Nov.21
Baku Stock Exchange new head appointed
Emin Aliyev was appointed as a chairman of the Baku Stock Exchange (BSE) by the decision of the BSE Extraordinary Shareholders Meeting. BSE chairman Khayal Abdinov left his position in October because he transferred to another position. Shareholders also confirmed a statement on the voluntary resignation of BSE Deputy Chairman Vahid Novruzov.
Investment funds' minimum capital requirements approved
According to the approved rules of minimum capital requirements on investment funds, and management, structure, and composition of assets of investment funds, the minimum requirement on the statutory capital of joint-stock and shareholder investment funds is equivalent to 500,000 manat, the State Securities Committee of Azerbaijan told Trend on Monday. The minimum statutory capital for a person managing assets is 125,000 manat. If as assets manager possesses a sum exceeding 1 million manat he will have to increase his consolidated capital by 0.625 percent of the excess sum per each 200,000 manat of this sum. If the excessive part of consolidated capital reaches to 2 million manat no increase of consolidated capital will be required. Expenditures relating to investment funds management can not exceed five percent of annual expenditures. In terms of the composition of assets, investment funds are subdivided into the following groups: investment funds of debt instruments, joint-stock investment funds, mixed investment funds, real estate investment funds, and index investment funds. The composition of assets of investment funds of debt instruments may include money, bank deposits, state securities, municipal securities, and corporate bonds.The composition of assets of joint-stock investment funds may include money, bank deposits, shares, securities derived from shares, and shares in open and interval shareholder investment funds.The composition of assets of mixed investment funds may include money, bank deposits, state securities, derived securities, municipal securities, corporate bonds, and shares in open and interval shareholder investment funds. The composition of assets of real estate investment funds may include bank deposits, state securities, municipal securities, real estates, securities derived from real estates, and shares in investment funds.The composition of assets of index investment funds may include money, bank deposits, and securities included in the index calculation base.
Azerbaijani-Estonian Commission on Trade and Economic Cooperation approved
President of Azerbaijan Ilham Aliyev signed an order to approve staff of the Intergovernmental Commission on Trade and Economic Cooperation between the Azerbaijani and Estonian governments from Azerbaijani side.
Azerbaijan, Austria to expand energy cooperation
Azerbaijan and Austria will develop an intergovernmental memorandum specifying key principles of cooperation in the field of energy. The decision was taken in Baku on Tuesday at a meeting between Natig Aliyev, Industry and Energy Minister of Azerbaijan, and Andreas Reihardt, Deputy Transport, Innovations and Technologies Minister of Austria.
Azer Mensimli, Press Secretary of the Industry and Energy Ministry, reported that the sides explored the opportunity of cooperation in the field of energy, particularly, alternative energy. Correspondingly, the sides suggested working out an intergovernmental memorandum to determine key principles of bilateral cooperation in this field.
The memorandum will be developed by working groups and subsequently submitted for consideration to the Governments of the two countries.
In addition, high level of Azerbaijani-Austrian interrelations was emphasized at the meeting, Mensimli said.
Nov.23
Azerbaijani President receives Secretary General of International Telecommunication Union
President Ilham Aliyev received Secretary General of the International Telecommunication Union (ITU) Hamadoun Toure.
Mr. Toure hailed "BakuTel-2011", the 17th International Telecommunications and Information Technologies Exhibition and Conference. Hamadoun Toure praised Azerbaijan`s activity in information security, one of the world`s urgent problems. He said information and communication technologies were rapidly developing in the country. The Secretary General stressed the importance of Azerbaijan`s joining ITU`s African countries assistance campaign.
President Ilham Aliyev said the ICT sector, along with the oil and gas sphere, is one of the priorities of the government. President Aliyev said Azerbaijan will actively participate in the regional projects both in the energy and information-communication technologies sectors.
The Head of State said Azerbaijan as a member of the International Telecommunication Union would successfully take part in all projects of the ITU.
The sides exchanged views on prospects for cooperation between Azerbaijan and International Telecommunication Union.
Azerbaijani President receives ADB delegation
President of Azerbaijani Ilham Aliyev received a delegation headed by President of the Asian Development Bank (ADB) Haruhiko Kuroda.
The Head of State expressed his satisfaction with the organization of the 10th anniversary conference of ministers on the Programme of the Central Asian countries' development in Baku. President Aliyev stressed the importance of mutual regional cooperation and partnership.
Speaking about the implementation of large-scale social and infrastructure projects in Azerbaijan in recent years, President Aliyev stressed the importance of programs in power sector, particularly, the projects on the use of alternative and renewable energy sources, as well as creating up-to-date road and transport infrastructure, construction of new airports and development of sea transport, expansion of underground transportation system in Baku, creating and reconstructing water supply and sanitation system in the country.
In turn, Kuroda praised the constructive work carried out in Azerbaijan, particularly in Baku. He stressed that the social and infrastructure projects successfully implemented in Azerbaijan under President Ilham Aliyev's leadership, are completely consistent with the strategy of development of the ADB member countries.
Kuroda said the ADB is interested in active involvement in projects in Azerbaijan. He informed President Aliyev about the work carried out by the ADB to reduce impact of the global financial crisis on the Asian countries.
The sides discussed the projects implemented by the bank in Azerbaijan, exchanged views on prospects of cooperation between Azerbaijan and Asian Development Bank.
Azerbaijani President and his spouse visit International Telecommunications and Information Technologies Exhibition BakuTel-2001
The 17th International Telecommunications and Information Technologies Exhibition BakuTel-2001 opened at the Baku Expo Center.
President of Azerbaijan Ilham Aliyev and his spouse Mehriban Aliyeva visited the exhibition.
The Head of State was informed that BakuTel-2011, the largest telecommunication exhibition in the regions of the Caspian Sea and Caucasus, was organized by Iteca Caspian LLC, part of the ITE Group. The event brought together about 250 companies from 29 countries. More than 40 percent of the exhibition space is occupied by domestic IT companies, mobile network operators, distributors and service companies.
The eighteen national stands from Austria, Belarus, Hungary, France, Israel, Spain, Canada, Romania, USA, Turkey and other countries will be participating in BakuTel for the first time.
The second exhibition hall will also house the national stand of the Azerbaijan Republic.
President of Azerbaijan Ilham Aliyev and his spouse Mehriban Aliyeva got acquainted with national and foreign stands.
President: Azerbaijan does much work on main directions of CAREC
President of Azerbaijan Ilham Aliyev received participants of the Ministerial Conference dedicated to the 10th jubilee of the Central Asian Economic Cooperation Programme (CAREC). The Head of State said Baku`s hosting the Ministerial Conference dedicated to the 10th jubilee of CAREC was a great occasion for Azerbaijan.
"Azerbaijan is an active participant in this authoritative international programme organization. Azerbaijan seeks to fulfill the obligations assigned to it under the Programme. I am confident that successful development of this Programme would serve deepening regional cooperation and contribute to ensuring peace and welfare in region," President Aliyev underlined.
President Aliyev noted economic reforms carried out in Azerbaijan in recent years yielded good results.
"Very serious programs are being implemented in Azerbaijan on three directions of CAREC, the president said. "Azerbaijan pays great attention to trade, transport and energy issues in the country. Initiatives put forward by us also serve expansion of regional cooperation."
According to President Aliyev, during the past eight years Azerbaijan's economic development has seen a high rate growth, gross domestic product has increased by three times, that is by 300 percent. Industrial production increased by almost threefold. Tens of billions of dollars has been invested in the country's economy.
He added "initiatives put forward by us also serve expansion of regional cooperation".
Nov.24
Azerbaijan, Japan examine prospects of cooperation in alternative power engineering
In Baku, Natig Aliyev, Industry and Energy Minister of Azerbaijan, received a team led by Vice-President of Japan's Itochu Eyzo Kobayashi, who is also the cochairman of the Azerbaijani-Japanese intergovernmental commission, Azer Mensimli, Press Secretary of the Industry and Energy Ministry, told Trend on Thursday.
The sides examined cooperation in the field of power engineering and expressed satisfaction with the level of cooperation.
The Japanese team was provided information about Azerbaijani oil and gas industry, particularly, the Shah Deniz Phase 2, and Shah Deniz gas export routes.
In addition, the sides examined the discovery of two new fields - Umid and Absheron -in the Azerbaijani sector of the Caspian, and potential routes of gas export from these fields, and other infrastructure projects.
The sides also paid great attention to cooperation in the non-oil sector, particularly, alternative power engineering where Japan is greatly experienced.
Itochu is a participant of the Azeri-Chirag-Gunashli Project in Azerbaijan.
ACG participating interests are: BP (operator - 35.8%), Chevron (11.3%), SOCAR (11.6%), INPEX (11%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), ITOCHU (4.3%), Hess (2.7%).
Nov.25
OIC countries discuss energy and food security
The executive committee for scientific and technological cooperation (COMSTECH) of the Organisation of Islamic Cooperation has been considering the issues of coordination and cooperation of member-countries to resolve the problems in the areas of energy, environment and food security, the Azerbaijani Communications and IT Minister Ali Abbasov told media today. The 29th COMSTECH meeting opened in Baku today.
The Minister said that the COMSTECH executive committee had prepared the 10-year programme which is had been running for several years.
"COMSTECH partner countries have achieved a lot of success in science and technology," he said. "They develop these areas, but there is a group of countries that are lagging behind in this issue. Therefore, it is necessary to help them. Their participation in joint projects is also necessary.
"At present one of the important directions is in nuclear research for peaceful means, the settlement of energy and food problems as well as the implementation of programmes related to biotechnologies. All these issues will be considered at the COMSTECH meeting held in Baku."
A decision was also reached to elect Azerbaijan as a coordinator of the Islamic countries' activity in the field of alternative energy sources at the executive committee meeting. This is due to the work carried out by Azerbaijan.