Category: News

 

 

 

Founder of the Prosperous Armenia Party (PAP) Gagik Tsarukyan will participate in the forthcoming political processes, head of the PAP faction Naira Zohrabyan told reporters today.

Gagik Tsarukyan will make a public statement in the near future to personally explain the format of that participation.

Zohrabyan noted that Gagik Tsarukyan is returning to politics at the request of his party members, but upon his personal decision. She also added that the Party will act on the opposition field.

Naira Zohrabyan said she has the impression that Gagik Tsarukyan’s return has caused panic on the political field, especially among the opposition.

“I can understand it, because Tsarukyan’s return has shuffled all political scenarios,” Zohrabyan said.

Photo: Getty Images

 

Thirty-three bodies have so far been recovered from a warehouse in Oakland, California, following a deadly fire during a party, officials say, the BBC reports.

Only about 20% of the building has been searched and “a significant number” of people are still missing, they said.

It is unclear what caused the fire at the converted warehouse.

The safety record of the building is under close scrutiny. There were no sprinklers and the only exit from the second floor was a makeshift stairwell.

Oakland fire chief Teresa Deloach-Reed said between 50 and 100 people were inside the venue when the fire started late on Friday.

The old warehouse, known as the Ghost Ship, was hosting a concert by electronic group Golden Donna and six other acts.

The fire caused the roof to collapse on to the second floor, part of which then fell through to the ground floor.

Fitch Ratings-Moscow-02 December 2016: Fitch Ratings has assigned Armenian City of Yerevan Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of ‘B+’ and a Short-Term Foreign Currency IDR of ‘B’. The Outlooks on the Long-Term IDRs are Stable.

Yerevan’s ratings reflect a weak institutional framework for Armenian sub-nationals, as reflected by the sovereign rating (B+/Stable) constraint. The ratings also reflect Yerevan’s status as Armenia’s capital, satisfactory budgetary performance, supported by steady transfers from the central government, and a debt-free status.

KEY RATING DRIVERS

The rating action reflects the following key rating drivers and their relative weights:

High
In its base case scenario, Fitch expects the city to maintain satisfactory fiscal performance with an operating margin of 2%-3% in 2016-2018 (2011-2015: average 7.5%). The lower than historical margins will be driven by continued adjustment of the city’s operating revenue to negative shocks resulting from the protracted slowdown of Armenia’s economy in 2014-2015. We also expect Yerevan to run a slight surplus before debt variation of 1%-2% of total revenue in 2016-2018, after an average deficit of 1% in 2011-2015.

Fitch projects Yerevan city’s operating revenue will total AMD78bn in 2016, up 3% yoy. Yerevan receives current transfers from the central government, which averaged 74% of operating revenue in 2011-2015. Over the medium term, current transfers are likely to remain stable at about 75% of the city’s operating revenue, while locally collected taxes will contribute about 15% of operating revenue, in line with its average in 2011-2015.

Capital spending is likely to decrease slightly to about AMD7bn-AMD8bn in 2016-2017 (2015: AMD9bn) before rising to about AMD10bn in 2018. It will likely remain at below 10% of total expenditure, significantly below the average of 22% in 2011-2015, when the city made material infrastructure investment funded by state transfers and donor grants. Fitch expects the city will continue funding capital spending predominantly with asset sales and capital transfers from the central government.

Fitch views Armenia’s institutional framework for local and regional governments (LRGs) as a constraint on the city’s ratings. It has a shorter track record of stable development than many of its international peers. Weak institutions lead to lower predictability of Armenian LRGs’ budgetary policies, narrow their planning horizon and hampering long-term development plans. The main challenge facing Yerevan is the low predictability of medium- and long-term policies, which are subject to central government decisions.

The ratings also consider the following rating factors:

The city is free from any debt or guarantees, since forming a community in 2008. Statutory provisions of the national legal framework guiding debt or guarantees issuance restrict the city from incurring significant debt.

The city’s liquidity position weakened in 2015 to AMD175m, from AMD941m in 2014 as Yerevan used its cash to fund capital spending. However, its average monthly cash balance improved to AMD3.2bn at end-9M16 from AMD175m in 2015, underpinned by a steady inflow of revenue sources. Yerevan holds its cash in treasury accounts as deposits with commercial banks are prohibited under the legal framework. Fitch expects the city’s cash holdings to rise to AMD1.5bn-AMD3bn in 2016-2018, surpassing the five-year average of AMD1bn in 2011-2015.

Yerevan benefits from its capital status. It’s the country’s economic and financial centre and largest market with a developed services sector. Yerevan is the country’s largest metropolitan area, where 36% of Armenia’s population resides. However, the city’s wealth metrics are low in the international context; Fitch estimates Yerevan’s GRP per capita was AMD1.8m in 2015 (USD3,770). The city’s unemployment rate is high, averaging at 17.6% in 2011-2015, as measured by ILO-compliant assessment of the national statistics service.

The country’s economy grew 3% yoy in 2015, underpinned by strong net exports. Fitch expects Armenia’s economy to grow 3.5% in 2016 and 3.6% p.a. in 2017-2018. Armenia’s economy was negatively affected by severe external shocks in 2014-2015, following a collapse in commodity prices, which depressed the country’s major trade partners and reduced remittances inflows and exports.

Iran’s energy minister has announced that the capacity for electricity exchange between Iran and Armenia will soon rise from 300 to 1200 megawatts, reports.

Speaking during the opening ceremony of the 14th session of Iran-Armenia Joint Commission at the presence of the Armenian Minister of Energy Infrastructure and Natural Resources Ashot Manukyan, Energy Minister of Iran Hamid Chitchian said primary topics of the joint session include implementation of the third power transmission line, North-South Transit Corridor as well as construction of a pipeline from the Persian Gulf to the Black Sea.

He pointed to the upcoming visit of Armenia’s president to Tehran in the near future asserting “arrival in Tehran of Serzh Sargsyan would offer the best opportunity for development of bilateral cooperation between Iran and Armenia in energy and economy arenas.”

Stressing that several venues exist for expansion and deepening of bilateral relations between the two states, the official estimated that the 14th session of Iran-Armenia Joint Commission would pave the way for further bolstering of ties in various fields like rail, aviation, agriculture, livestock, water, electricity, mining, petroleum, petrochemicals and tourism sectors.”

Chitchian also touched upon electricity exchange between Iran and Armenia, underlining that creation of infrastructures and construction of new transmission lines would raise the volume and capacity of power exchange between the two parties.

Referring to the commencement of constructing the third electricity transmission pipeline between the two sides, Iran’s energy minister said implementation of the new project will bring about a fourfold rise in the capacity for power exchanges between Iran and Armenia.

At the end of his remarks, Hamid Chitchian pledged Iran’s readiness to step up economic cooperation with Armenia reiterating that the two neighboring countries could boost economic and energy relations more than the past.

Azeri claims prove the international community should recognize the Nagorno-Karabakh Republic, Armenian Deputy Foreign Minister Shavarsh Kocharyan has said.

“Uncovered claims of Azerbaijan towards the territories of Armenia openly prove why the international community should recognize the independence of the Nagorno-Karabakh Republic, whereas Azerbaijan should bear international responsibility for the aggression unleashed against the self-determined Nagorno-Karabakh Republic and its consequences,” Shavarsh Kocharyan said in comments to Armenpress.

The comments come after the recent statement of the President of Azerbaijan, in which the latter presented territorial claims towards the Republic of Armenia.

Photo: RIA Novosti

 

The air authorities of Azerbaijan have not allowed the Russian Il-76 military transport aircraft to fly to Syria through its air space, forcing the plane to return to the airport in Sochi.

reports, quoting a conversation between the command post and the pilot, that the plane was flying in the “Syrian” direction through Armenia.

“You can’t reach Yerevan. Azerbaijan won’t allow. The flight is prohibited,” the dispatcher said. The crew was later instructed to return to the Sochi airport.

 

 

 

Living in Talish will be as safe as in Mataghis or Martakert, authorities of the Nagorno Karabakh Republic assure. Some residents of the village that was abandoned after the April war, have now returned to their home. The authorities pledge to create conditions for the villagers to return to Talish and stay there.

The NKR leadership has invited architects from Armenia and Diaspora to participate in reconstruction works. Secretary of the NKR Security Service Vitaly Balasanyan, who keeps the reconstruction works in the spotlight, says today’s modernized defense systems allow to ensure the security of all borderline settlements, including Talish.

The power supply has been fully restored, the water supply system will start working in the coming days. The road to the village is being reconstructed. Vitaly Balasanyan says residents of Talish will enjoy tax and energy benefits.

Speaking to Public Radio of Armenia, Spokesman for the NKR Prime Minister Artak Beglaryan said it’s hard to estimate the number of Talish residents still living in Armenia. “The numbers change, because more and more families opt for return to Artsakh,” he said.

Photo: EPA

 

Italian Prime Minister Matteo Renzi has resigned after suffering a heavy defeat in a referendum over his plan to reform the constitution, the BBC reports.

In a late-night news conference, he said he took responsibility for the outcome, and said the No camp must now make clear proposals.

With most ballots counted, the No vote leads with 60% against 40% for Yes.

The turnout was nearly 70%, in a vote that was seen as a chance to register discontent with the prime minister.

“Good luck to us all,” Mr Renzi told reporters. He said he would tell a Cabinet meeting on Monday afternoon that he was resigning, then tender his resignation to the Italian president.

French ambassador Stéphane Visconti has been appointed co-chairman of the Minsk Group. Since 1992, this group has been instructed by the OSCE to mediate between Armenia and Azerbaijan in order to put an end to the conflict in Nagorno-Karabakh.

The Minsk Group has been represented since 1997 by a co-presidency composed of France, the United States and Russia, each of which is represented by an ambassador.

The co-presidency of the Minsk Group maintains a high level of engagement in political negotiations and the implementation of confidence-building measures.

Ambassador Stéphane Visconti was successively Consul General of France in St. Petersburg and Munich. He also served as adviser to the Prime Minister and then to the Mayor of Paris for international relations. Until recently he was the French Ambassador to Latvia. He succeeded Ambassador Pierre Andrieu.

Armenian President Serzh Sargsyan had a phone conversation with US Vice President-elect Mike Pence at the initiative of the American side.

President Sargsyan congratulated President-elect Donald TRump and his team on election victory and wished them success in their responsible mission.

The interlocutors underlined that the current high level of Armenian-American political and economic cooperation will be  maintained, but will also be furthered under the new Administration.

Reference was made to issues of reciprocal interest, including the regional problems and challenges.