically humans, the very core of the narrative is about humans. So we share in their challenges, rejoice at their victories, grieve with them over their defeats and failures, empathize with their flaws, and admire their courage.

Modern fantasy writing began in the nineteenth century, following a period of chivalrous European romances and tales whose fantastical elements were still considered somewhat believable. Scottish author George MacDonald, (“Phantastes,” 1858) and Englishman William Morris, (“The Well at the World’s End,” 1896) broke ground in the genre by completely inventing a fantasy world that existed beyond the known world. Building upon the legacies of MacDonald and Morris, J. R. R. Tolkien penned the first high fantasy, “The Lord of the Rings” (1954-1955).

In subsequent decades, fantasy continued to evolve, and grow in popularity, with Terry Brooks’ “The Sword of Shannara” (1977) becoming the first fantasy novel to appear on The New York Times trade paperback bestseller list; J. K. Rowling’s “Harry Potter” novels (1997-2007) became the best-selling book series of all time. The list of most notable fantasy writings include among many others “Alice in Wonderland” (1865) by Lewis Carroll; “The Lion, the Witch and the Wardrobe” (1950) by C. S. Lewis; “One Hundred Years of Solitude” (1967) by Gabriel García Márquez; “The Princess Bride” (1973) by William Goldman; “A Game of Thrones” (1996) by George R. R. Martin; “Dead Until Dark” (2001) by Charlaine Harris; and, last but not the least, “American Gods” (2001) by Neil Gaiman .

Fantasy literature may be directed at both children and adults. However, it should not be confused with fairy tales or science fiction. While fairy tales simply assumes that magic exists and is set in our world, the fantasy focusses on a different world built on a system of magic . On the other hand science fiction stories often take place in a hyper-technological future, while fantasy stories are set in a world populated by mythical creatures and driven by supernatural events. Rod Serling, screenwriter and narrator for cult science fiction series “The Twilight Zone,” has described it best thus far: “In science fiction, the improbable is made possible; in fantasy, the impossible is made probable.”

Speculative in nature, fantasy is not tied to reality or scientific fact.

Nara has spent the last three years researching and creating the physical world of her imagination to place her characters and heroes there.

But what about the Armenian connection?

“I wrote this book because I saw a gap in the market,” noted Nara. “A lot of fantasy children’s books had mythologies like Greek, Roman, Mayan, Egyptian, Korean, Indian, etc., with characters of those backgrounds but no Armenian. I decided that I could be the one to introduce Armenian mythology into a fantasy book and write young characters of Armenian heritage. I was inspired by information I’ve come across, documentaries I’ve watched, my friends and family, but no one thing in particular.”

Nara’s “Tales of the Myths” is a broad scene of myths where characters of the Armenian pantheon and mythology mix and interact freely with “odar” gods and figures, engage with them in intelligent skirmishes, and often resort to Armenian expressions that add color and verve to the general atmosphere. “My writing involved deciding what story I wanted to read. I wanted to read a very specific story and so I began to research. I came across many interesting pieces of information on Armenian history and mythology and chose the ones that I thought would work well with my plot. I did my research through books that my dad had and the internet,” said Nara.

The author has fun introducing family characters, common daily activities and routines, as well as Armenian expressions in her narrative. We can see and hear the Armenian family talk, discuss, argue, and different members of that generation champion their own perspective. It is a sort of battle of wits with no victors in sight while the story evolves through them and with them. This is the  magical glue that holds the edifice and structure of the novel.

Purely from that perspective, the “Tales of the Myth” constitutes  a giant step forward in creative writing for Nara. One can unmistakably see how her narrative style, dialogue construction, and the processing of observations has evolved and reached a maturity belied by the age of the young author. “I’ve been influenced by a lot of writers but one that stood out to me was Rick Riordan, specifically with his ‘Percy Jackson and the Olympians’ series,” said Nara.

Nara’s ability to keep the narrative tight and constantly developing in the 250 pages of the book through the use of imaginative language and dialogue is simply astounding. Her writing is crisp and full of imagery and the book bristles with observations, thoughts, and feelings that hit you unexpectedly with their sharp relevance. She has the knack for introducing and weaving into her narrative unexpected mini-stories that at times may sound as if she is taking a fanciful side trip, while in fact she is exploring new avenues to keep the story going and enrich its fabric.

Behind her shy smile of a high school student, Nara is a determined person with a strong mind, will, and confidence. All these attributes will serve her in good stead as she tackles future challenges as a writer to achieve her dreams and aspirations..

“My future writing plans is to write a sequel to ‘Tales of the Myths’ and see where it takes me. I have many more stories that I want to tell and hope that I can work my way to a point where I can comfortably live off my books,” said Nara.

Like many people I am partial to fruit tarts, and I enjoy the sights of a well-crafted pastry with a rich buttery crust, delicious creamy filling, topped with colorful bounties of nature. Reading Nara’s “Tales of the Myths” was indeed a delight akin to the sight of an inviting tart that bedazzles the eye, sharpens the anticipatory taste, and provides a feast to the … mind.