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EBRD’s Trust in Georgia Increases its Reliability for Investors The FINANCIAL

tors believe. On 14-15 May, Georgia hosted the largest business delegation ever, in line with the EBRD Annual Meeting and Business Forum 2015. The Meeting brought together over 1,500 representatives from more than 60 countries. The Government of Georgia and the EBRD have united to promote investments in the country. EBRD President Suma Chakrabarti and Georgia’s Prime Minister Irakli Garibashvili signed a Memorandum of Understanding (MoU) about the establishment of an Investors Council. Continued on p. 4

TV Ad Sales Drop by USD 14 Million in 2015 The FINANCIAL

same period of 2014. The figures are counted according to official price lists and do not take into consideration any discounts between TV companies and advertisers. In 2015, the Georgian Parliament has approved a bill of amendments to the law on advertisement. The bill had been proposed by the Georgian National Communications Commission (GNCC). The main issue that caused most of the controversy – 20% limit per hour and date of its enforcement.

By MADONA GASANOVA

By OLGA AZHGIBETSEVA and FLORIAN BIERMANN ISET

n the end of the 19 century, American economist Thorstein Veblen (1857-1929) offered a curious theory why people drink and smoke in public. In Chapter 4 of his opus magnum The Theory of the Leisure Class (1899), he speculates that those who are struck by poverty want to pretend to be affluent by drinking and smoking, as somebody who was poor would not have the means to buy such luxurious goods as liqueurs and tobacco. While today drinking and smoking in public does not impress other people, Veblen’s ideas on conspicuous consumption inspired what one might call the “economic analysis of boasting”. Veblen Goods have the paradoxical property that demand for them increases when their prices go up. The reason is that Veblen Goods are primarily consumed to show off, and as one can boast more with expensive commodities, it follows that demand should increase with price. th

Continued on p. 2

THE POWER OF “CLOWNING AROUND”

Continued on p. 6

TBC Bank Receives Two Awards from EBRD The FINANCIAL

THE ECONOMICS OF BOASTING

being the most active issuing bank in Georgia, and for Deal of the Year 2014. TBC Bank was one of the first Georgian banks to join the EBRD TFP in 1999. “We are very proud and happy to recognize the achievements of TBC Bank with these awards. TBC Bank has been quite active in financing trade during 2014. In cooperation with EBRD we issued quite an important volume in this direction. That was the reason why EBRD decided to award us,” said Vakhtang Butskhrikidze, CEO at TBC Bank.

The FINANCIAL

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The Economics of Boasting income and increases the necessity for conspicuous consumption, both through the higher payoff from boasting and because human capital cannot serve as a substitute for showing off. Therefore, people consume even more conspicuously, leading to even less investment in human capital, and so on.

By OLGA AZHGIBETSEVA and FLORIAN BIERMANN ISET

n the end of the 19th century, American economist Thorstein Veblen (1857-1929) offered a curious theory why people drink and smoke in public. In Chapter 4 of his opus magnum The Theory of the Leisure Class (1899), he speculates that those who are struck by poverty want to pretend to be affluent by drinking and smoking, as somebody who was poor would not have the means to buy such luxurious goods as liqueurs and tobacco. While today drinking and smoking in public does not impress other people, Veblen’s ideas on conspicuous consumption inspired what one might call the “economic analysis of boasting”. Veblen Goods have the paradoxical property that demand for them increases when their prices go up. The reason is that Veblen Goods are primarily consumed to show off, and as one can boast more with expensive commodities, it follows that demand should increase with price. Rolex watches, expensive mobile phones, brand name clothing, and even fancy cars may be Veblen goods: the more overpriced they are, the more people buy them for impressing others.

WHO BOASTS, AND WHY? As argued by Omer Moav and Zvika Neeman in a 2012 paper (Moav taught at ISET in the past), boasting is a way to pretend that one has hidden income (“Saving Rates and Poverty: The Role of Conspicuous Consumption and Human Capital”, Economic Journal 122, pp. 933-956). While people may have a rough idea of the incomes of their neighbors, colleagues, friends, and other people they interact with, they usually do not know exactly. Hence, there is some wiggle room for speculation, and if one sees a colleague coming to work with a Bentley, people will update their beliefs about his or her financial potency. But why do humans want to appear richer than they actually are? Evidence points at an evolutionary advantage, as command over resources seems to contribute to the sexual attractiveness of a person (in particular of males, who, for evolutionary reasons not to be discussed here, compete more fiercely for mating partners than females). It has been shown, for example, that the relationship status is a reliable predictor for the amount of a men’s conspicuous consumption – single men buy more expensive smartphones and cars than those who are married (e.g. Hennighausen and Schwab (2014): “Relationship Status Moderates Men’s Conspicuous Consumption of Smartphones”, Letters on Evolutionary

AND GEORGIA?

“In one of the short films of the ‘Real Georgian man’ series (ქართველი ვაჟკაცი), a Georgian with an expensive car has a gas system installed, which saves money but reduces the car’s engine performance. A clear case of conspicuous consumption.”

Behavioral Science 5, pp. 13-16). Like male peacocks, whose lavish plumage indicates to females that their reproductive resources are so abundant that they can afford to have highly visible (and therefore risky), resource-intensive, and even obstructive feather coats, a human male who buys a Rolex shows to human females that he is so rich that he can afford to buy a watch for several thousand dollars which essentially yields the same utility as a $20 watch. Paradoxically, conspicuous consumption seems to be more frequent in poorer societies. Moav and Neeman accumulate lots of evidence for this (detailed sources can be found in their paper): median spending on festivals comprises about 10-15% of annual income in rural India, while Black households in South Africa spend on average a year’s income on an adult’s funeral. At the same time, they typically spend less than 1% of their income on less transparent forms of entertainment like movie theatres. A New York Times article describes the case of a poor Indian farmer who sold his land for $109,000 and then rented a helicopter for $8,327 to fly his son two miles to his wedding party. The explanation given by Charles, Hurst, and Roussanov (2009) is that conspicuous consumption is more effective in a society of poor people (“Conspicuous Consumption and Race”, Quarterly Journal of Economics 124, pp. 425-67). Their argument is threefold. Firstly, by the law of supply and demand, an attractive trait is more precious on the mating market the scarcer it is. “Hidden income” is therefore more attractive when most people are poor. Secondly, revealing that one is rich is more of a surprise in a poor society, and hence the impact on one’s reputation is more significant (if everybody already assumed that one was rich, buying a Porsche does not really make a difference). Thirdly, in a rich society it is much more ex-

pensive to impress others. When upper class cars are ubiquitous, as it is the case in some European countries like Luxembourg and Switzerland, then one needs to go for a Rolls Royce or Bentley to really impress. In a low-income country like Georgia, on the other hand, a plain Toyota Land Cruiser or a BMW X6 will do the job.

IS IT ECONOMICALLY DETRIMENTAL? On the surface, one might think that a society of posers is beneficial for the economy. Doesn’t it boost the demand for expensive smartphones, watches, and cars? Moav and Neeman show that the issue is more complicated, and that a veritable poverty trap can arise from conspicuous consumption. The first problem is that conspicuous consumption competes with more useful expenditures, say, for saving for one’s retirement or the education of children: “The very poor spend only 2-3% of their income on their children’s education, do not eat well, experience ill health, and report that they are worried and anxious to an extent that interferes with their sleep and work. In many cases, they fail to make trivial investments in their business and save so little that they cannot avoid cutting back on meals when they suffer a temporary decline in income.” The second problem, according to Moav and Neeman, is that conspicuous consumption becomes more important the less human capital a person has acquired. Having a degree or a title is a strong signal about one’s income and reduces the necessity to buy, say, a Mercedes Cabrio. A vicious cycle may be the result: when people or societies get poorer, they expend more for conspicuous consumption and less for the education of their children. The reduction in human capital in the next generation leads to lower

There is casual evidence for conspicuous consumption in Georgia, like a high density of Toyota Land Rovers and BMW X6’s in the streets of Tbilisi. For poorer Georgians, having a car at all instead of going around with public transport may already be conspicuously motivated. From a bank employee we heard that during the financial hardship in 2008, many people would rather sell their apartments than their cars. The density of iPhones may also be higher than what one would expect in a country with $300 nominal monthly average income, and a low savings rate and a big trade deficit also fit to the story. While we do not have numbers to substantiate our claim, it is likely that the same patterns observed in other lowincome countries also apply in Georgia. One difficulty about conspicuous consumption is that one cannot tax it away – by increasing the prices of Veblen Goods, one will make them even more attractive. And in democratic, individualistic societies, one cannot act like Emomalii Rahmon, the president of Tajikistan, who banned gold teeth, the use of cell phones in universities, and large birthday parties. He criticized wealthy citizens “for showing off their wealth by throwing elaborate parties and thereby setting a standard for others who try to appear wealthy by holding a large party despite having only modest incomes.” The President restricted the number of people and amount of food served at weddings to prevent Tajiks, 60% of whom live below the poverty line, from “using their life savings just to compete with their neighbors.” The only way to escape the vicious cycle of conspicuous consumption is to turn it into a virtuous cycle. If one incentivizes people to accumulate more (relevant) human capital and invest more in the education of their children, they will become wealthier, and conspicuous consumption will lose importance. It may indeed be the case, however, that such positive dynamics have already set in, given the attention the educational system receives by the government, the general appreciation for literacy within the Georgian population, and the high growth rates that were achieved in the last years. If things go well, driving big cars, using expensive cellphones, and other immature behavior will become less and less prepotent in the years to come.

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EBRD’s Trust in Georgia Increases its Reliability for Investors

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olding the EBRD Annual Meeting and Business Forum 2015 in Georgia has increased the reliability of Georgia for foreign investors. The country hosted over 1,500 delegates from 60 countries. EBRD President Suma Chakrabarti positively estimated the Georgian business climate, stating that in this environment investors are not afraid to invest capital. EBRD has been investing in Georgia for a long time. “Currently it is time for Georgia to deliver results,” investors believe. On 14-15 May, Georgia hosted the largest business delegation ever, in line with the EBRD Annual Meeting and Business Forum 2015. The Meeting brought together over 1,500 representatives from more than 60 countries. The Government of Georgia and the EBRD have united to promote investments in the country. EBRD President Suma Chakrabarti and Georgia’s Prime Minister Irakli Garibashvili signed a Memorandum of Understanding (MoU) about the establishment of an Investors Council. The total investment of the EBRD in Georgia now stands at EUR 2.6 billion. Last year saw a record investment of

EUR 214 million across many sectors of the Georgian economy - from energy to small and medium-sized businesses. During the event the EBRD agreed to issue finances for various private Georgian companies. The EBRD launched its Small Business Impact Fund. The Fund will provide the main vehicle to channel donor resources to small and medium-sized enterprises. Two Georgian banks joined the EBRD’s Women in Business programme, the first product to be launched under the Small Business Initiative. “At a time of geopolitical

tensions and economic uncertainty, the Bank can be a bridge-builder and integrator. The EBRD can help ensure that transition stays its course, be a major investor when others hesitate, and support common goals both locally and globally. It must also remain financially sound and sustainable, well capitalised and, above all, build on the solid support of its shareholders,” said Suma Chakrabarti, President of the EBRD. “In general the economic situation in Georgia is currently hard but it is not insurmountable. The region’s economic growth has slowed

due to the condition of the Russian economy. I think that fundamentally, Georgia has a strong basis for economic growth and that is why the EBRD has carried out most investments in the region in your country,” Chakrabarti said. “Georgia has demonstrated that it is a part of Western Europe, that it wanted to be a part of the market economy. That is why the country is an example of achievements. Despite all the difficulties since you became independent, the country has done tremendous straights to be part of the free world. The country is already

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a part of the machinery of the free market economy, private initiative, banking system. The country has tremendous potential,” G. B. Cagninelli, Adviser to the Chairman and CEO at SIAD, former Executive Director at American Express Bank, told The FINANCIAL. SIAD Group is one of the largest companies operating in Europe. It has a diversified range of activities and it is present in industrial gases, engineering, healthcare, industrial goods and services. “There is a lot of interest in Georgia. Georgia has tried tremendously to modernize and catch up to a market economy. I used to visit Georgia 10-15 years ago, so I see the difference. Besides meeting with the people who attended the meeting, one of the reasons for my visit to Georgia was to update myself on the country,” said Cagninelli. Shashank Mehta is a Managing Director at Amigos DWC LLC. It is a logistics, media and event company. The company helps people to arrange events in Dubai. The company has branches in London, the UK, and Delhi, India. “We consider this region, in particular Georgia, Azerbaijan and Kazakhstan, to be emerging. So, I am looking for opportunities in all these three countries. I am looking for local partners here. We are

in talks with a couple of companies in Georgia. I met them during this conference. Hopefully we will sign some partnership agreement,” Mehta said. According to Mehta, Georgia is just opening to the outside world. “I am looking for deals between Delhi, Dubai and Georgia. Right now is the right time to enter the Georgian market. The time will come when it will play a big part in the local geopolitical dynamics. Georgia has a great future. It is easy to come here from Dubai, as there are direct flights. I see a big potential for bringing tourists from Dubai to Georgia. UAE citizens are interested in nature and this is what Georgia can offer, together with its cultural heritage. I would like to promote Georgia in Dubai and in Delhi, in my home country.” “EBRD has been investing to Georgia for a long time. Currently it is time for Georgia to deliver results,” Mehta added. From an organizational point of view of the EBRD meeting, the number of guests that visited Georgia and during discussions with ordinary people, Nurlan Aldayarov, Deputy Chairman at Bank of Asia, sees that Georgia is a country of lots of Continued on p. 12

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TV Ad Sales Drop by USD 14 Million in 2015 The FINANCIAL By MADONA GASANOVA

he total profit of Georgian TV companies reduced by USD 13, 989, 387, or more than 18%, during the first four months of 2015 compared with the same period of last year. TV company Rustavi 2 attracts the largest share of advertisers, according to TV MR GE, Nielsen Television Audience Measurement. TV’s profit amounted to USD 61,210,366 in JanuaryApril 2015, down from USD 75,199,753 in the same period of 2014. The figures are counted according to official price lists and do not take into consideration any discounts between TV companies and advertisers. In 2015, the Georgian Parliament has approved a bill of amendments to the law on advertisement. The bill had been proposed by the Georgian National Communications Commission (GNCC). The main issue that caused most of the controversy – 20% limit per hour and date of its enforcement. Previously television stations could allocate 20% of total broadcasting time per day to advertisement; as no hourly limit existed, broadcasters put more ad spots in primetime to maximize revenues, resulting in lengthy,

well over 12-minute ad spots in primetime. The Georgian National Communications Commission, which drafted the bill, and the Georgian Dream parliamentary majority, cite the need to put these regulations in line with the European standards as the reason behind the proposal. Under the Association Agreement with the EU, Georgia undertook commitment to introduce 20% hourly limit within five years. Rustavi 2 TV, which generates largest ad revenues

among Georgian television stations, has been in the forefront of opposition to the proposal, calling on the authorities to delay its enforcement and not to move to a new system immediately, which, the broadcaster said, would hit its ad revenues. Meanwhile, considering the overall economic conditions in the country it does not seem that the new bill was the only contributor to this reduction. Recently, representatives of outdoor advertising also complained about the drop of sales by over 10%.

With USD 6,185,635, Mondelez (Barni, Alpen Gold, Jacobs and other products) leads the list of the top ten companies with the largest ad expenditures on TV companies during the first four months of 2015. The amounts of the top ten expenditures exceeded USD 1 million. Mondelez is followed by Mobitel (Beeline), which spent USD 2, 771, 515; Coca-Cola – USD 1, 916, 321; Berlin-Khemi (a pharmaceutical company) – 1, 772, 071; Geocell – USD 1, 713, 672;

Unilever (Rexona, Sunsilk, Domestos) – 1, 547, 788; Ludsakharshi Natakhtari - USD 1,278, 585; Novartis Consumer Health Care – USD 1, 235, 509; PSP – 1, 200, 529 and Procter and Gamble – USD 1, 158, 907. There were only two companies that spent more than USD 2 million on TV ads during January-April 2015, out of the top ten expenditures. The number of companies was six during the same period of the prior-year. Mondelez and Mobitel were the only companies that increased its TV ad budget this year. The expenditure of the current year’s leader, Mondelez, has been increased from USD 6, 185, 635 to USD 5, 076, 798 from JanuaryApril 2014. Mobitel, operating under brand name Beeline, spent USD 2, 771, 515 during the first four months of 2015, up from USD 2, 199, 581 from the previous year. Procter and Gamble spent USD 4, 812, 985 during January-April 2014. Geocell – USD 3, 382, 061; Ludsakharshi Natakhtari – USD 2, 872, 087; Berlin-Khemi – USD 1, 834, 488; and Unilever – USD 1, 731, 767. In terms of the revenues of broadcasters from TV ads, two TV stations currently account the major share of all revenues in the broadcasting sector. During January-April 2015, Rustavi 2 reported revenues of GEL 22, 792, 100,

Imedi TV reported income of GEL 17, 338, 846. Meastro gained USD 5, 960, 109. It is followed by New Channel/ Comedi – with USD 5, 059, 228; GDS – USD 4, 218, 695; Maestro 24/TV 11 – USD 2, 722, 620 and Marao – USD 1, 463, 197. Channel one, Kavkasya, Channel 2, Palitra TV, Tabula TV and Music Box attracted less than USD 1 million. Ad sales profit of TV companies in 2015, has brought reduction to all TV companies operating in Georgia. There was only one exclusion. TV companies Rustavi 2 and Imedi were both leaders on advertising market in 2014. Meanwhile their profit in 2014 has shown larger scales than in 2015. Ad sales profit of Rustavi 2 was GEL 28, 974, 558 during JanuaryApril 2014. It was followed by Imedi – USD 23,626, 167; New Channel/Comedi – USD 8, 011, 507; Meastro – USD 7, 073, 457; and TV 3 – USD 1, 012, 169. Channel 1, Tabula TV and Music Box were the only companies, attracting less than USD 1 million in 2014. Maestro 24/TV 11 was the only company in 2015, that has seen increase in ad sales in comparison with the previous year. The company received USD 2, 722, 620 in January-April 2015, up from USD 1, 625, 738 from the same period of the previous year.

Millennials Most Trusting on Safety of Personal Information The FINANCIAL

n spite of high-visibility data breaches, 44% of millennials in the United States believe that their personal information is kept private “all” or “most of the time” by the businesses or companies they do business with. This is the highest of all major U.S. generational groups. Just over a quarter of millennials (26%) believe that their personal information is kept private “little” or “none of the time,” while the remaining 30% believe it is kept private “some of the time.” On the other end of the age spectrum, the most skeptical generation is traditionalists, Americans aged 70 and older. Twenty-nine percent of traditionalists believe that their personal information is kept private all or most of the time, while just over a third (35%) believe it is kept private a little or none of the time, making this the only generation to have a higher rate of distrust than trust. Thirty-six percent say it is kept private some of the time. Generation X and baby boomers fall in between these two groups, suggesting that expectations of personal privacy are age-related. Overall, 36% of Ameri-

cans believe their personal information is kept private all or most of the time, with 31% saying it is kept private little or none of the time. A third (34%) say it is kept private some of the time.

MILLENNIALS DEFY EXPECTATIONS FOR THEIR GENERATION There is a school of thought about millennials and privacy suggesting that because millennials have never known a world

without smartphones, apps, the Internet or computers -- and the inherent risks to privacy these things pose -- they should have lower expectations about the security of their personal

information than other generations do. This is because, the thinking goes, everything is available online these days, and even information that is not easily accessible is increasingly

vulnerable to hackers. But another perspective argues just the opposite. To its adherents, millennials should actually have higher expectations about the security of their personal information

than other generations because they understand how technology works and are fully aware of the inherent risks, but believe technology will keep their personal information safe. Finally, there is a slightly different version of the latter hypothesis. According to this perspective, millennials should actually have higher expectations than other generations about the security of their personal information simply because they are naïve in the ways of the world -- they have no experience to make them think otherwise. In other words, millennials have the least life experience of all generations. A corollary of this view is that members of the oldest generation -- traditionalists -- should not only have the greatest life experience (and be more jaded or cynical as a result) but the lowest expectations of personal privacy.

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TBC Bank Receives Two Awards from EBRD The FINANCIAL By MADONA GASANOVA

he European Bank for Reconstruction and Development (EBRD) has awarded Georgian TBC Bank two prizes for its outstanding performance in 2014 under the EBRD Trade Facilitation Programme (TFP). Georgia was a host country of EBRD’s Annual Meeting and Business Forum 2015. As one of the largest supporter of Georgian traders, TBC Bank sponsored the TFP conference. TBC Bank won EBRD awards for being the most active issuing bank in Georgia, and for Deal of the Year 2014. TBC Bank was one of the first Georgian banks to join the EBRD TFP in 1999. “We are very proud and happy to recognize the achievements of TBC Bank with these awards. TBC Bank has been quite active in financing trade during 2014. In cooperation with EBRD we issued quite an important volume in this direction. That was the reason why EBRD decided to award us,” said Vakhtang Butskhrikidze, CEO at TBC Bank. TBC Bank received the second award for financing an artificial snowmaking project in Georgia’s winter resorts, Bakuriani and Gud-

auri. As Butskhrikidze said, the winter season was fully dependent on snow and the Bank is proud to have managed to deal with this issue in just a short time. “This is a good example of how a bank can support companies and bring benefits to the whole sector. This is a winwin deal for TBC Bank, for the companies involved and for the country. This project supported the development of tourism in Georgia,”

Butskhrikidze said. “In terms of trade finance Georgian banks are the top; the level of service, the variety of products and, most importantly, the competence of their staff. EBRD has played a big role in providing technical assistance to Georgian banks over the years. In terms of retail banking, when I visit a branch here in Georgia, I see the service is on a really high level. Georgia is aspiring

to join Europe. The service for customers at branches in Georgia is superior to in Western Europe. Even the use of technology, mobile banking, internet banking - you do not expect it to be so good,” Vincent O’Brien, Chair of the Market Intelligence Group, ICC Banking Commission, told The FINANCIAL. Like O’Brien, Rudolf Putz, Head of the Trade Facilitation Programme, EBRD,

considers banks in Georgia to be very experienced in trade finance. As he said, they provide excellent services to their clients. “All of the banks that have been working with EBRD have been very professional, they made very good advances. The current challenges for Georgian banks are to explain to importers and exporters how to use trade finance facilities. We are helping Georgian banks to develop marketing material to train client relationship managers so they can facilitate trade finance solutions for importers and exporters. In general, banks are already very educated. Now we have to educate our importers and exporters,” said Putz. TBC Bank offers customers one of the most diverse trade finance product ranges in the Georgian banking sector. TBC Bank was one of the first Georgian banks to join the EBRD Trade Facilitation Programme (TFP) in 1999. TBC Bank is also part of IFC and ADB trade programs. The bank has a longstanding partnership with another large IFI, the Black Sea Trade and Development bank with a revolving trade line. The bank has received recognition for the high-level and successful business relationship from its various partner banks previously.

The Power of “Clowning Around” NEW STUDY HIGHLIGHTS ROLE MEDICAL CLOWNS PLAY IN REDUCING ANXIETY, PAIN AND MEDICAL COSTS OF CHILDREN UNDERGOING SURGERY The FINANCIAL

edical clowns can reduce anxiety and length of hospital stay for children undergoing urologic surgery, according to a new study featured at the 110th Annual Scientific Meeting of the American Urological Association (AUA). Medical research has found humor can have a positive effect on patients and implementation of medical clowns, particularly in pediatric settings, has become an integral and therapeutic component of care in many hospitals throughout the world. Dozens of hospital clown guilds have formed in the U.S., Canada and Europe over the last few decades, drawing inspiration from a 1998 movie hit starring Robin Williams as reallife hospital clown Dr. Hunter “Patch” Adams, as well as from New York’s Big Apple

Circus, which pioneered the first professional hospital clowning program. Appreciating this, researchers from Shaare Zedek Medical Center in Jerusalem, Israel, sought to evaluate the influence medical clowns have on reducing preoperative anxiety, postoperative pain and medical costs for children ages 2-16 undergoing outpatient urologic surgery. Children undergoing out-

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patient urologic surgery were divided into two groups. Both utilized an identical clinical setup. In the first group, the medical clown was an integral part of the medical team; however in the second group, the treatment was given without participation of the medical clown. The study found the majority (96 percent) of healthcare professionals, agreed with the presence of clowns in the operating room,

considering them useful for children (96 percent), for parents (89 percent) and for themselves (78 percent). Additionally, the overall operating room time and postoperative unit care savings led to the cost savings of more than $461. Children with medical clown influence demonstrated less anxiety prior to and after surgery, compared to those without;

Use of medical clowns resulted in less induction time for anesthesia, less overall time in the operating room, and less time to recover from surgery and to be discharged; and Pain scores, pain rescue following surgery and the time needed to return to normal activities were only slightly lower for children with medical clown influence, and not statistically significant.

PayPal Blocks Russian Account For Nemtsov Report On Ukraine War RFE/RL

he U.S.-based online payment service PayPal has blocked an account set up by Russian opposition activists to raise funds for a report alleging Russian military involvement in the Ukraine war, citing the political nature of the donation campaign. Vsevolod Chagayev told RFE/RL that PayPal informed him on May 14 that it decided to block the account because of the political nature of the report, started by Kremlin critic Boris Nemtsov before his slaying, which asserts that more than 200 Russian military personnel have been killed in fighting in eastern Ukraine. “I talked with employees of the Russian office, they said that this is the official position of the company,” Chagayev said in e-mailed comments. The Nemtsov report focuses on Russia’s involvement in the armed conflict between Ukrainian forces and Moscow-backed separatists in eastern Ukraine. It has been posted online its entirety and published in an initial print run of 2,000 copies. The PayPal account was set up by the activists promoting the report to collect online donations to pay for an eventual mass printing and free distribution. Chagayev says he opened the account on May 12, the same day that the report -titled Putin. War -- was presented at the Moscow headquarters of RPR-Parnas, the opposition political party that Nemtsov co-founded. Chagayev said the account attracted around 100,000 rubles ($2,000) in donations before PayPal informed him in the early afternoon on May 14 that it would be blocked. “PayPal proposed to withdraw [the funds] as soon as possible,” he told RFE/RL. A PayPal spokesperson told RFE/RL that the Californiabased company “does not provide the option of using its system to receive donations to political parties or causes in Russia.” Chagayev told RFE/RL that organizers of the Netmsov report on the Ukraine war have raised around 300,000 rubles ($6,000) via an account with that service, called Yandex. Money. The report was completed by allies of Nemtsov after he was shot dead near the Kremlin in a contract-style killing on February 27. Among other assertions, the report alleges that at least 150 Russian military personnel were killed during a Ukrainian offensive in August 2014, and that a further 70 were killed during fighting near the bitterly contested town of Debaltseve in January and February. President Vladimir Putin and Russian officials deny that Russian forces are involved in the fighting in Ukraine, saying that any Russians participating are there of their own accord. Kyiv and NATO say there is incontrovertible evidence of direct Russian military involvement in the conflict, which the United Nations says has killed more than 6,100 civilians and combatants since April 2014.

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Weekly Market Watch ECONOMY Producer price index up 2.3% m/m and 8.7% y/y in April 2015

PPI for industrial products increased 2.3% m/m in April 2015, according to GeoStat. Monthly index was mainly impacted by a 2.7% increase in manufacturing prices (mostly for chemical products, while food, beverages and tobacco manufacturing prices increased slightly), contributing 2.21ppts to the overall index change. Annual PPI increased 8.7% in April 2015, with manufacturing prices increasing 11.1% y/y (mostly for manufacture of foods, beverages and tobacco, basic metals, fabricated metal products, and paper and publishing), contributing 9.04ppts to the overall index change. Prices decreased 4.1%

y/y (-0.54ppts) in the electricity, gas and water supply category.

y/y (8.9% of total), Turkey +13.4% y/y (6.3%), and Israel +29.9% y/y (2.7%).

Trade deficit decreased 18.2% y/y in April 2015 According to GeoStat’s preliminary figures, the trade deficit decreased 18.2% y/y to US$ 365mn as exports fell 21.4% y/y to US$ 186mn, while imports were down 19.3% y/y to US$ 551mn in April 2015. Detailed statistics will be published on May 21. Money transfers down 24.4% y/y in April 2015 Money transfers decreased 24.4% y/y to US$ 91.1mn in April 2015, according to NBG. The 40.1% y/y drop in transfers from Russia, accounting for 40.6% of total transfers, was the major contributor. As in previous months, remittances continue robust growth from USA +26.6%

Georgia hosted the 2015 EBRD annual meeting and business forum Tbilisi hosted the EBRD annual meeting and business forum on May 14-15, 2015. The event attracted around 2000 international delegates, including government officials and business representatives, and helped raise awareness of the investment climate and opportunities in Georgia. Upcoming sports and business events for the remainder of the year - UEFA Super Cup, European Youth Olympic Festival, BSTDB annual meeting and business forum, and Silk Road forum – will further raise the country’s profile and contribute positively to the service sector.

Source: Official data * As of 4M15 **Preliminary results of census, previous data is subject to recalculation

WEEKLY MARKET WATCH EXCLUSIVELY PROVIDED TO THE FINANCIAL BY GALT & TAGGART

Source: GeoStat, preliminary data for 1Q15

Source: Rating agencies

Ease of Doing Business # 15 (regional leader) Economic Freedom Index # 22 (mostly free ) Global Competitiveness Index # 69 (improving trend) Source: World Bank, Heritage Foundaition and World Economic Forum

Source: NBG Note: Index growth means appreciation of exchange rate, decline means depreciation of exchange rate.

Source: GeoStat

FIXED INCOME

EQUITIES Bank of Georgia Holdings (BGEO LN) shares closed at GBP 17.50/share (-4.06% w/w and -8.38% m/m). More than 390k shares traded in the range of GBP 17.34 – 18.58/share. Average daily traded volume was 103k in the last 4 weeks, less than in the previous month. FTSE 250 Index, of which BOGH is a constituent, has gained 0.47% w/w and 0.81% m/m. The volume of BOGH shares traded was at 1.09% of its capitalization.

Corporate Eurobonds: Bank of Georgia Eurobonds (GEBGG) closed at 5.3% yield, trading at 104.9 (up 0.5% w/w). GOGC Eurobonds (GEOROG) were trading at 101.9 (up 0.1% w/w), yielding 5.9%. Georgian Railway Eurobonds (GRAIL) also traded at a premium at 111.0 (unchanged w/w), yielding 5.8%. Georgian Sovereign Eurobonds (GEORG) went up to 111.4 (up 0.2% w/w), closing at 4.7% yield to maturity.

FINANCIAL

Source: Bloomberg

TBC Bank (TBCB LI) closed the week at US$ 11.00 (-3.51% w/w

MONEY MARKET Refinancing loans: National Bank of Georgia (NBG) issued 7-day refinancing loans of GEL 700mn (US$ 296mn) with an average yield of 5.0% (unchanged w/w).

Source: Bloomberg

and -10.20% m/m). More than 40k GDRs changed hands in the range of US$ 10.90 – 11.50/GDR. Average daily traded volume was 12k in the

last 4 weeks, less than in the previous month. The price has decreased 15.38% since the start of trading on June 5, 2014.

Certificates of deposit: NBG sold 182-day, GEL 20mn (US$ 8.47mn) certificates of deposit, with an average yield of 6.30% (up by 78bps from previous issue).

6.40mn) T-Notes of the Ministry of Finance were sold at the auction held at NBG. The weighted average yield was fixed at 12.105%. The nearest treasury securities auction is scheduled for May 20, 2015, where GEL 40mn nominal value 364-day T-Bills will be sold.

Ministry of Finance Treasury Notes: 5-year, GEL 15mn (US$

Source: Bloomberg

Source: NBG

WEEKLY MARKET WATCH EXCLUSIVELY PROVIDED TO THE FINANCIAL BY GALT & TAGGART Investments (or any short-term transactions) in emerging markets involve significant risk and volatility and may not be suitable for everyone. The readers of this document must make their own investment decisions as they believe appropriate based on their specific objectives and financial situation. When doing so, such recipients should be sure to make their own assessment of the risks inherent in emerging market investments, including potential political and economic instability, other political risks including without limitation changes to laws and tariffs, and nationalization of assets, and currency exchange risk.

GALT & TAGGART Address: 79 D. Agmashenebeli Avenue, Tbilisi 0102, Georgia Tel: + (995) 32 2401 111 Email: gt@gt.ge

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FactCheck

EBRD’s Trust in Georgia Increases its Reliability for Investors

Zviad Dzidziguri: Parliamentary Majority MP

Continued from p. 4

possibilities. As he said, the perspectives for businesses are very good. “The fact that EBRD has chosen Georgia as a platform for the meeting of so many companies and so many professionals around the world, is an indicator that Tbilisi and Georgia can be reliable from an investment point of view. In general, EBRD is a sensitive partner. For me as a foreigner it is an indicator of trust in Georgia. As a representative

of the banking sector I am always looking for potential partners from this area, investment fund and possibilities to check the resources and to share the experience, what kind of privileges the country has and how can it be used in my country,” said Aldayarov. In Aldayarov’s words, currently the devaluation of the country has been a big challenge for all the post-Soviet states. “Increasing possibilities to drive-up economy remains the main challenge for the region.” “Georgia has to stay on

course. You should keep reinventing yourself all the time. You should learn from the Western world from a positive side. Georgia should be inspired by the good side of the Western world. The country has to find its own way, with its own principles, own values, history and traditions. But at the same time you should learn from everybody. Georgia should be intelligent enough to catch the good side of each nation, each economy and each political establishment,” Cagninelli, SIAD, told The FINANCIAL.

92.2 percent of the total money transfers from abroad came from 12 big donor countries, with the volume of transfers from of these countries each exceeding 1 million USD in April 2015. In April 2014 the share of these 12 countries

constituted 93.4 percent of the total volume of money transfers. In April 2015, 14.5 million USD (or 32.8 million GEL) was transferred from Georgia, as compared to 13.2 million USD (or 23.2 million GEL) in April 2014.

“Businesses used to lose 100% of the disputes in the Council of Tax e s l Appeals. This has changed Fa for the past two years.” Money Transfers to y l t Georgia Declined by 25 % s o Rati BAKHTADZE

FactCheck

n air on Rustavi 2, the Parliamentary Majority MP, Zviad Dzidziguri, talked about a favourable business environment created in Georgia after the government change. He stated: “During the office of the previous government, businesses used to lose 100% of the disputes in the Council of Tax Appeals. According to the data of the past two years, 44% of the disputes were won by the businesses, 40% by the state and 16% have been finished with a settlement procedure.” FactCheck took interest in the accuracy of this statement. The Council of Tax Appeals is a tax dispute resolution

body under the Ministry of Finance of Georgia. The Minister of Finance of Georgia is the Chairman of the Council whilst its members represent the executive branch of the government and non-governmental organisations. According to the Tax Code of Georgia, the Council of Tax Appeals bases its considerations upon the principles of justice, impartiality and equality of the parties. Tax disputes contain two stages and start by the presentation of the appeal to the Revenue Service of Georgia. Should the decision of the Revenue Service be unacceptable to the appealer, the individual can make an appeal at the Council of Tax Appeals. In addition, the appealer has the right to address the court system at any stage of the dispute. Both individuals and le-

gal entities can make an appeal at the Council of Tax Appeals. The chart below depicts the statistics of the appeals made at the Council from 2009 to 2014. According to the data, from 2009 to 2012, the highest number of appeals that were not granted was registered in 2009 (57%) whilst the lowest was observed in 2011 (19%). As for 2013 and 2014, a total of 51% of the disputes were resolved in favour of the appealer and 30% in favour of the state in 2013. About 1,062 (42%) of business appeals were granted or partially granted in 2014 and 1,052 (41%) appealers were denied whilst 436 (17%) of the appeals were not considered (due to various procedural demands from the appealers or the termination of the dispute).

Chart 1: Number of Appeals by Year (%)

n April 2015, the volume of money transfers from abroad constituted 91.1 million USD (205.7 million GEL), which is 29.4 million USD (66.4 million GEL), or 24.4 percent less than the amount in April 2014.

Volume of money transfers in April 2015 Million US dollars

Structure of money transfers by the biggest donor countries % April 2014

April 2015

Total

91.1

100.0

Russia

37.0

51.2

40.6

Greece

13.3

14.5

14.7

Italy

8.2

8.1

9.0

United States

8.1

5.3

8.9

Turkey

5.7

4.2

6.3

Israel

2.4

1.6

2.7

Spain

2.0

1.9

2.2

Germany

1.9

1.6

2.1

Ukraine

1.7

2.1

1.9

Azerbaijan

1.3

1.1

1.4

Kazakhstan

1.3

1.0

1.4

United Kingdom

1.1

0.9

1.2

VTB Bank (Georgia) Awarded Winners of the Mathematical Olympiad

n May 10, winners of Mathematical Olympiad “Everest” were identified. Schoolchildren of 2-6 classes were participating in the Olympiad. Holders of first, second and third places, in all classes, were gifted with deposits from the VTB Bank (Georgia). First place winners received 500 GEL, runner-ups were granted 300 GEL and bronze

CONCLUSION The statistics show that more disputes were resolved in favour of individuals than the state in 2014. The same situation persisted in 2012 and 2011. A large part of the appeals were not granted in 2009 and 2010; however, businesses have never lost 100% of the cases. FactCheck concludes that Zviad Dzidziguri’s statement is MOSTLY FALSE.

MOSTLY FALSE

The views expressed in this website are those of FactCheck.ge and do not reflect the views of The FINANCIAL or the supporting organisations

winners were awarded with 200 GEL deposits. In total, 15 students were awarded with the VTB Bank (Georgia) deposits. Main triumphants were: 2 grade – Alika Kurtanidze, Akhaltsikhe; 3 grade – Giorgi Kalandadze, Rustavi; 4 grade – Giorgi Khurtsidze, Kutaisi; 5 grade – Giorgi Vashalomidze, Batumi; 6 grade – Lekso Kvelashvili, Gori. Winners were awarded

their prizes by the Chief Retail Business Officer of the VTB Bank (Georgia), Mr. Valerian Gabunia. “Support of the projects, promoting increase of education and motivation levels of future generations, is of high importance for the VTB Bank (Georgia).” – noted Mr. Valerian Gabunia Total of 14,500 students participated in Mathematical Olympiad “Everest”, all over the Georgia.

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FactCheck

Despite Increased Use of Electronic Medical Records, Norway Doctors Believe it Decreases Time Spent with Patients, Accenture Survey Shows

Nodar Khaduri:

The FINANCIAL

Minister of Finance of Georgia

new survey by Accenture found that most Norwegian doctors are more proficient using electronic medical records (EMR) than they were two years ago, but most believe that technology has decreased time spent with patients. The Norway findings, part of a six-country survey of more than 2,600 physicians, including roughly 300 in Norway, found the percentage of doctors using IT has increased by double-digits since Accenture conducted a similar survey in 2012. However, despite doctors’ increased use of technology, some physicians believe that EMR has had negative or no impact on improved treatment decisions (20 per cent), medical errors (21 per cent) and improved health outcomes for patients (29 per cent). Despite the rapid uptake of electronic medical records, the industry is facing the reality that digital records alone are not sufficient to driving better, more-efficient care in the long-term,” said Geir Prestegård, who leads Accenture’s Norway health business. “The findings underscore the importance of adopting both technology and new care processes, as some leading health systems have already done, while ensuring that existing shortcomings in patient care are not further magnified by digitalization. The healthcare market has made remarkable progress in EMR adoption, and we believe that as the technology evolves, so too will the benefits to physicians and patient care.”

“We have cutFalse y l plenty of taxes.” t os INCREASE PHYSICIAN ADOPTION OF HEALTHCARE IT The survey found that the vast majority – 79 per cent – of doctors are more proficient using EMR than they were two years ago. The five IT capabilities that Norway doctors use the most are: Entering patient notes electronically (97 per cent); using electronic referrals to/ from health professionals in other organizations (72 per cent); sending e-order requests to laboratories (68 per cent); accessing clinical data about a patient who has been seen by a different health organization (64 per cent); and receiving clinical results directly into a patient’s EMR (58 per cent). However, despite doctors’ increased use of technology, roughly half (46 per cent) said that the electronic health record system in their organization is hard to use. More than half ([56] per cent) of them believe that healthcare IT has decreased the amount of time they spend with patients. Although nearly all doctors in Norway said that better functionality (92 per cent) and easy-to-use dataentry systems (96 per cent)

are important for improving the quality of patient care through healthcare IT.

INCREASE IN ONLINE SERVICES FOR PATIENTS Driven by growing demand for patient engagement, many of the doctors surveyed in Norway reported an increase in the services they now provide patients online. Many doctors in Norway now provide patients with access to medical information (39 per cent), enable them to book appointments online (36 per cent) and receive reminders for preventative or follow-up care (28 per cent). The survey also showed that doctors in Norway believe that allowing patients to update their own medical records increases their engagement in their own health (cited by 69 per cent of respondents), improves patient satisfaction (83 per cent), boosts understanding of their health conditions (62 per cent), increases patient and physician communication (63 per cent), and increases the accuracy of their medical records (48 per cent).

Increased Financial Services Regulation has not Hindered Growth, According to Global Deloitte Survey The FINANCIAL

ifty-seven percent of global financial services executives believe regulation has enabled growth of their business, according to the results of Deloitte Touche Tohmatsu Limited’s (Deloitte Global) Staying Ahead of the Pack survey. In addition, half of executives expect much more regulation in the near future, with 69 percent feeling prepared for it. The survey of 200 executives at banking, securities, insurance, and investment management firms around the world was conducted to identify the

most important issues impacting the industry in the next three to five years. A quarter of respondents worked for firms with more than US$30 billion in revenue. Disruption is becoming the norm - Nearly two-thirds of executives are seeing new entrants impact their industry segment. Banking sector seeing more disruption - Compared with the insurance sector, respondents in banking are 50 percent more likely to expect a major impact on their business from new entrants and disruptive trends. Innovation is key - Eightytwo percent of executives believe innovation is very or

most important in their current environments. Regulation varies by region - Respondents in Asia and Europe were two times more likely than those in the Americas to expect a lot more regulation. Areas deemed important for market success - Ranked in order of priority, innovation and new offerings; digital transformation; regulations and talent needs are most important. Human capital strategy key to success -Talent retention (90 percent), right skills in the right location (85 percent), and talent governance (85 percent) are key strategies.

Rati BAKHTADZE

FactCheck

n 12 March 2015, Minister of Finance of Georgia, Nodar Khaduri, declared: “Our government pays a great deal of attention to tax relief. We have cut a lot of taxes which has a positive impact upon both the investment and the business environments of the country.” FactCheck took interest in the accuracy of the statement. According to the Tax Code of Georgia, there are presently five national taxes in Georgia: a) personal income tax, b) corporate income tax, c) value added tax (VAT), d) excise tax and e) import tax. In the last two years, none of the aforementioned taxes was cut. However, the Government of Georgia introduced the concept of tax deductible income with regard to personal income tax. It needs to be mentioned that the previous government used to have a plan which envisaged personal income tax being cut to 15% and the abolition of taxes on dividends and interest incomes. However, the incumbent government rejected that plan, scrapped the relevant clause and introduced the concept of tax deductible income instead. Moreover, some of the taxes were raised. For instance, excise tax on tobacco and beer increased significantly. Even though the national taxes have not been cut, the Tax Code of Georgia introduced some tax relief to encourage various fields. Until 1 January 2017, every individual who is employed in agriculture and produces

agricultural goods on the territory of Georgia is exempt from paying personal and corporate income taxes if the taxable income received from the initial delivery of agricultural products does not exceed GEL 200,000 per year. Since 1 January, every disabled person (since childhood) together with individuals of visible disability have been exempted from income taxes if their income does not exceed GEL 6,000 per year (previously it was GEL 3,000 per year). All individuals who pursue agricultural or medical activities are exempt from corporate income tax if their profits at the end of a tax year are reinvested in the course of the following three years. Further, the amount of the fine for individuals who violate the rules of the proper use of cash registers was reduced from GEL 500 to GEL 200. If an individual conducts business without a waybill and is detected of so doing for the first time, the amount of the fine will be GEL 500 instead of GEL 1,000. Also further, a delay in submitting a tax declaration will be penalised by a fine of GEL 50 instead of GEL 500. Tax sanctions were also lessened. This includes the fine for the delay in paying taxes which was reduced from

0.07% to 0.06%. According to the decision of the Government of Georgia, the income generated from the rent of an apartment will be subject to 5% tax instead of 20%. Apart from the aforementioned tax relief, certain taxpayer debts were cancelled, such as: Tax debts accumulated before 1 January 2005 and still not paid, provided that the debtor has not had any further activities since that date. The surcharge on tax debt accumulated before 1 January 2009 and acknowledged by the debtor and the fine imposed on unpaid debts, accumulated before 1 January 2009 and acknowledged by the debtor with the latter’s promise to pay the debts. The fine imposed on an individual for the violation of cash register rules before 1 January 2013 and which was not paid before this clause went into force. As illustrated by the graph, the tax burden was reduced in the years 2013-2014. However, the estimated tax burden for 2015 is 25.2%. Of mention herein is the Socio-Economic Development Strategy for Georgia (Georgia 2020) where the planned tax burden for 2020 is 25%.

CONCLUSION As illustrated by the research, several amendments have been introduced into the Tax Code of Georgia since 2012. Among them are tax deductible income, tax relief for agriculture production, the cancellation of tax debts and reduced service fees. Additionally, the tax burden in the period of 2013-2014 was reduced. However, not a single national tax (personal income tax, corporate income tax, value added tax [VAT], excise tax and import tax) given in the Tax Code of Georgia was reduced. On the contrary, some of the taxes were increased. Further additionally, it must be noted that according to the Socio-Economic Development Strategy for Georgia, plans are to increase the tax burden up to 25% for the year 2020. FactCheck concludes that Nodar Khaduri’s statement: “We have cut plenty of taxes,” is MOSTLY FALSE.

MOSTLY FALSE

The views expressed in this website are those of FactCheck.ge and do not reflect the views of The FINANCIAL or the supporting organisations

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energy prices in europe

Riga Summit Likely To Disappoint Georgia, Moldova, Ukraine

FUEL PRICES ELECTRICITY HOUSEHOLDS FUEL TAXES

FUEL PRICES January 5, 2013

RFE/RL

RUSSELS -- The latest draft of the Eastern Partnership declaration prepared for the bloc’s Riga summit next month contains little good news for EU hopefuls Georgia, Moldova, and Ukraine, and highlights the shrinking ambitions of the European Union in its eastern neighborhood. The document seen by RFE/ RL has been debated for over a month in Brussels among diplomats from the bloc’s members, and several additions to the text have been made to the document first drafted by the European External Action Service (EEAS). The text, which will be endorsed by heads of government at the Riga summit on May 21-22, has been sent to the six Eastern Partnership countries -- Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine -- for input and the reading is likely to be a frustrating exercise in Tbilisi, Chisinau, and Kyiv. The three countries, which have all recently signed Association Agreements with the EU, were hoping that the Riga summit would clearly acknowledge their aspiration to one day join the bloc, but there is little indication at this point that that will happen. The text is simply stating that “in the framework of the European Neighborhood Policy and the Eastern Partnership, the summit participants reaffirm the sovereign right of each partner freely to choose the level of ambition and the goals to which it aspires in its relations with the European Union. It is for the EU and its sovereign to decide on how they want to proceed in their relations.” EU sources told RFE/RL that the idea of the Riga declaration was that it would be neither more

UKRAINE CONFLICT At the time, this was seen as the clearest official indication yet that Kyiv one day could join the EU. Diplomats told RFE/RL that they still hope to improve the text after the input from the eastern partners. The draft declaration language is also weak when it comes to the conflict in eastern Ukraine. It states that “events in Ukraine have shown that the fundamental principles of sovereignty and territorial integrity cannot be taken for granted in the 21st century on the European continent.”

EU Says No Visa Liberalization For Ukraine And Georgia The FINANCIAL -- The EU Commission has said neither Georgia nor Ukraine would obtain visafree travel to the EU’s Schengen zone at the Riga Eastern Partnership Summit later this month. Speaking in Brussels on May 8 after the EU Commission published its annual visa report on both countries, the spokeswoman for home affairs, Natasha Bertaud, said the commission was “aware” Georgia and Ukraine had ex-

pressed a desire for visa-free status at the summit, but this was “very ambitious in terms of timing.” She said the commission was willing to move forward the next report to the end of 2015 provided progress is made. The report stated both Ukraine and Georgia need to do more to implement legislation in areas like anticorruption and humantrafficking. Georgia was urged to do more

to tackle the trafficking of drugs, whereas Brussels urged Ukraine to step up laws concerning organized crime and antidiscrimination. Moldova received visa liberalization in 2014 and remains the only one of the six Eastern Partnership countries to achieve this status. Based on reporting by Rikard Jozwiak in Brussels.

Retail Price

Price (Excluding VAT)

€ 1.158

€ 1.359

€ 1.133

Belgium

€ 1.636

€ 1.352

€ 1.492

€ 1.233

Bulgaria

€ 1.265

2.49 лв.

€ 1.054

2.08 лв.

€ 1.304

€ 1.152

2.55 лв.

€ 1.087

€ 1.407

2.13 лв.

Cyprus

€ 1.348

Czech Republic

€ 1.393

35.00 Kč

€ 1.151

28.93 Kč

€ 1.433

36.00 Kč

€ 1.184

29.75 Kč

€ 1.203

€ 1.607

11.99 kr

€ 1.286

9.59 kr

€ 1.460

10.89 kr

€ 1.168

8.71 kr

Estonia

€ 1.239

€ 1.033

€ 1.293

€ 1.078

Finland

€ 1.603

€ 1.293

€ 1.521

€ 1.227

€ 1.650

€ 1.380

€ 1.493

€ 1.248

Germany

€ 1.577

€ 1.325

€ 1.453

€ 1.221

Greece

€ 1.681

€ 1.367

€ 1.411

€ 1.147

Hungary

€ 1.387

Ireland

€ 1.590

Italy

But the following paragraph from the original draft has been omitted from the current one: “the summit participants express their readiness to help overcome the worst political rift in Europe since the end of the Cold War. Our citizens expect us to prevent further negative repercussions for the stability of our continent and we are committed to do so.” Instead the document states that “the summit participants strongly support all efforts aimed at de-escalation and a political solution based on the respect for Ukraine’s independence, sovereignty, and territorial integrity. They call on all parties to swiftly and fully implement the Minsk agreement of September 2014 and the package of measures for their implementation of February 2015,” and adds that they “expect all parties to honor their commitment in this framework.” Russia is only mentioned in the context of its illegal annexation of Crimea, which the text describes as “a violation of international law and a direct challenge to international security.” Ukraine is also likely to be worried about the additional language of the entering into force of its Deep and Comprehensive Free Trade Area (DCFTA) with the EU. Kyiv and Brussels agreed in September 2014 to postpone its provisional application to January 1, 2016. This date is stated in the text but what is new is an additional paragraph noting that the participants in the summit “also note the importance of continuing the trilateral process on EU-Ukraine DCFTA implementation, in a constructive manner, using the existing flexibilities available to the contracting parties within the DCFTA.” Russia has been eager to delay the implementation of the measure by at least a year and some EU member states have reportedly considered this option as well.

Diesel (Gazole, Gasóleo)

Price (Excluding VAT)

€ 1.390

France

nor less ambitious than the declaration agreed at the Eastern Partnership summit in Vilnius in 2013. The language agreed in the Lithuanian capital regarding the path to EU membership was, however, more clearly expressed. It stated: “The participants of the Vilnius Summit reaffirm their acknowledgement of the European aspirations and the European choice of some partners and their commitment to build deep and sustainable democracy. In this context, they take note of the commitment of those partners to pursue these objectives. The participants reaffirm the particular role for the Partnership to support those who seek an ever closer relationship with the EU.” The current draft represents a considerable blow to EU members Poland and Lithuania, who are keen to bring the three countries closer to the bloc. Diplomats sympathetic to Ukraine also lamented their failure to include a line in the current draft that was agreed by EU foreign ministers last year stating that the Ukrainian Association Agreement signed on March 21, 2014, “does not constitute the final goal in EUUkraine cooperation.”

Retail Price

Austria

Denmark

By RIKARD JOZWIAK

Unleaded (Superbleifrei, Euro sans plomb, Euro95)

Country

407 Ft

€ 1.092

320 Ft

€ 1.424

€ 1.293

€ 1.752

418 Ft

€ 1.121

€ 1.531

€ 1.448

329 Ft

€ 1.245

€ 1.697

€ 1.402

Latvia

€ 1.319

Ls 0.922

€ 1.090

Ls 0.762

€ 1.321

Ls 0.923

€ 1.092

Ls 0.763

Lithuania

€ 1.360

Lt 4.70

€ 1.124

Lt 3.88

€ 1.299

Lt 4.49

€ 1.074

Lt 3.71

Luxembourg

€ 1.317

Malta

€ 1.500

Netherlands

€ 1.782

Poland

€ 1.347

Portugal

€ 1.749

Romania

€ 1.271

€ 1.145

€ 1.218

€ 1.271

€ 1.380

€ 1.473 5.49 zł

€ 1.095

€ 1.025

€ 1.169

€ 1.491 4.46 zł

€ 1.364

€ 1.422 5.66 lei

€ 1.059 € 1.232 5.56 zł

€ 1.109

€ 1.489 4.56 lei

€ 1.309

5.83 lei

€ 1.056

Slovakia

€ 1.504

€ 1.253

€ 1.431

€ 1.193

Slovenia

€ 1.486

€ 1.238

€ 1.385

€ 1.154

Spain

€ 1.372

€ 1.134

4.52 zł

€ 1.211

€ 1.343

4.70 lei

€ 1.110

Sweden

€ 1.646

14.18 kr

€ 1.317

11.34 kr

€ 1.642

14.14 kr

€ 1.314

11.31 kr

United Kingdom

€ 1.624

£ 1.321

€ 1.353

£ 1.101

€ 1.714

£ 1.394

€ 1.428

£ 1.162

EU AVERAGE

€ 1.496

€ 1.234

€ 1.181

€ 1.432

ELECTRICITY HOUSEHOLDS Retail (end-user) energy prices for households. Two consumption levels are identified. Research methodology. Consumption: 3,500 kWh/year (± 25%)

Consumption: 7,500 kWh/year (± 30%)

Country

€ per kWh Electricity

Country

€ per kWh Electricity

Austria

€ 0.1988

Austria

€ 0.1798

Belgium

€ 0.2134

Belgium

€ 0.1940

Bulgaria

€ 0.0829

Bulgaria

€ 0.0823

Cyprus

€ 0.2850

Cyprus

€ 0.2800

Czech Republic

€ 0.1480

Czech Republic

€ 0.1276

Denmark

€ 0.2982

Denmark

€ 0.2562

Estonia

€ 0.0989

Estonia

€ 0.0948

Finland

€ 0.1566

Finland

€ 0.1369

France

€ 0.1412

France

€ 0.1279

Germany

€ 0.2541

Germany

€ 0.2406

Greece

€ 0.1265

Greece

€ 0.1553

Hungary

€ 0.1708

Hungary

€ 0.1616

Ireland

€ 0.1920

Ireland

€ 0.1604

Italy

€ 0.2031

Italy

Latvia

€ 0.1187

Latvia

€ 0.1193

Lithuania

€ 0.1200

Lithuania

€ 0.1201

Luxembourg

€ 0.1707

Luxembourg

€ 0.1587

Malta

€ 0.1695

Malta

€ 0.1829

Netherlands

€ 0.2208

Netherlands

€ 0.2439

Poland

€ 0.1488

Poland

€ 0.1419

€ 0.2485

Portugal

€ 0.1689

Portugal

€ 0.1547

Romania

€ 0.1095

Romania

€ 0.1074

Slovakia

€ 0.1677

Slovakia

€ 0.1501

Slovenia

€ 0.1447

Slovenia

€ 0.1335

Spain

€ 0.1959

Spain

€ 0.1777

Sweden

€ 0.2098

Sweden

€ 0.1821

United Kingdom

€ 0.1419

United Kingdom

€ 0.1265

Notes: - Amount is in euro (€) per kiloWatthour (kWh). - Price data for non-eurozone countries are in euro. The average exchange rate valid for the referenced month is applied. - Prices include: market price, transmission through main and local networks, administrative charges and all taxes.

FUEL TAXES January 5, 2013

Country

Unleaded (Superbleifrei, Euro sans plomb, Euro95) Crude

Margin Excise duties

VAT

Retail price

Diesel (Gazole, Gasóleo) Crude

Margin Excise duties

VAT

Retail price

Austria

€ 0.512 € 0.164

€ 0.482

€ 0.232

€ 1.390

€ 0.512 € 0.224

€ 0.397

€ 0.227

Belgium

€ 0.512 € 0.226

€ 0.614

€ 0.284

€ 1.636

€ 0.512 € 0.293

€ 0.428

€ 0.259

€ 1.492

Bulgaria

€ 0.512 € 0.179

€ 0.363

€ 0.211

€ 1.265

€ 0.512 € 0.253

€ 0.322

€ 0.217

€ 1.304

€ 1.359

Cyprus

€ 0.512 € 0.281

€ 0.359

€ 0.196

€ 1.348

€ 0.512 € 0.361

€ 0.330

€ 0.204

€ 1.407

Czech Republic

€ 0.512 € 0.123

€ 0.516

€ 0.242

€ 1.393

€ 0.512 € 0.232

€ 0.440

€ 0.249

€ 1.433

Denmark

€ 0.512 € 0.187

€ 0.587

€ 0.321

€ 1.607

€ 0.512 € 0.212

€ 0.444

€ 0.292

€ 1.460

Estonia

€ 0.512 € 0.098

€ 0.423

€ 0.207

€ 1.239

€ 0.512 € 0.173

€ 0.393

€ 0.216

€ 1.293

Finland

€ 0.512 € 0.131

€ 0.650

€ 0.310

€ 1.603

€ 0.512 € 0.245

€ 0.470

€ 0.294

€ 1.521

France

€ 0.512 € 0.261

€ 0.607

€ 0.270

€ 1.650

€ 0.512 € 0.308

€ 0.428

€ 0.245

€ 1.493

Germany

€ 0.512 € 0.159

€ 0.654

€ 0.252

€ 1.577

€ 0.512 € 0.239

€ 0.470

€ 0.232

€ 1.453

Greece

€ 0.512 € 0.185

€ 0.670

€ 0.314

€ 1.681

€ 0.512 € 0.223

€ 0.412

€ 0.264

€ 1.411

Hungary

€ 0.512 € 0.161

€ 0.419

€ 0.295

€ 1.387

€ 0.512 € 0.223

€ 0.386

€ 0.303

€ 1.424

Ireland

€ 0.512 € 0.193

€ 0.588

€ 0.297

€ 1.590

€ 0.512 € 0.254

€ 0.479

€ 0.286

€ 1.531

Italy

€ 0.512 € 0.232

€ 0.704

€ 0.304

€ 1.752

€ 0.512 € 0.298

€ 0.593

€ 0.295

€ 1.697

Latvia

€ 0.512 € 0.170

€ 0.408

€ 0.229

€ 1.319

€ 0.512 € 0.250

€ 0.330

€ 0.229

€ 1.321

Lithuania

€ 0.512 € 0.178

€ 0.434

€ 0.236

€ 1.360

€ 0.512 € 0.260

€ 0.302

€ 0.225

€ 1.299

Luxembourg

€ 0.512 € 0.171

€ 0.462

€ 0.172

€ 1.317

€ 0.512 € 0.217

€ 0.330

€ 0.159

€ 1.218

Malta

€ 0.512 € 0.290

€ 0.469

€ 0.229

€ 1.500

€ 0.512 € 0.276

€ 0.382

€ 0.211

€ 1.380

Netherlands

€ 0.512 € 0.231

€ 0.730

€ 0.309

€ 1.782

€ 0.512 € 0.289

€ 0.431

€ 0.259

€ 1.491

Poland

€ 0.512 € 0.203

€ 0.380

€ 0.252

€ 1.347

€ 0.512 € 0.267

€ 0.330

€ 0.255

€ 1.364

Portugal

€ 0.512 € 0.326

€ 0.584

€ 0.327

€ 1.749

€ 0.512 € 0.333

€ 0.366

€ 0.278

€ 1.489

Romania

€ 0.512 € 0.153

€ 0.360

€ 0.246

€ 1.271

€ 0.512 € 0.228

€ 0.316

€ 0.253

€ 1.309

Slovakia

€ 0.512 € 0.227

€ 0.515

€ 0.251

€ 1.504

€ 0.512 € 0.295

€ 0.386

€ 0.239

€ 1.431

Slovenia

€ 0.512 € 0.235

€ 0.491

€ 0.248

€ 1.486

€ 0.512 € 0.281

€ 0.361

€ 0.231

€ 1.385

Spain

€ 0.512 € 0.197

€ 0.425

€ 0.238

€ 1.372

€ 0.512 € 0.267

€ 0.331

€ 0.233

Sweden

€ 0.512 € 0.185

€ 0.620

€ 0.329

€ 1.646

€ 0.512 € 0.248

€ 0.554

€ 0.328

€ 1.642

United Kingdom

€ 0.512 € 0.167

€ 0.674

€ 0.271

€ 1.624

€ 0.512 € 0.242

€ 0.674

€ 0.286

€ 1.714

€ 1.343

CMYK

HEADLINE NEWS & ANALYSIS

FINANCIAL

18 MAY, 2015 | FINCHANNEL.COM financial news M&A on the Up as High ADB, Azerbaijan Sign A $1 Billion MOU to Upgrade Growth Market Deal Volumes Continue to Rise Power Distribution Network The FINANCIAL

The FINANCIAL

ergers and acquisitions (M&A) transactions involving high growth markets (HGMs) rose for the second consecutive semester between December 2013 and December 2014, suggesting a sustained return to growth in global HGM M&A transactions, KPMG International’s latest High Growth Markets International Acquisition Tracker revealed. In particular, the number of deals between developed market acquirers and high growth market targets (D2H) rose by 11 percent. This continues the steady rise in D2H deal volumes since 2013 and suggests the long decline in D2H M&A transactions may finally be over. The 11 percent increase in D2H deals over the latter half of 2014 is the highest since 2010/2011, with certain HGMs performing particularly well. D2H deals involving Chinese targets, for example, rose by 26 percent, acquisitions in Central America and the Caribbean increased 30 percent, and ASEAN (Association of Southeast Asian Nation) as deals shot up by 46 percent. The most impressive resurgence was Sub-Saharan Africa (excluding South Africa). With incoming D2H transactions rising by 200 percent to 51, the region was the fourth highest recipient of D2H investment during 2014, behind only

ASEAN, China and Central and Eastern Europe (CEE). The United States was the biggest acquirer of HGM targets in terms of volume, but its growth between semesters during 2014 (10 percent) was actually below average. The fastest growth in HGM acquisitions during 2014 was Singapore, at 51 percent, and Germany and Hong Kong, both at 47 percent.

HIGH GROWTH ACQUISITIONS MARK 2 YEARS OF GROWTH It is a similarly positive story for high growth to developed market (H2D) deals, which have risen 23 percent overall during three consecutive semesters of growth since 2013, signalling an undeniably robust resurgence. The most popular target markets for H2D acquirers were Singapore, which recorded an 80 percent rise in H2D acquisitions, Canada, with 57 percent growth, and Europe (other) at 41 percent, according to KPMG International. Europe, in particular, proved an increasingly popular hunting ground for HGM acquirers. Germany, for example, registered its second highest annual total of H2D transactions since 2008. Italy saw a record 213 percent increase in acquisitions involving local targets, and Spain also attracted a record level of H2D acquisitions, with 35 deals. Looking at those markets doing the acquiring, China

saw the strongest growth, with H2D deals involving Chinese acquirers rising from 39 to 51 over the latter half of 2014, an increase of 31 percent. Despite the generally positive picture, some key HGM markets are still struggling. Brazil, for example, only saw two H2D deal completions during the whole of 2014, while the volume of D2H transactions involving Brazilian targets has been on a downward trend since early 2012. Notwithstanding the weak cross-border transactional context for the country in 2014, an M&A study conducted by KPMG in Brazil showed a modest 3 percent year-on-year increase in local M&A transactions during 2014, according to KPMG International. Transactions involving both HGM acquirers and targets are perhaps the only note of caution, showing only a marginal 4 percent increase over the course of 2014. Nevertheless, this relative stability, coming after 4 years of relentless decline, could suggest that the worst is over and the volume of cross-border H2H deals is levelling off. The total number of 1,020 high growth market deals completed in H2 2014 was almost 100 more than during the first half of the year, which saw 934 deals. The proportion of deals between the three groupings (D2H, H2D and H2H) remained virtually unchanged, with H2D deals accounting for 25 percent of the total number HGM deals, D2H 61 percent and H2H 14 percent.

he Asian Development Bank (ADB) and Government of Azerbaijan have signed a Memorandum of Understanding for a $1 billion investment program to rehabilitate and expand the country’s power distribution network. ADB is supporting the program through a $750 million multitranche financing facility with a $250 million loan earmarked for the first phase. The Government of Azerbaijan will provide counterpart funds of $250 million. The funds will be used to upgrade and expand the power distribution lines,

substations, and customer service lines, and to replace the existing electric meter devices with digital electric meters. Capacity building support will also be given to Azerishig Open Joint Stock Company to enhance its operational and financial performance. ADB has been supporting Azerbaijan since 1999, with total approved assistance of nearly $2.1 billion (public and private sector), much of which has been earmarked for infrastructure to help the country diversify and expand economic opportunities. In the energy sector, cumulative approved assistance, including cofinance, equal to about 9% of ADB’s total country operations. ADB’s

support for power improvements includes a $160 million loan completed in 2014 to strengthen the country’s main power transmission network, a private sector energy efficiency project, and a biomass renewable energy project. Domestic electricity sales in Azerbaijan are projected to rise 3% annually between 2015 and 2020. ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion.

EBRD and Georgia sign initial agreement to work on first wind park The FINANCIAL - The European Bank for Reconstruction and Development (EBRD) and the Government of Georgia have signed a mandate letter setting out their readiness to cooperate on the first wind farm project in the country. A mandate letter is an initial agreement which will be fol-

lowed by work on the project by all parties. The EBRD’s Board of Directors is expected to vote on the project later this year. The EBRD is considering providing up to a US$ 25 million senior loan to a special purpose vehicle established in Georgia for the sole purpose of constructing and operating

a wind power plant (WPP) in Gori. Part of the loan is expected to be syndicated under an A/B loan structure. The total installed capacity of the power plant will be 20 MW and expected annual generation 85 GWh. The total estimated cost of the project is US$ 35 million.

SUMMER IS IN FULL BLOOM z BRAND

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RADISSON BLU IVERIA HOTEL Rose Revolution Square I, 0108 Tbilisi, Georgia T: +995 322 402 200 | radissonblu.com/hotel-tbilisi

Radisson Blu Iveria Hotel Advertiser: Radisson Blu Iveria Hotel. Contact FINANCIAL Ad Dep at marketing@finchannel.com

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 18 MAY, 2015 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

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.

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.

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 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

banking services 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

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

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

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.

KSB BANK TBILISI BRANCHES Vake (09.30-21.00) 43, Chavchavadze ave. Avlabari 3, Ketevan Tsamebuli str. Vera 8/2, Melikishvili str. Didube 60, Tsereteli ave. Agmashenebeli 147, Agmashenebeli ave. Varketili 7, Kaloubani str. Krtsanisi 37, Gorgasali str. Pekini (09.30-20.30) 24a, Pekini ave. Didi Digomi 8, Ioane Petritse str. Gldani 15, Khizanishvili str. Freedom sq. branch (24 hour) 4, Freedom sq. Service centre - Gudushauri hospital (24 hour) 18/20, Lubliana str.

ATM’S TBILISI Vake – branch 43, Chavchavadze ave. Vake - Fashion house 24, Chavchavadze ave. Avlabari - branch 3, Ketevan Tsamebuli str. Vera - branch 8/2, Melikishvili str. Didube - branch 60, Tsereteli ave. Agmashenebeli Avenue - branch 147, Agmashenebeli ave. Varketili - branch 7, Kaloubani str. Krtsanisi - branch 37, Gorgasali str. Pekini - branch 24a, Pekini ave. Didi Digomi - branch 8, Ioane Petritse str. Agmashenebeli Alley - Prosecutor 12 km, Agmashenebeli Alley Gudushauri Hospital 18/20, Lubliana str. Gldani - branch 15, Khizanishvili str. Freedom sq. - branch 4, Freedom sq. Publich Television 68, Kostava ave. Public Service Hall 2, Sanapiro str. Mtatsminda-Krtsanisi, Revenue Service 16, Gorgasali str. Mtatsminda-Krtsanisi, Revenue Service 4, General Gulua str. Georgian railway 15, Tamar Mepe ave. Trade center Panda 1, Tsereteli Ave. Agmashenebeli Avenue 96, Agmashenebeli ave. Old Tbilisi 5, Virsaladze str. Church store 67, Vazha-Pshavela ave. Book store 14, Vazha-Pshavela ave. Dighomi district 2nd block, building 6a. Airport customs clearance zone Old airport Lilo customs clearance zone Martkopi,Gardabani Region

LIBERTY BANK BRANCHES IN TBILISI Vake-Saburtalo Central Branch 74, I. Chavchavadze Ave. Central Branch’s s/c #1 2, Sanapiro St. Didi Dighomi s/c #1 9, I. Petritsi St. Pavilion #1 10-12, Vazha-Pshavla Ave. Pavilion #2 Kostava St. (Near Sports Palace) Pavilion #4 33-35, I. Tchavtchavadze St. (Near Hospital 9) Pavilion #9 48-66, Vazha-Pshavela Ave. Pavilion 13 13 Km. Aghmashenebeli Highway Saburtalo s/c #1 34, Pekini St. Saburtalo s/c #2 7, Shartava St. Saburtalo s/c #7 2g, B. Zhgenti St. (Nutsubidze District) Saburtalo s/c #8 6, Budapeshti St. Saburtalo s/c #9 5, Kavtaradze St. Saburtalo s/c #11 10 Km. Aghmashenebeli Highway Sopeli Dighomi s/c #1 Village Dighomi, B. 7b Saburtalo s/c #15 2, Gamsakhurdia St. s/c #332 70, Tchavtchavadze Ave. Saburtalo s/c #13 3, Micro-District Nutsubidze Saburtalo s/c #14 46, Dolidze St. / 41,

Balanchivadze St. Tskneti s/c #1 3a, Rustaveli St. Vake-Saburtalo Branch 2, Marijani St. Vake s/c #2 1, Mosashvili St. Vake s/c #3 84, Tchavtchavadze Ave. (National Agency Bureau) Vake s/c #4 38, Paliashvili St. Vake s/c #12 14, Kipshidze St. Mtatsminda-Krtsanisi Krtsanisi s/c #1 10, Kikodze St. Krtsanisi s/c #2 2a, Sanapiro St. Mtatsminda-Krtsanisi Branch 37, Gorgasali St. Mtatsminda s/c #1 24, Kostava St. Mtatsminda s/c #4 3, Kostava St. Turn 2 Ponitchala s/c #1 19, Rustavi Road, B. 4 Ponitchala s/c #2 3, Micro-District Ponichala, B. 2 Didube-Chughureti Chughureti s/c #2 153, Aghmashenebeli Ave. Chughureti s/c #3 3, Abashidze St. Chughureti s/c #4 21, Chitaia St. Digomi s/c #2 7, Robakidze St. Didube Branch 126, Tsereteli Ave. Didube s/c #1 60, Tsereteli Ave. Pavilion #5 A. Tsereteli St. (near Tsereteli Underground) Pavilion #10 Dighomi (Near Mayakovsky Monument) Pavilion #15 Didube (near the railway square) Gldani-Nadzaladevi Avtchala s/c #1 1, Libani St. Avtchala s/c #2 7, Libani St. Avtchala s/c #3 5, Sarajishvili Ave. Gldani Branch 3, Block Gldani Gldani s/c #2 Mukhiani (Near Akhmeteli Subway Station) Gldani s/c #4 3, Block Gldani, B. 86 Gldani s/c #5 7, Micro-District Gldani (Prison Gldani) Gldani s/c #6 2, Botchorishvili St. Gldani s/c #7 6, Micro-District Gldani, 11 Tiulenevi St. Gldani s/c #9 8, Micro-District Gldani, B. 23 Gldani s/c #10 2, Micro-District Gldani, B. 24b Gldanula s/c #1 Gldani Khevi (Ravine), Near B. 6a Gldani s/c #11 18, Gombori St. Lotkini s/c #1 164, Tseronisi St. Mukhiani s/c #2 2, Micro-District Mukhiani, B. 5 Mukhiani s/c #3 3, Micro-District Mukhiani, B. 5 Nadzaladevi Branch 36, Guramishvili Ave. Nadzaladevi s/c #1 34, Dadiani St. Nadzaladevi s/c #3 261, Dadiani St. Nadzaladevi s/c #4 12a, Guramishvili Ave. Nadzaladevi s/c #6 30, Guramishvili Ave. B. 1 Temka s/c #1 11, Micro-District Temka, Block 1 Temka s/c #2 3, Micro-District Temka, Block 3, Near B. 41 Zahesi s/c #1 1a, Tchitchinadze St. Isani-Samgori Afrika s/c #1 27, Tchitchinadze St. Afrika s/c #2 17, Tchitchinadze St. Isani-Samgori Branch Kakheti Alley 2 Isani s/c #1 51/2, Ketevan Tsamebuli Ave. Isani s/c #4 22, Metekhi St. Isani s/c #6 30 Km. Kakheti Highway Isani s/c #7 Moscow Ave, Block 2, B. 1 Isani s/c #9 90, Ketevan Tsamebuli Ave. Lilo s/c #1 Lilo Settlement, Block 2, B. 8 Pavilion #6 4, Abzianidze St., Orkhevi Settlement (Near Customs Department) Pavilion #8 10 b, Airport Settlement Pavilion #11 103, Kvareli St.(Metromsheni Settlement) Pavilion #12 10, Akhalubani St. Ponitchala s/c #3 Rustavi highway, KM 30 Samgori s/c #1 37, Moskovi Ave. Samgori s/c #2 36a, Trialeti St. Samgori s/c #4 151, Bogdan Khmelnitski St. Varketili s/c #1 Javakheti St. Second BlindAlley (Near Varketili Subway Station) Varketili s/c #2 3, Micro-District Varketili, B. 310 Varketili s/c #3 Varketili Block 10, B. g Varketili s/c #5 Tbilisi International Airport Varketili s/c #6 3, Micro-District Varketili Varketili s/c #7 12, Shuamta St. Varketili s/c #9 1, Micro-district varketili 3, Near B. 25 Varketili s/c #10 Kaloubani St. 9 Vazisubani s/c #1 4 Micro-District Vazisubani 1B,Shandor Petofi St. Vazisubani s/c #2 2, Micro-District Vazisubani (Super Market “Smart”) Vazisubani s/c #3 1, Shandor Petofi St Didgori Didgori s/c #1 97, Block Tabakhmela, plot 516

ATM’S IN TBILISI 1, Aleksidze St. Agmashenebeli Alley, KM 11. 10a, Akhmeteli St. 13, Bakhtrioni St. 6, Budapeshti St. Zhvania Square 2, Gamsakhurdia Avenue 2/4, Godziashvili St. Block 3, Didi Dighomi Building 11, Dolidze St. 1, Vazha-Pshavela Avenue 10-12, Vazha-Pshavela Avenue 27, Vazha-Pshavela Avenue (near subway station “Sameditsino”) 76b, Vazha-Pshavela Avenue Block 2, Vazha-Pshavela Avenue (near Vazha-Pshavela monument) 46-48, Vazha-Pshavela Avenue (near metro station “Delisi”) 55, Vazha-Pshavela Avenue Block 7, Vazha-Pshavela Avenue Vashlijvari highway 10a, Tamarashvili St. 15a, Tamarashvili St. Kostava St. (near the Sports Palace) 24, Kostava St. 64, Kostava St. Marshal Gelovani Avenue 10, Mitskevitchi St. Nodar Bokhua St. 183, Nutsubidze St. (II-IV plateau turn) III m/d, Nutsubidze plateau 14, Gamsakhurdia St. 15, Gamsakhurdia Avenue 34, G a m s a k h u r d i a ave. 9, I. Petritsi St. 28, Saburtalo St. 2, University St. 36, Phaliashvili St. 5, Kavtaradze St. 21, Kavtaradze St. 2, Kazbegi Avenue 15, Kazbegi Avenue. Kazbegi Avenue (near the school #60) 26, Kazbegi Avenue (Vake-Saburtalo crossroads) 7, Shartava St. Block 1, IV m/d, shandor Petofi St. 10, Tchavtchavadze St. 34, Tchavtchavadze St. 74, Tchavtchavadze Avenue Tchavtchavadze Avenue (near to Hospital No. 9) 84, Tchavtchavadze Avenue (Legal expertise) Tchavtchavadze Avenue (near to school #55) Didube-Chugureti 96, Aghmashenebeli Avenue 153, Aghmashenebeli Avenue 10th km, Aghmashenebeli Alley 1, Beliashvili St. Dighomi, near to Mayakovsky monument Tevdore Mghvdeli St. (near to the Railway Station) 27, KingTamarAvenue 7, Robakidze St. 8, Tsabadze St. 2, Tsereteli Avenue Tsereteli Avenue (nearto subway station “Tsereteli”) 126, Tsereteli Avenue 143, Tsereteli Avenue 144, Tsereteli Avenue 69, Tsereteli Avenue (corner of Vani St.) 7-7a-7b, Tsereteli Avenue 60, Tsereteli Avenue 5/12, Ketevan Tsamebuli Avenue 39, Chitaia St. 17, Tc hitchinadze St. Gldani-Nadzaladevi

2, Botchorishvili St. Gldani, M/D 3. Gldani, M/D 3, Building 86, Near to building 22, Gldani M/D 6 Gldani, M/D 7 (Gldani prison # 8) 12a, Guramishvili Avenue 36, Guramishvili Avenue Guramishvili Avenue (near the subway station “Grmagele”) Guramishvili Avenue (near the subway station “Sarajishvili”) 34, Dadiani St. 34, Dadiani St. 261, Dadiani St. Building 2, 2nd m/d, Dadiani St. 22, Dumbadze St. (Mukhiani settlement) 1a, Chichinadze St., ZAHESI, near the building 41, block 3, 3rd m/d, Temka near maternity house No. 5, block 1, 11th m/d, Temka Kakheti 2nd turn 1, Liban St. Mukhiani turn near the subway station “Akhmeteli” 1, Sarajishvili St. 8, Kerchi St. 146, Tseronisi St. 4, Khetagurov St. 6, Khizanishvili St. Isani-Samgori 1, Abdushelishvili St. Airport settlement 10, Akhalubani St. 151, Bohdan Khmelnytsky St. 6, Gulia St. Building C, block 10, 3rd massif, Varketili Building 310, 3rd m/d, Varketili 3 Tbilisi International Airport Kakheti highway KM 38. 112, Kakheti highway 37, Moscow Avenue 8, Navtlughi St. Orkhevi settlement (near to Customs Department) Saknavti settlement (Kakheti highway) Building 8, block 2, Saksopmankana settlement 103, Kvareli St. (Metromsheni settlement) 22, Javakheti St. Javakheti St. Second turn Mtatsminda-Krtsanisi 23, A. Tchavtchavadze St. 37, Vakhtang Gorgasali St. 93, Vakhtang Gorgasali St. 155, Vakhtang Gorgasali St. 48, Zubalashvili St. 1, Leonidze St. 10, Leonidze St. 22, Metekhi St. 9, Pushkini St. 3, Rustaveli Avenue 2a, Sanapiro St. 10, Kikodze St. 5, Chachava St. 37/4, Tsintsadze St. Ponitchala Rustavi highway, KM 30 Building 2, 3rd m/d, Ponichala settlement Old Tbilisi 12, Kaloubani St. Didgori Plot 516, block 97, village Shindisi, Didgori

ATM’S IN REGIONS Abasha 6, Jorjikia St. Adigeni 24, Tornike Eristavi St. Ambrolauri 18, Agmashenebeli St. Settlement Anaklia Aspindza 31, Vardzia St. Akhalkalaki 82, KingTamar Avenue 11, Charenta St. 71, Tavisupleba St. Akhaltsikhe 1, Tamarashvili St. 98, Rustaveli St. 11, KingTamar St. 2, Shalva Akhaltsikheli St. 1, Kharischirashvili St. 6, Iadze St. Akhmeta 2, Kazgebi St. Batumi 63, Gorgiladze St. 2, Sulkhan-Saba St. 46-48, Vazha-Pshavela Avenue Khimshiashvili St. 11, Tbel Abuseridze St. 80, Javakhishvili St. 11, Pirosmani St. 10-12, Chavchavadze St. 20a, Agmashenebeli Avenue 9, King Parnavaz St. 62-64-66, King parnavaz St. 36, Gorgiladze St. 20, Khimshiashvili St. 102, Melikishvili St. 11/5, KingTamar settlement 75, Chavchavadze St. 16, Tavdadebuli St. 23, Mayakovski St. Baghdati 12, Tsereteli St. Bolnisi Settlement Kazreti 106, Sulkhan-Saba St. 107, Sulkhan-Saba St. Borjomi 7, Meskhishvili St. 147, Rustaveli St. 6, Tavisupleba St. Gardabani 71, David Agmashenebeli St. 89, David Agmashenebeli St. Gori 16, Stalini St. 40, Sukhiahsvili St. 56, Chavchavadze St. 26, Stalini St. 5, Guramishvili St. 43, Ertoba St. 39, Stalini St. Gudauri Hotel “Marco Polo” Gurjaani 10, Noneshvili St. KingTamar St. Village Shashiani Dedoplistskaro 1, Alazani St. 23, Rustaveli St. Dmanisi 41, St. Nino Street (Municipality) 29, Street St. Nino blind alley Dusheti 21, Dadiani St. 27, Rustaveli St. Vani 3, Solomon II St. Zestaponi 61, Agmashenebeli Avenue 11, Tsereteli St. Village Shorapani Zugdidi 45, Gamsakhurdia St. 90, Rustaveli St. 73, Sokhumi St. 7, Paris Commune St. 32, Gamsakhurdia St. 15, Tsotne Dadiani St. Tetritskaro 12, Kingtamar Avenue Telavi 43, Alazani Avenue 95, Alazani Avenue 16, Erekle the Second St. 3, Erekle the Second Square 12, Erekle the Second St. Terjola 2, Chanturidze St. Tianeti 11, Rustaveli St. Kaspi 88, Stalini St. 11, Rustaveli St. 18, Kostava St. Koda, village house Lagodekhi 23, Kiziki St. Lanchkhuti 10, Ninoshvili St. 24 Kingtamar St., Settlement Lentekhi Village house in settlement Manglisi Village Nigoeti

Marneuli 1, Rustaveli St. 72, Rustaveli St. 73, Rustaveli St. Martvili 14, Tavisupleba St. Mestia 52, Kingtamar St. 1, Seti St. Mtskheta Building of regional governor ’s office 17, Kostava St. (near to the Svetitskhoveli Cathedral) 11a, Samkhedro St. Mtskheta highway 73a, Agmashenebeli St. 65, Mamulashvili St. Village Tserovani Ninotsminda 22, Tavisupleba square Ozurgeti 5, Gabriel the episcope St. Village Ozurgeti Tavisupleba Square Oni 16, Rustaveli St. Rustavi 21, Kostava St., near to the Municipality 14, Kostrava St. Megobroba Avenue 3, Megobroba Avenue 11, Megobroba Avenue 21st km, Red Bridge Highway 5, Tashkent St. Village Sartichala Sagarejo 2, Agmashenebeli Avenue Samtredia 11, Stalini St. Sachkhere 92, Kostava St. 17, Gomarteli St. Senaki 14, St. Nino St. 20, Ninoshvili St. Signagi 2, Rustaveli St. 2, Dadiani St. 18, Gelati St. Poti 12, D. Agmashenebeli St. 146, Chavchavadze St. 57, Agmashenebeli St. Village Poka Kareli 3, Ninoshvili St. 1, Mgaloblishvili St. Settlement Ruisi Keda 11, Tbel Abuseridze St. 1, M. Kostava St. Kobuleti 153, Agmashenebeli St. 4, Memed Abashidze St. 141, Agmashenebeli St. 478, Agmashenebeli St. 79, Kingtamar St., Village Chakvi

PASHA BANK

+995 322 265 000 15, Rustaveli Avenue, Tbilisi, 0108 , Georgia office@pashabank.ge www.pashabank.ge

CARTU BANK Head Office 39a Chavchavadze Ave. Tbilisi 0162, Georgia Tel: (+995 32) 292 55 92 Fax: (+995 32) 291 22 79 E-Mail: info@cartubank.ge Central Service Center 39a Chavchavadze Ave. Mtatsminda Service Center 1 Vekua St. Vake Service Center 24 I. Abashidze St. Saburtalo Service Center 14b Pekini St. Isani Service Center 50/18 Queen Ketevan Ave./Bochorma St. Kutaisi Service Center 4 Paliashvili St., Kutaisi Batumi Service Center 2 Griboedov St., Batumi Gori Service Center 10 Stalin Ave., Gori Telavi Service Center Chavchavadze Square, Telavi

ATM’S IN TBILISI Vake 39a I. Chavchavadze Ave., Cartu Bank, Head Office 39a I. Chavchavadze Ave., Cartu Group 24 I. Abashidze st., Cartu Bank, Vake Service Center 54 I. Chavchavadze Ave., PSP Pharmacy Mtatsminda 1 V. Vekua St., Cartu Bank, Mtatsminda Service Center 3 V. Vekua St., Georgian Trade Center 17 Sh. Rustaveli Ave., Sh. Rustaveli Theatre 10 G. Chanturia St., Hotel “Tori” 29 P. Melikishvili Ave. 34 M. Kostava St., Laguna Vere Old Tbilisi 44 K. Apkhazi St. (former Leselidze St.) 6 Kodjori highway, GDS TV Ortachala 79 Gorgasali St., Super Market 12 Krtsanisi St., New Hospital Saburtalo 14b K. Gamsakhurdia St., Cartu Bank, Saburtalo Service Center 5 K. Gamsakhurdia St., Kuzanov Clinic 48 Vazha-Pshavela Ave., PSP Pharmacy 71 Vazha-Pshavela Ave., close to VazhaPshavela Metro station 29 Vazha-Pshavela Ave., Central Clinic of Acad. N. Kipshidze L. Gotua St., Saakadze sq. Good Year Store 10 Al. Kazbegi Ave., M.B.J. 24 Al.Kazbegi Ave., Axis Trade Center Vashlijvari, “Omega” 8 A. Beliashvili St., Maestro TV Didube-Chughureti Vagzali Sq. Trade Center “Tbilisi Central” Trade Center “Passage” 8 A. Tsereteli Ave. PSP Pharmacy 128 A. Tsereteli Ave. PSP Pharmacy 89/24 D. Agmashenebeli Ave. “Global TV” 99/1 D. Agmashenebli Ave., N. Dumbadze theatre 154 D. Agmashenebeli Ave. Danish House 31 Queen Tamar Ave. PSP Pharmacy 7 Ts. Dadiani St.,Trade Center “Karvasla” 39 Ts. Dadiani St., Super Market Isani-Samgori 50/18 Queen Ketevan Ave./Bochorma St. Cartu Bank, Isani Service Center 42 Bogdan Khmelnitski St., Elita Burji Javakheti St., close to Varketili Metro station Isani “Bazroba”, Gun Store 6/2 Navtlugi St. Currency Exchange Point 91 Queen Ketevan St., PSP Pharmacy 12 Meskhishvili St., PSP Pharmacy Gldani-Nadzaladevi Gldani, A Housing Development, Building 50, PSP Pharmacy 5 D. Sarajishvili St., Avchala Temka, Avshniani Settlement (close toTemkaMukhiani Crossroad) 4a Mukhiani Housing Development, Building 14, Super Market “Ori Nabiji” Rustavi Auto Market (Exam Center Building) Kutaisi 4 Z. Paliashvili St., Cartu Bank, Kutaisi Service Center 26 I. Abashidze St., Parliament of Georgia 5 I. Chavchavadze St., “Orgservice” Kutaisi International Airport of D. Agmashenebeli 11 Queen Tamar St., Sachkhere, ATM № 1 11 Queen Tamar St., Sachkhere, ATM № 2 Batumi 2 A. Griboedov St., Cartu Bank, Batumi Service Center 4 V. Maiakovski St. close to Batumi Oil Terminal 44 K. Gamsakhurdia St. 12 M. Abashidze St. Hotel “Alik” Park “Cicinatela”, village Shekvetili Gori 10 Stalini Ave., Cartu Bank, Gori Service Center Telavi I. Chavchavadze sq., Cartu Bank, Telavi Service Center 60 D. Agmashenebeli St., Super Market “Real”

CMYK

HEADLINE NEWS & ANALYSIS

FINANCIAL

18 MAY, 2015 | FINCHANNEL.COM

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FINANCIAL HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 18 MAY, 2015

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HEADLINE NEWS & ANALYSIS

FINANCIAL

18 MAY, 2015 | FINCHANNEL.COM

financial news

Payback Time! Emerging Markets and the Rising Dollar By RICHARD BOXSHALL, BARRET KUPELIAN and CONOR LAMBE PricewaterhouseCoopers

imilar to 2014, the Q1 GDP growth figure in the US faltered this year as the economy grew by just 0.1% quarter-on-quarter. Consumer spending growth came in at o.5% quarter-onquarter, reflecting the fact that households are not yet taking advantage of the low oil price to increase spending. Instead, consumers are preferring to increase their savings - the personal savings rate increased from 4.6% in the last quarter of 2014 to 5.5% in 2015 Q1.

THE STRONG DOLLAR TAKES ITS TOLL ON US GROWTH GDP growth was also constrained by the appreciating dollar which contributed to a larger negative contribution to growth coming from net exports than in the previous quarter (see Figure 2). Despite another year in which Q1 growth in the US has disappointed, and in which the Federal Reserve is expected to increase interest rates later in 2015, we expect growth to pick up in the remainder of the year as cheap oil and rising real wages (real average hourly earnings in March 2015 were 2.2% higher than a year ago) begin to feed through into higher consumer spending growth. As a result we expect the US economy to grow by around 2.4% this year.

IRAN: WIND OF CHANGE? Since 2012, Iran’s access to capital and trade markets has been severely limited on the back of international sanctions. A key consequence of this was the drop of Iranians’ average GDP per capita below the regional average for the first time since 1995 (see Figure 3). But this could all soon come to an end. The initial framework agreement between Iran and six world powers in April, which is expected to lead to a finalised deal in June, could be a ‘game changer’ for the region as it will most probably entail a gradual relaxation of international sanctions.

WHAT IF...? We think the most obvious area that will be impacted

EMERGING ECONOMIES COULD NOT RESIST THE ELIXIR OF CHEAP DOLLAR DEBT.

by the eventual lifting of the sanctions is Iran’s energy sector, which has been starved of Western know-how and expertise for a long time (this is also the case for its airline and car manufacturing sectors). Iran’s oil fields are commercially attractive for two reasons. First, because of their potential: Iran holds the fourth largest oil reserves in the world. Second, because of the relatively cheap cost of extracting oil: the IMF estimates that Iran’s (external) break even oil price is $43 per barrel. In fact, if Iran’s oil production reverts to pre2012 levels, it could increase global oil supply by more than 1% or by around a million barrels a day. Iran also hosts the world’s second largest natural gas reserves, which have similarly strong potential.

Dollar denominated debt issued outside the US increased from around $6 trillion before the first round of quantitative easing (QE) was introduced in November 2008 to around $9 trillion in 2014. Currently, the value of outstanding dollar denominated debt in emerging economies is around $3.3 trillion, which equates, for example, to more than double the annual economic output of Spain.

MORE TRADE, MORE JOBS But there are wider business and macroeconomic issues to consider. The biggest impact for local businesses would come through re-accessing international payment systems (e.g. SWIFT). In principle this should make it easier for Iran to trade with the rest of the world, so creating jobs for its well-educated workforce and pushing unemployment below the 10% mark. On a longer time frame, exposing local Iranian businesses to international competition could also help strengthen productivity. International businesses also stand to gain through increased sales. One sector that could flourish is consumer goods, from electronics to clothing, which tend to cater to the needs of young adults and families with children. The CIA estimates that more than 70% of Iran’s 80 million population is in the 15-64 age range, which is bigger than the population of Spain and a key source of demand. A more vibrant presence of international consumer goods conglomerates in Iran could also have additional spill-over effects in affiliated industries including advertising, light manufacturing and logistics. Finally, lifting the sanctions will mean that Iran will regain access to the estimated $90 billion assets that are currently held abroad. At a business level, sophisticated professional service firms based in the UAE, Iran’s biggest source of imports, are well placed to help repatriate some of these assets. Iran also has a growing and cash- hungry tech sector, which could be a potential investment target. More importantly though, as the amounts involved are quite large, capi-

BUT THE FED WILL TIGHTEN MONETARY POLICY SOON As the US economy has picked up and QE has come to an end, however, the dollar has appreciated by around 20% on a trade-weighted basis over the past 12 months. This also reflects the anticipated normalisation of monetary policy (see Figure 1) by the Federal Reserve over the next few years, with an initial policy rate rise expected later in the year.

STRENGTHENING DOLLAR DOESN’T POSE AN IMMEDIATE RISK TO SOME EMERGING ECONOMIES

tal inflows could have wider macroeconomic effects including stabilising the Iranian rial in the medium-term, reducing the wedge between the official and parallel rates, and putting downward pressure on inflation. Some Londonbased asset managers have already teamed up with local Iranian firms to prepare for this.

Most economic history books focus on the key reforms that have had a longlasting impact on countries. The economic advantages of re-integration must be tempting. Will the lure of plugging into global capital and trade flows prove enough to finalise a deal? We’ll find out by the end of June.

Economic theory states that there are three key variables which affect external debt sustainability: the real interest rate, the exchange rate and GDP growth. The US recovery has set in motion changes in most of these variables. With this in mind, we have assessed the vulnerability of 14 emerging markets which have issued significant amounts of dollar denominated debt. The results of our analysis are, on the whole, positive as most of the key countries in our sample seem reasonably well placed to deal with the risks associated with a stronger dollar. Focussing on the larger emerging markets, our three main findings are that: ‘Fragile 5’ now the ‘Tender 2’: Of the so called ‘Fragile 5’ from 2013 (Brazil, South Africa, In-

donesia, India and Turkey), we think that only South Africa and Turkey remain particularly vulnerable. Both economies have suffered relatively large capital outflows in the past 12 months and continue to run high current account deficits. Turkey is the most vulnerable economy in our sample as it has the second largest stock of foreign currency debt to GDP and faces the added pressure of having to refinance around one third of its foreign currency external debt stock this year. Nevertheless financial markets in Turkey remain calm; our quarterly updated country risk premium has only increased by around 0.4 percentage points since the second quarter of last year.1

INDIA IN BETTER SHAPE BUT KEEP AN EYE ON BRAZIL AND INDONESIA: India, one of the original ‘Fragile 5’ economies, has improved its position over the past two years as its policymakers have adopted a relatively tight monetary policy. Coupled with lower oil prices, this has lowered its current account deficit from 4.8% of GDP in 2012 to 1.4% of GDP last year. India now seems to be better placed to deal with a rising dollar than it was previously. While Brazil and Indonesia are not included amongst our high vulnerability countries, we think they are worth keeping an eye on. Both are running sizeable current account deficits which indicate reliance on foreign lending. Also, both currencies have depreciated in double digit terms in the past 12 months. Risks are slightly more exaggerated in Brazil, which is struggling to deal with low commodity prices and is implementing an austerity programme to improve public finances. The Brazilian economy is expected to shrink in 2015, which could be associated with a squeeze in revenues for some businesses. Therefore, businesses with a large amount of dollar denominated debt are likely to tread cautiously to avoid running low on cash holdings that they may need to service their debts. More generally, the fact that high or medium level vulnerabilities still remain within most of the emerging markets we have looked at shows the importance for businesses of stress testing their current and projected borrowing positions for the possibility of currency and interest rate fluctuations. Governments insulated from the rising dollar: Our analysis shows that most of the governments in our sample have a relatively modest ratio of external public debt to GDP (see Table 2). The highest ratio is around 16% in Mexico. This suggests that emerging market governments have largely resisted the temptation to take advantage of cheap foreign credit (compared to the private sector) and are therefore less exposed to the effects of a strengthening dollar.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 18 MAY, 2015

where to go MAY 18 2015

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Cinema

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Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band “Decay” SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band “Wheels”, DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi Restaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 -Live 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

Tbilisi

Vitali Kapanadze’s 70 years anniversary exhibition 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 - June 7 Personal Exhibition of Lela Makharoblidze 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 - May 25 Exhibition «Sergo Parajanovi - 21st century Dream» 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 - July 16 Special exhibition at National archive dedicated to 1980-1981 seasons’ UEFA Cup owners Cup tournament winning by Tbilisi «Dinamo» National Archives of Georgia 1, Vazha-Pshavela Ave. Tel: 210-59-16 till - May 22 Personal Exhibition of Anton Balanchivadze Baia Gallery 10 Shardeni Str. Tel: 275-45-10 till - May 25 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

MAY 19, 2015

From

Day

Almaty

Depart

Arrive

Flight#

1.2.4.6.7 01:05;13:25;22:20 06:40,19:00;03:50+1

4L303

Amsterdam

1.3.6

05;10,07:00

07:55;09:40

A9 651

Athens

1,4

05:15,

07:15

A9 693

Baku

DAILY

02:20,11:10;13:40

04:30;13:20;15:50

J2 224/226

Batumi

DAILY

09:30

10:05

A9 505

Dubai

2.5.6.7

05:30; 07:30

08:55; 10:55

4L301

Doha

DAILY

20:00;14:30

14:30;18:30

QR 254/252

18:10

A9 621

Frankfurt

2.6

15:50

Istanbul

DAILY

04:15;08:25; 11:20

Istanbul

DAILY

04:40; 05:30

05:45; 09:25;12:50 TK 1387/1383 06:00; 06:50

PC 463/451

Istanbul

05:45

07:10

KK 381

Kiev

DAILY

06:50,16:40,19:20

08:20,18:05,20:45

PS 728

Kharkov

11:25

12:40

Z6 708

Minsk

DAILY

03:50

06:00

B2 1736

Munich

DAILY

04:01

06:00

LH 3215

Paris

2.5

16:15

19:15

A9 627

Prague

2.6

04:30

06:20

OK 935

Rome

2,4,5,7

05:00

07:15

AZ 551

Riga

1.3.4.6

05:45

08:25

BT 725

Tel-Aviv

DAILY

07:25,18:30

09:10,20:15

A9 695

Tel-Aviv

1.4.5

01:05,02:35;07:10

02:55,04:25,09:00

IZ418

Vienna

4.7

08:15

09:45

A9 681

Urumqi

2.4.6

22:40

07:30+1

CZ 6040

Warsaw

DAILY

04:45

06:25

LO 724

Days=( 1-Monday, 2-Tuesday, 3-Wedsday, 4-Thursday, 5-Friday, 6-Saturday, 7-Sunday. )

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Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band «Pix» SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 -Live 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 Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance 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

Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 University of Laugh Director: Levan Tsuladze Cast: Nato Murvanidze, Nika Kuchava Duration: 105 minutes Date: May 19 Hall: Big Stage Time: 20:00 Price: 11 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 The Gamblers - Premiere Director: Den Khlybov Cast: Paata Papuashvili, Nikoloz Nanitashvili, Zaza Iakashvili, Valeri Korshia, Bachuki Doghonadze, Koko Roinishvili, Giorgi Kiknadze, Giorgi Khurtsilava Date: May 19 Hall: Small Stage Time: 20:00 Price: 6 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: May 19 Time: 19:00 Price: 6, 9, 11 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Little Longnose Director: Giorgi Tavadze Cast: Vameh Jangidze, David Khakhidze, Kakha Gabelaia, Paatra Kikvadze, Mariam Chukhrukidze, Kakhaber Choladze, Nikoloz Kvantaliani, Vakhtang Chachanidze, Maia Khornauli, Giorgi Chikobava Date: May 19 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL The Princess, Frog, Hansel and Gretel Director: Dimitri Khvtisiashvili Cast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: May 19 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL 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: May 19 Hall: Small Stage Time: 15:00 Price: 7, 10 GEL 1945 Director: Nikoloz Sabashvili Cast: Levan Katsiashvili, Giorgi Jikuridze, Luka Kachibaia, Ana Sanaia Duration: 45 minutes Date: May 19 Hall: Experimental Stage Time: 20:00 Price: 10 GEL

Gallery

Special exhibition at National archive dedicated to 1980-1981 seasons’ UEFA Cup owners Cup tournament winning by Tbilisi «Dinamo» National Archives of Georgia 1, Vazha-Pshavela Ave. Tel: 210-59-16 till - May 22 Personal Exhibition of Anton Balanchivadze Baia Gallery 10 Shardeni Str. Tel: 275-45-10 till - May 25 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

MAY 20, 2015

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - «Uncle Nodar’s Band» SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band 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 «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 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

Gallery

Concert

Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 20:00 - With few members of Symphony Orchestra will be held concert-marathon of Manana Menabde – Georgian singer working abroad, descendant of Sisters Ishkhneli - (Ticket Price - 20, 30, 40 GEL)

Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Women Director: Tsitsino Kobiashvili Cast: Nino Zautashvili, Nino Dumbadze, Keti Chkheidze, Keti Gegeshidze, Irma Berianidze, Eka Mjavanadze, Zaza Goguadze, Temo Kiladze Duration: 130 minutes Date: May 20 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Love-letters Director: Temur Chkheidze Cast: Nani Chikvinidze, Gia Burjanadze Duration: 120 minutes Date: May 20 Hall: Theatre in Attic Time: 20:00 Price: 11 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: May 20 Time: 19:00 Price: 6, 12, 14 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Our Small City Director: Mikheil Tumanishvili Cast: Gia Abesalashvili, Mzia Arabuli, Koko Roiniishvili, Zurab Kipshidze, Natalia Shengelaia, Nino Chkheidze, Nika Tserediani, Nineli Chankvetadze, Darejan Khachidze, Darejan Jojua, Beka Jumutia Duration: 170 minutes Date: May 20 Time: 20:00 Price: 10 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The lullaby’s power Director: Otar Bagaturia Cast: Vameh Jangidze, Khatia Melkadze, Ioseb Molodinashvili, Nino Lortkifanidze, Paata Kikvadze, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili Duration: 110 minutes Date: May 20 Hall: Big Stage Time: 12:00 15:00 Price: 7, 10 GEL The Princess, Frog, Hansel and Gretel Director: Dimitri Khvtisiashvili Cast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: May 20 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL

Gallery

Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

MAY 21, 2015

6 - 16 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Father Director: Kadri Ozjan Cast: Kakha Mikiashvili, Jaba Kiladze, Mamuka Mumladze, Vano Kurasbediani, Keta Lortkipanidze Date: May 21 Time: 19:00 Price: 6, 9 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Our Small City Director: Mikheil Tumanishvili Cast: Gia Abesalashvili, Mzia Arabuli, Koko Roiniishvili, Zurab Kipshidze, Natalia Shengelaia, Nino Chkheidze, Nika Tserediani, Nineli Chankvetadze, Darejan Khachidze, Darejan Jojua, Beka Jumutia Duration: 170 minutes Date: May 21 Time: 20:00 Price: 10 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Hedda Gabler Directed by Tamar Gomarteli Cast: Shako Mirianashvili, Salome Tchulukhadze, Nino Gomarteli, Nino Mitaishvili, Zaal Chikobava, Jeji Skhirtladze, Tsisia Metreveli Date: May 21 Time: 19:00 Price: 8, 10 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 The Cheaters Director: Rusudan Kobiashvili Cast: Lasha Ambidze, George Makharadze, George Chumburidze, David Davituliani, Temur Kvaratskhelia, Annie Talakvadze, Salome Mikadze, Marekh Kvizhinadze Duration: 130 minutes Date: May 21 Time: 20:00 Price: 7 GEL Gabriadze Theatre 13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90 Marshall de Fantie’s Diamond Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: May 21 Time: 20:00 Price: 10, 15, 20 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Princess, Frog, Hansel and Gretel Director: Dimitri Khvtisiashvili Cast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: May 21 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL Little Longnose Director: Giorgi Tavadze Cast: Vameh Jangidze, David Khakhidze, Kakha Gabelaia, Paatra Kikvadze, Mariam Chukhrukidze, Kakhaber Choladze, Nikoloz Kvantaliani, Vakhtang Chachanidze, Maia Khornauli Date: May 21 Hall: Big Stage Time: 15:00 Price: 7, 10 GEL

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - «Uncle Nodar’s Band» SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Band’a’roll», DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band 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 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 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»

Cinema

Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The Wall Finger Theatre Director: Beso Kupreishvili Cast: Mariam Kvachadze, Zaal Kakabadze, Teona Maghalashvili, Giorgi Mebaghishvili, Elene Pirtskhalava, Grigol Gogoladze Duration: 50 minutes Date: May 21 Hall: Theatre in Attic Time: 20:00 Price: 6 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: May 21 Hall: Big Stage Time: 20:00 Price:

MAY 22, 2015

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - «Uncle Nodar’s Band» 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 City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Maka Durglishvili; DJ Paata 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 «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances 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

Concert

Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 What a wonderful day... (Shadow Theatre) Writer, director: Gela Kandelaki Cast: Vadim Shubitidze, Elene Murjikneli, Paata Shengelia, Anzhela Abshilava, Giorgi Chanturia, Elene Zurabashvili Duration: 80 minutes Date: May 22 Hall: Small Stage Time: 19:00 Price: 6, 8 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Mixed Emotions Director: Sandro Eloshvili Cast: Duta Skhirtladze, Keti Tskhakaia Date: May 22 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Wet Lilac Director: Gizo Jordania Cast: Gia Burjanadze, Tamuna Bukhnikashvili, Keti Chkheidze, Kato Kalatozishvili, Paata Inauri, Tamar Skhirtladze, Davit Dvalishvili, Aleko Makharoblishvili, Teko Chubinidze, Lika Kobuladze, Eka Makharoblishvili Date: May 22 Hall: Big Stage Time: 20:00 Price: 6 - 16 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: May 22 Time: 20:00 Price: 6, 12, 14 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 The Man and the Woman Director: Nana Kvaskhvadze Cast: Guram Laliashvili, Ilia Cheishvili, Tamri Bziava, Gagi Shengelia, Nutsa Mchedlishvili, Nini Kvaskhvadze Duration: 60 minutes Date: May 22 Hall: Small Stage Time: 20:00 Price: 7 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Hedda Gabler Directed by Tamar Gomarteli Cast: Shako Mirianashvili, Salome Tchulukhadze, Nino Gomarteli, Nino Mitaishvili, Zaal Chikobava, Jeji Skhirtladze, Tsisia Metreveli Date: May 22 Time: 19:00 Price: 8, 10 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 Harms Director: Otar Egadze Cast: Davit Gigolashvili, Davit Gotsiridze, Maia Gelovani, Tatia Buadze, Maka Dzagania, Tamta Tsintsadze, Dato Velijanashvili Duration: 75 minutes Date: May 22 Time: 20:00 Price: 7 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 English Detective Director: Vakhtang Nikolava Cast: Archil Baratashvili, Nana Darchiashvili, Mikhail Arjevanidze, Irina Kvizhinadze, Inna Vorobiova Duration: 80 minutes Date: May 22 Time: 18:00 Price: 5 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Mother Director: Giorgi Savaneli Cast: Mzia Taliashvili, Mamuka Mazavrishvili, Beknu Kapianidze, Sophia Sebiskveradze, Giorgi Tskhadadze, Gigi Migriauli Duration: 70 minutes Date: May 22 Time: 20:00 Price: 7, 10 GEL Gabriadze Theatre 13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90 Marshall de Fantie’s Diamond Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: May 22 Time: 20:00 Price: 10, 15, 20 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Little Longnose

Director: Giorgi Tavadze Cast: Vameh Jangidze, David Khakhidze, Kakha Gabelaia, Paatra Kikvadze, Mariam Chukhrukidze, Kakhaber Choladze, Nikoloz Kvantaliani, Vakhtang Chachanidze, Maia Khornauli Date: May 22 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL Amiko Director: Otar Bagaturia Cast: Nino Lezhava, Kote Tolordava, Lasha Grdzelidze, Zurab Avsajanishvili, Lika Shukakidze, Nugzar Kurashvili, Vakhtang Akhaladze, Irakli Gogoladze, Natia Kupatadze Duration: 105 minutes Date: May 22 Hall: Small Stage Time: 15:00 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: May 22 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

Gallery

MAY 23, 2015

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band «Good Company» 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 City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Nata Kurdovanidze; DJ Vako 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 «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances 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

Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 I Thirst the Wind Direct Director: Murman Jinoria Cast: Murman Jinoria Duration: 75 minutes Date: May 23 Hall: Experimental Stage Time: 19:00 Price: 6, 8 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Jaqo, Tomorrow Will Be a War… Director: Aleksandre Eloshvili Cast: Beka Goderdzishvili, Nika Kuchava, Nino Gachechiladze, Zura Berikashvili, Onise Oniani, Nino Tsuladze, Nodar Dogonadze, Maka Shalikashvili, Paata Inauri Date: May 23 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 It’s not the time of Shakespeare Director: Ioane Khutsishvili Cast: Tamuna Nikoladze, Giorgi Zanguri, Tinatin Kordzadze, Giorgi Kajaia, Maiko Khornauli Date: May 23 Time: 19:00 Price: 6, 10, 12 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 The Avalanche Director: Rusudan Bolkvadze Cast: Lia Kapanadze, Revaz Tavartkiladze, Ani Imnadze, Giorgi Kipshidze, Darejan Khachidze, Gia Abesalashvili Duration: 100 minutes Date: May 23 Time: 20:00 Price: 7 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 This is Menagerie! Directed by Beka Kavtaradze Cast: Aleksandre Begalishvili, Giorgi Kvelashvili Duration: 120 minutes Date: May 23 Time: 19:00 Price: 8, 10 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 Opera Mafioso Director: Gabriel Goshadze Cast: Davit Gigolashvili, Mamuka Loria, Tamar Makashvili, Vasil Odishvili, Maka Dzagania, David Velijanashvili, Maka Shalikashvili Duration: 100 minutes Date: May 23 Time: 20:00 Price: 7 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Hamletica Director: Morgante Nardi Cast: Nana Khuriti, Gigi Migriauli, Giorgi Gasviani, Andrea Gvelesiani Duration: 60 minutes Date: May 23 Time: 20:00 Price: 7, 10 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 The Elder Son Directed by Giorgi (Gogi) Margvelashvili Cast: Apolon Kublashvili, Lasha Gurgenidze, Merabishvili, Valeri Kharutchenko, Aleksandr Lubinec, Ivane Kurasbediani, Mariam Kitia, Sophie Lomjaria, Ina Vorobiova, Medea Mumladze, Nina Kalatozishvili, Qristofor Piliev Date: May 23 Time: 18:00 Price: 5 GEL Gabriadze Theatre 13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90 Autumn of my Springtime Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: May 23 Time: 20:00 Price: 10, 15, 20 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Little Red Riding Hood Director: Otar Bagaturia Cast: Nino Archaia, Khatia Melkadze, Ana Mghebrishvili, Zurab Avsajanishvili, Ana Zambakhidze, Lika Shukakidze, Sophia Akhuashvili, Dimitri Tarbaia, Tekla Javakhadze, Ketevan Shervashidze, Keso Maisashvili Duration: 90 minutes Date: May 23 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL 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: May 23 Hall: Small Stage Time: 13:00 Price: 7, 10 GEL The Princess, Frog, Hansel and Gretel Director: Dimitri Khvtisiashvili Cast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: May 23 Hall: Big Stage Time: 17:00 Price: 7, 10 GEL Fame Directed by Manana Berikashvili Cast: Davit Rostomashvili, Nini Lezhava, Natia Kupatadze, Sophia Ebralidze, Ia Tchialaia, Nino Andriadze, Nika Nanitashvili, Giorgi Jikuridze, Vakhtang Chachanidze, Den Khlibov, Nika Paikridze Duration: 120 minutes Date: May 23 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

Gallery

11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

MAY 24, 2015

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band «Good Company» 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 City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Maka Durglishvili; Karaoke, DJ Vako 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 songs with live performance 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 «Rustavi 2» (Covers)

Cinema

Concert

J. Kakhidze State Musical-Cultural Centre 123/125, Aghmashenebeli Ave. Tel: 296 1243, 296 0620, 296 2207 International Music Festival Dedicated to Djansug Kakhidze 80 years Anniversary 20:00 - Tbilisi Symphony Orchestra & Vakhtang Kakhidze’s Music for Cinema and Theater, Songs and jazz-folk Compositions Conductor - Vakhtang Kakhidze (Ticket Price: 10 - 50 GEL) Tbilisi Concert Hall 1, Meliqishvilii Str. Box office: 298-76-82; Info: 790906050 20:00 - AlterVision Group Presents: IYEOKA @ Tbilisi Concert Hall (Ticket Price: 25, 35, 40, 50, 60, 80, 100 GEL)

Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Old Jokers Director: Gocha Kapanadze Cast: Kakhi Kavsadze, Darejan Kharshiladze, Zaza Lebanidze, Jemal Ghaghanidze, Manana Gamcemlidze, Marina Janashia Duration: 140 minutes Date: May 24 Hall: Small Stage Time: 19:00 Price: 10, 15, 20 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 A Lovely Sunday Director: Guram Vashakidze Cast: Nani Chikvinidze, Nino Dumbadze, Ketevan Gegeshidze, Lili Pilpani Date: May 24 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Pippi Longstocking Director: Avto Varsimashvili Cast: Shako Mirianashvili, Nino Lomidze, Giorgi Mchedlidze, Tornike Gvekhidze, Mariam Demetrashvili, Anna Vanishvili Duration: 50 minutes Date: May 24 Time: 13:00 Price: 6, 7 GEL The Caucasian Chalk Circle Director: Avto Varsimashvili Cast: Sandro Margalitashvili, Jaba Kiladze, Giorgi Jikia, Tamuna Nikoladze, Mariam Jologua, Tiko Kordzadze, Apolon Kublashvili, Goga Barbakadze, Marisha Kitia Duration: 240 minutes Date: May 24 Time: 19:00 Price: 6, 13, 15 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 The Taming of the Shrew Director: Hillary Wood (Great Britain) Cast: Gia Abesalashvili, Makho Abuladze, Temur Gvalia, Soso Khvedelidze, Vano Dugladze, Nika Tserodiani, Tsotne Metonidze, Guga Kakhiani, Ilia Tcheishvili, Akaki Khidasheli, Zura Antelava, Tamri Bziava, Irina Giunashvili, Ana Matuashvili Date: May 24 Time: 20:00 Price: 12 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 This is Menagerie! Directed by Beka Kavtaradze Cast: Aleksandre Begalishvili, Giorgi Kvelashvili Duration: 120 minutes Date: May 24 Time: 19:00 Price: 8, 10 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 The Taming of the Shrew Director: Otar Egadze Cast: Lasha Ambidze, David Gogolashvili, Kakha Gogidze, David Davituliani, Andria Vachridze, Anna Talakvadze, Mariam Kalatozishvili, George Makharadze, Temur Kvaratskhelia, Salome Mikadze, Marekh Kvizhinadze Duration: 150 minutes Date: May 24 Time: 20:00 Price: 10 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Pippi Longstocking Directors: Irakli Gogia, Lasha Gogniashvili Cast: Sophia Sebiskveradze, Tamta Patashuri, Giorgi Tskhadadze, Maya Vatsadze, Shorena Zubiashvili, Vasil Shikhashvili, Vazha Tsitsiloshvili, Neli Badalashvili Duration: 60 minutes Date: May 24 Time: 14:00 Price: 7, 10 GEL God, for what? Director: Nugzar Gachava Cast: Nugzar Kurashvili, Gigi Migriauli, Mzia Taliashvili, Marina Kharchilava, Tamta Patashuri, Valeri Toronjadze, Vaso Shikhiashvili, Vazha Tsitsiloshvili Duration: 70 minutes Date: May 24 Time: 20:00 Price: 7, 10 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 Tale of King Saltan Director: Avtandil Varsimashvili Cast: Mari Kitia, Mikhail Arjevanidze, Apolon Kublashvili, Karina Kenia, Sopo Lomjaria, Ludmila ArtyomovaMghebrishvili Duration: 70 minutes Date: May 24 Time: 12:00 Price: 5 GEL Gabriadze Theatre 13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90 Ramona Playwright, Director, Set-Designer, Puppet-Designer - Rezo Gabriadze Puppets, Set and Props - Luka Gonashvili, Viktor Platonov, Aleksander Kheimanovski, Gela Jangirashvili, Aleksandra Luniakov, Svetlana Pavlov, Giorgi Giorgobiani, Levan Kiknavelidze, Artem Ozerov, Avtandil Gonashvili, Tamar Chalauri, Tamar Kobakhidze, Nana Chezghia Duration: 90 minutes Date: May 24 Time: 20:00 Price: 10, 15, 20 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The lullaby’s power Director: Otar Bagaturia Cast: Vameh Jangidze, Khatia Melkadze, Ioseb Molodinashvili, Nino Lortkifanidze, Paata Kikvadze, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili Duration: 110 minutes Date: May 24 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL The Royal Cow Director: Guram Bregadze Cast: Nino Kikatheishvili, Edmond Gabedava, Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Ana Lezhava Duration: 90 minutes Date: May 24 Hall: Small Stage Time: 13:00 Price: 7, 10 GEL 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: May 24 Hall: Small Stage Time: 17:00 Price: 7, 10 GEL I Can See the Sun Director: Dimitri Khvtisiashvili Cast: Vameh Jangidze, Tamar Lortkipanidze, Nino Archaia, Khatia Melkadze, Berta Khapava, Badri Gvazava, Levan Katsiashvili, Giorgi Katchakhidze, Beso Megrelishvili, Paata Mkheidze Duration: 90 minutes Date: May 24 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

Gallery

Vitali Kapanadze’s 70 years anniversary exhibition 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 - June 7 Personal Exhibition of Lela Makharoblidze 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 - May 25 Exhibition «Sergo Parajanovi - 21st century Dream» 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 - July 16 Personal Exhibition of Anton Balanchivadze Baia Gallery 10 Shardeni Str. Tel: 275-45-10 till - May 25 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

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

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18 MAY, 2015 | FINCHANNEL.COM

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| places we strongly reccommend to visit | TSISKVILI

LITERATURULI CAFÉ

dining

Red Café Bistro & Cafe

4, Besiki Str. 22, Abashidze Str. Tel: 222 02 76

Tel: 2 519 966

# 71 Vazhaphavela Ave. Tel: 2201 211 info@redcafe.ge

Beliashvili Str. Tel: 253 07 97

Belle Ville

PREGO

PICASSO

84, Barnovi Str. Tel: 225 22 58

French - European barrestaurant Pleasant and cozy atmosphere High quality service, live music every day

15, Erekle II. Tel: 293 14 11 25, Tarkhnishvili Str. Tel: 225 25 16

4, Vashlovani Str. Tel: 298 90 86

26, l.Kiacheli Str. Tel: 293 65 53

4 4/2

DISCOVERY

Espresso Bar “RESPUBLIKA”

37, Kostava Str. Tel: 298 37 67

2, MarjaniSvili Str. Tel: 2 999 723

Book Corner

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

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

16, Marjanishvili Str. Tel: 555 003151 www.facebook.com/RespublikaEspressoBar

VERA STEAKHOUSE

40, Chavchavadze Ave. Tel: 229 42 30

SIANG-GAN

Tel.: 599 21 53 83

CAFE CINEMA

Addr: 3 Vekua Street. (Trade Center GTC) Tel.: 2 93 61 38

41, Gamsakhurdia Str. Tel: 237 96 88

ENGLISH TEE HOUSE

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

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

Prospero’s Books

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

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

BUSINESSTRAVELCOM HOTEL AND AIRTICKET BOOKING: 2 999 662 | SKY.GE

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