Azerbaijani banks to calculate capital and its adequacy under new rules
Central Bank of Azerbaijan (CBA) prepared for the banking sector new rules for calculating capital of the bank and its adequacy, according to which banks must keep the total capital adequacy ratio at a level not exceeding 12 percent, and capital adequacy ratio Tier I - six per cent. The draft rules, including the structure of the aggregate capital and the calculation formula have been presented for discussion by the banks.
Deputy Minister: Introducing e-services is requirement of Azerbaijan's economic development
The Azerbaijani Economic Development Ministry renders interactive e-services in seven directions and informative e-services in nine directions. Deputy Economic Development Minister Niyazi Safarov made this statement during a speech at an event on e-services in the ministry's activity. "The ministry carries out systematic measures for introducing and expanding e-services, and is preparing the appropriate electronic support and the necessary legislative framework. Today, duties are paid in the online mode, and documents confirming these payments are also carried out in e-form," Safarov said. He said e-services are a requirement for the country.
Azerbaijani President meets with BP executive director
President of Azerbaijan Ilham Aliyev, who is on a working visit to Great Britain, met with BP Executive Director Robert Dudley in London on Monday. At the meeting the sides expressed satisfaction with successful cooperation between Azerbaijan and BP. The parties exchanged views on the second phase of Shah Deniz field development and other projects, which are under implementation. The sides also expressed confidence in further development of cooperation between Azerbaijan and BP.
Potential shareholders of Azerbaijan's first private credit bureau known
Nine Azerbaijani banks expressed their desire to become potential shareholders of the first private credit bureau, created in Azerbaijan with the support of the International Finance Corporation (IFC).
With their participation, the first meeting of the executive committee was held. During the meeting the participants discussed the legal framework that will regulate the activities of credit bureaus in the country. A special law has been prepared for this. Development of a draft law regulating the activities of private credit bureaus is planned to be completed by late October. Central Bank and Finance Corporation agreed to sign a road map for improving the legislation on credit information sharing. A working group composed of three representatives of the Finance corporation, and two representatives of the central bank has been set up for the development of the bill. Within a few days it is expected to sign a Memorandum of Understanding. Memorandum will be signed individually with each of the banks - potential participants of the Bureau, but in the future the possibility of expanding the circle of shareholders of a credit bureau is not ruled out.
SOCAR conducts ecological monitoring on Caspian field
The SOCAR Ecology Department has conducted ecological monitoring on the Sangachal-Duvanli-Khere-Zire offshore field in the Azerbaijani sector of the Caspian Sea, the Ecology Department's official website reported on Tuesday. The monitoring was conducted in accordance with a working control program for 2012. According to the report, the ecological monitoring was conducted using a MRK-452 vessel. During the monitoring, samples were taken from sea water, animal plankton, phytoplankton and marine sediments. The vessel's team also studied the physicochemical features of water with the speed being measured and flow directions defined. Meteorological parameters of the area were also studied.
Azerbaijani banks show increased interest in high-tech solutions for information security
Azerbaijani banks discussed technologies which are of interest for modern banks in order to ensure information security and information technology development, Banking club members told Trend on Tuesday. Discussions were held during the second meeting of the Banking club, which also included presentations of the latest Epson solutions for the banking sector. "During the discussions it became clear that the most relevant technologies for banks are IT management and strategy, security policy, IT risk management, licensing products, cloud computing, mobile banking and IT audit," the club members said.
WB new regional director acquaints with strategy of Economic Development of Azerbaijan
Different directions of the economic development of Azerbaijan were discussed at a meeting of the Minister of Finance Samir Sharifov with the new regional director of the World Bank (WB) for the South Caucasus Henry Kareli, the Ministry of Finance said on Tuesday. The meeting also discussed the current status of projects financed by the World Bank, including in agriculture, health, infrastructure and other areas. The sides noted the good level of mutual cooperation and exchanged views on the achievements of Azerbaijan in recent years and work in the future, the statement said.
Azerbaijan to increase subsidies to agriculture in 2012 Azerbaijan will increase the total amount of subsidies for the purchase of motor oil and fuel for agricultural producers to 3.964 million manat in 2012, Minister of Agriculture of Azerbaijan Ismet Abasov said at a press conference on Tuesday. Some 56.441 million manat will be allocated from the state budget for the purchase of motor oil and fuel for Azerbaijani agricultural producers for the cultivation of perennial crops and cultivation of 1.418 million hectares of sown area in 2012, which is 3.964 million manat higher compared to the same period last year. This decision was taken at a meeting of the relevant state commission today," Abasov said.
Accommodation for tourists cheapens in Azerbaijan
The cost of living for one person in the accommodations for tourists in Azerbaijan declined by 10-20 percent compared to last year. It is evidenced by the results of monitoring conducted by the ministries of culture and tourism and economic development in regions that were published on Wednesday. "There are accommodations in the regions, which meet the level of solvency of all segments of the population," a statement said.
Monitoring were launched on June 11 and were held for three weeks in 137 hotels and hotel-type facilities in the cities of Ganja, Naphthalene, Mingachevir, Sheki, Lankaran, Gadabay, Balaken, Zagatala, Gakh, Gabala, Ismayilli, Shamakhi, Khachmaz, Gusar, Guba, Lerik , Masalli regions.
The number of additional services provided to tourists in hotels and facilities for recreation has grown by 20-25 percent and range of tourist services in the regions of the country increased by 10-15 percent compared to last year.
Baku Subway specifies reasons for temporary closure of some stations
Closure of the section of the Baku subway from the station January 20 to station Dyarnyagyul during August 9 - 13 is due to the tunnel lining in the frame of the construction of a new subway line. The source noted that the tunnel is routed to the station B-1 (Avtovokzal) to station B-2 (Memar Ajami-2) and it is necessary to carry out works in the area of Memar Ajami station (will be transition station) to continue tunneling to station B-3 (near the military hospital). That's why it was decided to temporarily suspend the movement of trains from the station Inshaatchilar.
Azerbaijan can introduce "green" tax
Bringing individuals and legal entities that caused damage to the environment to taxation becomes more topical in Azerbaijan. This is stated in the article of the Director of Main Department for Tax Policy and Strategic Research of the Ministry of Taxes of Azerbaijan Akif Musayev, published on Wednesday in the print edition of the ministry - the Taxes newspaper. "The problem of environmental pollution is very serious for Azerbaijan. This increases the urgency of the issue of bringing to taxation of individuals and legal entities that have caused damage to the environment," Musayev said.
He said the world is developing economic policy instruments designed to prevent environmental pollution. For this purpose, a "green" tax policy is being formed. Taxes related to the environment are one the most effective tools for economic and environmental policies. For example, Sweden ranked first in the world in terms of emissions of nitrogen oxides. Introduction in this country in 1992 of a tax for this type of emissions reduced amounts of these emissions by a third in two years.
Azerbaijan, Georgia and Turkey can jointly ensure security of infrastructure facilities
Azerbaijan, Georgia and Turkey can jointly ensure security of infrastructure facilities such as pipelines and railways, Georgia Ambassador to Azerbaijan Teymuraz Sharashenidze believes.
"There are very close economic ties, particularly in energy sector between Azerbaijan, Georgia and Turkey. The Baku - Tbilisi - Ceyhan oil pipeline can serve as an example. When one talks about military component of cooperation between our countries, first he means issue of security of joint projects," Sharashenidze said. He said at present the parties cooperate especially in the economic sphere. "What is next is unknown, but it is likely that the parties will conduct joint military activities in protection of existing infrastructure such as pipelines," he added.
Shah Deniz consortium partners, TAP reach agreement on project funding
The partners of Azerbaijani Shah Deniz gas field development and Trans Adriatic Pipeline (TAP) reached an agreement to secure funding for the project, TAP reported on Thursday. According to the agreement tese funds will contribute towards continued work in several important areas during the period running up to the final routing decision, expected in 2013.
The agreement also includes an option for the Shah Deniz shareholders to take up to 50 percent equity in TAP.
According to TAP's Managing Director Kjetil Tungland, the signing of this agreement is a significant vote of confidence in the quality of TAP's technical and commercial solutions from key industry players, and underpins the Cooperation Agreement that was signed between TAP and Shah Deniz in June.
SOCAR renews drilling rigs
As part of increasing productivity and efficiency of drilling processes factor, the State Oil Company of Azerbaijan (SOCAR) has been working on the purchase of drilling rigs of new generation and removal from the balance of the old rigs of Integrated Drilling Trust, SOCAR said. According to the information, two new rigs have already been purchased and work on professional development of staff, who will work with these rigs, has been carried out.
Azerbaijan, Kyrgyzstan start practical phase of implementation of oil refinery construction project
Azerbaijan and Kyrgyzstan start the practical phase of implementation of a project to construct an oil refinery of the State Oil Company of Azerbaijan (SOCAR) in Kyrgyzstan. Presumably, the plant will be located in Kant, in connection with which the energy minister has recently visited Chui region, he said. Akeneev stressed that final coordination of details of the oil refinery design is expected in Azerbaijan.
An agreement on considering the construction of the oil refinery of SOCAR in Kyrgyzstan has been reached by the parties on Jan.19 at a meeting of Kyrgyz President Almazbek Atambayev and SOCAR head Rovnag Abdullayev.
Azerbaijan signs agreement on insurance of first telecommunications satellite
JSC Azerkosmos signed an agreement with the British insurance broker Marsh on insurance of Azerbaijan's first telecommunication satellite Azerspace-1. The contract was signed for a year and envisages defrayal of all costs in case of any accidents that will allow JSC Azerkosmos to continue work within satellite program Azerspace-1 at the expense of insurance indemnities.
Azerbaijan's first telecommunication satellite (Azerspace-1) will be delivered to the Kourou spaceport in late 2012, and its launch is scheduled for early 2013. The French Arianspace will send the satellite into orbit. Azerspace's manufacturer is Orbital Sciences Corporation. An orbital position of 46 degrees east longitude has been leased from Malaysian satellite operator MEASAT.
Azerbaijani Border Service, State Land and Cartography Committee connect to e-government portal
The State Border Service and the State Committee for Land and Cartography of Azerbaijan integrated e-services to e-government portal (ehdis.az). Among the electronic services of the State Committee, presented on the portal, are services to obtain on the cadastral number information of land plots, issuing certificates for information from the land cadastre, electronic appeal in connection with the preparation of information for the land cadastre, cadastral and GIS maps, issuing licenses for mapping and etc.
WB selects new Azerbaijan country manager
The WB has decided on a new country manager for Azerbaijan and will soon submit his candidacy to the government, the WB Baku Office told Trend on Thursday. The WB Office noted that candidacy of the new representative of the bank in the country has already been approved by the government.
Azerbaijan launches production of LED light sources
Research Centre for High Technology of the Ministry of Communications and Information Technologies of Azerbaijan launched the producing of LED light sources (Light-emitting diode), the center told Trend on Friday. Initial batch of LEDs is made and should go on sale in the near future. First of all, the application of LED technology is planned to use in street lighting of the capital. LED lighting systems will be used for both decorative and general lighting. It includes architectural buildings, streets, parks and highways. The project is commercial in nature. The technology will be directed to the international markets after the meeting the needs of the republic. Solid state lighting is energy efficient and environmentally friendly method, which, unlike ordinary incandescent bulbs, saving energy consumption to 80 percent. The center also plans to produce infrared LEDs for their further use in fiber-optic communication lines.