Category: News

Thames River – Results of EGM

Regulatory News Service
Nov 19, 2004

RNS Number:4554F Thames River Traditional Funds 19 November 2004 STOCK
EXCHANGE ANNOUNCEMENT For Immediate Release 19 November 2004 Thames
River Traditional Funds plc Re: Results of Extraordinary General
Meetings The Directors of Thames River Traditional Funds plc (the
“Company”) wish to announce that, the resolutions regarding amendments
to the Investment Objective and Policy of the Eastern European Fund
and the Global Emerging Markets Fund, sub-funds of the Company, as
detailed in a Circular sent to shareholders on 22 October, 2004, were
passed at an extraordinary general meeting held on 12 November,
2004. The amendments to the Investment Objective and Policy of the
Eastern European Fund and the Global Emerging Markets Fund are set out
below: Eastern European Fund The definition of “Eastern Europe” in
Supplement 3 of the Prospectus has been amended to include the
following countries: Armenia, Azerbaijan, Belarus, Georgia,
Kazakhstan, Kyrgyz Republic, Kyrgyzstan, Moldova, Tajikistan,
Turkmenistan and Uzbekistan. Following this change, the third and
fourth paragraphs of the investment objective and policy section of
Supplement 3 of the Prospectus in respect of the Eastern European Fund
will read as follows: “Investment will be made primarily in the
securities of companies listed or traded on markets or exchanges in
Eastern Europe although the Fund reserves the right to invest in
companies whose securities are traded on other Recognised Exchanges in
which the Company may invest where these derive a substantial
proportion of revenue or profits from investments or business
conducted in or from Eastern Europe. Eastern Europe will for this
purpose include but shall not be limited to any or all of the
following countries or their successor states: Bulgaria, Croatia, the
Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Poland,
Romania, Russia, the Slovak Republic, Slovenia, Turkey and
Ukraine. Investment in securities of companies located in Armenia,
Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Kyrgyzstan,
Moldova, Tajikistan, Turkmenistan and Uzbekistan will be undertaken
through depository receipts or other transferable securities such as
bonds issued by corporate and governmental issuers traded on
Recognised Exchanges.” Global Emerging Markets Fund “Russia and the
states of the Russian Federation” has been replaced with “Russia and
the countries of the Former Soviet Union” in the list of countries
included in which the Global Emerging Markets Fund will primarily
invest. “Bulgaria” has also been added to this list. Following this
change the first paragraph of the investment objective and policy
section of Supplement 5 of the Prospectus in respect of the Global
Emerging Markets Fund will read as follows: “The investment objective
of the Global Emerging Markets Fund is to achieve capital appreciation
through investment primarily in Brazil, Mexico, Argentina, Chile,
Venezuela, Peru, Czech Republic, Hungary, Poland, Slovakia, Slovenia,
Bulgaria, Croatia, the Baltic Republics, Ukraine, Turkey, Egypt,
Israel, India, Pakistan, the Middle East, South Africa, Sri Lanka,
Taiwan, South Korea, North Korea, China, Hong Kong, Singapore,
Malaysia, Thailand, Indonesia and the Philippines, Russia and the
countries of the Former Soviet Union and, in addition, such countries
as may, at the time of investment, be in the Morgan Stanley Capital
International Emerging Markets Free Index (known as “MSCI EMF”),
collectively “Global Emerging Market Countries” or “Global Emerging
Markets”. Enquiries: Ashling Walsh Dillon Eustace +353 1 667 0022 J&E
Davy Elaine Drennan +353 1 614 8933 This announcement has been issued
through the Companies Announcement Service of the Irish Stock
Exchange. This information is provided by RNS The company news service
from the London Stock Exchange
From: Emil Lazarian | Ararat NewsPress

Separatist Karabakh premier regrets Azeri absence from youth forum
Arminfo, Yerevan
19 Nov 04

STEPANAKERT
The fact that the republic has not been recognized makes it impossible
to cooperate with international financial organizations, foreign banks
and developed countries, the prime minister of the Nagornyy Karabakh
Republic, Anushavan Daniyelyan, told a visiting delegation of
representatives of youth organizations from Sweden, Italy, Bulgaria,
Hungary, Serbia and Montenegro, Ukraine, Moldova, Latvia, Georgia and
Armenia yesterday.
He said that half of Nagornyy Karabakh was destroyed as a result of
hostilities. The process of restoring and reforming the destroyed
Nagornyy Karabakh economy is progressing in very difficult
conditions. However, it has been possible to create a liberal economy
in Nagornyy Karabakh, the process of reforms has covered all spheres
and many of them are experiencing a quantitative and qualitative
change for the better, Daniyelyan said.
He expressed his regret over the absence of Azerbaijani youth from
Stepanakert.
“We need to solve our problems with Azerbaijan at all levels,
including the assistance of people’s diplomacy, and the attraction of
youth is necessary,” he said.
Speaking about the socioeconomic situation in Nagornyy Karabakh, the
prime minister said a programme of economic reforms aimed at free
market relations and based on the equality of all ownership types and
economic liberalization priorities had been under way since 2000,
which has helped boost the economy and ensure a significant growth in
the population’s income. Macroeconomic indices suggest that the
economic reforms of the last few years have been effective and have
produced the anticipated results. In 1999, the government introduced a
new tax policy. The income tax stake was lowered from 25 to 15 per
cent, to 10 per cent in 2000, and to 5 per cent in 2001, which is
still in effect. In 2003, industrial growth in the republic exceeded
40 per cent. Foreign investment commands almost two thirds of the
industrial growth. The amount of foreign investment over the last few
years is approaching 50m dollars. Among major investors are the USA,
Russia, Lebanon, Belgium, Switzerland, Iran, France, Australia,
etc. Not a single foreign enterprise has suffered a failure in
Nagornyy Karabakh so far, Anushavan Daniyelyan said.
[Passage omitted: other industrial and agricultural statistics]
Anushavan Daniyelyan added that the USA is the only country providing
assistance to Nagornyy Karabakh at the state level. Most of US
humanitarian assistance is spent on restoring the residential
settlements and other important sites of the republic destroyed during
the Azerbaijani-Karabakh conflict.
From: Emil Lazarian | Ararat NewsPress

Terror warning closes school near US embassy in Armenia
Mediamax news agency, Yerevan
19 Nov 04
YEREVAN
Yerevan’s Chekhov School received an anonymous phone call at around
1030 [0630 gmt] this morning that an act of terrorism was being
prepared. The school is in the city centre next to the US embassy.
Teachers and pupils were evacuated as a matter of urgency. At present
the school is surrounded by employees of the law-enforcement agencies
who are investigating the warning.
The law-enforcement agencies are at present refraining from official
comment.

Armenia to allocate extra funds for police in 2005
Arminfo
18 Nov 04
YEREVAN
The funds envisaged for law-enforcement agencies in the draft state
budget for 2005 are insufficient. However, taking into consideration
the difficult economic situation in the republic, one should be
thankful for the extra 2bn drams [3.98m dollars] allocated to
law-enforcement agencies in 2005, compared to the budget allocation in
2004, the chief of the Armenian Police, Lt-Gen Ayk Arutyunyan, said
during today’s interview with journalists after hearings on the draft
state budget. In line with the draft state budget for 2005, 11.6bn
drams [23m dollars] will be allocated to the police.
He said that 80 per cent of the extra 2bn drams would be spent on
increasing wages of police employees, as a result of which wages will
increase by 40 per cent. The salary of Armenian policemen is lower
today than that of other state employees, the police chief said.
But the Armenian government has already expressed its readiness to
grant extra funds for the needs of the Armenian police in 2005 if
necessary, Ayk Arutyunyan said.

Armenian speaker seeks security guarantees for MPs at Baku-hosted NATO
seminar
Arminfo
19 Nov 04
YEREVAN
The speaker of the Armenian National Assembly, Artur Bagdasaryan, has
sent official letters to the speaker of the Azerbaijani parliament,
Murtuz Alasgarov, and to the chairman of the NATO Parliamentary
Assembly, Pierre Lellouche, asking for security guarantees during the
Rose-Roth seminar organized by the NATO Parliamentary Assembly in Baku
at the end of this month.
The address has been sent in the light of recent facts of violence in
Azerbaijan and on the part of Azerbaijanis in other countries, as well
as the barring of Armenian officers from NATO exercises in September
and the deportation of a Bulgarian sports journalist of Armenian
descent, Eduard Papazyan, the press service of the Armenian National
Assembly has told Arminfo.
The National Assembly, confirming the readiness of its delegations for
cooperation within international organizations and the decision of the
National Assembly administration to send a delegation to Baku, also
expresses its concern over its security and hopes that the necessary
security guarantees would be provided during the Rose-Roth seminar.
The Rose-Roth seminar will be attended by the chairman of the standing
parliamentary commission on defence, national security and internal
affairs, Mger Shakhgeldyan, and MP Aleksan Karapetyan.
From: Emil Lazarian | Ararat NewsPress

Aide says Armenia should reject policy of partial compromises over Karabakh
Arminfo,
19 Nov 04
YEREVAN
“In the Karabakh issue we have to reject the policy of the cuckoo from
the well-known Armenian fairy tale. We can’t sacrifice one part of the
territory of Nagornyy Karabakh to preserve another,” the leader of the
Liberal Democratic Union and advisor to the Armenian president on
local government issues, Seyran Avakyan, has told the Union’s congress
which opened today.
He said Armenia must speak to the international community in the
language it understands.
“If great superpowers have interests in the region, then we have to
try to make Armenia more attractive than, say, Azerbaijan, and not to
take offence because the world community is not accepting our position
the way we want. They have to see that Armenia has much more important
values not under the ground, but on the surface,” the leader of the
Liberal Democratic Union said.

Armenian defence minister vows to increase military budget in 2005
Arminfo
18 Nov 04
YEREVAN
It is necessary to increase budget allocations for the defence sphere
in Armenia’s draft budget for 2005 because the military budgets of
Georgia and Azerbaijan are incomparably bigger, Mger Shakhgeldyan,
chairman of the standing parliamentary commission on defence, national
security and internal affairs, has told an Arminfo correspondent.
In turn, Finance and Economy Minister Vardan Khachatryan promised to
reconsider and increase the budget allocations for the defence sphere
in the draft budget. Defence Minister Serzh Sarkisyan also pointed to
the need to reconsider and increase the defence budget taking into
account the growing world market prices and the need to increase
servicemen’s wages.
The draft budget for 2005 envisages the allocation of 53.7bn drams
[106.9m dollars] for the defence sphere.

UNRECOGNIZED STATUS OF NKR PREVENTS IT FROM COOPERATING WITH
INTERNATIONAL FINANCIAL INSTITUTIONS: NKR PM
STEPANAKERT, NOVEMBER 19. ARMINFO. The unrecognized status of NKR
prevents the republic from cooperating with international financial
organizations, foreign banks and developed countries, NKR PM Anushavan
Danielyan said during his Thursday meeting with representatives of
youth organizations of Sweden, Italy, Bulgaria, Hungary, Serbia,
Ukraine, Moldova, Latvia, Georgia and Armenia.
Half of Karabakh has been destroyed by war. Restoration was a hard
process but “we have nevertheless managed to create a liberal economy
with reforms covering all the spheres of social and economic life.”
Danielyan regrets that no youths from Azerbaijan were present
there. “We should settle our problems at all levels including through
people’s diplomacy and youth’s involvement.”
Since 2000 NKR Government has been implementing economic reforms to
create free market relations on the basis of property equality and
liberal economy. “As a result we are observing significant economic
growth.”
In 1999 the Government began implementing a new tax policy. Income tax
was reduced from 25% to 15%, in 2000 to 10%, 2001 to 5%. Now profit
tax is 5% against former 25%. In 2003 industrial growth in NKR was
over 40%. 2/3 of industry was due to foreign investing. SOme $50 mln
has been invested in the NKR economy in the last years mostly by the
US, Russia, Lebanon, Belgium, Switzerland, Iran, France,
Australia. “No foreign company has failed in Karabakh to date,” says
Danielyan.
In 2002 GDP was 10 bln AMD, in 2003 12 bln AMD, this year it is
estimated at 17 bln AMD. In 2000 exports was $2 mln AMD, in 2001 $5.4
mln, in 2002 $14 mln, in 2003 $18 mln. Profitable are industry,
energy, construction, tourism.
In 2004 big families will receive over 185 mln AMD from banks, in 2008
over 300 mln AMD. 100 mln AMD will be allocated for restoration of
historical-architectural monuments in 2005.
Danielyan says that the US is the only country aiding Karabakh on
state level. The bulk of US humanitarian aid goes to restoration of
settlements and social facilities destroyed during the Karabakh war.

STUDENT COUNCIL HEADS QUESTION SOCIAL SURVEY FINDINGS OF ARF ON
CORRUPTION AT HIGHER EDUCATIONAL ESTABLISHMENTS
YEREVAN, NOVEMBER 19. ARMINFO. The social survey, conducted by the
Student Union after Nikol Aghbalian, a youth wing of Armenian
Revolutionary Federation (Dashnaksutiun), was held on a
non-professional level and does not reflect the real level of
corruption in higher educational establishments, the heads of student
councils of three major institutes of Armenia from Yerevan Medical
University, Institute of Physical Training and Agricultural Academy
stated today.
Armen Ashotian, assistant to the rector of Yerevan Medical University
names the surveys as a “political order” or “black PR.” Concurrently,
representatives of student councils do not exclude that corruption, in
fact, exists at Armenian higher educational establishments. “To engage
in a reasonably fight against corruption, professional sociologists
should have been invited,” the student council of Institute of
Physical Training Gagik Sarkissian said. Armen Ashotian even proposed
to donate half of the funds needed to conduct a professional study. He
said his institute is ready to provide several thousand dollars to
prove that Medical University is one of the most active opponents of
corruption. Ashotian refuted the findings of the survey which said
that the medical university is the most corrupt institution among
higher educational establishments in Armenia. They challenge “the good
name of the university where some 1000 foreign students study bringing
$6 mln in revenues to the republic,” he said.
To remind, Student Union after Nikol Aghbalian unveiled the findings
of a student opinion poll in higher educational establishments of
Armenia three days ago. The survey was conducted by the youth wing of
ARF (Dashnaksutiun) in September-October 2004 among 1100 student from
11 state higher educational establishments. Corruption is considered
ineratible by 72% of Yerevan State University students, 67% –
Institute of Physical Training, 64%-Yerevan Linguistics Institute
after Brusov, 65% – Agricultural Academy. The major reason of
corruption was named as low salaries of faculty (18%), avoiding
military service (17%) and sponsorship of corruption by upper
authorities of the higher educational establishments (16%).
The survey also unveiled other interesting findings. The most corrupt
are considered examinations for post-graduate studies (22%) and
entrance exams (21%). More effective ways for fighting corruption are
considered leadership of universities (22%), effective government
policy (20% and students themselves (17%). Students of Yerevan State
University also indicated the role of mass media (25%), youth
organizations (22%) and student council which the respondents
mentioned the least, only 10%.
The authors of the study also sent letters to the rectors of 11
institutes asking to tell how many cases of corruption were detected
in the course of 2000 to 2004. Only Yerevan Institute of Physical
Training responded saying that 5 faculty members were sacked for
corruption and another department head moved to an ordinary
faculty. The rectors of all other institutes answered that no cases of
corruption have been reported in their establishments during the last
4 years. -A-

NAGORNO KARABAKH PRESIDENT VISITED DETROIT WITHIN HIS VISIT TO USA
STEPANAKERT, NOVEMBER 19. ARMINFO. If Goris-Lachin-Stepanakert highway
is the road of life for Nagorno Karabakh, the North-South highway will
become one of the most important elements for economic development of
Nagorno Karabakh, the president of NKR Arkadi Ghukassian told a public
forum in Detroit with the participation of Armenian community in the
city.
The chief information administration services affiliated to NKR
president told ARMINFO that Ghukassian arrived in Detroit on Nov 17
from New York on the occasion of a telethon slated on Nov 25 to raise
money for North-South highway. The raised money will be spent on the
construction of the highway which has strategic meaning for Karabakh
and connects all regions of the republic to each other.
NKR president called on all Armenians to take part in the telethon and
contribute to the social economic development of the republic. The
Armenian community voiced his support to the democratization process
and civil society development in NKR, economic reform and revival of
spiritual values in the republic. The participants voiced their
belief that the current achievements of Karabakh determine the current
attitudes among the Armenian community to render their support to the
economy of the republic.
Similar attitudes were expressed at Nov 18 meeting of Ghukassian with
the faculty and students of Michigan university. The gathered were
especially interested in Karabakh conflict regulation. Ghukassian
reiterated that Karabakh is principally for peaceful regulation of the
conflict with Azerbaijan which unlike Karabakh tries to use force. If
Azerbaijan seriously thought about peace, it would enter into direct
negotiations with Karabakh,” Ghukassian stated.
During the meeting at schools after Aleg and Mari Manukians, it was
underscored to establish closer contacts between Armenian schools of
USA and Karabakh.
The same day, a reception was held in the house of Marta and Diana
Shushanians in the honor of the president where most influential
members of Armenian community in Detroit were invited. -A-
From: Emil Lazarian | Ararat NewsPress