HSBC Bank Armenia held the 14th workshop of its Trade Academy

Kamo Margaryan, Head of Global Trade and Receivables Finance, HSBC Bank Armenia, said that Trade Academy’s goal is to preset financial instruments, bank guarantees and less risky and expensive trade financing methods.

Margaryan noted that more than 350 companies have taken part in that kinds of events organized by HSBC. We do not lead businessman to our bank, we just present our services of financing the business. Our purpose is to support businesses both in Armenia and USA as our global coverage gives the opportunity. The academy workshops have enabled the bank to attract more clients. As a result, every day we can see they prefer to use trade financing instruments to prepayment. Thus they improve companies’ financial indicators and secure themselves against risks,” Mr Margaryan said. The aim is to show organizations trade financing services and instruments and advantages of such instruments. However, the HSBC Bank’s international reputation and universally available experience is of importance as well. The academy workshops have enabled the bank to attract more clients.

Thies Clemenz, Chief Executive Officer of HSBC Bank Armenia, hoped that the event will be of benefit to all the participants and they will have full information they can make use of the moment their businesses go beyond Armenia.

As we have already mentioned the event was held with the US Embassy because the USA is considered to be the sixth great investor of Armenia.
However, numerous companies have to choose between expanding their businesses in the domestic market and entering the international market. At such moments they have fears. The reason is that developing businesses abroad will inevitably entail problems. And investments are the major concern. This is the reason for the workshop.
Richard Mills, the last embassador of the USA in Armenia said that Armenian business atmosphere tries to improve business relationship with USA. Our goal is to improve the cooperation between the American and Armenian businessman that will lead to economic growth in both countries and also in new work places. ‘If Armenian and American businesses know more about each other we can enlarge the cooperation for creating new work places’ he said.

The companies such as ‘Ingo Armenia’ and ‘Gold’s Gym’ also took part in 14th workshop of its Trade Academy.

The contract between ACBA-CREDIT AGRICOLE BANK and American Express® was resigned

ACBA-CREDIT AGRICOLE BANK and American Express have resigned the contract, which allows the Bank to continue exclusive issuance of American Express Gold, Blue and Cashback cards, as well as acquiring merchants onto American Express network in Armenia.

The new contract was signed in New York by General Executive Manager of ACBA-CREDIT AGRICOLE Bank, Mr. Hakob Andreasyan and Mr. Colin O’Flaherty, Vice President and General Manager, Partner Card Services, Russia, CIS and Central Eastern Europe at American Express.

By extending the exclusive contact, American Express has once again expressed confidence in ACBA-CREDIT AGRICOLE and willingness to continue partnership with the Bank for the benefit of customers in Armenia.

The first contact was signed in August 2009, leading to expansion of card acceptance network in Armenia. In 2010 the first American Express Gold Card was issued, offering a wide package of benefits never seen before in Armenia. In 2011 the Bank issued American Express Blue Card, an innovative and trendy Card that rewards everyday spending and has benefits that complement their dynamic lifestyles. In July, 2014 American Express Cashback Card, a product designed for everyday use, which is the first card in Armenia to provide 2% CASHBACK for all transactions in a many supermarkets.

ACBA-CREDIT AGRICOLE BANK and American Express will continue offering new and innovative products in Armenia, aiming at offering a suitable American Express Card to customers with various demands and preferences.

FINCA was recognized as the best credit organization of the year (video)

As a result of public opinion poll conducted by Gallup International and PanArmenian Media Group, FINCA Universal Credit Organization CJSC was recognized as the best credit organization of Armenia in 2013.

On December 20, the Director of the Armenian representation of Gallup International, Mr. Aram Navasardyan, visited the headquarters of FINCA UCO to present the diploma of the award to the CEO of FINCA Armenia, Mr. Hrachya Tokhmakhyan.

The public opinion poll was conducted by Gallup International and PanArmenian Media Group, on their own initiative around Armenia. The project aimed at studying the consumers’ opinion regarding various companies, their products and services operating in Armenia. 26 market spheres of goods and services have been studied.

FINCA Universal Credit Organization is a leading credit organization in the micro-credit field. It provides micro loans to low income entrepreneurs so they can create jobs, build assets and improve their standard of living.

In his speech the CEO of the Organization, Hrachya Tokhmakhyan, noted that this recognition puts a lot of responsibility to make sure the company will stay the best in its category not only today but in the future as well.

Busses to be manufactured in Armenia

Today in the RA Government session it was decided that the area in Mikoyan 18, Yerevan was given as rent to MED A. KGmbH company for 35 years. For the first 7 years the cost of the rent will be 1mln drams.

The company is required to organize the manufacturing of busses in 7 years investing 7 mln dollars every year with the same amount.

Recalling that during the previous sessions the project was already accepted, the PM Tigran Sargsyan noted that this decision is the continuation of the previous one and will allow to organize the manufacturing very soon.

The strike in Poti didn’t affect Armenian cargo transportation

The Poti Sea Port works normally and there is no need for concern. The First Armenian News and Analyses was informed about this by the president of cargo transportation company “Apaven”, Gagik Aghajanyan. He also informed that for three days only the workers of Barvil Georgia terminal were on strike but it didn’t have any negative effect on Armenian cargo transportation.

As Aghajanyan also noted, the salary of the workers of that terminal has been decreased twice in the last 1.5 years though the workload has increased and the workers had the reason to complain.

Should be recalled, that the employees of Barvil Georgia company demand to raise their salary, improve the working conditions and maintain security standards.

PM presents the decline as success

Today the PM presented “Index 2012 of economic freedom” report results with content. He stated in this sphere they have recorded successful steps and it gives hope 2013 will be the continuation of the success. The PM evaded mentioning the general location of Armenia in the list of economically free countries. The CB web site states according to “Heritage” foundation assessments Armenia in 2012 was estimated as a country of not free business environment. In 184 countries Armenia has the 39th place which is a deterioration from last year’s index pointing at the 36th place.

The Chamber of Control to implement an operational control

For the first time this year, the Chamber of Control will implement an operational control, which will aim not only in observations of the risky regulations and abuse of the state budget, but also aim at having a preventive nature.

The chamber president Ishkhan Zakaryan once again reminded that in 2013, by Serzh Sargsyan’s offer, the Chamber will focus on the areas of state purchases, design and construction. I. Zaqaryan informed that it should put an end to the artificially inflated prices and said that he had consultations with Ministries of Transport and Communications, Finance and etc., as well as with appropriate specialists from PIU.

SOCAR exported 25million tons of oil by oil routes in 2012

Sources in the State Oil Company of Azerbaijan announced that by results of 2012 the SOCAR exported 25,006,000 tons of oil by three routes-Baku-Novorossiysk, Baku-Tbilisi-Ceyhan and Baku-Supsa.

The Baku-Novorossiysk pipeline exported 2,064,000 tons last year. The Baku-Tbilisi-Ceyhan and Baku-Supsa pipelines exported Azeri Light profit oil produced within the framework of ACG field’s development.

Profit oil is distributed among the shareholders of the project depending on their share in the project of Azeri-Chirag-Guneshli field’s development.

Today Suren Sirunyan would become 42 years old: Friends cannot talk about him in the past tense

Today is the birthday of Vano Siradeghyan’s former chief bodyguard, Suren Sirunyan. Sirunyan passew away from a sudden heart attack on August 18. Because of this tragic event, today his friends spend this day without him.
In the interview with the “First News and Analyses” the president of the “Free Democrats” party, Khachatur Kokobelyan, said that till present day he cannot speak about his friend in the past tense.

“We are going to celebrate Surik’s birthday with friends, however, unfortunately without him. His death was unexpected for us, it is hard to talk about him, as I cannot imagine that he is gone. This tragedy shocked not only us, but also all those, who heard about his death. I would only like to add that the image of the citizen, that Surik created, is an image of a just and honest person.”

One of Sirunyan’s friends, Arayik Manukyan even wrote a poem dedicated to Sirunyan.

Trade turnover between Azerbaijan and Turkey amounted to USD 1.836 billion

State Customs Committee of Azerbaijan reports that in January-November 2012 the trade turnover between Azerbaijan and Turkey amounted to USD 1.836bn.
As reported, for 11 months, exports to Turkey were in the amount of USD 563.89m, representing 2.55% of Azerbaijan’s export.

During the same period, imports were in the amount of USD 1.272bn, accounting for 15.07% of total imports of Azerbaijan.
Exports from Azerbaijan compared to the same period in 2011 increased by 31.77%, while imports also increased by 16.78%.