Health and Beauty 2013 by The FINANCIAL

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Radisson Blu Iveria Spa has Doubled its Guest Numbers in 2013 Read on p. 10

Nino Beridze: “90% of the Population Requires Dental Treatment” Read on p. 6

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18 November, 2013

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More than 50% of Georgian Cardholders Still Withdraw Money from ATMs

Love Themed Collection by Zarapxana Going on Sale in 2014 The FINANCIAL

The Curious Case of Qartuli Crime

BasisBank Asset Growth Reached 71% this Year The FINANCIAL

espite the high level of competition in the Georgian banking sector and reduced economic development in the country, BasisBank,

Frank Klobucar

GORBI

Continued on p. 18

Condom Sales Have Increased in Georgia The FINANCIAL

547,500 to USD 696,600 in the nine months of 2013 compared to the same period of 2012. The number of imported condoms was 33.2 tons in the three quarters of the current year, while in 2012 it was 30 tons. The number of imported condoms was 14.5 tons in 2011. Continued on p. 3

Continued on p. 4

Over Half of Europeans View Buying Themselves a Treat as a Basic Right The FINANCIAL

ver half (59%) of Europeans view buying themselves treats as a basic right they are entitled to, revealed the findings of the first MasterCard Treat Index. The European-wide study

of over 12,000 consumers across eight countries highlighted that despite recent economic uncertainty, shoppers continue to invest in personal purchases, spending an average of €51 at least once a month on a little something for themselves. Continued on p. 15

“The Pace of Economic Activity Will Pick Up Over the Coming Year,” USAID The FINANCIAL “Even as Georgia builds on its strong progress since the Rose Revolution, the change in government opened the door to reevaluation of important policy directions,” Stephen Haykin, the Mission Director for USAID programmes in Georgia, told The FINANCIAL.

“There have been significant adjustments in agricultural policies, judicial independence, and access to healthcare. USAID is fortunate that we have been able to maintain effective and collaborative relationships with counterparts from the previous and now with the new government. Continued on p. 8

Global Megatrends Demand New Strategies and Skills from Governments, KPMG says See on p. 13 Bosch Gained the Highest Turnover in Georgia Compared to Armenia and Azerbaijan See on p. 15

Consumer in UK Spend Eases in October, as Brits Save Up for Christmas See on p. 15

Bank of Georgia Increased Net Loans by 7.2% in 2013 See on p. 17 The Worst Health Habits That Are Common in Georgia See on p. 17 CURRENCIES 1 USD 1 EUR 100 RUB 1 TRY

Nov 16

Nov 9

1.6764 2.2539 5.1296 0.8219

1.6678 2.3009 5.2649 0.8393

Sponsors:

Continued on p. 12

Hualing Group Member, has had asset growth of 71% this year. The Bank attracted a new credit line from Black Sea Trade and Development Bank (BSTDB) amounting to USD 6 million.

new collection comes from the Georgian poem - the Knight in the Panther’s Skin. The collection will have three lines: the Tarieli and NestanDarjani line, the Avtandili and Tinatini line and the Fridoni and Fatman-Khatuni line - the main characters from the Georgian poem by Shota Rustaveli.

See on p. 13

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18 November, 2013 | finchannel.com

Current prices on gasoline and diesel

Prices in GEL Super 0.00 Premium 2.17 Euro Regular 2.01 Regular 1.99 Euro Diesel 2.17 Diesel 1.99 CNG 1.05

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2.20 2.15 2.02 2.00 2.17

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Khachapuri Index is exclusively provided to The FINANCIAL by ISET

November 2013

KhachapuriIndex Tbilisi – High Costs and High Savings

n October 2013, the average cost of preparing one standard Imeretian Khachapuri varied across Georgian cities from 3.47 GEL (the maximum measured in Tbilisi) to 3.22 GEL (the minimum measured in Batumi). The overall average price was 3.35 GEL, which is 13.7% higher compared to the previous month (September 2013). This dramatic change in monthly terms was driven by the large price increases of three ingredients: cheese (up by 22.5%), eggs (up by 11.0%) and butter (up by 6.5%). In October 2013, preparing a Khachapuri in Tbilisi cost 3.47 GEL. However, a “frugal housewife” willing to spend time to look for the cheapest ingredients would pay only 2.92 GEL, saving a solid 15.8% of the average price – the largest saving potential across all Georgian cities. A “frugal housewife” would save less in the smaller cities – 12.1 % in Kutaisi, 10.1% in Batumi, and 8.7% in Telavi.

Kh-Inde ex, Averagee and Minimum Valu ues, Octobber 2013

GEEL 4.0 00 3.5 50

3 3.47

3.41

3 .22 -15.8% %

3.0 00

3.3 32 -8.7%

% -12.1%

% -10.1%

2.5 50 2.0 00 1.5 50 1.0 00 0.5 50

2.92

3.03

2.99

2.89

0.0 00 Tbilisi

Batumi Average A Cost

Kutaisi K

Telavi T

Min nimum Cost (""Frugal Wife" Index)

Georgia Riding the Waves of a Political Business Cycle by Giorgi Kelbakiani, Yaroslava Babych and Eric Livny

w, Georgia

Prices in GEL

Copyright and Intellectual Property Policy The FINANCIAL respects the intellectual property of others, and we ask our colleagues to do the same. The material published in The FINANCIAL may not be reproduced without the written consent of the publisher. All material in The FINANCIAL is protected by Georgian and international laws. The views expressed in The FINANCIAL are not necessarily the views of the publisher nor does the publisher carry any responsibility for those views.

FINANCIAL

ISET

n our last week’s article we examined Georgia’s economic growth in the 12 months before the 2012 parliamentary elections. In particular, we reviewed the popular argument that much of this economic growth was driven by the “political business cycle” effect of public (over)spending prior to the elections. Our analysis showed that the construction sector (the prime suspect for politically motivated spending) did in fact exhibit an atypical growth pattern just before the elections, and that growth rates in construction collapsed right after October 2012. However, we also pointed out that the construction boom alone could not explain the 7.9 percent GDP growth in the four quarters before the 2012 elections (2011 q4 – 2012 q3), because construction constitutes less than 5% of the country’s GDP. In fact, the boom in construction accounted for a little more than a fifth (21%) of the pre-election growth gains. Other, much larger sectors, like manufacturing, transport and wholesale/retail trade jointly accounted for more than half (53%). Since these sectors’ growth dynamics prior to the parliamentary elections did not exhibit an unusual pattern (see charts 4 and 5) it would be hard to argue that the pre-election growth was entirely due to the political business cycle effect. From pre-election over-spending to post-election under-spending?

Given that the post-election slowdown (5.6 percentage points in the first three post-election quarters) cannot be entirely attributed to politically-motivated overspending by the UNM government, a logical question to ask is whether some of it was caused by an overly conservative fiscal stance – “under-spending” – by the Georgian Dream government in the early phase of its rule. UNM’s construction extravaganza (e.g. the glass bridge on river Mtkvari, the new parliament building in Kutaisi and the presidential palace) met with public criticism well before the elections. Yet, perhaps unfortunately for the Georgian economy, the Georgian Dream coalition made the criticism of ‘chronic overspending’ a centerpiece of its electoral campaign, thereby committing itself to excessive austerity. Independent experts have since noted that the new administration may have gone a little too far in its zeal to cut public expenses. For example, IMF’s August 2013 report (“Georgia – 2013 Article IV Consultation”), addressed exactly this issue and advised that “in the short term, the government needs to overcome recent budget underspending and allow a higher budget deficit later this year, to the extent that revenues are lower due to the slowdown.”

Anatomy of Georgia’s economic slowdown As we showed last week, the slump in construction was di-

Chart 4. Manufacturing Sector y/y Growth Rate Chart 4. Manufacturing Sector y/y Growth Rate

30.0% 30.0% 24.7% 23.5% 20.8% 20.9% 25.0% 24.7% 23.5% 20.8%20.4%20.9%19.7% 25.0% 20.0% 16.5% 20.4% 19.7% 16.2%16.5% 16.0% 20.0% 16.2% 16.0% 15.0% 10.5% 15.0% 10.0% 10.5% 6.9% 6.5% 5.4% 10.0% 5.1% 6.9% 6.5% 5.0% 5.4% 5.1% 5.0% 0.0% 0.0%

Chart 5. Transport Sector y/y Growth Rate Chart 5. Transport Sector y/y Growth Rate

18.0% 15.2% 18.0% 16.0% 15.2%15.0%13.8% 13.4% 15.0% 16.0% 14.0% 12.5% 13.8% 13.4% 14.0% 12.5% 12.0% 8.8% 12.0% 10.0% 8.1% 8.0% 8.8% 10.0% 8.0% 8.1% 5.7% 8.0% 8.0% 6.0% 5.7% 6.0% 4.0% 2.0% 1.9% 0.8% 4.0% 2.0% 2.0% 1.9% 0.8% 2.0% 0.0% 0.0% -2.0% -0.6% -2.0% -4.0% -0.6% -2.2% -2.2% -4.0%

rectly responsible for 2.4 of the 5.6 percentage point decline in GDP growth rate in the post-election period (q4 2012 – q2 2013). Which sectors accounted for the remaining 3.2 percentage points? Nearly one third (1.8 percentage points) was due to weaker performance in the manufacturing sector (which may have been affected by the slowdown in construction).

Though less pronounced, the slowdown in manufacturing is a serious issue given that it was, and still is, the main driver of Georgia’s economic growth. Besides, as we can see from Chart 4, the slump in manufacturing is much harder to explain by pre-election politics. This is also the case with Continued on p. 12

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finchannel.com | 18 November, 2013

Condom Sales Have Increased in Georgia The FINANCIAL By Madonna Gasanova

Advertiser: EGO. Contact FINANCIAL Ad Dep at marketing@finchannel.com

eorgia imported 33.2 tons of condoms in the first three quarters of 2013, which is 3.2 tons more than the figures of the same period of last year. The total amount of investment in import increased from USD 547,500 to USD 696,600 in the nine months of 2013 compared to the same period of 2012. The number of imported condoms was 33.2 tons in the three quarters of the current year, while in 2012 it was 30 tons. The number of imported condoms was 14.5 tons in 2011. Condoms are imported mainly from Germany, China, Armenia, Russia, Turkey, the USA, France and Malaysia. Minimizing the risks of spreading sexually transmitted diseases is the main reason for using condoms among the majority (55%) of male respondents (out of 50) interviewed by The FINANCIAL. Meanwhile only 4% of respondents had never experienced sexual intercourse without a condom. Acknowledging the health history of a potential partner with a medical certificate is still an absurd prospect for 89% of respondents. Only 12% of respondents welcome the decision to present a medical certificate, even if they have never demanded it from their partners. Many males (50%) not only denied

the importance of health certificates but also added that they consider the prospect to be humiliating. Quality is the main criteria when choosing a condom, according to the results. Condoms are sold at all the main supermarkets and pharmacies. Their price varies from USD 0.5 to USD 3 per piece. Chinese condoms are the cheapest and cost GEL 0.5 per piece. In December 2012, a group of Georgian lawmakers initiated unprecedented changes making some kinds of condoms illegal. Namely, those which according to the initiators enhance sexual pleasure. According to the proposed amendments only the sales of classic condoms could be legal.

The discussions at Parliament did not find a final resolution and the issue was closed. Issues related to the use of condoms are tabooed even at pharmacy companies. Three pharmacy companies contacted by The FINANCIAL said they didn’t want to comment because of the unpopularity of the theme. The PR manager of one of the leading pharmacy companies told The FINANCIAL that she feels uncomfortable requesting condom sales figures from the department of logistics. In terms of how Georgians have started spending less during the last two years, saving on condom spending is not included in the list.

In general, an economic downturn is the bestselling period for leading condom producing companies. This is due to the fact that many couples are taking more precautions because they cannot risk the financial burden of more children. “A condom is a means of contraception. Besides its function as a barrier device it reduces the spread of sexually transmitted diseases. It is the most widespread contraceptive among Georgians,” Archil Khomasuridze, head of the Obstetrics and Gynaecology division at Tbilisi State Medical University, told The FINANCIAL. Khomasuridze said that out of the various sorts of contraceptives, prices of condoms in Georgia are high. “They are sold by pharmaceutical shops, so the companies list high prices for the condoms the same as they do for every other medicament.” Khomasuridze said that using contraceptives has reduced the number of abortions conducted in the country and most abortionists have lost their jobs and main source of income. “Doing abortions is no longer a profitable business in Georgia. Gynaecology used to be a very competitive profession as people made lots of money from doing abortions. However, the Zhordania Institute has already refused to perform abortions and I think that in Continued on p. 12

Bosch Gained the Highest Turnover in Georgia Compared to Armenia and Azerbaijan The FINANCIAL By Mariam Papidze

eorgia’s share in the company Bosch’s turnover is one of the smaller ones in the region, but is the highest in the Caucasus. In the whole region, the company made EUR 16 million turnover in 2012 and out of this number EUR 9 million was from Georgia. The remaining EUR 7 million is divided between Armenia and Azerbaijan. In monetary numbers Bosch had EUR 1.4 billion sales in 2012. The numbers for the year 2013 are still not summarized but for the whole region Bosch expects between 10-15 percent growth rates, especially if November and December are good. “The Georgian share in the region is smaller. But we are just beginning,” Gerhard Pfeifer, Bosch President of the Eastern Region, told The FINANCIAL. “The biggest German oak tree starts from the smallest plant. The Georgian “tree” is growing nicely but we cannot compare it to the Russian forest. But compared to its neighbouring countries, Georgia has the best advantages,” he

Continued on p. 15

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18 November, 2013 | finchannel.com

Love Themed Collection by Zarapxana Going on Sale in 2014 The FINANCIAL By Mariam Papidze

eorgia’s centuriesold jewellery traditions will once again be revived by Jewellery Company Zarapxana, which is creating a brand new collection based on the theme of love. This time the inspiration for the new collection comes from the Georgian poem - the Knight in the Panther’s Skin. The collection will have three lines: the Tarieli and NestanDarjani line, the Avtandili and Tinatini line and the Fridoni and Fatman-Khatuni line - the main characters from the Georgian poem by Shota Rustaveli. The new collection will be on sale from the first quarter of 2014. “As its practice, Zarapxana carefully studies customer’s interests and wishes, takes fashion trends into account, and then as a result creates different kinds of exclusive products specifically tailored for its customers,” said Dimitri Khachidze, CEO at Zarapxana. “The new collection based on the Knight in the Panther’s Skin theme is a novel idea designed for customers. The collection will be made in honour of the poem’s hero characters. It will be a very distinguished collection. We are doing our best to offer this collection to customers at reasonable prices,” he added. Jewellery Company Zarapxana came up with a similarly original idea a year ago, when it created a bird themed collection in collaboration with designer Irakli Nasidze. Zarapxana produces not only jewellery, but also souvenirs, badges and even does individual commissions. “Our business is so broad that no other company can compete with us. Zarapxana holds the largest share of the market,” Khachidze said. Currently the company offers eight types of collection: the Kolkhetian Legend, Rooms Collection, Maia Shaishmelashvili Collection, Sea Collection, Irakli Nasidze Collection, Mtskheta Collection, Collection of Natural Stones, and the Pearl Collection. The prices vary from GEL 63 to GEL 7,645 for collection pieces which are currently available at Zarapxana stores. Zarapxana is planning to expand its network to Azerbaijan and open a store in Baku. Currently the company is involved in corporate and retail sales in Azerbaijan and intends to develop these directions further. “Zarapxana is already a well-known brand in Azerbaijan. People in Azerbaijan love gold much more than Georgians do. Today we have a small share of the Azebaijanian market, but plan to develop further yet. As for Georgia, we are not going to open any additional stores here. Zarapxana had network branches in Akhaltsikhe, Marneuli, Rustavi and Zugdidi, but

Dimitri Khachidze, CEO at Zarapxana

closed them. The reason for that is that people living in these areas are still under soviet influences, for example when people used to compare the price of a piece of jewellery to the price offered by the gold exchange. They do not take into consideration that the price is set in accordance with the quality and design of the whole product. So it seemed that Zarapxana’s prices were not acceptable for them,” said Khachidze. Currently, Zarapxana is present in Tbilisi, Batumi and Kutaisi. Zarapxana will start producing coins from 2014 which will be similar to the gift card principle. “Customers will decide whether they want to keep the coin as it is or to exchange it for a piece of jewellery of corresponding value. The idea behind the initiative is that very often it is difficult for customers to choose a proper gift for another person. These coins will make it easier for them to provide a truly appreciated gift for a person they care about,” he said. Q. 2013 was a difficult year for many companies due to the economic slowdown in the country. The jewellery market is always very sensitive to economic instability. How did Zarapxana survive the crisis? A. Despite the fact that the level of economic activity was not high this current

year, Zarapxana maintained its market positions and we are completing the year with satisfactory performance results. In general the jewellery business is very sensitive and when the economy is not growing properly in the country, this business cannot gain the desired profit. Zarapxana’s management overcame all the challenges they faced. I would assess their work positively. Another thing is that the type of product which we sell is not a priority for customers in general. People buy it after they already have everything else. When the economic situation in the country is not good it always impacts on the sales indicators of a company like Zarapxana. I do hope that the economic conditions will be much better next year and accordingly Georgian customers will be more active in sales. The good thing is that, contrary to retail sales, the individual service department had growth sales results. Individual service means that according to a client’s own design and concept or with the help of our professional advisors the client is able to create a desired piece of jewellery or make some alterations to one of our initial designs. Compared to the previous year the realization of Zarapxana production has increased in this specific department. In the coming years we expect better results. There was a slowdown in corporate sales as well due to the same reason as there was

in retail sales; our partner companies avoid spending much money and allocated fewer budgets to making bespoke orders. When the economic situation is not stable the business community prefers not to be active, generally speaking. The most active sales were recorded in the first quarter of 2013. Then the company maintained a stable position but during the last two months we did not have an advantageous position. I do not like to link such a situation to politics but perhaps the poor sales indicators were as a result of the recent presidential elections. Q. How have fashion trends in Georgia changed and what is the most popular jewellery with Georgian customers? A. Wedding rings make up the largest portion of our sales statistics. Religious pieces of jewellery are also very much in demand. Recently, modern, nonstandard jewellery pieces have become more popular. For this reason Zarapxana created its Rooms Collection together with young designers. Georgians love yellow gold mostly as opposed to westerners who prefer white gold generally. Yellow gold with a single diamond is the most popular type of ring with Georgian customers. The most popular designs of wedding rings are gradually changing. People are starting to make subtle changes and choose facet wedding rings, or prefer those that have a

distinguished shape. But Georgian customers do not generally like wedding rings with gemstones. Q. What are Jewellery Company Zarapxana’s warranty terms and conditions? A. In general, quality and guarantee is the advantage that Zarapxana has over its competitors. The company provides customers with a 12 month guarantee. The company’s warranty includes repairing jewellery or replacing it in the event of there being a manufacturing defect (a manufacturing defect established as a result of expertise or lab report). If, after establishing a manufacturing defect, the jewellery is subject to repair, the company will cover the cost of said repair. If the jewellery is not subject to repair, the company will replace the damaged product. When customers pay a lot they are entitled to being provided with proper quality. Q. Zarapxana recently implemented the new service Tax Free, which was designed to increase the number of foreigner customers visiting your chain. How does this service work? A. The Kutaisi and Batumi stores are mostly visited by tourists. We are seeing an increase in Russian and Ukrainian tourists. Georgianstyle jewellery is attractive to foreigners. In general the Tax Free service is very useful for foreign customers. This service is interesting for tourists who buy our products. If a purchase will be more than

GEL 200 they will be able to get a refund when they decide to leave the country. Upon leaving they can get a refund of up to 18 percent, which is the rate of VAT in Georgia of the product bought. Q. Georgian people have a special attitude towards gold. They invest in gold. How profitable is this type of investment in your opinion? A. Investment of any kind is linked to risks. Nowadays the price of gold has fallen sharply in the world. Georgia more or less maintains stable prices of gold. For example, the price of gold fell on world markets, but not in Georgia. One ounce of gold now costs USD 1,200 while its price used to be USD 1,700. If people buy gold when it is cheap and sell it when its price rises, then it is a really good investment. In general, in the long-term perspective it is the least risky investment. Gold devaluation is impossible. But times have changed. Whereas before people used to buy gold as an investment nowadays they prefer to choose a design and wear the jewellery every day.

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FINANCIAL

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Nino Beridze: “90% of the Population Requires Dental Treatment” The FINANCIAL

By Madona Gasanova

robably about 90% of the population is currently in need of some form of dental treatment, Nino Beridze, owner of Nino Beridze’s Orthodontic Center, told The FINANCIAL. That could be the reason why Georgians don’t tend to smile that often. “I think that our history and lifestyle, which has been full of endless problems, has also had an effect on this fact. Nonetheless, a problem with one’s teeth can cause considerable inconvenience for people in a relationship. It can create a sense of inferiority. Altogether it can impact on one’s private life as well as the advancement of one’s career,” Beridze believes. “Smiling is a significant element of any relationship. Moreover, it is arguably the most important aspect that needs to be mastered for the rapid adoption of western culture. We have often thought how artificial and dishonest such smiling is. However, we should remember that in the West smiling is an act of courtesy. Western family and school systems focus and encourage the development of this important everyday display of communication. People are taught to smile from early childhood as a way to express gratitude for example. A healthy smile indicates the health and success of its owner. A smile is a symbol of a good attitude and friendship across all societies,” Beridze said.

Nino Beridze, owner of Nino Beridze’s Orthodontic Center

Q. Why is there not a culture of good oral hygiene in Georgia? A. Probably because the only problem that people perceive in having a disorder of the oral cavity is the visual side of it. However, you will not find good work in developed countries with bad or obvious dental problems. One can even be fired for this reason. Four out of ten employers consider dental problems a reason for declining a potential candidate for employment, according to a British magazine survey. 46% of managers believe that employees who are in high positions must have good teeth. 55% of managers said that good teeth are necessary for accountants, lawyers and doctors. And 65% believe that a beautiful smile and healthy teeth are necessary for employees at reception posts. Straight teeth and a beautiful smile are very important for those attending a conference or meeting for the first time. There are countries that do everything so as to provide citizens with sufficient dental care as they consider it part of the prestige of their nation. Q. What is Georgia’s potential regarding dental tourism? A. The number of tourists visiting Georgia is increasing year on year. Prices for dental and medical services

here are cheaper in comparison to the rates in developed countries. For this reason we have the potential to attract a large number of medical tourists. Running a good advertising campaign by the companies involved in medical tourism together with medical institutes would be the key factor in this. Q. How should medical tourism be developed in Georgia? A. Companies involved in medical tourism should become more active in the international arena. They should present and advertise the positive potential of the Georgian medical market. Information about Georgian clinics, their quality and prices should be uploaded to internet sources. Medical institutions should undergo specific trainings in preparation for hosting foreign patients. We host quite a large number of foreign patients already. Q. What is your average number of patients per month? A. We serve approximately 1,000 patients monthly. Over 60% are female and 40% are male. Out of the total number, 60% are teenagers. Every dental clinic has seen a reduction in numbers of patients both during and since the elections. Stagnation has been witnessed in

every business sector in the country. Q. What are the problems which your patients come to see you with most often? A. Orthodontics is the main profile of our clinic. However we do provide complete dental services. Approximately 50-60% of our patients come for occlusion, or dental anomalies treatment. The rest is made up by children’s dental care, therapy and other services. Q. What are the advantages of your clinic over your competitors? A. Offering a full orthodontic treatment is our main advantage. Having highly qualified dentists, modern technologies and adequate prices combine to give us the competitive edge that we have. Q. What are the average costs of dental services at your clinic? A. The price for a filling starts from GEL 50, teeth straightening with braces from GEL 450. Teeth cleaning - GEL 60. Metal/ porcelain crowns from GEL 150 and implantation from GEL 500. Q. How will the cost of dental services change in 2014? A. It is hard to predict exactly, but the growth rate of medical materials on the market makes us foresee a

price increase. Q. Tell us of “the last word” in modern dentistry? A. Modern dentistry is trying hard to save tooth tissue. There is a ‘minimally invasive’ approach in dentistry nowadays. Preventive medicine and disease prevention are of great significance in developed countries. The grooves and wrinkles of permanent teeth are sealed which protects children’s weak enamel from future damage. Educational programmes including on subjects of hygiene and healthy eating are implemented for children. Doctors are working on growing tooth tissue artificially from embryonic cells. Laser usage in dentistry is improving. Due to recent achievements it is now possible to process not only hard but also soft tooth tissue with lasers. Q. How would you estimate the Government’s decision to tighten regulations for dental clinics? A. Adhering to the standards recommended by the World Health Organization is essential for all medical institutions, including dental practices. Dental clinics should provide high quality materials, levels of sterilization, disinfection etc. But the problem lies in why certain clinics are providing

low quality services in the first place. There might be no requirement for more, or else many people simply do not have the opportunity to go to expensive clinics and therefore get corresponding medical care. As long as there are people who do not have such financial means there will be clinics that will cater to their needs. These people are in more desperate need and therefore care less care about aspects of sterility or level of quality. The market regulates this. You cannot find a doctor who doesn’t want to work in a good clinic with good materials. It would be better if the Government were to establish high standard medical clinics for poorer citizens, if it were to provide and control them. Increasing salaries and pensions is another option. After that, the market would regulate the situation and everyone would be trying to offer higher quality to their customers.

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FINANCIAL HEADLINE NEWS & ANALYSIS finchannel.com | 18 November, 2013

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“The Pace of Economic Activity Will Pick Up Over the Coming Year,” USAID The FINANCIAL By Mariam Papidze “Even as Georgia builds on its strong progress since the Rose Revolution, the change in government opened the door to re-evaluation of important policy directions,” Stephen Haykin, the Mission Director for USAID programmes in Georgia, told The FINANCIAL. “There have been significant adjustments in agricultural policies, judicial independence, and access to healthcare. USAID is fortunate that we have been able to maintain effective and collaborative relationships with counterparts from the previous and now with the new government. We see these positive and productive relationships continuing,” he added. “One of the disappointments of 2013 has been the relatively slow growth in the economy and in foreign direct investment. Predictability and consistency are key considerations for most sophisticated investors and, as viewed from the outside, Georgia has undergone significant changes owing to the democratic parliamentary elections last October and the recent presidential elections. It seems that foreign investors are sizing up the changes in the Georgian Government and political environment. While the practice of good democracy is in itself positive for Georgia, it is somewhat inevitable that potential investors raise questions about what policies a new government will pursue and how it will pursue them,” Haykin said. “Fortunately, the current government has maintained macroeconomic stability and support for businesses, foreign investment and job creation. There is every reason to expect that the pace of economic activity will pick up over the coming year. With respect to USAID’s assistance to the Government of Georgia, our Economic Prosperity Initiative project continues to work closely with many Georgian ministries and agencies to further improve the business environment. In addition, our financing programmes complement the Government’s efforts to foster development of small and medium enterprises,” he added. Areas where USAID has seen notable progress include election administration with the assistance of USAID’s elections support project implemented by IFES; support for livelihoods and Internally-Displaced Persons and improving and expanding Georgia’s gas pipeline and electrical transmission line networks in western Georgia. The budget of USAID is reduced in 2013 compared to 2012. USAID’s budget for fiscal year 2013 is USD 38.964 million while it was USD 52.154 million last year. The 2013 budget is distributed among the different sector as follows: Conflict Mitigation and Reconciliation - USD 400,000 (1% of the total budget); Democracy and Governance - USD 17,569,000 (45% of the total budget); Health and Education - USD 5,693,000 (15% of the total budget); and Economic Growth and Environment - USD 15,302,000 (39% of the total budget). The FY2014 budget has not been finalized. Q. How would you estimate the year 2013? What were the key projects that have been implemented by USAID? A. Our Good Governance in Georgia programme (G3) helped Georgia move closer toward open government and a

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Companies Are Invited to Pass Food Safety Inspection in Order to Hasten Export to the EU Partnership between the Eurasia Partnership Foundation and Golden Brand Awards gives new opportunities for food producers focused on market expansion The FINANCIAL By Mariam Papidze

Stephen Haykin, the Mission Director for USAID programmes in Georgia

stronger democracy. USAID’s Applied Civic Education and Teacher Training Program has been improving the quality of school-based civic education in Georgia and encouraging the participation of youth in civic and democratic processes. USAID is also helping Georgia embrace science, technology and innovation partnerships (STIP) to address the most significant development challenges and opportunities in Georgia. Georgia’s hazelnut production has increased by 10 percent over the last year, while among EPI-assisted farmers, and the increases have been 40 percent. Over the same period, prices increased from GEL 3.00 to GEL 3.50 per kilogram, reflecting better quality and increased demand. Through our New Economic Opportunities initiative, rural incomes are improving in 85 communities of ten municipalities across Georgia through capacity building, grant programmes, and smallscale infrastructure projects. 20 IDP households were settled into the renovated apartments of the Kutaisi former police building with the hope of a better future. 17 IDP households have been settled into the renovated and recently inaugurated apartments of the Tskaltubo former statistics building. By the project’s end, approximately 15,000 IDPs will directly benefit. Q. What will be USAID Georgia’s top priorities in the coming years? A. Our goal remains to foster an “increasingly secure population with sustainable and inclusive growth, and responsive, competitive democratic institutions”. Democracy and Governance, Economic Growth, and Social Inclusion will continue to be priority sectors for USAID over the next five years. Consistent with our country strategy, significant new projects will be necessary to achieve our goals related to agricultural competitiveness, economic governance, democratic governance and civic participation, elections and political processes, and the rule of law. We continue to seek opportunities to provide support directly through Georgian institutions and organizations to achieve shared objectives. We will also explore opportunities to ex-

pand capacity for implementation of low emissions development strategies and to promote science, technology, innovation and partnerships. Q. The court system in Georgia is problematic. Georgia has judges, but getting everyone to operate independently rather than making decisions based on instructions from the political leadership has been a challenge here over the years. The former Prime Minister of the country has been put in jail. Do the processes meet high standards or do they hamper the quality of Georgia’s democracy? A. The United States Government is closely following the cases against former government officials. While we do not comment on the specifics of any particular case, we have stressed to the Georgian Government the importance of conducting investigations and prosecutions with full respect for due process and outside of any political influence. It is important that the proceedings are fair and transparent. USAID has been supporting reforms in the rule of law area in Georgia for many years. Currently, our JILEP project trains judges and lawyers, and works with the judiciary to make the institution more transparent and independent. We have provided support to the NGO Coalition for an Independent Judiciary, which advocates for reforms in the rule of law sector. The Coalition played an important role in development of key judiciary reform legislation that was passed in 2013. We also provide financial and technical support to the Georgia Young Lawyers Association (GYLA) and Transparency International - Georgia to conduct monitoring of criminal and administrative court cases. Georgia has witnessed important changes in the rule of law during the past year. For many years there have been allegations about undue political influence in the judiciary. Issues with the judiciary were the biggest problem identified in a recent Transparency International corruption report for Georgia. During 2013, the Parliament adopted several legislative changes aimed at

empowering individual judges and reducing centralization of the judiciary. Earlier this year, judges elected their representatives to the High Council of Justice via secret ballot; judges are forming new professional associations to openly engage in discussions on judiciary reform; and, meetings of the High Council of Judges are now public and interested parties can go and observe the process of decision-making on crucial issues for judiciary. Perhaps most importantly, cameras now are allowed in courtrooms and the public can get information about proceedings. Just last month, GYLA released its fourth report of monitoring criminal trials in Tbilisi and Kutaisi courts. The major finding of the report is that courts and judges have become more liberal. There are more acquittal decisions, judges are challenging prosecutorial motions and applying a higher standard to accept evidence submitted by the prosecution than during the previous reporting periods. What is clear from the report is that changes in the courts are a general trend and not a practice only applied in high profile cases. Despite progress, there is still a lot to be done on legislation level and in practice in order to ensure the independence of judges and the entire judicial system. We hope very much that the judicial reforms continue in a transparent way, allowing all stakeholders to contribute to the process and those individual judges are one of the driving forces of change.

o encourage Georgian companies to produce safe food, the Eurasia Partnership Foundation in partnership with Golden Brand Awards has formally invited food producers to participate in the Best Food Enterprise of the Year (2014). Georgia should tighten food safety control as it is one of the challenges Georgia faces in the Euro integration process, experts at the Eurasia Partnership Fund and Delegation of the EU to Georgia say. Enterprises registered in Georgia are invited to fill out the application and submit it by 26 December, 2013. After laboratory testing qualified specialists will reveal the best enterprise in March 2015. The winning company will be awarded at the Golden Brand Awards Ceremony. Georgia is set to sign an Association Agreement with the European Union in September of 2014, Tamar Beruchashvili, Deputy Minister at the Ministry of Foreign Affairs of Georgia, told The FINANCIAL. The Agreement, which should guarantee free trade with the EU, must be adopted in 2014, and EU competence issues will enter into force in 2015, Beruchashvili said. Georgia will have the ability to use all the advantages brought by having an association agreement with the European Union especially from the economic and free trade point of view. This means that Georgia will become a valuable part of Europe’s common economic market. By that time Georgia should be ready to start exporting its production to the European market for which EU is providing support. “Now Georgia is assuming to initiate a Free Trade Agreement with the EU and gradually Georgia has to fulfil all the food safety requirements,” Juan Echanove, Project Manager of Agriculture, Rural Development and Food Safety from the Delegation of the European Union to Georgia, told The FINANCIAL. “The process is complex and will take a long time, Continued on p. 15

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Radisson Blu Iveria Spa has Doubled its Guest Numbers in 2013 The FINANCIAL By Madona Gasanova

emand for spa procedures at Radisson Blu Iveria Spa has doubled in 2013 in comparison with the same period last year. The number of employees has also increased in response to the increased demand. As the only representative of Anne Semonin in Georgia, Radisson Blu Iveria Spa will soon be offering an innovative new massage, created by Anne Semonin exclusively for Georgia. “New products from the Anne Semonin brand and new procedures will be offered to customers soon. A skin renewal process is one of the innovative offers that will soon be available. The Skin Renewal facial is a very luxurious renewing, resurfacing treatment, a smart and medically inspired method that doesn’t cause irritation. It tones and brightens the surface of the skin. Anne Semonin created an exclusive wrap line for Georgia. This comprises revitalizing and antioxidant body exfoliation with red grape seeds, followed by wrapping, a red grape seed massage and vino rejuvenating spa bath. The warm candle procedure is another innovative offer. There is aromatherapy, where during the procedure there are scented candles which melt giving off a special aroma,” Liza Muradyan, Anne Semonin Spa Tbilisi Manager at Radisson Blu Iveria Hotel, told The FINANCIAL. “The anti-stress massage is the most popular product. The body fitness massage is also very popular with men. Anti-cellulite procedures are popular among women. As for face procedures the demand is equally divided between men and women. We offer a special line of face procedures for men,” said Muradyan. Anne Semonin Spa Tbilisi is visited by men and women in almost equal measure. Statistically, over 55% of the guests are female and the remaining 45% are male. “Spa procedures stimulate harmony between body and soul. In today’s world, given the high levels of tension that people are exposed to, a stress massage can be very important. Our guests visit us for relaxation and stress relief. Anne Semonin Spa Tbilisi guests are looking for a combination of a healthy soul in a healthy body,” said Muradyan. In addition to massage, Anne Semonin Spa Tbilisi offers various face and body procedures to guests. “Body wraps help contribute to skin’s recovery. We live in a polluted environment that primarily affects the skin. Accordingly, we offer a variety of skincare procedures. All of this allows one to keep the skin fresh. The majority of us are exposed to unhealthy aspects of this modern way of life. This is, first of all, harmful to our health. Our procedures encourage people to be beautiful and happy and be in both spiritual and physical harmony,” Muradyan explained. A half-hour massage at Anne

Liza Muradyan, Anne Semonin Spa Tbilisi Manager at Radisson Blu Iveria Hotel

Semonin Spa Tbilisi costs GEL 100. The body fitness and relaxation massages cost GEL 150-160, Thai massage - GEL 165. While getting a massage guests can also enjoy access to the swimmingpool, fitness hall and sauna. They are included in the massage fee. “Our prices are affordable not only for members of the elite but also for the middle classes,” said Muradyan. The Anne Semonin Spa Tbilisi was established at the Radisson Blu Iveria Hotel four years ago. The number of its guests has been

increasing every year. According to Muradyan, the highly qualified professionals at the salon are the main reason for the increasing demand. “We rarely have just one-time visitors, the majority are regulars. In general, regardless of gender, everyone likes getting a massage.” “Once you have visited Anne Semonin Spa Tbilisi, you will always want to come back,” she added. Anne Semonin Spa Tbilisi offers relaxing or classic massage, body fitness massage, Thai massage, Chinese massage, Indian mas-

sage, anti-cellulite procedures and others. All types of massage that one can find at spa salons all over the world can be found on the eighteenth floor of the Radisson Blu Hotel. The centre has special membership cards that are available to our guests that live in Georgia. Aqua aerobics and yoga is also offered to our guests. “The number of our guests does not change depending on the season. However, the seasonal difference is evident in the type of procedures that are most in

demand. Wraps, scrubs, facial and anti-cellulite procedures are more popular in the spring and summer times. Hot stone massages as well as toning procedures are more popular in winter. Facial procedures are popular in all seasons, because the skin is constantly in need of special care, especially given changes in climate,” said Muradyan. Anne Semonin Spa Tbilisi is the exclusive representative of the Anne Semonin brand. All procedures are done using these products. Anne Semonin is a French brand with an exclusive spa line. It is a professional product which cannot be used at home without extra explanation and direction from its representatives. All of this is part of the characteristics of the brand. “Radisson Spa does not consider anyone to be its competitor. Radisson Spa is the first full spa salon in Georgia. We have designed every detail, including lighting, scent, music and more. Not everyone follows these rules. The swimming-pool on the eighteenth floor is also very important and has breathtaking views. We have highly skilled specialists that are carefully vetted before being hired. Once a year we hold an Anne Semonin refreshment training for therapists, as well as for reception staff. The brand adds new products to its list every year and training takes place within the framework of its structure. Radisson Spa is the only place for one to experience complete rest,” Muradyan said. “Most of our hotel guests enjoy our spa salon. However, the vast majority of its visitors is made up by local membership,” she said. “Relaxation followed by massage is more productive than a week’s holiday for many people. Knowing who does the massage is important for certain. A massage can be very irritating if the specialist is not properly trained. Our therapists individually cater to the requirements of our every guest. We do not have samples of procedures. We select the procedure only after one-one-one consultation with the guests. A good therapist should be able to feel and know the body and the skin of the individual guest,” Muradyan told The FINANCIAL. Christmas gift packages composed of Anna Semonin products will also be on offer to guests soon. “Individual guests will be able to select the specific products themselves or choose from one of our ready-made packages,” said Muradyan.

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HEADLINE NEWS & ANALYSIS

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Continued from p. 2

Chart 6. Consumer Confidence Index (CCI)

Expectations index

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ers) seemed to be holding back and waiting for the presidential elections in October 2013. Perhaps not expecting to win, the Georgian Dream government may have taken longer to get its act together and provide assurances of a stable policy environment that would appease investors’ worries in due time. Moreover, certain policy decisions (e.g. the moratorium on foreign land ownership) did little to encourage foreign direct investment on which Georgia has been relying so heavily in the past. In addition, consumers’ hopes for a better future failed to boost aggregate demand. This could perhaps

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The 2012 parliamentary elections and the peaceful transfer of power were largely a new experience for Georgia. The Georgian Dream’s victory caused a sense of euphoria, fuelling expectations of a rapid improvement in living standards. However, the Georgian society had soon to discover that economic progress would only come through hard work. The reality of “cohabitation” and divided power may have contributed to a sense of political fragility and an extended pause in private investment. Georgia’s private sector was evidently unprepared for the complications arising from Georgia’s confused transition from one system of governance (presidential) to another (parliamentary republic). With so much political uncertainty, everyone (investors, producers and consum-

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the transport sector, the third largest (0.9 percentage points) contributor to growth slowdown. No unusual preelection pattern can be detected in these two sectors.

FINANCIAL

18 November, 2013 | finchannel.com

Georgia Riding the Waves of a Political Business Cycle

May-12

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be a strange case of ‘exuberant complacency’, when optimism translates into inaction rather than action on the part of the private agents, who may be waiting for the government to create a more favorable economic environment (e.g. reduce prices) in a short period of time. More likely, however, the surge of consumer optimism resonated little in the Georgian creditconstrained economic environment of early 2013. ISET’s Consumer Confidence Index (Chart 6) provides an excellent account of the uncertain political and economic environment up until October 2013: the euphoric jump in expectations after the Georgian Dream’s po-

litical triumph, quick disillusionment and the roller-coaster of expectations against the backdrop of very slow improvement in people’s assessment of the present situation. On October 27, the Georgian Dream candidate won the 2013 presidential elections, effectively ending the 12-month period of political “cohabitation” and triggering another euphoric moment in consumer sentiment. With the responsibility for the Georgian economy now being fully shifted to the new government, the Georgian Dream coalition will get a fair chance to reset Georgia’s economic growth. This, and the positive news arriving from the agricultural sector in recent months suggest that Georgia’s dreams may be become true sooner rather than later.

Condom Sales Have Increased in Georgia Continued from p. 3

three years’ time there will be no more abortions being done in Georgia,” he added. Abortion is allowed by Georgian law during the first twelve weeks of pregnancy. According to the Centers for Disease Control (CDC), since 1973 roughly 50 million legal induced abortions have been performed in the United States. Worldwide, there have been over 1,260,000,000 abortions performed. A ‘mini abortion’ costs GEL 100 in Georgia. As for a ‘medication abortion’, it costs GEL 147. Through the use of a drug, a medication abortion first causes the pregnancy to terminate and then causes the uterus to expel the products of conception. In 2013 it was reported that the Levan Samkharauli National Forensics Bureau in Tbilisi issues virginity certificates based on the accurate examination of a patient. The cost of such a certificate is GEL 175, according to Imedi TV. Surgical restoration of the hymen, which is known in medicine as a hymenoplasty, costs GEL 800 at Medi Clinic.

The Curious Case of Qartuli Crime Frank Klobucar GORBI

ver the last decade, the United National Movement made impressive strides toward a more stable and safe society. They successfully uprooted entrenched criminal organizations and police corruption through uncompromising reforms, and oversaw one of the fastest decreases in crime in modern history. Outgoing President Saakashvili is rightfully lauded for these impressive ends, but many of those patting him on the back have also told him that his means, especially the rubber stamp machine known as the Georgian judiciary, were not things to be proud of. Over the last year the new government has been made moves to undo some of what UNM did, perhaps most notably by releasing thousands of inmates from Georgia’s prison system. The argument for these releases seems sound, if the execution was not: when conviction rates are in the impossible-to-believe range of 99%, there are certainly innocents in jail. Moreover, some of those released are considered by the new government to have been political prisoners. Those in opposition had another valid argument, one worth considering: releasing thousands of prisoners without careful consideration has put murderers and robbers back on the streets, free to recommit their crimes. Has Georgia lost its proud position as a public safety prototype, or was all this concern for nothing?

Survey and Results For the previous three years, Georgian Opinion Research Business International, the Georgian member of Gallup International, worked with the EU and the Georgian Ministry of Justice to conduct victimization surveys in Georgia. These surveys allowed us to draw a more accurate picture of crime than official statistics, as underreporting crimes is very

common in Georgia. What we discovered from 2010 to 2012 is that crime in Georgia, including crimes that went unreported, dropped incredibly over the last decade. In fact, in 2011 our victimization survey showed lower crime rates in Tbilisi than in every European capital city. Saakashvili’s draconian punishments and “judiciary” did in fact succeed in curtailing crime. It should naturally follow, then, that easing these punishments would raise crime rates. Therefore, we included a shortened version of the victimization questionnaire in our recent omnibus survey. This included about a dozen questions from the original survey, meant as a sort of canary: margins are higher with a smaller sample and the questions are not as indepth, but any major increase in crime would easily be seen in the data. To my complete and absolute surprise, the data show no such thing. Victimization Rates in Georgia (2012, 2013) and Europe (2005)

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The percentage of respondents who said they were robbed, burgled, or had a car stolen is indeed slightly higher this year than last. While you might want to take this as evidence of an actual increase, I’m obligated to remind you that in statistics we can only get close: these results fall well within the margin of error, even when we adjust for an assumed response distribution (a concept which I discuss at the end of this column). Put simply: if crime rates did increase, it was a small enough

change to not be verifiable with a single survey. Preferred punishment for a second TV theft 2012

2013

Fine

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14%

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32%

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In fact, the only way Georgians’ criminal environment has changed is a slight increase in the desire for imprisonment. A simple question we used to gauge punitive attitudes was as follows: “Take for instance the case of a 21year old man who is found guilty of breaking into someone’s home for the second time. This time he has taken a TV. Which of the following sentences do you consider the most appropriate for such a case?” Last year, about as many Georgians said a fine (20%) was appropriate as did prison time (22%). This year, a substantially greater number would like to see prison for the repeat thief than a fine (32% vs 14%). A plurality both years supported community service (37%). If you’re skeptical and think that crime has indeed increased in such a way that it’s hidden between the margins, I’ve included victimization rates for a few other countries (using the same questionnaire). While the European data is a bit old, it can give you a good idea of just how large an increase in crime Georgia would have to see to reach European levels. So even if there has been a slight jump in crime, it has been nowhere close to the scenarios that were put forth in opposition to prisoner release. A note on analysis In order to conduct analysis on such tiny portions of a society, we cannot use standard methods to calculate margins of error. Most simple error calculations assume that a populations’ true response distribution will be 50%, which for our sample would give us margins

of 3%. Margins such as these wouldn’t do us much good, because if crime increased substantially it would still fall within the margin of error. However, when we have a good idea of what the actual response distribution is, we can adjust our calculations to give us smaller margins of error without affecting confidence intervals. We have some very good and consistent data from the past three years that tells us approximately what portion of society was victim to a given crime. With the exception of burglary, every crime was below the 1% mark in 2012. For ease of understanding, I’ve calculated the margins for these data as though each distribution was 1%. Using this technique, we have a margin of error of .6%, small enough to make some better discussion. For the punishment question, the margin of error is the standard +/- 3%. Visit our website at gorbi.com for more articles.

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Sales of Protein Mixtures Increased

Global Megatrends Demand New Strategies and Skills from Governments, KPMG says The FINANCIAL

overnment needs to plan, think and act differently, in some cases drastically, if they are to be prepared for the global megatrends increasingly straining the world’s resources and economic capacity, according to Future State 2030, a global report released by KPMG International. The Future State 2030 report, developed in partnership with The Mowat Centre at the School of Public Policy and Governance at the University of Toronto, details nine megatrends facing governments at all levels around the world and assesses policy and strategic actions governments need to take beginning today to be successful in the future. The megatrends encompass some of the world’s most critical challenges, including: Resource scarcity, with a 50 percent increase in global food supply, and a 40 percent increase in water needed to meet demand in 2030; A tidal wave of young people entering the labor force in developing economies, with growing strain of rapidly aging populations in most developed countries; An expanding and more technology adept and connected

The FINANCIAL By Mariam Gogiberidze

middle class exerting greater demands on government in the face of rising public debt; Economies becoming increasingly interconnected and interdependent. “Understandably, governments have been focused on the short-term due to multiple factors, including the global financial crisis and its aftermath,” said Nick Chism, Global Head of Government & Infrastructure, KPMG International. “But we are now at a critical juncture for governments to take a longer view of accelerating social and environmental challenges. Without significant changes, the impact of these nine megatrends will far outstrip governments’ ability to meet the needs and demands of stakeholders in the next 20 years,” he added. The megatrends are highly interconnected but will not impact every part of the world in the same way, says the report. This means governments will need to undertake a variety of responses, and consider the implications both within their own jurisdictions and more broadly. The report presents KPMG’s strategic review of the policy, regulatory and program changes governments will need to consider, as well as the strategies, structures and skills required to effectively implement these needed changes.

rotein mixtures can be harmful to the health, causing a metabolic disorder, the development of allergic reactions, kidney and liver function disturbance - even failure. Carcinogenic effects have also been recorded, Qeti Beridze, dietician, Doctor of Medicine, told The FINANCIAL. If you rely on supplements, you’ll miss out on getting as much dietary fibre and as many natural and protective substances - such as phytochemicals and antioxidants - that you would have obtained by eating protein-rich whole foods. You may be subject to developing kidney problems because the kidneys are involved in breaking down protein. Nutriton Georgia, which provides protein mixtures and other biologically active food supplements, reports an increase in sales. “Our consumers are mostly sports beginners as well as ordinary consumers who are not exercising,” Natia Lomidze, consultant at Nutriton Georgia, told The FINANCIAL. “Sales of protein mixtures have increased by 40% compared with the previous year,” she said. “The sales of protein mix-

tures are increasing month to month by a minimum of 30-50%,” Vaja Imnadze, Director of Goliati.ge, online retailer of protein mixtures, told The FINANCIAL. “In general, for people who are living and eating properly and healthily, any food additive is not needed, even if they are engaged in amateur or professional sports,” Qeti Beridze, dietician, Doctor of Medicine, told The FINANCIAL. “In terms of professional sport, a protein mixture is used to increase muscle mass regulation. In such cases there should be a coach who prescribes the protein mixture in consultation with both a doctor and dietician. This kind of mixture is prescribed with respect to an athlete’s training load, feeding regime and diet, relaxation regime, with set goals and objectives in mind. Otherwise, protein mixtures, as well as drinking any other biologically active additives, can threaten a human’s health. Also there could be possible doping effects,” Qeti Beridze said. “In this regard, it is impossible to give general advice. In each particular case there should be dose determination of the mixture, and also of use of the product, (which is largely dependent on, among other things, the nature of the load), otherwise it can turn into a hazard for the health,” she added.

Companies Are Invited to Pass Food Safety Inspection in Order to Hasten Export to the EU Continued from p. 8

but the EU is here to provide support, which consists of capacity building and funds to the institutions in Georgia that are in the front line to improve the system. I doubt that Georgia will improve the general situation within the next 10 years. Having a Free Trade Agreement with the EU does not mean that Europe will reduce the requirements on food safety of Georgian products,” he added. “Currently Georgia cannot export animal origin products to Europe, because there are animal diseases here that should be controlled. After signing the Free Trade Agreement it does not mean that Georgia will be able to export pork, for example, immediately. But Georgia will be able to do it once the requirements will be applied. The question is not only to produce safe food in Georgia but the country should be very careful in terms of import. The biggest problem will be to improve the food safety issues with SMEs who are not exporting production, middle size companies in the regions, who are putting production on the market. Maybe the companies will not be super happy at first to start working on this direction but in the long-term perspective they will see that it is useful for their business. Matching the food safety requirements is not a cost, it is an investment for the future of a company,” Echanove said.

“Initially we do not expect that many companies will apply for the competition, but I am sure that their number will increase in the coming years,” said Ketevan Vashakidze, President of the Eurasia Partnership Foundation. “We have been conducting monitoring of the Government about what they have

food, then the companies will not start thinking about it of their own initiative,” she added. The Eurasia Partnership Foundation started implementing a 30 month project in terms of food safety, which is financed by the EU. Within the framework of this project, Customer Assistance Centers

Strengthening food safety control will help Georgia to integrate with the EU, experts say

been doing for euro integration since 2005. As a result of the monitoring we have found that the most problematic areas have been waste recycling, vocational education and trade-related issues. Before the political integration trade was the best opportunity for Georgia to get close to the EU. People are interested in healthy food and often ask advice on which food is safe to buy. So the customers will be involved in this process and require from the business to provide food safety guarantees. It is very important to have a proper system and legislation, but if the customers do not demand that the companies offer them healthy

will be created in 4 regions of Georgia. “These centres will monitor the food market and organize the laboratory testing of food samples,” said Vakhtang Kobaladze, Senior Program Manager at Eurasia Partnership Foundation. “The customers will be provided with free legal advice and lawyer service in the event of applying to court. Several thousand EUR is being allocated for financing this service, which is designed for the winning companies of our competition,” he added. “In general the role of the Eurasia Partnership Foundation is very big in terms of food safety regulation. More than 10 recommendations

are already included in the legislation, 17 organizations are involved in working on food safety issues and 11 enterprises have corrected the identified violations. The current government is also willing to harmonize food safety issues with European standards. Parliament initiated correcting the code and creating consumer rights law, which was abolished by the previous government,” said Kobaladze. “It is true that for food safety control companies will have to allocate a certain budget but when companies have better food safety standards they will also get benefits. They will be able to have access to international markets and their positive positions will raise them on the Georgian market itself,” Echanove said. For more about Golden Brand Awards go to: http:// goldenbrand.finchannel.com Visit the Eurasia Partnership Fund at: http://www. epfound.ge Send applications to: rjandieri@epfound.ge

More than 50% of Georgian Cardholders Still Withdraw Money from ATMs

The FINANCIAL By Madona Gasanova

he number of debit cards continues to rise in Georgia, however more than half of card transactions are comprised of ATM cash withdrawals. During this year the number of cardholders preferring to pay via POS-terminals has increased by 3%. The number of ATM withdrawal transactions as of the end of September 2013 is 3,174,487, while POS-terminal transactions amounted to 2,341,843 during the same period. The number of transactions has increased by more than 1 million from September 2012 to September 2013. As of the end of the third quarter of the current year the number amounted to 5,516,330, up from 4,489,178 from September 2012. Cash withdrawal was also dominating a year ago, as it occupied 60% out of the total amount of transactions. Therefore, this year’s data shows a 3% reduction in cash withdrawals. 4,489,178 is the number of transactions as of September 2012, out of which 2,694,446 (60%) were made up of ATM withdrawals. The share of cash in Georgia’s GDP, as of the end of June 2013, was equal to 6.9%, compared to the figure of 7.8% three years ago. According to NBG, the number of debit cards in circulation as of the end of September 2013 totalled 4,525,430, up from 4,496,872 at the end of August 2013. The number of ATM and POS-terminals is also increasing. The number of ATMs in Georgia as of the end of 2013 is 2,040, up from 1,836 in September of the previous year. More than 2,000 new POS-terminals have been distributed in merchant and service outlets as of the end of 2013, in comparison with the same period of last year. In total their number reached 12,893. “The Georgian card payment market is characterized by a high rate of introducing innovative products. Next to commercial banks, the Government has also played a big role in the development of card payments. Namely, launching pensions and all

the social benefits started via banking channels; public service employee salaries are bound to their personal bank accounts; in a number of schools cash payment has become limited,” said Giorgi Melashvili, Executive Director at National Bank of Georgia. “As the statistics show, cardholders are using their cards more and more in sales/ service facilities in order to carry out payments. Although this data is still limited, the withdrawal of cash in ATM transactions in respect to non-cash payments by credit card is greater, but the trend has been steadily increasing in recent years,” said Melashvili. In Melashvili’s words, Georgians are increasingly using electronic payments: payment cards, electronic money, internet banking or mobile banking. Accordingly, NBG is interested in making them more safe, comfortable to use and secure. “In this regard, we are working on the relevant rules of consumer protection and electronic payment instruments,” he said. In Melashvili’s words, the main advantages of non-cash are: security, as it reduces the risk of carrying cash; convenience - unlike cash it is easy to carry, secure while travelling or is not required to carry at all; time-saving - you can order goods and services over the internet from your very home; operational control of the account transactions via SMS, online, mobile banking and other remote sources; participation in various promos and discounts.” Transactions via the internet are also on the rise in Georgia. The number of transactions totalled 850,339 units, GEL 31,429 thousand, as of the end of September 2013. During the same period of last year the number was 591,655 units, amounting to GEL 27,635 thousand.

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Consumer in UK Spend Eases in October, as Brits Save Up for Christmas The FINANCIAL

onsumer spend eased again in October, up 1.9% yearon-year, as consumers continued to take a cautious approach to managing their finances and saved up ahead of Christmas, according to the Barclaycard’s monthly analysis of UK spending. This was the first month since March where spend growth was below the rate of inflation and may reflect the fact that with wages continuing to fall in real terms, and consumers unwilling to use savings to fund purchases, discretionary spend is becoming more limited, says the report. The wetter weather and the arrival of the ‘St. Jude’ storm towards the end of October also deterred people from hitting the high street and led to many opting to shop from the comfort of their own homes. In-store spend grew just 0.3% year on year, whereas online spend recorded another month

of strong performance, up 8.7%. Shoppers continued to look to bag the best bargains and spending habits showed once again a ‘little and often’ trend. Average transaction values were down 3.7% in October compared to the same time last year, but volume levels were up 6.0% year on year as people sought value for money, according to Barclays. Performance in the travel and entertainment sector

was mixed; with restaurant spend showing an impressive 11.9% year on year increase, although consumers continued to spend less on each visit, with the average ticket price down 6.4% compared to 2012. Cinema spend, meanwhile, fell 3.2% vs. last year, recording its lowest reading so far in 2013, due in part to the strong performance of Skyfall in 2012. Airline spend improved, up 3.0% year on year, although this is still

far from the double-digits growth seen in the first half of 2013. The rebounding housing market continued to drive up DIY store spend with figures up 10.2% compared to last year, the highest DIY growth witnessed in 2013, according to the report. Electronic stores also saw an 8.5% year on year increase in spend in October, their best performance this year. Whilst clothing spend slowed from September and was up only 1.4% year on year in October, family clothing continued to grow at a solid 3.6%, reaching a three month high. Online spend share as a proportion of total spend grew to 20.6%, up 1.2% on the same time last year (19.3%), and most of the categories of online spend were up on 2012. In October, the East of England showed the strongest year-on-year spend growth (3.1%) of the 12 regions monitored, followed by North West (2.9%). Northern Ireland spend growth was the lowest, at just 0.2%, according to Barclays.s

Over Half of Europeans View Buying Themselves a Treat as a Basic Right The FINANCIAL

ver half (59%) of Europeans view buying themselves treats as a basic right they are entitled to, revealed the findings of the first MasterCard Treat Index. The European-wide study of over 12,000 consumers across eight countries highlighted that despite recent economic uncertainty, shoppers continue to invest in personal purchases, spending an average of €51 at least once a month on a little something for themselves. Despite region-wide economic difficulties, Europeans have been reluctant to give up their treats, with more than one in five claiming they still spend money on themselves despite knowing they should be watching the pennies. Whilst two in five (40%) of those surveyed said they are more likely to buy treats for others than for themselves, Europeans spend an average of €5 less when buying a treat for friends or family. One in ten (10%) also said the main reason they purchase a treat for someone else is because they know they will get to share it with them and therefore benefit personally, such as when buying a box of chocolates or a bottle of wine, according to MasterCard . Germans top the European poll when it comes to spending the most on treats, parting with an average of €72 a time, perhaps indicating better economic conditions. Respondents in the UK spend

the least, treating themselves more cautiously at €32 a time. UK shoppers also claim to feel the worst about spending money on themselves, with a quarter (25%) saying that buying themselves a treat also makes them feel guilty – making Britons the guiltiest spenders in Europe. Across all the countries surveyed it was the smaller treats such as meals out, takeaways, chocolates, sweets and cakes that are purchased more regularly, indicating that is the smaller purchases that make the most difference to our mood. Interestingly, items such as coffee and cheese were identified as a necessity as opposed to a treat, particularly in Italy and France, while bigger purchases such as jewellery and holidays were clearly classified as being a luxury purchase. Women were more likely to spend money on clothes, bags and shoes as were men who also purchase meals out, alcohol, CDs, DVDs and video games, according to MasterCard .

“The results show varied spending on treats across nations. This is due to both inherent cultural and economic reasons. For example, there are nations known for their “keep calm and carry on” attitude or who are more reserved, such as the UK, which spends far less than other countries such as Germany where they don’t feel as hard hit by the recession. However, it’s clear from these survey results that regardless of culture, economics or how nations define a treat, the importance of feeling that you are treating yourself whether its through activities, days off or actually buying something new, especially during the current economic climate, cannot be underestimated,” said Linda Papadopoulos, Psychologist. Despite feeling the most guilty about spending money on themselves, the younger generation were also identified the most likely to spend money on treats. As well as one in five (20%) admitting

they actually buy more treats since the start of the financial crisis, younger shoppers are also the biggest spenders when it comes to more larger, luxury purchases, with almost a third (29.7%) spending more money on holidays, meals out, clothes and accessories since the start of the recession. In comparison, older respondents aged 55 and over still buy themselves treats, but 38% say it is smaller treats viewed as necessities such as coffee and cheese, according to MasterCard . “While differences abound, the common attributes about treats across the countries surveyed are fascinating. “Everyone deserves one now and then” is one of the top two choices in nearly every country. So the old adage that “Man (and woman) cannot live by bread alone” appears to be a core, crosscultural belief and essential to people’s happiness. This is true regardless of the reason for the treat, but this happiness is sometimes accompanied by a tinge of guilt, as seen particularly amongst the younger survey respondents. This most likely comes about when a person thinks about how he or she could have used the same money to realise a goal that is a higher priority in their lives—such as accumulating a four-to six-month emergency fund or saving for a deposit on a house. Not surprisingly, the guilt related to getting on the property ladder is highest in the UK where home ownership is viewed as a cultural imperative,” said Alvin Hall, Independent Financial Expert.

Bosch Gained the Highest Turnover in Georgia Compared to Armenia and Azerbaijan Continued from p. 3

added. Bosch is represented on the Georgian market in several directions, including Automotive Parts and Accessories, Power Tools for DIY Enthusiasts, Household Appliances, Heating, Cooling and Hot Water. The official dealer of household appliances is Elit Electronics. As for automotive parts and accessories, the company has two partners - Tegeta Motors and Iberia Techno Automotive. As the share of fake production on the Georgian market is large, Bosch Georgia cooperates with the Border Protection Department to protect Georgia from fake production. “Automotive parts and accessories constitute the majority of imported fake production in Georgia,” said Nino Pruidze, Bosch Georgia Director. “From now on all Bosch production imported in Georgia will be registered by our company. So fake production will no longer be able to be sold here. A proper law will

whole year and the reason for that is still the economic slowdown in Western European countries. All business units of Bosch enjoy good growth in our region, especially power tools with growth of 20-30 percent and Bosch thermo technology for heating systems and the Bosch auto market. All other business units are above 10 percent growth this year,” he said. Q. Which were the largest investments that the Bosch company implemented in the region? A. The first large investment was a new washing machine factory which we oepened last year in June in St Petersburg. 500 thousand washing machines are produced in that new factory every year. The second large investment which we are just finishing now is a new headquarters for our activities which is being constructed in the northern part of Moscow. Bosch is investing EUR 120 million in the building of this new headquarters. That is also relevant for Georgia as this is the regional headquarters covering

Despite the slowing down of the overall economy we are enjoying very nice growth rates in Georgia. Even if the GDP growth drops from 5 to 3 percent we are able to realize growth rates of between 30-40 percent. We believe that the success story that is our work in Georgia will continue.

enter into force from the end of November and we will see significant results from this in the first quarter of 2014,” she added. Gerhard Pfeifer is very optimistic about the year 2013. “After 43 percent growth in 2011 and an 18 percent growth rate in 2012 we will also achieve a doubled growth rate this year. With this number Bosch is far above the growth which Bosch expects with its worldwide bases. Bosch growth is projected to be between 2-4 percent for the

Georgia as well. And the third large investment is building two new factories in Saratov and Samara. In Engels, Saratov, we are building a factory for domestic and industrial boilers. As for Samara the new factory will produce solely automotive equipment. About EUR 60 million will be invested in Samara by 2018 and we will create about 500-600 workplaces. These are the biggest investments that Bosch is doing outside of Germany.

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Bank of Georgia Increased Net Loans by 7.2% in 2013 The FINANCIAL By Madona Gasanova

et loans issued by Bank of Georgia amounted to GEL 3,283.5 million as of 30 September, 2013. The figure grew by 7.2% compared to the same period last year. The Bank attracted USD 10 million term loans from Citi and Overseas Private Investment Corp (OPIC) so that it can provide financing for small businesses in Georgia. “The loan will be the first from Citi and OPIC, the US Government’s development finance institution, for the microfinance sector in Georgia, and as part of Citi and OPIC’s joint global initiative to support microfinance lending in emerging markets, “said Irakli Gilauri, Chief Executive Officer, at Bank of Georgia, one of the leading Georgian banks.

“The newly-drawn facility will further enhance the Bank’s competitiveness in micro lending, a segment that makes up a sizeable part of the Bank’s retail banking loan portfolio. This facility will also al-

low the Bank to continue supporting the development of small businesses, which is fundamental for the growth of the country’s economy,” said Gilauri. Out of the total loan portfolio micro and SME

loans amounted to GEL 459 million, as of 30 Sept, 2013. Micro loans are up 22.7% compared with the same period last year, SME loans are up 41.9% compared to 30 Sept, 2012. “Expanded access to fi-

nance for the micro and small enterprise sector has the potential to accelerate economic growth in Georgia and broaden financial inclusion for those outside the economic mainstream,” said Steve Donovan, Citi’s Regional Executive of Treasury & Trade Solutions, MENA, Turkey and Central Asia. “This transaction demonstrates and reinforces Citi’s and OPIC’s shared commitment to unlock opportunities to access both start-up and sustaining capital for aspiring and established small businesses.” “Small businesses are fundamental to economic growth and job creation but often still struggle to obtain the financing needed to support and expand their operations,” said Elizabeth L. Littlefield, OPIC President and CEO. “OPIC’s longstanding partnership with Citi has provided financing to thousands of micro and

small-businesses in regions that are underserved by the financial sector and we are delighted to expand this same partnership to Georgia,” Littlefield added. Into Q3 2013 the Bank reached a record ninemonth profit of GEL 153.7 million. “Loan book growth picked up in Q3 2013 increasing 5.1% since June 2013, supported by the roll-out of a new Lari mortgage and SME product offering the lowest mortgage interest rate on the market at 7.9%,” said Gilauri. In his words, since the launch of the NBG Lari programme in May 2013, the floating Lari rate mortgage and SME loan portfolios reached approximately GEL 40 million, indicating a strong demand for Lari denominated products, which further supports the ongoing de-dollarization of the balance sheet of the Bank as well as the entire Georgian banking sector.

Mobile Phones The Worst Health Habits the New ‘social That Are Common in Georgia robots’ for Five Billion Users The FINANCIAL

By Mariam Papidze

The FINANCIAL

ho do we turn to first in moments of joy, sorrow, loneliness, crisis, boredom and daily life? It used to be spouse, partner, family or best friend. Now, according to the London School of Economics and Political Science, it is mobile phone. In the space of 14 years, since the internet was first enabled on mobile phones, these machines originally designed for voice communication have become “personalised social robots” for many of their five billion users, according to LSE Senior Research Fellow Dr Jane Vincent. Dr Vincent explores the emotional bond that people around the world have with their mobiles. “The mobile phone has become a remote control for one’s life, providing a bridge from the virtual to the real world and from private moments to shared experiences,” Dr Vincent said. “What other communications device contains data which is an extension of the

user’s personality? Photographs, emails, texts, tweets, Facebook posts, favourite websites, applications and games all reflect a person’s makeup,” she added. She argues that mobiles have slowly eroded private behaviour, with people more willing to share everything in their lives – information as well as photographs. The downside is that mobiles can be a “digital leash,” giving people freedom on the one hand but also creating a strong symbiotic relationship where people can’t function without it. “People expect to be able to contact you 24 hours a day, and vice versa, so it becomes an emotional and metaphorical tie.” Dr Vincent describes the mobile as being like a personal social robot, with the device and its contents reflecting intimate and emotional aspects of its owner’s life and enabling instant access to essential data. “Users constantly turn to it for solace, to share joyous moments, recall special memories and more. The mobile phone has become a personal compendium for the life of the user,” she said.

alling asleep with make-up on, wearing high heels and skinny jeans, dozing off while still wearing contact lenses, eating fast food too often, drinking too much alcohol, smoking cigarettes and not exercising enough are some of the worst health habits that people in Georgia tend to have, doctors say. “There are many harmful health habits that only manifest themselves years down the line and as the danger is not always obvious today, people do not pay enough attention to them and cannot forecast the undesired results they will have later,” said Ia Darsavelidze, Cosmetologist at Aesthetic Service. “People do not seriously perceive the dangers from the worst habit for one’s facial skin, which is going to sleep without removing makeup. It can cause oncologic diseases due to its harmful additives. Another problem is that teenagers often use thick foundation to cover up their blemishes or pick at them continuously. This is harmful. If you want to have beautiful skin, you should take proper care of it instead of just trying to cover up your problem,” she added.

The other thing that people should not forget to remove before going to sleep is lenses. As doctors say, leaving them in causes dry eyes and a high risk of serious infections of the cornea. Finally the question of vision reduction might be raised. Those who want to avoid premature aging should avoid smoking. “This is a harmful habit and causes dehydration of the skin, which can be called medical dryness,” said Nino Lomsadze, Derma-Venerologist, the leading specialist at Aversi Clinic. “Accordingly skin dryness leads to premature aging. Tanning is also dangerous for premature aging if one doesn’t use proper SPF creams. And finally, never wear makeup without first using a moisturizing cream and always choose creams in accordance with individual skin type,” she added. Due to their busy lifestyles people often cannot find time for proper nutrition. But doctors do advise people not to miss any meals and to always go for the healthy food option. “Reducing nutrients (1-2 times per day), missing breakfast and having a highcalorie meal in the evening is really a bad habit for one’s health,” said Irine Lomtadze, Endocrinologist. “Fast food is high in calories and contains harmful saturated fats.

After frequent use, the fat becomes carcinogenic. It contains a large amount of table salt. As a result it contributes to obesity, cardio vascular disease, type II diabetes and the development of tumours. People should balance nutrition and choose boiled meat, fish, dairy products, fruit and vegetables in reasonable portions,” she added. “As for drinking too much alcohol, this harms the liver, nervous and cardio vascular systems. 100-200 ml wine, especially Saperavi, and 30 ml vodka are good for the health. They improve lipid metabolism and increase the level of “good” cholesterol,” Lomtadze said. Fashionable, popular and in-demand skin-tight jeans can also be dangerous for the health, doctors say. They can give you an amazing silhouette but can squeeze you to the absolute limits at the same time. “Skinny jeans could be the culprit of nerve damage,” said Giorgi Giorgobiani, Aversi Clinical Director. “The syndrome is called Meralgia Paraesthetica and causes a tingling and burning feeling in the legs. The symptoms are caused by the pressure that tight jeans put on the legs. The latest fashion victims of skinny jeans are facing a real health concern,” he added. Skinny jeans are not the

only fashionable item which is harmful for the health, high heels are as well, said Nodar Galustashvili, traumatologist. “Most women do not realize that the heels they wear may do permanent damage to certain parts of their body. As a woman wears certain shoes with astronomical heights, the soft tissues such as ligaments and tendons begin to stretch and tear, even rupture. As a result the mechanics of the ankle are altered and hammertoes and bunions occur. Even knee and back pain can often be caused by wearing high heels. Women wear shoes which have from 9 to even 15 centimetre heels,” he added. And finally, not exercising enough can impact more than just on the size of your jeans, fitness advisors say. Exercising is useful not only for looking beautiful and burning fat, but is also good for improving one’s mental state.

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health & beauty Canadians are “webrooming” and “showrooming” to save money The FINANCIAL

he majority of Canadians will use their personal computers, tablets and smartphones as shopping tools this holiday season, an Accenture survey shows. Nearly three-quarters of Canadian holiday shoppers plan to “webroom”, meaning they will research and review items online before purchasing them at a store. Nearly two-thirds (63 percent) will also engage in “showrooming,” which means visiting a store to look for a gift and then buying it for the best price online, according to the report. Nearly one-third (30 percent) intend to use their tablet, smartphone, or a combination thereof to assist in their holiday shopping this year. Even so, consumers who find the best deal online will buy that item on their personal computer at home (64 percent). Consumers who said they would use a tablet or smartphone for their holiday shopping would do so to compare prices in store (30 percent); avoid crowded stores (17 percent); better discounts or deals (14 percent), shop with more convenience (14 percent); take advantage of improved technology (12 percent); receive mobile text reminders on sales (11 percent) and alerts for in-stock items (nine percent). “More people are using smartphones as part of a seamless shopping experience to get immediate pricing and product information in the palm of their hands, while at home or in a store,” said Kelly Askew,

managing director, retail management consulting at Accenture in Canada. “That means Canada’s retail sector is more competitive than ever before, and stores must have a robust online, mobile and social media strategy to capture holiday spending dollars,” Askew added. The trend towards integrating web and store into holiday shopping ties closely with other consumer spending patterns identified in the survey. Most Canadians (81 percent) plan on spending the same amount or less on their holiday shopping this year than they did last year, according to Accenture. Reasons for not spending more include a desire to keep the holidays simple and not too extravagant (46 percent), as well as economic conditions, such as a rise in living expenses (31 percent) and having less discretionary income (29 percent). Canadians surveyed cited concerns about rising food bills (34 percent), a desire to not increase credit card debt (31 percent) and gasoline prices (30 percent) as the main factors negatively affecting their holiday spending. Almost two-thirds (60 percent) of Canadians plan to spend $500 or less on holiday shopping this year. Of those expecting to cut back on their spending, almost half (44 percent) will do so by reducing their shopping budget by $100 to $250. Additionally, when it comes to holiday spending, more than half of Canadians (57 percent) will set a holiday budget with a maximum dollar amount at the start of the holiday season.

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18 November, 2013 | finchannel.com

Companies Could Increase Revenue by Investing in More Face-to-face Meetings The FINANCIAL

usinesses around the world could be missing out on nearly a quarter (24%) of additional revenue because they are not investing enough time in face-to-face contact, according to the report on business meetings released by InterContinental hotels Group. Nearly half (47%) of business men and woman surveyed believe they had lost a contract or client simply because they didn’t have enough face-to-face meetings, which resulted in the estimated yearly revenue loss of 24% - a significant loss for any business, according to the report. In fact, 81% of business men and women state that face-to-face meetings are better for building long-term trust and ensuring strong client relationships. However, nearly two thirds (63%) reported that the number of virtual meetings they attended has increased in the past 5 - 10 years further demonstrating that the value of face-to-face meetings is being overlooked in favour of cost and timesaving technologies, such as video conferencing

“Although developments in technology allow business men and women to make achievements in meetings that would have been impossible a few years back, meeting face-to-face continues to bring significant benefits that are much harder to obtain through virtual channels. One of these benefits is building trust, which research has shown is behind many profitable companies. Trusted companies have higher morale, productivity, lower employee turnover and

create deeper relationships with their customers,” said Hazel Carter-Showell, Business psychologist and body language expert. Not only how a business meeting is conducted, but also when, could change the outcome, according to the findings in the report. Tuesday morning is identified as the optimum time for a successful face-to-face meeting in the UK and US, while Monday mornings are considered the best time of the week for productive

meetings in China, India and UAE. Business men and women worldwide attend more faceto-face and virtual meetings than they did 10 years ago – the biggest increase seen for virtual meetings. Starting a new business relationship (57%), finalising a deal (54%) and contract negotiation (53%) are the top subjects respondents prefer to discuss face-to-face. 53% of respondents believe that connecting with a business associate on social media can help them develop a stronger and more trusted relationship. Facebook came out more popular than the business networking website LinkedIn, with 48% saying they had used Facebook and 42% had looked at an associate’s LinkedIn page. Small talk is recognised as a good business meeting tool, with the average meeting starting with about 7.5 minutes of light-hearted conversation. The UK & the US spend the first few minutes of a meeting discussing the weather, as opposed to news and current affairs, which is the main topic of conversation in China (64%), India (59%) and the UAE (49%), according to the report.

BasisBank Asset Growth Reached 71% this Year The FINANCIAL By Madona Gasanova

espite the high level of competition in the Georgian banking sector and reduced economic development in the country, BasisBank, Hualing Group Member, has had asset growth of 71% this year. The Bank attracted a new credit line from Black Sea Trade and Development Bank (BSTDB) amounting to USD 6 million. The BSTDB facility aims to finance trade transactions between Georgia and other BSTDB member countries, as well as Georgian exports to all countries. The Bank has started reducing interest rates on various credit products and promises to continue in this direction. “Asset growth of the banking sector as a whole amounted to 10%; in our case it amounted to 71%. We have equal results in the direction of credit portfolio. Average growth of the sector was 9% and in our case - 74%. We increased our loan portfolio as well as assets seven times more rapidly. This indicates that we are offering the right products to our customers and at the same time, we are also trying to attract those companies which have been stably operating and have gathered experience of working on the market. We will continue with this line of development and hope that further results will not be far behind,” David Tsaava, General Director at BasisBank,

Hualing Group Member, told The FINANCIAL. BasisBank has been operating on the Georgian market for 20 years. According to Tsaava, during that time many banks have been established whose names can be hard to recall now. Established in 1993, Basisbank is owned by Xinjiang Hualing Industry & Trade (Group) Co, Mr. Zurab Tsikistavi, a Georgian private shareholder and founder of the Bank, and the European Bank for Reconstruction and Development (EBRD). The Bank provides a broad range of banking services to retail and corporate clients through a network of 16 branches in Georgia. Basisbank is rated B by Fitch. As well as BST-

DB, Basisbank cooperates with the World Bank and other international development institutions in agribusiness and SME sector development in Georgia. The current deposit portfolio of the Bank amounts to GEL 200 million. “For this reason BasisBank has been occupying its niche on the SME market. We were focusing on the development and support of medium-sized businesses. At the same time, we are trying to be very active in both the retail and corporate segment. The Bank is focused on encouraging local production and SME business development. A credit line provided by BSTDB gives us the opportunity to be actively involved

in financing international trade as well,” said Tsaava. BasisBank offers trade financing with a 9.8% interest rate. This is one of the lowest figures on the market. Tsaava agreed that the SME sector is still less developed in Georgia, however he is optimistic that given proper planning and support it will play a big role in the national economy. “The SME sector is slowly starting to gain its share and have an increasingly important role in the economy. With the proper support and determined work the SME sector will play an important role in the Georgian economy,” he said. BSTDB provided its first credit line to BasisBank in 2012, which amounted to USD 4 million. “BSTDB’s continued cooperation with Basisbank is a demonstration of support for Georgian trade and development. Basisbank successfully utilized the first USD 4 million Trade Finance credit line provided by BSTDB in 2012 and has been a reliable BSTDB partner,” said Mustafa Boran, BSTDB Vice President Banking. BSTDB launched its Trade Finance Program in Georgia in 2000 and since then has provided about USD 100 million to over 140 local companies through partner banks in Georgia. “Our priority in Georgia is trade finance and SMEs. We do not have any limits on issuing finances for Georgia and next year, in 2014, I do not think that we will reduce the volume of fi-

nances to Georgia,” said Boran. “Trade has great potential in Georgia, together with SME and microfinance. By financing these directions Georgian banks will have a positive impact on the economy,” said Boran. According to Tsaava, with the new investment the Bank has the opportunity to offer more innovative and exciting products to its customers. “Recently Megobarati and Geocell visa card holders were offered a credit line with an interest rate reduced from 15% to 10%. This was our response to their loyalty and we plan to continue such campaigns in the future,” said Tsaava. BasisBank has reduced interest rates on consumer loans and currently offers them at 12%. “We are trying to encourage loans taken out in Georgian Lari. We offer the lowest interest rate on mortgage loans. It starts from 7.9% and varies depending on the refinancing rate,” Tsaava told The FINANCIAL.

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Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band “Wheels”, DJ Datuna Restaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Restaurant “Mghvime” Address: Left bank of Mtkvari River (next to shop “Riverside”) Phone: 2 305 558/ 2 359 540; 599 56 60 72 Every evening from 22:00 inextinguishable star of Georgian Estrada Gia Suramelashvili and live music: Estrada ensemble “Mghvime” (4 boys and 1 girl), tam-tam, violin, saxophone, king. You will listen to famous old and new hits, jazz, blues, rock… Restaurant “Maidan” 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Maidan Jazz Band Restaurant “Bermukha” Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet “Taoba”: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Café “Kala” 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Rezo Kiknadze - saxophonist Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers)

Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «The Counselor»; «Thor: The Dark World» 3D; «House which Sneaked out of the window»; «Cloudy with a Chance of Meatballs 2» 3D; «Stalingrad» 3D; «Mandarins»; «Planes» 3D; «In Bloom» (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «The Counselor»; «Thor: The Dark World» 3D; «House which Sneaked out of the window»; «Cloudy with a Chance of Meatballs 2» 3D; «Mandarins» (Ticket Price: 7,50 - 12,50 GEL)

(TAXES INCLUDED) 5* HOTELS FROM 30 EUR (BREAKFAST INCLUDED) CALL: 2999 662; 592 07 53 53

Theatre

From

Tbilisi

Day

Depart

Arrive

Flight#

Aktau

5.7

00:50

02:40

DV 842

Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The ART Director: Temur Chkheidze Cast: Zura Kipshidze, Mikheil Gomiashvili, Aleko Makharoblishvili Duration: 105 minutes Date: November 18 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Royal District Theatre 10 Abesadze Str. Tel: 299-61-71 Miss Julie Director: Data Tavadze Cast: Kato Kalatozishvili, Keta Shatirishvili, Girogi Sharvashidze, Paata Inauri, Iako Chilaia, Salome Maisashvili, Magda Lebanidze Duration: 135 minutes Date: November 18 Time: 20:00 Price: 10 GEL

Gallery

Amsterdam

1.6

06:10

07:55

A9 651

Almaty

1.2.4.5.7

22:45;08:55

04:25+1;14:35

KC E90

Athens

1.4

06:15

07:15

A3 983

Baku

X 2.4

01:30;12:10

02:30;13:10

J2 224/226

Baku

DAILY

14:50;19:50

16:05;21:05

QR 975/977

Batumi

2.5.7

10:00;14:45

10:40;15:20

CRJ

Doha

DAILY

19:50;14:05

23:59;19:00

QR 975/977

Dubai

2.4.6.7

06:50

10:00

FZ 714

November 19, 2013 Istanbul

X2.3

06:20

06:40

PC/463

Istanbul

DAILY

05:15;18:15

05:45; 18:45

TK 387/383

Istanbul

1.2.4.6

06:20

06:50

KK 320

Kiev

DAILY

07:50;17:30

08:20;17:55

PS 728

Minsk

DAILY

03:50;16:20

06:00;18:30

B2 736

Munich

DAILY

05:10

06:20

LH 2557

Paris

08:30

10:30

A9 627

Riga

1.6

07:00

08:35

BT 723

Rome

2.7

05:25

06:40

AZ 551

Tel-Aviv

2.3.4.7

17:25

18:10

A9 695

Vienna

4.7

08:55

09:25

A9 681

Urumqi

2.6

22:40

07:30+1

CZ 6040

Warsaw

2.3.5.7

05:40

06:15

LO 724

Days=( 1-Monday., 2-Tuesday., 3-Wedsday., 4-Thursday., 5-Friday., 6-Saturday., 7-Sunday. D-Daily; X-except off)

SPECIAL OFFER FROM BUSINESSTRAVELCOM TO SPAIN FROM 220 EUR TO GERMANY FROM 225 EUR TO ITALY FROM 230 EUR TO FRANCE FROM 236 EUR TO UNITED KINGDOM FROM 269 EUR

ALL TAXES INCLUDES CALL: 2999 662; 592 07 53 53

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna Restaurant «Mghvime» Address: Left bank of Mtkvari River (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Every evening from 22:00 inextinguishable star of Georgian Estrada Gia Suramelashvili and live music: Estrada ensemble «Mghvime» (4 boys and 1 girl), tam-tam, violin, saxophone, king. You will listen to famous old and new hits, jazz, blues, rock… Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Restaurant «Maidan» 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Georgian folk ensemble «Urmuli», georgian dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Kankava Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers)

Cinema

Concert Tbilisi Concert Hall 1, Meliqishvilii Str. Tel: 299-05-99 20:00 - Ensemble «Shvidkatsa» and Friends (Ticket Price: 10, 15, 20, 25, 30, 35 GEL) Tbilisi V. Sarajishvili State Conservatory Grand Stage 8 Griboedov Str. Tel: 293-46-24 The Tbilisi State Conservatoire Opera Studio 19:00 - W.A. Mozart - «The marriage of Figaro» (Ticket Price: 3, 5 GEL)

Theatre

Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 University of Laugh Director: Levan Tsuladze Cast: Nato Murvanidze, Nika Kuchava Date: November 19 Hall: Big Stage Time: 20:00 Price: 11 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Krapp’s Last Tape Director: Nikoloz Luarsabishvili Cast: Marlen Egutia Date: November 19 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Drunk Cherry

Autor and Director: Levan Tsuladze, Alexander Eloshvili Cast: Eka Chkheidze, Malkhaz Abuladze, Manana Kozakova, Barbare Dvalishvili, Dato Khurtsilava, Keti Tskhakaia, Onise Oniani Date: November 19 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Jeans Generation Director: Davit Doiashvili Cast: Marina Janashia, Nana Darchiashvili, Goga Chkheidze, Dima Merabishvili, Merab Kolbaia, Lela Metreveli, Jaba Kiladze, Mariam Nadiradze, Apolon Kublashvili, Sandro Margalitashvili Duration: 165 minutes Date: November 19 Time: 19:00 Price: 6, 12, 14 GEL Georgian State Pantomime Theatre 37 Rustaveli Ave. Tel: 299-63-14 Shakespeare Sonnets Director: David Shalikashvili Duration: 50 minutes Date: November 19 Time: 19:00 Price: 7 GEL Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Barber of Seville Puppet Opera Theatre «Ptskala» Director: Beso Kupreishvili Cast: Malkhaz Gabunia, Zaal Kakabadze, Teona Maghalashvili, Elene Pirtskhalava, Giorgi Mebaghishvili, Mariam Avalishvili Duration: 50 minutes Date: November 19 Hall: Small Stage Time: 11:00 Price: 7, 10 GEL Mousetrap Director: Otar Baghaturia Cast: David Khakhidze, Khatia Melkadze, Badri Gvazava, Paata Kikvadze, Salome Tsurtsumia, Giorgi Gogishvili, Merab Sharikadze, Khatuna Berdzenishvili Duration: 80 minutes Date: November 19 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL The Tree of Life Director: Kote Mirianashvili Cast: Maia Khornauli, Giorgi Chikobava, Nugzar Kurashvili, David Rostomashvili, Ramona Mikeladze, Naira Geladze Duration: 90 minutes Date: November 19 Hall: Small Stage Time: 15:00 Price: 7, 10 GEL

November 21, 2013

Gallery

November 20, 2013

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Mghvime» Address: Left bank of Mtkvari River (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Every evening from 22:00 inextinguishable star of Georgian Estrada Gia Suramelashvili and live music: Estrada ensemble «Mghvime» (4 boys and 1 girl), tam-tam, violin, saxophone, king. You will listen to famous old and new hits, jazz, blues, rock… Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Maidan» 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Maidan Jazz Band Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Live Band Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «The Jumping General»

Cinema

Theatre

Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Love-letters Director: Temur Chkheidze Cast: Nani Chikvinidze, Gia Burjanadze Duration: 120 minutes Date: November 20 Hall: Theatre in Attic Time: 20:00 Price: 11.00 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Tartuffe Director: Levan Tsuladze Cast: Nika Kuchava, Zviad Skhirtladze. Manana Kozakova, Barbare Dvalishvili, Tamar Bukhnikashvili, Zaza Iakashvili Duration: 140 minutes Date: November 20 Time: 20:00 Price: 5, 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 So what if wet lilac is wet Director: Gogi Todadze Cast: Giorgi Bakhutashvili, Otar Lortkipanidze, Nikoloz Paikridze, Medea Jibladze, Tamar Tavkhelidze, Tamar Aznarashvili, Mariam Karkashadze, David Kolelishvili Date: November 20 Time: 19:00 Price: 6, 9, 11 GEL Royal District Theatre 10 Abesadze Str. Tel: 299-61-71 Katzelmacher Director: Mikhail Charkviani Cast: Gaga Shishinashvili, Salome Maisashvili, Iako Chilaia, Ani Guliashvili, Magda Lebanidze, Ana Tsereteli Duration: 80 minutes Date: November 20 Time: 20:00 Price: 10 GEL Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Barber of Seville Puppet Opera Theatre «Ptskala» Director: Beso Kupreishvili Cast: Malkhaz Gabunia, Zaal Kakabadze, Teona Maghalashvili, Elene Pirtskhalava, Giorgi Mebaghishvili, Mariam Avalishvili Duration: 50 minutes Date: November 20 Hall: Small Stage Time: 11:00 Price: 7, 10 GEL Emily’s Adventures Director: Levan Koblianidze Cast: Khatia Melkadze, Nino Shushiashvili, Shalva Antelava, Maka Bardavelidze, Tsotne Saghinadze, Vasil Amurvelashvili Duration: 60 minutes Date: November 20 Hall: Big Stage Time: 12:00 15:00 Price: 7, 10 GEL The Very Truthful, Baron Münchausen Director: Elene Matskhonashvili Cast: Nino Papiashvili, Kakha Gabelaia, Levan Katsiashvili, Giorgi Katchakhidze, Beso Megrelishvili, Devi Rekhviasvili Duration: 105 minutes Date: November 20 Hall: Small Stage Time: 15:00 Price: 7, 10 GEL Gabriadze Theatre 13,Shavteli Str. Tel: 8 790 98-65-91 (MagtiFix), 298-65-90 Autumn of my Springtime Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: November 20 Time: 20:00 Price: 5, 10, 15, 20 GEL

Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - November 22 The International Multimedia Exhibition «Heritage» Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - November 24 Georgian National Museum invites you on the exhibition «Moon Museum». The exhibition will be held in the framework of the Georgian National Museum’s «SCIENCE WEEK». Exhibition opening: 19:00, November 19, 2013 D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - December 12 Art gallery «Vanda» cordinally invites you to the solo exhibition of Vakhtang Tato Akhalkatsishvili. Opening reception: Tuesday, November 12 at 7:00pm Gallery Vanda 14, Chonkadze Str. (Sololaki area). Tel: 293-4286, 599 56-99-71 Gallery’s working hours: Everyday 12:00-19:00 till - November 22 «Baia Gallery» is organizing the small exposition of Merab Abramishvili’s works, dedicated to his participation in Sotheby’s Auction. Baia Gallery 10 Shardeni Str. Tel: 275-45-10 Gallery’s working hours: 12:00-19:00 till - November 25 Exhibition «New Life of Eastern Collections». On Exhibition will be presented masterpieces of eastern collections reserved in Shalva Amiranashvili Art Museum of Georgian National Museum Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working everyday except Monday. From 10:00 till 18:00 till - December 31

Gallery

Young painter Erna Dolmazova’s exhibition «Uncut Stories» Exhibition opening: 17:00, November 12, 2013

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Band’a’roll», DJ Datuna MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Mghvime» Address: Left bank of Mtkvari River (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Every evening from 22:00 inextinguishable star of Georgian Estrada Gia Suramelashvili and live music: Estrada ensemble «Mghvime» (4 boys and 1 girl), tam-tam, violin, saxophone, king. You will listen to famous old and new hits, jazz, blues, rock… Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Restaurant «Maidan» 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Georgian folk ensemble «Urmuli», georgian dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Guliko Chanturia Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Good Company»

november 22, 2013

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Agora Live Band, DJ Datuna MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Mghvime» Address: Left bank of Mtkvari River (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Restaurant is working 24 hours Entertainment at the restaurant «Mghvime» is colorful. Every evening from 20:00 inextinguishable star of Georgian Estrada Gia Suramelashvili. Estrada ensemble «Mghvime» (3 boys and one girl), tam-tam, violin. During weekdays: Singer, composer Kaki Bolkvadze and hot Georgian and Asian dances Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Restaurant «Maidan» 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Maidan Jazz Band Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Baratashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

Cinema

Theatre

Cinema

Theatre

Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Pigmalion Director: Levan Tsuladze Cast: Nato Murvanidze, Akaki Khidasheli, Givi Chuguashvili, Givi Berikashvili, Manana Kozakova, Nino Dumbadze Duration: 140 minutes Date: November 21 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Beauty Queen Director: Guram Vashakidze Cast: Tamar Bukhnikashvili, Nino Gomarteli, Irakli Cholokashvili, Paata Papuashvili Duration: 105 minutes Date: November 21 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 A Clockwork Orange Director: Avto Varsimashvili Cast: Jaba Kiladze, Apolon Kublashvili, Slava Natenadze, Sandro Margalitashvili, Misha Arjevanidze, Ani Aladashvili +16 year Duration: 135 minutes Date: November 21 Time: 19:00 Price: 6, 13, 15 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Taxi Driver Givi’s Love Story Director: Malkhaz Aslamazashvili Cast: Bacho Kajaia, Gvantsa Kandelaki, Tamta Patashuri, Kako Roinishvili, Andro Sarishvili, Giorgi Ksovreli Duration: 150 minutes Date: November 21 Time: 19:00 Price: 7, 10 GEL Gabriadze Theatre 13,Shavteli Str. Tel: 8 790 98-65-91 (MagtiFix), 298-65-90 The Battle of Stalingrad Marionette Theatre Author and Director: Rezo Gabriadze In Russian +10 years Date: November 21 Time: 20:00 Price: 5, 10, 15, 20 GEL Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Barber of Seville Puppet Opera Theatre «Ptskala» Director: Beso Kupreishvili Cast: Malkhaz Gabunia, Zaal Kakabadze, Teona Maghalashvili, Elene Pirtskhalava, Giorgi Mebaghishvili, Mariam Avalishvili Duration: 50 minutes Date: November 21 Hall: Small Stage Time: 11:00 Price: 7, 10 GEL The Winter’s Tale Director: Data Tavadze Cast: Tamar Mamulashvili, Vameh Jangidze, David Khakhidze, Pavle Nozadze, Mariam Chukhrukidze, Rati Goguadze Duration: 150 minutes Date: November 21 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL The Very Truthful, Baron Münchausen Director: Elene Matskhonashvili Cast: Nino Papiashvili, Kakha Gabelaia, Levan Katsiashvili, Giorgi Katchakhidze, Beso Megrelishvili, Devi Rekhviasvili Duration: 105 minutes Date: November 21 Hall: Small Stage Time: 15:00 Price: 7, 10 GEL

«Baia Gallery» is organizing the small exposition of Merab Abramishvili’s works, dedicated to his participation in Sotheby’s Auction. Baia Gallery 10 Shardeni Str. Tel: 275-45-10 Gallery’s working hours: 12:00-19:00 till - November 25 Exhibition «New Life of Eastern Collections». On Exhibition will be presented masterpieces of eastern collections reserved in Shalva Amiranashvili Art Museum of Georgian National Museum Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working everyday except Monday. From 10:00 till 18:00 till - December 31

Gallery

Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 I Thirst the Wind Direct Director: Murman Jinoria Cast: Murman Jinoria Duration: 75 minutes Date: November 22 Hall: Experimental Stage Time: 19:00 Price: 6, 8 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Landscape’s Lack of Warmth Director: Dimitri Khvtisiashvili Cast: Eka Chkheidze, Varlam Korshia, Lile Philphani, Dimitri Tatishvili Duration: 120 minutes Date: November 22 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The Gronholm Method Director: Temur Chkheidze Cast: Eka Chkheidze, Nika Tavadze, Apolon Kublashvili, Aleko Makharoblishvili Duration: 150 minutes Date: November 22 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Flaming Lover Director: Tiko Katamashvili Cast: Salome Chulikhadze, Maraiam Nadiradze, Tiko Kordzadze Date: November 22 Time: 19:00 Price: 6, 9, 11 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Hotel at the Two Worlds Crossing Premiere Director: Giorgi Tavadze Cast: Akaki Khidasheli, Nugzar Kurashvili, Ana Matuashvili, Gvantsa Kandelaki, Nino Andriadze, Beknu Kapianidze Date: November 22 Time: 19:00 Price: 7, 10 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Ghosts - Premiere Director: Misha Charkviani Cast: Buba Gogorishvili, Kakha Kintsurashvili, Zaal Chikobava, Alexander Begalishvili, Ana Tsereteli Date: November 22 Time: 19:00 Price: 8, 10 GEL Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Man Who Loved Literature Very Much Director: Zurab Kandelaki Cast: Giorgi Katchakhidze, Vakhtang Nozadze, Lika Shukakidze, Eka Tvauri, Giorgi Shavgulidze, Giorgi Jikuridze Duration: 90 minutes Date: November 22 Hall: Small Stage Time: 12:00 Price: 7, 10 GEL Chinchraka Director: Goga Kachibaia Cast: Vameh Jangidze, Nino Archaia, Badri Gvazava, Vakhtang Nozadze, Nikoloz Kvantaliani, Salome Tsurtsumia, Maia Khornauli, Shalva Antelava, Ana Mghebrishvil Duration: 90 minutes Date: November 22 Hall: Big Stage Time: 12:00 15:00 Price: 7, 10 GEL The Very Truthful, Baron Münchausen Director: Elene Matskhonashvili Cast: Nino Papiashvili, Kakha Gabelaia, Levan Katsiashvili, Giorgi Katchakhidze, Beso Megrelishvili, Devi Rekhviasvili Duration: 105 minutes Date: November 22 Hall: Small Stage Time: 15:00 Price: 7, 10 GEL Georgian State Pantomime Theatre 37 Rustaveli Ave. Tel: 299-63-14 Lullaby Director: Amiran Shalikashvili Duration: 60 minutes Date: November 22 Time: 19:00 Price: 7 GEL

Gallery

Young painter Erna Dolmazova’s exhibition «Uncut Stories» Exhibition opening: 17:00, November 12, 2013 Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - November 22 The International Multimedia Exhibition «Heritage» Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - November 24 Georgian National Museum invites you on the exhibition «Moon Museum». The exhibition will be held in the framework of the Georgian National Museum’s «SCIENCE WEEK». Exhibition opening: 19:00, November 19, 2013 D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - December 12 Art gallery «Vanda» cordinally invites you to the solo exhibition of Vakhtang Tato Akhalkatsishvili. Opening reception: Tuesday, November 12 at 7:00pm Gallery Vanda 14, Chonkadze Str. (Sololaki area). Tel: 293-4286, 599 56-99-71 Gallery’s working hours: Everyday 12:00-19:00 till - November 22 «Baia Gallery» is organizing the small exposition of Merab Abramishvili’s works, dedicated to his participation in Sotheby’s Auction. Baia Gallery 10 Shardeni Str. Tel: 275-45-10 Gallery’s working hours: 12:00-19:00 till - November 25 Exhibition «New Life of Eastern Collections». On Exhibition will be presented masterpieces of eastern collections reserved in Shalva Amiranashvili Art Museum of Georgian National Museum Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working everyday except Monday. From 10:00 till 18:00 till - December 31

November 23, 2013

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Veriko Turashvili & Live Band, DJ Datuna MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Mghvime» Address: Left bank of Mtkvari River (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Restaurant is working 24 hours Entertainment at the restaurant «Mghvime» is colorful. Every evening from 20:00 inextinguishable star of Georgian Estrada Gia Suramelashvili. Estrada ensemble «Mghvime» (3 boys and one girl), tam-tam, violin. During weekdays: Singer, composer Kaki Bolkvadze and hot Georgian and Asian dances Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Restaurant «Maidan» 6, Rkinis Rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Maidan Jazz Band Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Keti Paresashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

Cinema

Sport Mikheil Meskhi State Stadium Chavchavadze Ave. (Vake Park) Tickets can be bought at «Dinamo Arena» and M. Meskhi State Stadium International Rugby Series Tbilisi 2013 16:30 - Georgia VS. Samoa (Ticket Price - 1, 3 GEL)

Theatre

Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Harira - Premiere Author, Director, Choreographer: Mariam Aleksidze Cast: Natia Kvashali, Tamta Inashvili, Rusudan Makashvili, Bacho Chachibaia, Ketevan Khitiri, Levan Khurtsia, David Ananiashvili, Tamta Bakhtadze, Ekaterine Lominadze Date: November 23 Hall: Grand Stage Time: 19:00 Price: 7, 8, 9, 10, 12, 15 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The ART Director: Temur Chkheidze Cast: Zura Kipshidze, Mikheil Gomiashvili, Aleko Makharoblishvili Duration: 105 minutes Date: November 23 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Tartuffe Director: Levan Tsuladze Cast: Nika Kuchava, Zviad Skhirtladze. Manana Kozakova, Barbare Dvalishvili, Tamar Bukhnikashvili, Zaza Iakashvili Duration: 140 minutes Date: November 23 Time: 20:00 Price: 5, 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 I Love You, I Love You, I Love You Director: Avto Varsimashvili Cast: Mariam Jologua, Apolon Kublashvili, Ani Aladashvili, Giorgi Jikia, Kakha Mikiashvili, Mamuka Mumladze Duration: 150 minutes Date: November 23 Time: 19:00 Price: 6, 13, 15 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 Dostoyevski.ru Director: Andro Enukidze Cast: Mariam Kitia, Archil Baratashvili, Irina Kvizhinadze, Valery Kharutchenko, Oleg Mchedlishvili, Sopo Lomjaria Duration: 80 minutes Date: November 23 Time: 18:00 Price: 5 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Hotel at the Two Worlds Crossing Premiere Director: Giorgi Tavadze Cast: Akaki Khidasheli, Nugzar Kurashvili, Ana Matuashvili, Gvantsa Kandelaki, Nino Andriadze, Beknu Kapianidze Date: November 23 Time: 19:00 Price: 7, 10 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Ghosts - Premiere Director: Misha Charkviani Cast: Buba Gogorishvili, Kakha Kintsurashvili, Zaal Chikobava, Alexander Begalishvili, Ana Tsereteli Date: November 23 Time: 19:00 Price: 8, 10 GEL Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Natsarkekia Director: Dimitri Khvtisiashvili Cast: Khatia Melkadze, Badri Gvazava, Levan Katsiashvili, Giorgi Katchakhidze, Paata Mkheidze, Vakhtang Nozadze, Nino Lortkifanidze, Paata Kikvadze, Kakha Tcholadze Duration: 90 minutes Date: November 23 Hall: Small Stage Time: 12:00 15:00 Price: 7, 10 GEL Emily’s Adventures Director: Levan Koblianidze Cast: Khatia Melkadze, Nino Shushiashvili, Shalva Antelava, Maka Bardavelidze, Tsotne Saghinadze, Vasil Amurvelashvili, Sophia Achuashvili, Irine Kukuladze Duration: 60 minutes Date: November 23 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL The Winter’s Tale Director: Data Tavadze Cast: Tamar Mamulashvili, Vameh Jangidze, David Khakhidze, Pavle Nozadze, Mariam Chukhrukidze, Rati Goguadze Duration: 150 minutes Date: November 23 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL Gabriadze Theatre 13,Shavteli Str. Tel: 8 790 98-65-91 (MagtiFix), 298-65-90 The Battle of Stalingrad Marionette Theatre Author and Director: Rezo Gabriadze In Russian +10 years Date: November 23 Time: 20:00 Price: 5, 10, 15, 20 GEL Georgian State Pantomime Theatre 37 Rustaveli Ave. Tel: 299-63-14 Saint George Director: Amiran Shalikashvili Duration: 70 minutes Date: November 23 Time: 19:00 Price: 10 GEL

Gallery

The International Multimedia Exhibition «Heritage» Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - November 24 Georgian National Museum invites you on the exhibition «Moon Museum». The exhibition will be held in the framework of the Georgian National Museum’s «SCIENCE WEEK». Exhibition opening: 19:00, November 19, 2013 D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - December 12 «Baia Gallery» is organizing the small exposition of Merab Abramishvili’s works, dedicated to his participation in Sotheby’s Auction. Baia Gallery 10 Shardeni Str. Tel: 275-45-10 Gallery’s working hours: 12:00-19:00 till - November 25 Exhibition «New Life of Eastern Collections». On Exhibition will be presented masterpieces of eastern collections reserved in Shalva Amiranashvili Art Museum of Georgian National Museum Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working everyday except Monday. From 10:00 till 18:00 till - December 31

For more information, please, visit the following website: www.info-tbilisi.com E-mail: afisha@info-tbilisi.com

CMYK

HEADLINE NEWS & ANALYSIS

georgian banking services TBC Bank Tbilisi Branches Tbilisi #9 Service Center in Zahesi (Customs Terminal) 0125, 105 A, Mshvidoba St. Vake Branch #1 0179, 41, Abashidze St. Central Branch 0179, 11, Chavchavadze Ave. Chavchavadze Branch #1 0179, 29/31/33, Chavchavazde Ave Vera Branch 0179, 31, Melikishvili St. Parliament Service Center 0118, 8, Rustaveli Ave Mtatsminda Branch 0105, 1, Rustaveli Ave. Rustaveli Service-Center 0108, Marriot hotel Rustaveli Branch #1 0108, 44, Rustaveli Ave. Mtatsminda Branch #2 0105, 22, Leselidze St. Rustaveli Branch #2 0105, 52, Rustaveli Ave. Avlabari Branch #1 0103, 2, Ketevan Tsamebuli Ave. Varketili Branch #1 Javakheti St. Isani Branch 0120, 67, K. Tsamebuli Ave. Vazha-Pshavela Branch #2 0186, 73, Vazha-Pshavela Ave. Vazha-Pshavela Branch #1 0160, 11, Vazha-Pshavela Ave Saakadze Branch 0160, 6, Shartava St. (Saakadze Sq.) Saburtalo Branch 0160, 12, Al. Kazbegi Ave. Tbilisi Central Service Center 0112, Vagzali Sq. 2 Agmashenebeli Branch #1 0102, 138, Agmashenebeli Ave. Marjanishvili Branch #2 0102, 16, Marjanishvili St. Tamar Mepe Branch 0112, 7, Tamar Mepe Ave. Head Office & Marjanishvili Branch 0102, 7, Marjanishvili St. Tsereteli Branch #2 0119, 73a, Tsereteli Ave. Didube Branch 0119, 117, Tsereteli Ave. Digomi Branch in shop («My House») 0131, Agmashenebeli Alley, 12th km, furniture shop «My House» Digomi Branch in “Goodwill” 0131, 1, Parnavaz Mepe Ave. (Hypermarket Goodwill) Nadzaladevi Branch 0180, 109, Dadiani Ave. Gldani Branch 0172, Mukhiani Settlement, Plot 1/6 Tbilisi Airport Service Center 0158, Tbilisi National Airport

Tbilisi ATMs Vazisubani Vazisubani III dstr., II Blk. Sanzona 50, Guramishvili Ave. Nikora Store Vake 11, Chavchavadze Ave. Vake Branch 1, Tamarashvili St. Pharmacy “36.6” 34, Chavchavadze Ave. Trading Center “Pixel” 7, Kipshidze St. 41, Abashidze St. Vake Service Center #1 29, Chavchavazde Ave. TBC Bank Branch 59, Paliashvili St. “Simba” Supermarket 50, Chavchavadze Ave. 15, Phaliashvili St. Aversi Pharmacy Vera 7, Kostava St. 36, Kostava St. Cinema “Amirani” 8/1, Akhvlediani Ave 18, Melikishvili St. 60, Barnovi St. “Fresh Market” 31, Melikishvili St. TBC Bank branch Mtatsminda 13, Rustaveli Ave. Hotel «Tbilisi Marriot» 11, Rkinis Rigi Acura Billiard Room 5, Rustaveli Ave. Rustaveli Cinema 4, Freedom Square 22, Leselidze St. TBC Bank branch 52, Rustaveli Ave. TBC Bank branch 44, Rustaveli Ave. TBC Bank branch 1, Rustaveli Ave. TBC Bank branch Avlabari 84, K. Tsamebuli Ave. 2, K. Tsamebuli Ave. TBC Bank branch Navtlugi 2, Cholokashvili St. “36.6” Pharmacy Varketili 34a, Kakheti Highway 44, Javakheti St. (Varketili Metro) Varketili 3, 4th m/r. Javakheti St. TBC Bank branch Isani-Samgori 39a, Moscow Ave. 169, Khmelnitski St. Supermaket “Isani” subway station 67, K.Tsamebuli Ave. TBC Bank branch Saburtalo 40, Vazha Pshavela Ave. ESM Tbilisi 67, Vazha Pshavela Ave. «Nikora» Shop 68, Kostava St. Public Television Building 22, Bakhtrioni St. 53, Saburtalo St. Nikora store 12, Al. Kazbegi Ave. At Saburtalo Branch 74, Kostava st. Shop “Caesar” Z. Zhvania Sq., 45, Gamsakhurdia Ave. “PSP” Pharmacy 1, Nutsubidze St. 52, Vazha-Pshavela Ave. Mobi Shop Riverside named after H. Aliev At Wissol gas station Turn at 4th Plateau of Nutsubidze 179, Nutsubidze St. “PSP” Pharmacy 26, Kazbegi Ave. Shop “Planeta Z” Vazha-Pshavela V Blk, 4 Bld. 29, Gamsakhurdia Ave. Shop “Okaidi” 6, Shartava St. 4, Gamsakhurdia Ave. 11, Vazha-Pshavela Ave TBC Bank Branch 11, Mitskevichi St. Supermarket 29b, Kazbegi Ave. 73, Vazha-Pshavela Ave. TBC Bank branch 11/5, Dolidze St. Supermartket “Mango” Chugureti 39, Chitaia St. Aversi Pharmacy 7, Marjanishvili St. Marjanishvili branch 19 Tsabadze St. Trade center «Pasazhi» 8, Tsabadze St. Trade center «Kidobani» 4, Khetagurov St. Humana Pharmacy 16, Marjanishvili St. TBC Bank branch 4, Chubinashvili St. Aversi Pharmacy Didube 73a, Tsereteli Ave. At #2 Didube Branch

114, A. Tsereteli Ave. «Coca-Cola» 117, Tsereteli Ave. At Didube Branch 82, Tamar Mepe Ave. “MedService” Pharmacy 1, Tsereteli Ave. Trading Center “Panda” 7, Tamar Mepe Ave. TBC Bank branch 138, Agmashenebeli Ave. TBC Bank branch 12, Kereselidze St. “Megaline” Trading Center Digomi Digomi District 3/2 Digomi District II BLK. Building 7 Digomi District, 3rd blk. D. Agmashenebeli Alley “Lukoil” Gas station Didi Digomi Entrance of Didi Digomi Trade center GOODWILL 12th Km, Agmashenebeli Alley. Shop “Chemi Sakhli” Nadzaladevi 106, Ts. Dadiani Ave. Nadzaledevi Branch 321, Ts. Dadiani Ave. Aversi Pharmacy 144, Ts. Dadiani Ave. Supermarket Temka Temka, 10th Block, BLD. 2. Gldani Gldani District 1st blk. Supermarket “Bingo” Akhmeteli Metro Trading Center “Mariami” Mukhiani Settlement, Plot 1/6 TBC Bank branch Mukhiani Mukhiani III MKR, Dumbadze Ave., BLK.5a Mukhiani II M/R, Noneshvili St., BLk. 5 “Red A” Pharmacy Avchala 3, Sarajishvili St. “Alfa Express” Ortachala 39, V. Gorgasali St. 28, Gorgasali St. Airport Tbilisi International Airport

Regional ATMs Samtredia 5, Chavchavadze S. Lagodekhi 1, Cholokashvili St. Beko Zestaphoni 39, Agmashenebeli St. Natakhtari Natakhtari Brewery Tsnori 2, Stalin St. Zugdidi 32(30) Z. Gamsakhurdia Ave. TBC Bank branch Gori 13, Stalin Ave. TBC Bank branch Bakuriani 26, Agmashenebeli St. Pharmacy “Red A” Gudauri Bar “Gagieti” Sighnaghi 1, Lolashvili St. TBC Bank Branch Agara 1, Cholokashvili St. Mtskheta 11a, Samkhedro St. Shop “Nikora” Kobuleti 500 a, Agmashenebeli St. Rustavi 14, Megobroba Ave. Rustavi Branch 19, Rustavi Highway, bld. 2 Aversi Pharmacy M.I.A. Service Agency 12/14, Meskhishvili St. Supermartket 15, Kostava St. “Aversi” Pharmacy Telavi 27, Rustaveli St. Telavi Branch 3, K. Tsamebuli St. Shop “Limbo” Borjomi 121, Rustaveli St. TBC Bank branch Kutaisi 59, Tamar Mepe St. 21a, Chavchavadze Ave. 98, Youth Ave. 3, Automsheni St. 47/1-3 Agmashenebeli Ave. and Dumbadze St. crossroads 1, Nikea St. “Nikeos” Supermarket 35/1a, Paliashvili and Columbia Missouri St. TBC Bank branch 14, Grishashvili St. Pharmacy 62, Chavchavadze Ave. TBC Bank branch Batumi 44, Chavchavadze Ave. Nikora Store 37, Zubalashvili St. TBC Bank branch 78/80 Javakhishvili St. 63, M. Abashidze St. 14a, Inasaridze St. 30, Agmashenebeli St. 57/59, Era St. TBC Bank branch 10, Rustaveli St. TBC Bank branch Khelvachauri 21a, Agmashenebeli St. Poti 22, D.Agmashenebeli St. 13 Lagrange St. Nikoladze Square. 18, Samegrelo St. 15/3 Gegidze St. TBC Bank branch

CONSTANTA Bank Branches and ATMs Tbilisi Sadguri Branch 137, Tsinamdzgvrishvili Street Varketili Branch 20, Vazisubani turn Isani Branch 84/86, Ketevan Tsamebuli Avenue Gldani Branch The right side of the Akhmeteli Subway Didube Branch 117, Tsereteli Ave Lilo Branch 2, Chirankhuli Str. Saburtalo branch 28, Vaja-Pshavela Str. Baratashvili Branch 2, Baratashvili Str.

Regions Rustavi Branch 4, Shartava Str. Marnuli Branch 72, Rustaveli Str. Bolnisi Branch 110, Sulkhan-Saba Str. Gurjaani Branch 1, Noneshvili Str. Tsnori Branch 40, Agmashenebeli Str. Lagodekhi Branch 15, M. Kostava Str. Gardabani Branch 50, D. Agmashenebeli Str. Sagarejo Branch 25, D. Agmashenebeli Str. Telavi Branch

5,Tchavchavadze Str. Dedoplistskaro Branch 62,Stalini Str. Kvareli Branch 36, Mardjanishvili Str. Akhmeta service-center 15, Rustaveli Str. Kaspi Branch 2, Agmashenebeli Str. Gori Branch 2, Tskhsinvali Highway Khashuri Branch 2, Imereti Str. Mukhrani service-center Mtsketa, Mukhrani village, Borjomi Branch 145, Rustaveli Str. Akhaltsikhe Branch 8, Iadze Str. Akhalkalaki Branch 19/1, Rustaveli Str. Zestaponi Branch 27, Agmashenebeli Str. Kutaisi Branch 95, Rustaveli Str. Samtredia Branch 10, Rustaveli Str. Terjola Branch 82, Rustaveli Str. Poti Branch 22, Agmashenebeli Str. Batumi Branch 20 , Selim Khimshiashvili Str. Tsalka Brach 10, Aristotele Str.

Bank of Georgia Tbilisi Mtatsminda-Krtsanisi 3 Pushkin Str. 4 Leselidze Str. 38 Tabukashvili Str. 7 Pushkin Str. 1 Vekua Str. 3 Pushkin Str. Vake-Saburtalo 24 Kostava Str. 29 Vazha-Pshavela Ave. 7 Kipshidze Str. 14 Gamsakhurdia Ave. 22 Bakhtrioni Str. 72/12 I.Abashidze Str. 70 Kostava Str. Sheraton Metheki Palace 10 Melikishvili Ave. 62 Chavchavadze Ave. Mtatsminda-Krtsanisi 8 Rustaveli Ave. (Parliament) 38 Tabukashvili Str. 19 Rustaveli Ave. 4 Freedom Square (Courtyard Marriott) Metro Station “Tavisuplebis Moedani” Metro Station “Rustaveli” 3 Vekua Str. (Populi City) 37 Gorgasali Str. Ortachala Radisson SAS Iveria Hotel Isani-Samgori 10 Ketevan Tsamebuli Ave. 80 Ketevan Tsamebuli Ave. 7 Kalaubani Str. Airport Metro Station “Avlabari” Metro Station “300 Aragveli” Metro Station “Samgori 1” Metro Station “Samgori 2” Metro Station “Varketili” Metro Station “Isani” Temqa Block 10, Bulding 25 44 Moskovi Ave. Vazis ubani block 4 (“Populi”) Vake-Saburtalo 41 Vazha-Pshavela Ave. 23 Chavchavadze Ave. 70 Kostava Str. 16 Gamsakhurdia Ave. 7 Petritsi Str. Melikishvili Str. 10 Gldani-Nadzaladevi 39 Tsotne Dadiani Str. 5 Tornike Eristavi Str. (“Electroplast”) Shopping Mall “Mariami”, Gldani Metro Station “Akhmeteli” Metro Station “Grmagele” Metro Station “Nadzaladevi” Metro Station “Sarajishvili” Metro Station “Guramishvili” Mukhiani, Block 4, Bulding 4 34 Tsotne Dadiani Str., Bulding 8 Metro Station “Elektrodepo” Vake-Saburtalo 1a Bulachauri Str. Metro Station “Politeknikuri Instituti 1” Metro Station “Politeknikuri Instituti 2” Metro Station “Vazha-Pshavela” Metro Station “Sameditsino Instituti 1” Metro Station “Sameditsino Instituti 2” Didube-Chugureti 99 Tsereteli Ave. 18 Tamar mefis Ave. 60 Tsereteli Ave. 83/23 Davit Agmashenebeli Ave. 142 Davit Agmashenebeli Ave. 19 Tsabadze Str. (“Pasazhi”) 12 Kereselidze Str. 1st turn (“Megaline”) 137 Tsinamdzgvrishvili Str. 127 Davit Agmashenebeli Ave. Metro Station “Vagzlis Moedani” Metro Station “Vagzlis Moedani 3” Metro Station “Tsereteli” Metro Station “Didube” Metro Station “Marjanishvili” 3 Vagzali Str. Gldani-Nadzaladevi Gladni 1 Vekua Str., Block “a” 38 Guramishvili Ave. Batumi 58 Memed Abashidze Str. 18 Zubalashvili Str. 11 Ninoshvili Str. (Hotel “Intourist Palace”) Ozurgeti 18 Guria Str. Zugdidi 90 Rustaveli Str. 54 Kostava Str. Poti 30 Davit Agmashenebeli Str. 2 Parnavaz Mepe Str. Kutaisi 17 Tsminda Nino Str. 1 Tsereteli Str. 56 Chavchavadze Str. 124 Rustaveli Str. Tskaltubo 11 Avaliani Str. Tkibuli 55 Gamsakhurdia Str. Terjola 4 Shotadze Str. Chiatura 16 Ninoshvili Str. Gori 14 Stalini Str. Bakuriani 1 Mta Str. Khashuri 2 Dzneladze Str. Akhaltsikhe 25 Kostava Str. Rustavi 8 Baratashvili Str. 10 Megobroba Str. 23 Kostava Str. Tetritskaro 37 Tamar Mepe Str. Tsalka 71 Kostava Str. Marneuli 65 Rustaveli Str. Gardabani 76 Davit Agmashenebeli Str. Bolnisi 110 Sulkhan-Saba Str. Gurjaani 12 Noneshvili Str. Zestaponi 59 Agmashenebli Str. Senaki 78 Chavchavadze Str. Kvareli 34 Chavchavadze Str. Kobuleti 1 Ninoshvili Str. Akhalkalaki 35 Nalbandiani Str. Telavi

6 Chavchavadze Str. Kaspi 78 Stalini Str. Batumi Airport 21 Agmashenebi Str. Signagi 15 9 Aprili Str. Poti Kokaia Alley 1 Str.(Customs “Dasavleti”) Gori 3 Stalini Str. (Populi) Kutaisi 143 Rustaveli Str. (Populi) Khelvachauri 82 Agmashenebi Str. Sagarejo 17 Agmashenebeli Str. Batumi 10 khimshishvili Str. (Hotel “Marina”) Borjomi 1 Rustaveli square Samtredia 21 Javakhishvili Str. Khulo 16 Abashidze Str Batumi 3 Settlement Tamari Tskneti 3 Rustaveli Str. Mtskheta 12 Samkhedro Str. Lanchkhuti 101 Zhordania Str. Sachkhere 4 Agmashenebeli Str. Keda 13 Tbel Abuseridzis Str. Batumi 58 Memed Abashidze Str. Gardabani Martkopi (Vaziani) Gori 43 Samephos Str. Kaspi 2 Farnavazis Str. “Kaspicementi” Rustavi 70 Mshenebelta Str. “Rustavcementi” Tbilisi Kakheti Highway 112 km. (Lilo) Holiday Inn Hotel Batumi Rustaveli Str. 28 “Batumi Sheraton” Rustavi Tsiteli Khidi Highway 21 km

ATM’s Tbilisi Vake 8 Mtskheta Street 12 eristavi street 72/12 Abashidze Street 48 Chavchavadze Avenue 22/23 Chavchavadze Avenue 22/23 Chavchavadze Avenue 62 Chavchavadze Avenue 50 Chavchavadze Avenue 52 Chavchavadze Avenue 22 Chavchavadze Avenue 78 Chavchavadze Avenue 7 Kipshidze Street 9a nafareuli street 13 Kipshidze Street 2 Berdzenishvili Street 41 abashidze street 81/9 Abashidze Street 3 Tamarashvili Street Tamarashvili Street 16 Phaliashvili Street Tskneti 3 Rustaveli Street 2 Rustaveli Street Saburtalo 67 Vazha-Pshavela Avenue 41 Vazha-Pshavela Avenue 41 Vazha-Pshavela Avenue 2 Vazha-Pshavela Avenue 27b Vazha-pshavela avenue 27a Vazha-Pshavela Avenue 17 Vazha-Pshavela Avenue 27 Vazha-Pshavela Avenue 72 Vazha-Pshavela Avenue Vazha-Pshavela Avenue, II Block 35/37 Shartava Street 7 Shartava Street 21 Dolidze Street vakhushti bridge Saakadze square Samedicino Vazha-Pshavela Politeqnikuri 1 Politeknikuri 2 17a Saburtalo Street 37 Saburtalo Street 70 Kostava Street 70 Kostava Street 26 maisi street 1 26 May square Kostava Street 44 Khazbegi Avenue 10 Khazbegi Avenue 13 Khazbegi Avenue 14 Khazbegi Avenue 12 Khazbegi Avenue bagteriofagi 8 a mitschkevichi street 19 Gamrekeli Street 23 kandelakis street 43 Gamsakhurdia Avenue. gagarini 16 Gamsakhurdia Avenue 2 Gamsakhurdia Avenue 14 Gamsakhurdia Avenue 1a Bulachauri Street 3 mk.2 kv. Nucubidze 175 Nutsubidze Street 221 Nutsubidze Street 25 nutsubidze street Nutsubidze plato III mr. II kv 1 Sandro Euli Street 13 Bakhtrioni Street 22 Bakhtrioni Street 6 Phanaskerteli Street 16 Chikovani Street 25 Kavtaradze Street 4 Gabashvili Street 5 Jikia Street Mtatsminda 2 Freedom Square mtawminda square 3 Pushkin Street 3 Pushkin Street 3/1 Pushkin Street 3 Pushkin Street Tavisuplebis Moedani 7 Pushkin Street 4 Freedom Square 12 Chanturia Street Rustaveli 16 Rustaveli Avenue 8 Rustaveli Avenue 19 Rustaveli Avenue 37 Rustaveli Avenue 2 Leonidze Street 22 Leselidze Street 4, Leselidze Street 38 Tabukashvili Street 2 Baratashvili Street 7 Ingorokva Street GTC 8 Erekle II Street 13 Savteli Streer 20 Akhvlediani street 1 Vekua Street 40 Khetagurovi street rose squire rose squire Vera 28 petriashvili street 25 Kostava Street 24 Kostava Street 44 Kostava Street 1 Khorava Street 10 Kekelidze Street 8 Kuchishvili Street 50 Gogebashvili Street 13 Melikishvili Street 10 Melikishvili Street 10 Melikishvili Street Gldani-Nadzaledevi 2 gudamakhari street Gldani V m/r Block14 Gldani III m/r 2 Khizanishvili Street 2 Dadiani Street 7 Dadiani street 34 Dadiani Street 151 Dadani Street 21 Sarajishvili Street Sarajishvili Grmagele Guramishvili 38 Guramishvili Avenue

FINANCIAL

18 November, 2013 | finchannel.com 33a GuramiSvili avenue 84 Guramishvili Avenue 7 Guramishvili Avenue 84 Guramishvili Avenue Peikrebi street Mukhiani, IV m/r, 4 block Dumbadze str IV m/r, Block 5 Nadzaladevi Nadzaladevi metro Square 15 Khizanishvili Street 31 Khizanishvili Street metro axmetelis mimdebare. mariami metro axmetelis mimdebared 1 Vekua Street 1 Vekua Street Akhmeteli Temka 10 Kv, Block 25 Temka samshobiaro saxli # 5 mimd 34 Khosharauli Street Didube-Chugureti 8 tsabadze street 17 Uznadze Street 1 Tsereteli avenue 60 Tsereteli Avenue 55 Tsereteli Avenue 95 Tsereteli Avenue 110 Tsereteli Avenue 99 Tsereteli Avenue 118 Tsereteli Avenue 118 Agmashenebeli Avenue 127 Agmashenebeli Avenue 80 Agmashenebeli Avenue 96 Agmashenebeli Avenue 1 Agmashenebeli Avenue 89/24 Agmashenebeli Avenue 86/90 Agmashenebeli Avenue 15 Tamar Mepe Avenue 10 Tamar Mepe Avenue 20 General Kvinetadze Street 5 marjanishvili street Marjanishvili 83/23 Agmashenebeli street 1 Chitaia Street 19 Tsabadze Street, pasage 2 Chkheidze Street Tbilisi central Tsereteli Vagzlis moedani 2 Vagzlis Moedani 1 Vagzlis Moedani 2 19 Agladze Street 2 Vagzlis Moedani 95 Tsinamdzgvrishvili Street 137 Tsinamdzgvrishvili Street Mtkvari Left Riverside (mushtaedi) 1 chaladze street Digomi 8 chachava street Military Base (vashlijvari) Digomi II kv. 5 Block Digomi Block V, I a Building 11 George Balanchini Street Agmashenebeli alley II km Agmashenebeli alley 9 km. Agmashenebeli alley Didi Digomi way. Digomi village way (vashlijvari) 8 Petritsi Street 7 Petritsi Street 10/12 Godziashvili Street Vashlijvari Agmashenebeli alley 13 km 6 gelovani avenue 5 Lubliana Street Isani-Samgori Isani Samgori 1 Samgori 2 Varketili Varketili 3, IVm/r, near by 410 Building 1 Khomleli street 64 Javakheti street Vazisubani IV m/r I block, petefi str. Vazisubani IV m/r I block 2 Landia street 300 Aragveli Kakheti Highway 21km 60 Kakheti Highway Military Base (alekseevka) Military Base (alekseevka) AIR 3a Khomleti Street 10 Ketevan Tsamebuli Avenue 80 Ketevan Tsamebuli Avenue 51a Ketevan Tsamebuli Avenue 4 Kiziki Street Airport Airport Airport Military Base (vaziani2) 7 Kalaubani Street 7 Kalaubani Street 14 Kalaubani Street 39 Moscow Avenue 17 chichinadze street 44 Moscow Avenue 10 Telavi Street Avlabari Avlabari Metro Square 8/10 Chekhov Street 23 Shuamta Street 155 bogdan khmelnitski street 6/4 Naftlukhi Street Atskuri, isnis metros mimdebare Kairo & Javakheti Street 64 Melaani Street 1 Abdushelishvili street 122 Kakheti Highway market lilo 113 gakhokidze street 38 Kakheti Highway Krtsanisi 41 Gorgasali Street 39 Gorgasali Street Military Base (krtsanisi)2 Military Base (krtsanisi) 16 Gorgasali Street 16 Gorgasali Street 6 Gorgasali Street 77 Gorgasali Street 117 Gorgasali Street 37 Gorgasali Street 19/2 Rustavi Highway 7 a krtsanisi street 10 Gulua Street Kodjori military base Mtskheta 23 arsukidze street Bebriscixis mimdebared 12 samxedro street Gudauri Rustavi 10 Megobroba Street 16 Mshenebelta Street 16 Kostava Street 23 Kostava Street 4 Shartava Street 8 Baratashvili Street 4 mshvidoba street 4 mshvidoba street 14 gagarini street Gardabani 25 agmashenebeli street 76 Agmashenebeli Street Marneuli 65 Rustaveli Street Old Military Area Bolnisi 113 Sulkhan-Saba Street Tsalka 71 Kostava Street Tetri tskaro 37 Tamar mepe Streer Telavi 60 Agmashenebeli Streer 6 Chavchavadze Street 2 erekle II street 6 Erekle II Street 9 Agmashenebeli Streer Lagodekhi 3 zakatala street 45 rustaveli street 15 9 April Street 1 kudigori street 34 Chavchavadze Street 12 Noneshvili Street 17 Agmashenebeli Streer Khashuri 190 borjomi street 2 Dzneladze Street Gori 2 Ertoba Street 14 Stalini Street 26, Chavchavadze street Ckhinvali highway 43 Samepho Street 68 Samepho Street Military Base, tskhinvali highwat Military Base, tskhinvali highwat Kaspi Rustaveli Street 78, Stalini Street Akhaltsikhe 66 Rustaveli Street 25 Kostava Street

Military Base 35 Nalbandiani Street Borjomi 143 Rustaveli Street 1 Rustaveli Square 1 Mta Street Kutaisi 17 Tsminda Nino Street 59 a Chavchavadze Avenue 56 Chavchavadze Avenue 124 Rustaveli Street 36 Grishashvili Street 17 Tsminda nino Street (Beeline) 141 Rustaveli Street 12 Javakhishvili Street 75-77/47 Ninoshvili Street & Agmashenebeli Street 98 Asatiani Street 31 Paliashvili Street axalgazrdobis I shesaxvevi Military Base Tsereteli street 1/2 16 Chavchavadze Avenue 17 Tsminda Nino Street Terjola 4 shotadze street Samtredia 21 Javakhishvili Street Chiatura 16 Ninoshvili Street Sachkhere Agmashenebeli street 17 gomarteli street Tskaltubo 21 Rustaveli Street Zestafini 59 Agmashenebeli Street 27 Agmashenebeli Street 2 Chanturiai Street Sakarkhno and Staroselski street Tkibuli 13 tabukashvili street 55 Gamsakhurdia Street Khoni 12 tavisufleba street Poti 30 Agmashenebeli Street 30 Agmashenebeli Street 52 Agmashenebeli Street 24 Rustaveli rkali 11 Chanturia Street 2 Pharnavaz mefe Street 1 Kokaia Alley nabada new port Senaki military base 78 Chavchavadze Street 168 Mshvidoba Street Zugdidi 54 Kostava Street 90 Rustaveli Street 89 Agmashenebeli Street 31 gamsakhurdias street 91 Rustaveli street Anaklia Chokatauri 20 dumbadze street Ozurgeti 18 Guria Street 2 takhaishvli street Lanchkhuti 101 Jordania Street Batumi 71 abuseridze street 132 pushkini street 48 gorgiladze street 32 Era Street 11 Ninoshvili Street 2 Maiakovski Street 17 Gogebashvili Street 51 Baratashvili Street 41 Baratashvili Street 10 Khimshiashvili Street 10 Khimshiashvili Street 16 Chavchavadze Street 39 Chavchavadze Street 20 Gamsakhurdia Street 29 tavdadebuli Street 77/88 Chavchavadze Street 47 Gamsakhurdia Street 21 Agmashenebeli Street 14 Inasaridze Street Airport 82 Era Street 105 a Lermontovi Street 8 Baratashvili Street Tamari living area 58 M.Abashidze Street 58 M.Abashidze Street 2 vazha-pshavela street 2 vazha-pshavela street 6 rustaveli street Khelvachauri adila village 82 Agmashenebeli Street 60 Agmashenebeli Street Angisa Village 118 Agmashenebeli Street 1 Agmashenebeli Street 1 Ninoshvili Street 275 Agmashenebeli Street Bobokvati Daba Chakvi 41 tamar mepe street Keda 13 abuseridze street Khulo 16 Abashidze Street Shuakhevi 5 Rustaveli street

Bank Republic TBILISI BRANCHES AND SERVICE CENTERS Head Office and Central Branch

2 Gr. Abashidze St. Tel: (995 32) 292.55.55 Fax: (995 32) 292.55.44 Vake 13 Chavchavadze Ave. (24 hour) 33a Paliashvili St. Freedom Square 2, Leonidze St. Airport International Airport (24 hour) 24 hours, except Christmas and Easter Didube 10 Building, Tsereteli Ave. Sadguri 10, Tamar Mephe Ave. Sadguri Near the Railway Station Sanzona 34 Guramishvili Ave. Nadzaladevi 34 Dadiani Ave. Saburtalo 28 Pekini Ave. 71 Vazha-Pshavela Ave. 47 A. Kazbegi Ave. Isani 6/2 Navtlughi St. Gldani 20 Khizanishvili St. Mukhiani 8b Block, IVa micro district Iashvili Clinic 2/6 Lubliana St. Police Office 8 Gulua St. Dighomi 1b Block, 1 micro district, Dighomi Building of City Court of Tbilisi David Aghmashenebeli Alley VI km. Ortachala 37 Gorgasali St. Varketili Aerodrome Settlement. St N 29-31

REGIONAL BRANCHES AND SERVICE CENTERS Batumi 6 Kutaisi St. 24 Gogebashvili St. (24 hour) 24 hours, except Christmas and Eastern Airport Kutaisi 6 Grishashvili St. 59 Chavchavadze Ave. Samtredia 2 Razmadze St. Zestaponi 59 Aghmashenebeli St.

Zugdidi 34 Zv. Gamsakhurdia Ave. Police Office Building 1 Commune of Paris St. Poti 50 Aghmashenebeli St. Rustavi 20 Megobroba Ave. Police Office Building 21 Mshenebelta St. Sighnaghi 1 Tamar Mepe St. 4 Marjanishvili St. Gori 13 Chavchavadze St. Kvareli 13 Rustaveli St.

ATM Tbilisi Vake 2 Gr.Abashidze St. 13 Chavchavadze Ave. 33 A Paliashvili St. 1 Chavchavadze Ave. 49b Chavchavadze Ave. 50 Chavchavadze Ave. 2 Mosashvili St. Mrgvali Bagi 7 Kibshidze St. Mtatsminda 27 Kostava St. 32 Br/Zubalashvili St. 20 Rustaveli St. 10 Pushkini St. 8 Erekle II 2, Leonidze St. 4 – 9aprili St. 24 Gorgasali St. Ministry of Justice 24 Gorgasali St. General Office of Public Prosecutor 37 Gorgasali St. 8 Gulua St. Saburtalo 75 Kostava Ave. 16 Kazbegi Ave. 47 Kazbegi Ave. 2 Gamsakhurdia Ave. 23-25 Gamsakhurdia Ave. 28 Gamsakhurdia Ave. 45 Gamsakhurdia Ave. 6 Shartava St. 19 Nutsubidze St. 179 Nutsubidze St. 5 Sandro Euli St. Nutsubidze Plato 3rd , 5 Dzotsenidze St. 13 Bakhtrioni St. 11 Dolidze St. Building 4/5 34 Vaja Pshavela Ave. Vaja Pshavela Ave. 48 Vaja Pshavela Ave. 71 Vaja Pshavela Ave. 72 Vaja Pshavela Ave. Building 1, Block of flats 7, Vaja Pshavela Ave. Kavtaradze St. Digomi 1st Block, 1 Micro District, Dighomi Masivi 9 Mikeladze St. 3rd Block, Dighomi Masivi Aghmashenebeli alley 6 th km. Aghmashenebeli alley 2/6 Lubliana St. 5 Lubliana St. 13 Petritse St. Didi Digomi Didube-Chugureti 1 Khetagurovi St. 2 Tsereteli Ave. Tsereteli Ave. Building 10 67 a Tsereteli Ave. 144 Tsereteli Ave. 10 Tamar Mephe Ave. Near Railway Station 44 Aghmashenebeli Ave. 4 Chubinashvili St. 19 Vakhtang Bagrationi Ave. 19 Tsabadze St. Isani-Samgori International Airport of Tbilisi, „Sakaeronavigatsia“ International Airport of Tbilisi, Airport Service Center Kakheti highway 112 Kakheti highway 6/2 Navtlughi St. 23 “Ghvinis Aghmarti” Varketili Subway Territory 7 Varketili, Kaloubnis St. 9 Tsinandali St. 91 Ketevan Tsamebuli Ave. Opposite side 2 Ketevan Tsamebuli square 44 Moscow Ave. Vazisubani III Mik. II Block #15 Gldani-Nadzaladevi 34 Dadiani St. 39 Dadiani St. 263 Dadiani St. 20 Khizanishvili St. Mukhiani 2nd , Block #5 (Noneshvili St.) Mukhiani, Building 8, 4a m/d Temka District, Building 10, 2 m/d, Block of flats: 25 34 Guramishvili Ave. 36 Guramishvili Ave. Subway Sadguri, Akhmeteli Theatre Territory

Tskneti

3 Rustaveli

Telavi

4 Marjanishvili St. 2 Saakadze Square

Gurjaani

10 Noneshvili St.

Dedoflis Tskaro 2 Baratashvili St.

Kvareli

13 Rustaveli St.

Tsnori

28 Agmashenebeli St.

Sighnaghi

1 Tamar Mephe St.

Gardabani

49 Aghmashenebeli St.

Marneuli

21, 26 May St.

Rustavi

6 Megobroba St. 20 Megobroba Ave. Rustavi highway 21 Kostava Ave.

Mtskheta

Agmashenebeli St.

Gori

14 Chavchavadze St. 13 Stalinn Ave. 5th Km of Tskhinvali Highway

Khashuri 1 Imereti St.

Borjomi

26a Rustaveli St.

Akhaltsihke 31 Kostava St.

Zestaponi

59 Aghmashenebeli Ave.

Kutaisi

59 Chavchavadze Ave. 56 Chavchavadze Ave. 3 Tamar Mephe St. 6 Grishashvili St. 32 Niuport St. 11 Kupradze St.

Samtredia

3 Tamar Mepe St. 2 Razmadze St.

Zugdidi

34 Zv.Gamsakhurdia St. 5 Kostava St.

Poti

50 Aghmashenebeli St. 52 Agmashenebeli St. 24 Rustaveli St.

Kobuleti

358 Aghmashenebeli St.

Batumi

131 Chavchavadze Ave. 24 Gogebashvili St. 31 Tavdadebuli St. 6 Griboedovi St. 6 Ninoshvili St. 6 Kutaisi St. Batumi International Airport Makhinjauri Daba Khelvachauri, 84 Agmashenebeli Ave.

Khimshiashvili St.

Sarpi Sarpi

VTB Bank Tbilisi 37, Uznadze Str. 14, Chanturia Str. 5, Jikia Str. 3, Gotua Str. 6, Gorgasali Str. 16/18, Rustaveli Ave. 54, Chavchavadze Ave. 10, Chavchavadze Ave. 21, Vazha Pshavela Ave. I tr. 33, Kostava Ave. 16/18, Tamar Mepe Ave. 4, Leselidze Str. 15, Tamar Mepe Ave. 76, Tsereteli Ave. 3, Vani Ave. 147, D. Aghmashebeli Ave. 5, Khizanishvili Str. 12, Ketevan Tsamebuli Ave. 20, Telavi Str. 42, Al. Kazbegi Ave. 8, Tsabadze Str. 6/2, Navtlughi Str. 9, Tsinandali Str. 48a, Bogdan Khmelnitsky Str. 19, Gamrekeli Str. 143, Tsereteli Ave. 78, Nutsubidze Str. Aghmashenebeli Alley 60, Barnov Str. Regions 113, Chavchavadze Str., Batumi 21, Asatiani Str., Batumi Gori, Tskhinvali Motorroad 49, Samepho Str. Gori 13, Noneshvili Str., Gurjaani 3, Saakadze Sq., Telavi 74, Rustaveli Str., Marneuli 8, Eristavi Str., Ozurgeti 1, Kostava Str., Ozurgeti 3, Megobroba Ave., Rustavi 18, Megobroba Ave., Rustaveli 5, Tabidze Str., Poti 13, Rustaveli Ring., Poti 30, April Alley, Poti 64, Chavchavadze Ave., Kutaisi 5, Rustaveli Str., Kutaisi 35, Z. Paliashvili Str., Kutaisi 3, Rustaveli Str., Kutaisi 98, Akhalgazrdoba Ave., Kutaisi 59, Tamar Mepe Str., Kutaisi

CARTU Bank Head office   39a I. Chavchavadze avenue    Tbilisi, 0162, Georgai phone: (+995 32) 92 55 92/91/90 fax: (+995 32) 91 22 79 email: info@cartubank.ge   Vake Service Center 24 I. Abashidze street Tbilisi, 0179 Georgia phone (+995 32) 25 06 14/15 fax: (+995 32) 25 06 15 email: vake@cartubank.ge   Saburtalo Service Center 14b Pekini Street Tbilisi 0171 Georgia phone: (+995 32) 92 55 92  fax: (+995 32) 38 23 92 email: saburtalo@cartubank.ge   Lilo Service Center 14 Yumashev street Tbilsi, 0198, Georgia phone: (+995 32) 24 11 33  fax: (+ 995 32) 24 11 34  email: lilo@cartubank.ge   Mtatsminda Branch #1 Vekua atreet Tbilisi 0105, Georgia phone: (+995 32) 93 89 22 fax: (+995 32) 92 19 38 email: mtatsminda@cartubank.ge Kutaisi Branch 4 Paliashvili Str.  Kutaisi 4600, Georgia  Tel.: (+995 231) 4 11 48  Fax: (+995 231) 4 11 45  E-Mail: cartuk@cartubank.ge Batumi Branch 2 Griboedov Str. Batumi 6000, Georgia  Tel.: (+995 222) 7 59 00  Fax: (+995 222) 7 65 04  E-Mail: batumi@cartubank.ge Gori Service Center 10/14 Stalin Ave. Gori, 1400, Georgia  Tel.: (995 270) 7 76 71 Fax: (995 270) 7 76 71 E-mail: gori@cartubank.ge Telavi Service Center Chavchavadze Square Telavi 0022 Georgia phone: (995 250) 7 09 00 fax: (995 250) 7 09 01 emailtelavi@cartubank.ge  Vake 39 I. Chavchavadze avenue 54 I. Chavchavadze avenue 24 I. Abashidze street 35 Tskneti Highway Mtatsminda 1 I. Vekua street 3 I. Vekua Street 4 Freedom Square 31 Shota Rustaveli avenue 17 Shota Rustaveli avenue 10 G. Chanturia street 29 K. Melikishvili avenue 52 K. Melikishvili avenue 34 M. Kostava street Ortachala 79 Gogasali street 10 G. Gulua street Saburtalo 6 Pekini street 14b Pekini street 48 Vazha-Pshavela avenue 71 Vazha-Pshavela avenue 16 Kavtaradze street L. Gotua Street 10 A. Kazbegi avenue 48 Vashlidjvari Didube-Chugureti 8/9 A. Tsereteli avenue 119 A. Tsereteli avenue 97 David Agmashenebeli avenue 154 David Agmashenebeli avenue 16 K. Marjanishvili street 31 Tamar Mefe avenue Digomi, 4th block, building 5 Isani-Samgori 14 Yumashvi Street Aiport 42 Bogdan Khmelnitski street Javakheti street Isani Bazroba Lilo 6/2 Navtlugi street 91 Ketevan Tsamebuli street 12 Meskhishvili street Gldani-Nadzaladevei Gldani „a“ micro district, building 50 3 V. Sarajishvili street 7 Sh. Dadiani Street 39a Sh. Dadiani Street Sachkhere 36 Tamar Mefe street Kutaisi 4 Z. Paliashvili street 51/2a I. Chavchvadze street Batumi 2 A. Griboedov street 4 V. Mayakovski street 44 K. Gamsakhurdia astreet 65 N. Noneshvili street 12/14 M. Abashidze Gori 10/14 Stalini avenue Telavi Chavchavadze square

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS finchannel.com | 18 November, 2013

20 Telavi Str. Tel: 277 20 20 Fax: 277 21 20

www.sheraton.com/tbilisi

| places we strongly reccommend to visit | Ice cream, coffee, blended drinks, pastry, salads… Open 8am-2am (May-October)

8am-1am

(November-April)

Addr: 12 Eristavi Str. (at the round garden) 34 Leselidze Str. 7a Pekini Str. Phone: 299 03 99; 574 74 69 69 info@lucapolare.com www.lucapolare.com

Tel: 251 00 01 Fax: 253 00 44 info@zarapxana.ge www.zarapxana.ge

La Brioche AeroSvit Representative office in Georgia Address: 25 st.Leselidze Office 205 Tbilisi 0160, Georgia  Tel: 243 96 93 Fax: 243 96 93  tbilisi@aerosvit.com

1 Brother Kakabadze Str.

15 Lubliana Str.

37 Chavchavadze Ave. Tel.: 291 30 26; 291 30 76

dining

Tel: 292 29 45; Fax: 292 29 46; tk@mcdonalds.ge

Addr: Batumi, Georgia, Parnavaz Mepe №25

Tel.: 260 15 36 info@piazza.ge, www.piazza.ge

Betsy’s Hotel 32-34 Makashvili Street, 0108, Tbilisi, Georgia

Tel.: 293 14 04, Fax: 299 93 11 info@betsyshotel.com www.betsyshotel.com

5 Chavchavadze Ave. 13, Rustaveli Avenue.; Tel.: 2 779 200 www.TbilisiMarriott.com tbilisi.marriott@marriotthotels.com

4, Freedom Square, Tel: 2 779 100 www.CourtyardTbilisi.com courtyard.tbilisi@marriotthotels.com

3 Vashlovani Str.; (“Super Babilon” oposit) Tel.: 298 90 86

Tel.: 222 44 17 577 22 99 22 plasticsurgerygeo.com

Hotel “O. Galogre” The tickets are available at tbilisi international airport freedom square 4 courtyard marriott hotel, 1st floor

Tel: 2400 400; 2400 040

36 Al. Kazbegi ave. Tbilisi, 0177, Georgia Tel/Fax: 229 43 43 info@intercontinental.ge www.intercontinental.ge

Le Marais

Literary cafe “Monsieur Jordan” V. Gorgasali st.,17 Tel.: 275-02-07

Radisson Blu Iveria Hotel Rose Revolution Square 1 Tel.: 240 22 00; Fax: 240 22 01 info.tbilisi@radissonblu.com radissonblu.com/hotel-tbilisi

Erekle II str. Tel: 555 00 44 46

GEORGIA PALACE HOTEL

Georgian Real Estate Management The Green Building, 6 Marjanishvili Street, 0102 Tbilisi Tel: 243 30 77, Fax: 243 30 79 www.firstbrokerage.ge E-mail: info@firstbrokerage.ge

For advertising please contact: 577 741 700 marketing@finchannel.com

32 Abashidze Str. Tel: 222 40 83

26 May Square Tel: 2300099 E-mail: info@hi-tbilisi.com www.hi-tbilisi.com

50 Chavchavadze Ave. Tel: 2 91 52 42

Village Anaklia, Zugdidi, Georgia Tel: 2 60 99 90 2 60 99 91 www.hotelanaklia.com

13 Shavteli Str. Tel: 2439494 info@ambasadori.ge www.ambasadori.ge

6 Kavsadze Str. Tel: 2 25 15 45 2 55 44 55 www.lottravel.ge

For advertising please contact:

275 Agmashenebeli Ave., Kobuleti, Georgia Tel: 2242400 Fax: 2242403

E-mail: info@gph.ge, www.gph.ge

Tel: 888 222 2900 www.sheraton.com/tbilisi

8, Vakhtang Gorgasali Str. Batumi, Georgia Tel: +995 422 27 48 45 info@hotelgalogre.com www.hotelgalogre.com

4 Freedom Square Tel: 2988 988, Fax: 2988 910 E-mail:gmt@gmt.ge, www.gmt.ge

4 Kargareteli str. Tel; 2236278 www.kenari.ge info@kenari.ge

577 741 700 marketing@finchannel.com

BusinessTravelCom

Hotel and Airticket Booking: 2 999 662 | SKY.ge

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publicity

HEADLINE NEWS & ANALYSIS

FINANCIAL

18 November, 2013 | finchannel.com

Advertiser: Roniko. Contact FINANCIAL Ad Dep at marketing@finchannel.com

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS finchannel.com | 18 November, 2013

SANCHO

LITERATURULI CAFÉ

Queue

2, Tarkhnishvili Str. Tel: 244 45 46 31, Pekini Str. Tel: 231 30 57 22, Abashidze Str. Tel: 222 02 76 36, Kostava Str. Tel: 299 07 46

4, Besiki Str. Tel: 2 519 966

23, Akhvlediani Str. Tel: 298 25 98

Hangar Bar

dining

| places we strongly reccommend to visit |

TSISKVILI

PREGO 10, Paliashvili Str. Tel: 225 22 58

#1 Freedom squ. Tel: 2 240 241

Red Café Bistro & Cafe

15, Erekle II. Tel: 293 14 11 # 71 Vazhaphavela Ave. Tel: 2201 211 info@redcafe.ge

25, Tarkhnishvili Str. Tel: 225 25 16 # 20 Shavteli Str. Tel: 293 10 80

Beliashvili Str. Tel: 253 07 97

Belle Ville

BUFFALO BILL

French - European barrestaurant Pleasant and cozy atmosphere High quality service, live music every day 26, l.Kiacheli Str. Tel: 293 65 53

DONUTS

2, MarjaniSvili Str. Tel: 2 999 723

Book Corner

13b, Tarkhnishvili Str. Tel: 223 24 30 contact@bookcorner.ge

VERA STEAKHOUSE

Better seen than heard 37, Kostava Str. Tel: 298 37 67 16, Akhvlediani Str. Tel: 293 60 52

64, Paliasvili Str. Tel: 225 06 69

DUBLIN IRISH PUB

Better seen than heard

Entree 13 Taktakishvili Str. 20 Rustaveli Ave. 19 Petriashvili Str. 7 Pekini Str. 78 Chavchavadze Ave. (Bagebi) 86 Aghmashenebeli ave.

8, Akhvlediani Str. Tel: 298 44 67

10/12, Abashidze Str. Tel: 225 39 85

Tel.: 599 21 53 83

24 24/

DISCOVERY

4 Freedom Square, Tel: 254 70 30 tbilisi.fs@citadines.com

www.citadines.com

40, Chavchavadze Ave. Tel: 229 42 30

SIANG-GAN

PICASSO

41, Gamsakhurdia Str. Tel: 237 96 88

4, Vashlovani Str. Tel: 298 90 86

Prospero’s Books

34, Rustaveli Ave. Tel: (+995 32) 2923 592

Segafredo Zanetti Espresso

ENGLISH TEE HOUSE

26, Chavchavadze Ave Tel: 222 36 77

5, Marjanishvili Str. Tel: 294 16 20 32, Paliashvili Str. Tel: 222 11 09

For advertising please contact: 577 741 700 marketing@finchannel.com

BusinessTravelCom

Hotel and Airticket Booking: 2 999 662 | SKY.ge

CMYK

publicity

HEADLINE NEWS & ANALYSIS

FINANCIAL

18 November, 2013 | finchannel.com

Advertiser: The FINANCIAL. Contact FINANCIAL Ad Dep at marketing@finchannel.com