WEALTH

finchannel.com/wealth

JULY 2010

GEORGIAN SUMMER

Tara McDonald and UK’s hottest DJs comming to Georgia HOW TO BECOME A MILLIONAIRE TEMUR CHKONIA PRESIDENT, COCA-COLA GEORGIA ALLEN CHENG CEO, GEORGIAN LOTTERY COMPANY LASHA PAPASHVILI CHAIRMAN, BANK REPUBLIC’S SUPERVISORY COUNCIL

BEST BANKS OF GEORGIA

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FINANCIAL MAGAZINE | JULY 2010

CONNECTING YOU WITH THE LARGEST BUSINESS COMMUNITY AD SPACE, ALREADY IN SALE marketing@finchannel.com (995 32) 252 275 ext: 1

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Contents:

JULY 2010 | Vol.1.No.2

HOW TO BECOME A MILLIONAIRE: LASHA PAPASHVILI RISKS IN BUSINESS

p.16

HOW TO BECOME A MILLIONAIRE: TEMUR CHKONIA PRESIDENT COCA-COLA

p.18 BEST BANKS: BR - BECOMING MORE CORPORATE

INVESTING: ITSIK MOSHE

p.11

PRESIDENT,

GILBERT HIE, CEO

ISRAEL-GEORGIA

SELLING LICENSES TO A DREAM ALLEN CHENG CEO, GLC

p.22

BEST BANKS: SMART CLUB FOR TBC BANK’S LOYAL CUSTOMERS

p.4

CHAMBER OF BUSINESS

p.28

REGULARS:

INVESTMENT OPPORTUNITIES: WHERE TO INVEST IN AJARA

p.72

INVESTING: DONALD TRUMP

p.24 TOP 50 HIGHEST PAID SOCCER PLAYERS

TOURISM: BATUMI MIRACLE

p.74

POTENTIAL IN GEORGIA

p.34 BILLIONARES: TURKEY’S RICHEST MAN

p.77

HUSNU OZYEGIN

p.37

BEAUTY: MODELLING AS BUSINESS

COVER PHOTO: SARA MACDONALD SUMMER NIGHTLIFE

IA KITSMARISHVILI

p.66 p.62

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FINANCIAL MAGAZINE

p.26 FOOTBALLERS’ WAGs WIVES AND GIRLFRIENDS

OMER SUBASI SHERATON BATUMI

HOSPITALITY: THE WORLD’S MOST EXPENSIVE HOTEL

2010

| JULY 2010

Publisher: Intelligence Group llc. Director and Editor-in-Chief: Zviad Pochkhua. Copy-Editor: Iona Maclaren. Technical Director: Temur Tatishvili.

Marketing Director: Lali Javakhia. Communication Manager: Eka Beridze. Layout: Intelligence Design Studio. Writers: Madona Gasanova, Tamar Khelaia, Keti Chkikvadze, Khatia Shamanauri. Distribution: Intelligence Group llc. Projected in partnership with National Bank of Georgia.

Consulting: Global Idea. Sponsored by: TBC Bank, Bank Republic, HSBC, Sheraton Metechi Palace, Marriott Tbilisi, Radisson BLU Iveria Hotel, Georgian Palace Hotel. Distributed free of charge among corporate and private subscribers. All materials are copyrighted.

Copying, reproduction or distribution of text and image materials are prohibited.

Address: 17 Mtskheta str. Tel: (+995 32) 252 275. Advertise in WEALTH magazine: marketing@finchannel.com Get a copy: Tel: (+995 32) 252 275 Ext: 3. Letters to Editor: editor@finchannel.com | Website: http://wealth.finchannel.com

p.44 SWIMSUITS TRENDS OF 2010

p.42 WOMEN IN BUSINESS EROTIC POWER

p.38 WOMEN IN BUSINESS FEMALE CEOs IN GEORGIA

p.48 LUXURY

WORLD’S MOST EXPENSIVE BREEDS

p.50 TRAVEL

UKRAINE INTERNATIONAL AIRLINES

p.54 TRAVEL

IBIZA, DAY&NIGHT

SMART CLUB FOR TBC BANK’S LOYAL CUSTOMERS Bonus and present just for being our client – this is the main idea of TBC Bank’s SMART CLUB. From now on SMART CLUB will unite TBC Bank’s loyal customers and offer them the most unique and innovative service in Georgian banking sector.

More precisely, the members of the club will receive various presents from the bank without making any additional and significant efforts – they will be awarded SMART points just for using our services which afterwards can be exchanged for presents at our partner stores and service providers.

As a result, each purchase made with our bank card, each saving or loan will bring new, additional benefit to our customers.

WHAT IS SMART CLUB? This is a club of TBC Bank’s loyal customers, whose members will participate in the so-called “bonus program”. Within this program club members will receive points for using bank products. By awarding points TBC Bank expresses its gratitude to loyal customers and gives them additional benefits for using TBC Bank’s services.

WHO CAN BECOME A MEMBER OF SMART CLUB? Any individual, who already uses TBC Bank’s services or wishes to do so can become a member of the club.

To become a member, customer should fill in a special application form. After filling the application, customer becomes a member of the club and SMART CLUB card is given to him/ her. Points are accumulated on this card and they can be exchanged for presents at partner stores and service providers.

ACCUMULATION OF SMART POINTS Points are accumulated when using following bank services: Making purchases with TBC Bank’s any debit or credit card via TBC Bank’s POS terminals at merchant stores and services providers.

Holding a positive balance on the bank account Any type of deposit (except child deposit) Any type of loan (except pawn loan) Distance banking If a customer uses several of our services points are doubled or tripled. Hence, the more products customers use, the more points they accumulate.

Points are automatically accrued and it is not necessary to slip SMART CLUB card through the terminal. In case you do not have sufficient points to get the present you like, you can cover the difference with money and still obtain the desired gift.

Points will be accrued on SMART CLUB card once in a month. In the beginning of each month points accumulated during past month will be accrued on the card.

Clients who have been TBC Bank’s customers for one year or more will be awarded one-time WELCOME Points from the bank when they become club members.

Information about the points accumulated can be obtained in the TBC Bank branches, via SMS, call centre or on a special SMART CLUB website www.SmartClub.ge Exclusive offers for SMART CLUB members In addition, special free-of-charge events will be organized for the active clients of the club.

Club will organize exclusive events especially for its members, also members will benefit from free tickets to the cinema and theatre première, important sport events and etc.

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TBC BANK

THE BEST CORPORATE CITIZEN OF THE COUNTRY

FINANCING EDUCATION FIELD AND STUDIES OF NEEDY TALENTED YOUNG PEOPLE: Since 2006 TBC Bank has been financing studies of needy talented students in the most prestigious and expensive institutes; financed a study trip to Italy for two talented young opera singers; It was with the financial help of TBC Bank that a club “Komaroveli” and evening and summer schools were organized on the basis of school of mathematics “Komarov”.

In 2008 TBC Bank financed a retraining program for the refugee teachers from Abkhazia. In 2007-2008 the Bank was financing studies of 10 talented students from Abkhazia and Tskhinvali Region.

TBC BANK TO PREVENT HEALTH PROBLEMS AMONG THE LOWER LAYERS OF THE SOCIETY:

TBC Bank distinguishes itself with its social responsibility and since the day of its foundation has been acting as one of the best corporate citizens of the country.TBC Bank not only actively participated in various charities, cultural and social projects but also was a founder and initiator of many such endeavors.\TBC bank, as a company of a high sense of social responsibility, responded to each and every important problem or issue of the Country.

The strategy of your company is to support such longterm projects in social and cultural fields, which are result-oriented, focused on developing these fields in the long run and aim to retain and protect social, cultural and national values.

This strategy is being implemented in the following directions: Social programs Renovation of historical monuments Culture and Arts Charity fund “TBC Fund”

SOCIAL PROGRAMS: For quite a few years TBC Bank has been actively supporting several long-term projects in the social field.

Those projects are: Free service in Green House for the children having mental problems - Since 2005 TBC Bank has been one of the donors and supporters of Green House, an organization for children having mental problems.

TBC Bank is helping disabled children - For already five years TBC Bank has been financially supporting fund First Step and this way helping children of limited abilities to rehabilitate.

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In 2006 TBC bank implemented a social program in the framework of which 1000 women had a mammography (breast examination) free of charge. In 2007 TBC Bank participated as one of the donors in the immunization project of UNICEF.

RENOVATION OF HISTORICAL MONUMENTS: One of the major priorities of TBC Bank charity activities is the protection and renovation of historical and architectural monuments.

In the past few years Bank financed several important reconstruction-renovation projects: • Reconstruction and refurbishment of Poka Nun Monastery • Restoration of Svetitskhoveli Chapel • Renovation of Gudarekhi Monastery • Refurbishment of Saint Nino Nun Monastery Bodbe • Refurbishment of Monastery Motsameta • Dmanisi Cathedral • Saint George Monastery in Kodori • Restoration project of Digomi Saint George Monastery • Khoni and Samtredia Eparchies • Construction of Virgin Mary Cathedral in Poti • Renovation of Saint Nikoloz church in Poti and etc.

FINANCING CULTURE AND ARTS Annual Literary Prize Saba - In 2003 TBC Bank founded an annual literary prize Saba. After three years of foundation, Saba became the most prestigious and the most notable literary prize in Georgia with its award ceremony being the major literary event of the year.

This year will be the 8th year of Saba prize. The aim of this annual literary competition is to reveal the best literary

works and authors in 8 nominations.

Apart from the special prize, winning authors are granted monetary prizes. The total prize fund for the competition constitutes 36 000 GEL. Since the foundation, 56 works/authors have been awarded Saba Prize and 200 000 GEL was granted to the winners in total.

TBC Gallery - one of the important cultural centers of the country.

It has been already five years that in a sense TBC Bank has become a cultural centre - In 2005 TBC Gallery was founded in the hall of bank’s head office. The gallery hosts up to 100 cultural events each year.

Events, such as presentation of new books, movies, audio discs, exhibition of paintings and photos, and various performances are held in the Gallery.TBC gallery is gradually expanding and was open in Signagi and Batumi in the TBC Bank Branches. The tradition, which took start in the head office, will continue in these cities as well and those galleries will become one of the important cultural centers of the cities.

Tens of thousands people come to visit the events held in TBC Galleries and this significantly contributes to the popularization of Georgian art.

Thanks to the project “TBC Gallery” TBC Bank has such a role in the cultural life of the country that no other bank has. The function of cultural centre totally distinguishes TBC Bank not only from the banks, but also from other Georgian companies.

Photo competition “Kolga” to support development of photography in Georgia.

For past six years TBC Bank has been financing photo competition Kolga. The aim of this competition is to give incentive and popularize young photo professionals and amateurs and to support development of photography in Georgia.

Traditionally, the award ceremony of the competition is held in TBC Gallery.

TBC FUND TBC Bank’s biggest social project was to establish TBC Fund for helping victims of the August 2008 war. TBC Bank made the first contribution of GEL 5 million. Many companies in and outside Georgia responded to the initiative of TBC Bank and made their contributions to the fund. The total donation made by individuals and organizations exceeded GEL 8 million.

TBC Fund declared its goal and main priorities: The goal of the fund is to implement long-term project supporting refugee children. after very end of the harsh period, TBC Fund planned and gradually implemented 5 projects: Long-term aid for pregnant and newborn refugees - in the framework of this program, TBC Fund provided monthly material aid to more than 2000 pregnant women and newborn children.

Within this project a total of GEL1.5 million was given out.

The second project of TBC Fund is a construction of a school for refugees in Tserovani. This school opened its doors to students after one year from august war, in September 2009.

The space of the school is 6000 square meters.

It is aimed at 2000 students (in case of two-shift teaching). The project budget is GEL 4 million. The school was built by construction company “New Construction Company”. The school is equipped with a modern gym, laboratories and brand new computers. The school yard is refurbished and represents a decorative garden with special plants.

The president of Georgia named the school “the best school in Georgia” during the opening and also, in various other occasions. implies taking a long-term care of two adolescents. The budget of the project is Gel 80 000 and this money will be spent on solving children’s health problems and ensuring their future.

The fourth ongoing project aims to carry out medical examination of refugee women living in Tserovani in order to prevent breast cancer.

The fifth project implies establishing and promoting a healthy way of life among the refugee children living in Tserovani. More precisely, these children will have special sports training, which will strengthen their health and prevent them from acquiring bad habits (drugs, nicotine).

ADVERTISING ON FACEBOOK HAS LITTLE EFFECT ON SALES, GEORGIAN COMPANIES Advertising on Facebook has no affect on sales, said the companies which are advertising through Facebook.

However, this is the cheapest price for advertising declared the companies in their interviews with The FINANCIAL. David Lee, General Diretcor of MagtiCom, declares that they are still observing Facebook and are looking at the ways the social network can be used as an advertising medium. “This is all part of the modern world which is arriving very fast,” said David Lee.

SUCCESSFUL FIRST QUARTER PERFORMANCE FOR ELIT ELECTRONICS Elit Electronics, which recently went under new corporate governance, is performing fairly well with 44% exceeded planned realization in June.

Elit Electronics’ first quarter sales reached 11,500,000 GEL. In the second quarter the sales of the company increased to 17 million GEL. “In 2010, the planned realization exceeded by 44%.

If we compare the results of June to May the rate of increase is 30%,” declared Ia Gogoladze, Marketing Communications Manager at Elit Electronics.

Techno Boom, the company founded by former owner of Elit Electronics Anzor Kokoladze has been operating for approximately 2 months on the Georgian market.

According to Eter Kokoladze, Techno Boom sales were over 3 million GEL in June. The company is operating 5 stores within its chain, three in Tbilisi and two in Batumi.

GEORGIAN BANKING SECTOR WILL GROW, FITCHRATINGS The Georgian banking sector is quite stable and emerging from the global financial crisis reported Fitch Ratings, the global rating agency committed to provide the world’s credit markets with independent and prospective credit options, research and data.

“The banking sector is small in absolute terms with total assets of USD4.8 billion, and largely foreign-owned.

The two largest banks Bank of Georgia and TBC Bank account for more than 50% of the banking system, but beyond that the sector is are quite fragmented,” said Natalia Smirnova, a Financial Institutions Analyst at FitchRatings. At the end of the first quarter of 2010 market shares in assets were as follows: Bank of Georgia 34%, TBC Bank 21%, ProCredit Bank Georgia and Bank Republic 9%, Cartu and VTB Bank Georgia 5%, other banks below 5%.

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GEORGIA GETS $300 MILLION FROM ADB FOR TRAFFIC-CONGESTED CITIES Georgia received a $300 million loan from ADB for easing chronic traffic congestion. ADB has earmarked $1.1 billion between now and 2020 under a multitranche financing facility . Tbilisi and secondary cities make up the backbone of Georgian economy. This has led to increasing traffic jams and road accidents, pollution, poor infrastructure and inefficient public transport systems. Georgia has created a strategic sector roadmap with wide-ranging reforms.

The ADB funds will be available in 3 tranches. The first $85-million tranche earmarked for the extension of a metro rail in Tbilisi, and for roads, pedestrian and cycle paths that could stimulate tourism in cities, including Mestia which is a UNESCO heritage site.

Other urban centers be included in ADB funds are Batumi, Kutaisi, Poti, and Rustavi as well as Anaklia, which along with Mestia, has significant tourism potential. The loan will help reorganize and build the capacity of municipal transport agencies and urban transport operators.it will help women, the elderly and students who are dependent upon the public transport system.

“This facility will be the first of its kind for ADB in Central Asia…and paves the way to reach the 30% urban transport operations target for ADB by 2020,” said Arnaud Dauphin, Urban Development Specialist in ADB’s Central and West Asia Department.

GEORGIAN RAILWAY ISSUES USD 250 MLN EUROBONDS

Georgian state-owned railway company issued eurobonds worth of USD 250 million with five year maturity, Nikoloz Mchedlishvili, Georgian PM’s spokesman, said on July 19. He said issuance of eurobonds was managed by Bank of America Merrill Lynch and JP Morgan, according to Civil Georgia.

Mchedlishvili said raised funds will be used for Tbilisi by-pass railway project and for “other modernization projects”.

EBRD provides EUR 100 million loan to co-finance a new double track railway route 10 km north of Tbilisi, which will divert rail traffic around the center of Tbilisi. This section of railway is part of main route for freight on the east-west transport corridor in Georgia.

PUMA FACTORIES MOVING FROM TURKEY TO ADJARA

Puma is going to bring its factories from Turkey to Adjara, the Black Sea region of Georgia. The management of Adjara Textile Ltd running the Puma plant in Bobokvati says in 3-4 months Turkish partners are going to move to Bobokvati. The low cost labour in Georgia is regarded one of the main reasons for such a decision.

Currently the manufactured production in Bobokvati, with a Made in Georgia label, is sent all over the world. The plant is 100% owned by Turkish investor Jemal Bilgingulluoglu with 3 million USD investment in the textile industry in Adjara.

NUMBER OF PH.D. STUDENTS REACHES 3,074 FOR ‘09-10 YEAR IN GEORGIA

According to the National Centre for Educational Accreditation there are 3,074 students already enrolled for Ph.D. (Doctor of Philosophy) studies for the 2009-10 year. There are 40 universities accredited to be running the programmes and research associated with Ph.D. degrees which includes state as well as private universities in Georgia.

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Bank Republic, Societe Generale Group, one of the leading Georgian banks, plans to offer different packages for corporate clients, drop prices for its products, support business and entrepreneurship development by funding initiatives.

“We have seen a few signs of recovery of the economy in Georgia. However banks need to have some time to be efficient in the recovery of bank loans, and on the improvement of the quality of their portfolio which will lead to re-start actively credit distribution.”

Gilbert Hie, Chief Executive Officer of Bank Republic

BANK REPUBLIC BECOMING MORE CORPORATE AND CLOSER TO ITS CUSTOMERS NUMBER OF CLIENTS (JURIDICAL): 5,858 – 1% GROWTH INDIVIDUALS: 175,787 – 16% GROWTH NUMBER OF EMPLOYEES: 995 – 1% GROWTH NET RESULT (IFRS STANDARDS) – 5.6 MLN GEL SHAREHOLDER PROFILE: SOCIETE GENERALE- 80% LASHA PAPASHVILI – 10% EBRD – 10%

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Loan Portfolio Development: Retail Portfolio had growth rate was (-19) % (-54 mln GEL) and reached 237 mln GEL. The Corporate loan portfolio has decreased by 7% (21 mln GEL) reaching 288 mln GEL by the end of December 2009. Total Loan Portfolio has decreased by 13% (80 mln GEL). Total Assets Development: During 2009 the main change in Total Assets’ structure was the reduction of Net Loans’ portion from 65% to 56%. On a Y-O-Y basis Total Assets has decreased by 5% (42 mln GEL) and reached 813 mln GEL. During the same period the growth rate of the Banking Industry was (-6) %.

Total liabilities Development: On the Liabilities side the primary evolution took place on Deposit side. The fraction of the Total Deposits has increased from 44% to 63%. The main driver of Increase on Deposits Portfolio is our Current Accounts (138 %). BR’s Borrowings has decreased by 46%. Subordinated Loans increased by 26%.

Int. rating & awards: AA- by Fitch (this is the SG HO rating which is applicable to subsidiaries as well) Number of branches: 49 Customer groups: Bank Republic is leading the universal business model and offers the best banking solutions and superior quality of service to both physical and legal entities.

Changes in shareholders: Societe Generale raised its share up to 80% in 2009. Respectively, the shares of Lasha Papashvili decreased to 10% and the shares of Gocha Matsaberidze equaling to 5% have been purchased by Societe Generale.

Received awards and participation: One of the Leading Newspapers Georgian Times and Research company GORBI held the annual ceremony of awarding ”Best Businessmen and Company” of the year. BR was awarded in the nomination “International Recognition” and “Stable Activity”.

Public Relations Agency PROFILE awarded Bank Republic with the nomination of “Trust and Reputation”. BR was granted the medal and diploma.

BR was named as the number 1 stable Bank by the survey results made by Information Agency GBC News (Georgian Business Consulting).

Company Global Idea and newspaper Financial, by the support of Georgian Chamber of Commerce and AmCham, organized the yearly contest Golden Brand, where BR was nominated as Socially Responsible Brand 2008, awarded with prize and special diploma. The leading experts in economic issues, state and non-governmental business sector participated in selection of golden brands for 2008.

Recently survey on “Which Bank You Trust” was conducted among journalists. Survey revealed BR’s position being on the second place among its competitors.

BR was awarded the Golden Brand nomination for “the Bank with the highest social responsibility” second time by Financial and Global Idea.

New branches: Ortachala, Mukhiani, Kvareli, Dadiani, Gori (2009) Freedom Square and Kutaisi (2010) , more branches are planned to be opened in 2010.

New services or products offered: see the section on products Public campaigns and charity: Alongside the sponsorship activities Bank Republic is socially responsible for charity issues as well. Charity activities undertaken by BR and foundation Tsiskari convey Bank’s major approach towards the society and country as a whole. Foundation provides support to well-known pubic figures, professors, actors, etc. in the respect of providing with various types of financial support.

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HOW TO BECOME A MILLIONAIRE

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WHAT BILLIONAIRES ARE BUYING KEN FISHER

Ken Fisher, who runs Fisher Investments, has recently been bullish on innovative ways to extract more gas and coal out of the ground. In particular, he’s been bullish on Carbo Ceramics (CRR), Haliburton (HAL), and Baker Hughes (BHI).

WARREN BUFFETT

Among other purchases, Buffett over the past year has spent $30 billion on a railroad (Burllington Northern) and has called it a “bet on the US economy”. So far so good, rail traffic is up 20% from a year ago. Buffett has also bought 2.5 million shares of waste management firm Republic Services. The interesting thing about garbage is that it’s directly correlated to the economy. Garbage goes up when we consume more.

JOHN PAULSON

John Paulson has recently been very bullish on gold, which might make you think he’s bearish on the U.S. economy, But it seems the reverse is true: He’s also been buying up tracts of raw land, so presumably he thinks land prices are coming back and he’s been bullish on U.S. financials. His latest 13F filing shows Paulson buying up 40 million shares of MGM Mirage and three million shares of XTO Energy (XTO).

LEON COOPERMAN

Leon Cooperman, one of the most successful investors of all time who runs Omega Advisers, last quarter he bought 3.3 million shares of Microsoft (MSFT), 1.2 million of Ford (F) and 720,000 of Bank of America (BAC) among others.

ROMAN ABRAMOVICH Russian and Chinese investors are considering land on the island of Rhodes. And Russian billionaire Roman Abramovich is said to be thinking about investing (though his spokesman denies this) Unconfirmed reports by Georgian news agencies claim Russian tycoon Roman Abramovich, the owner of English team Chelsea, is seeking to purchase the Dinamo Tbilisi club, in partnership with former GFF President Merab Zhordania.

GEORGE SOROS

Soros invested millions in Petrobras recently, according to foxnews. Petrobas is Brazil’s state-controlled oil behemoth. It’s Brazil’s version of Big Oil. They’ve netted $15 billion in profits during the last year. As of March 31 this year, SEC filings show Soros Fund has $637 million vested in Petrobras. Last December, the fund had $900 million invested in the company, making Petrobras one of its two largest stakes.

POLAND: NUMBER OF MILLIONAIRES SHRINKS BY 20 PERCENT Poland may have been a European leader as far as 2009 economic growth was concerned, but its number of millionaires shrunk by 20 percent last year.

According to Warsaw Business Journal there were some 13,500 people with an annual income of at least zł.1 million at the end of 2008. Today, that number is down to 10,700, reports daily Parkiet.

Analysts say that even as the number of millionaires was shrinking, the group of the richest of the rich grew by some 2,000 people.

BILLIONAIRE DIED IN 2010

New York Yankees owner George Steinbrenner is the fourth known U.S. billionaire to die during 2010, according to Forbes magazine.

Why is this significant? Because there is no estate tax in 2010, meaning that the U.S. Treasury has lost billions in tax revenues unless Congress acts between now and the end of the year to reinstate the tax retroactively.

Steinbrenner was worth an estimated $1.5 billion, meaning his heirs could save as much as $600 million in taxes because he died this year. Steinbrenner’s wealth could pass to his wife tax-free even if the estate tax were in effect, but this year she might have an incentive to disclaim (or turn down) any bequest, which would allow the assets to pass to Steinbrenner’s four children free of federal tax. The other billionaires to die in 2010 are Janet Morse Cargill of the family that founded Cargill Inc. (net worth: $1.6 billion), Texas pipeline magnate Dan Duncan ($9.8 billion), and California real estate mogul Walter Shorenstein ($1.1 billion). By rough calculation, their deaths in 2010 have cost the government some $6.5 billion.

INDIAN BILLIONAIRES As of March 2010, India has 49 billionaires.

This number is second largest in Asia, after China which accounts for 64 billionaires.

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HOW TO BECOME A MILLIONAIRE

LASHA PAPASHVILI, CHAIRMAN OF THE BANK REPUBLIC’S SUPERVISORY COUNCIL “When you start your business, of course you hope that you will reach great financial success.

Accordingly it was my goal to become a millionaire. I was working very hard and as a result I have reached my goal”

“After graduating from university I became involved in business. My first commercial company was in connection with export, which was a good business opportunity.”

At first I was a director of my commercial company. I remember having no income at all because the company was mine. The first sum I received as a wage was in 1989, when we started export of drinks to Russia.

I graduated from university in the period of the post soviet union. At that time, there was a boom of commercial activities. People began to start private business during that period. The time was very profitable for new enterprises. At the same time I thought that I would be successful in that. It must be underlined that my father was engaged in trade as well and this fact played a great role and partly inspired me to start my business.

RISKS IN BUSINESS “To take risks in business is inevitable, but unjustifiable risks must not be taken. I always try to foresee several different variants in advance, in order to choose the best and to avoid big losses. Thus risk is very important. It is unimaginable to produce business without risks but it must be underlined that each step must be foreseen in advance and must be ensured at the utmost.”

“I am always forming new plans, but at the same time I rely on intuition. Business may be compared to the game Chess, where it is important to think, to have a strategic view and this ensures moves foreseen in advance. You can’t win the game with one run. It is the same in business. You must think about the result, which is affected by your decisions.”

“I have a very busy schedule. My working day begins at 7 o’clock in the morning and continues until 12 o’ clock at night. It’s very difficult to live with such regime, but I have already become accustomed to it and this is the rule of my life nowadays.

“I can’t remember any initiative of mine which has

”I THINK THAT EVERYTHING HAPPENS ACCORDING TO GOD’S WILL, BUT HARD WORK IS VERY IMPORTANT AT THE SAME TIME.” failed. I can tell you about a nut factory which was not relatively successful. That was due to certain reasons.

On the one hand, I wasn’t involved in management. We must also remember that we have a big competitor, Turkey, in that field. 80% of the world market is controlled by that country. It’s too difficult to occupy a profitable place when you have only 2% of the world market.

Accordingly our new project was not a success.

It must be underlined that I have learned many things from it. I was properly introduced to agriculture. There are still many problems in this field. My experience helped me to have many successful projects in this sector”.

“The greatest challenge for me was an attempt to bring a strategic investor in the banking sector to Georgia, which ended successfully. As you know, we have overcome this challenge. I mean the shares of Bank Republic, which were bought

by Societe General. At first I thought that it was impossible, but we were working very hard achieved success.

Thus when you work hard, you are able to reach your

desired result.

“If the attempt to run a nut business can be called a mistake, then I think that’s my worst mistake. I have told you the reasons why this initiative failed. Another factor was negotiation with Societe General which was on hold during that period.

Thus I did not have enough time for a new business”.

“I think that my success hasn’t significantly changed my life. I wear shirts of the same quality today as I did years ago when I wasn’t involved in business. As for my personal life, I can’t see any changes there either, but I think that other people can estimate that better”.

“Every successful businessman is my business idol. People think that everything is achieved by chance.

It helps to be lucky, but I consider real success to be a result of hard work. Thus every person in the world today who is a successful businessman, must be respected.

Among them Warren Buffett and Donald Trump. It must be underlined that Donald Trump was bankrupted several times, but now he is one of the most successful businessmen of our times”.

“People who intend to become millionaires mustn’t concentrate too much on money. They mustn’t seek reasons to justify themselves.

The result and the success Warren Buffett and I have reached can be achieved by any person. A person is able to do anything. He is able not only to become a millionaire, but to make miracles happen as well. Thus a person should live in the right way, he must study well, he must work hard and the result will be seen very soon. He will become a millionaire by all means!”

Wealth FINANCIAL MAGAZINE | JULY 2010

SHORT

BIO LASHA PAPASHVILI WAS BORN IN GEORGIA ON NOVEMBER 18, 1968. IN 1989 HE GOT A BACHELOR’S DEGREE IN HISTORY AND IN 1993 A BACHELOR’S DEGREE IN LAW FROM TBILISI STATE UNIVERSITY. AFTER GETTING HIS DEGREE LASHA PAPASHVILI GOT INVOLVED IN PRIVATE BUSINESS PURSUITS IN GEORGIA AND LATER IN RUSSIA. FROM 1997, PAPASHVILI HAS BEEN THE DEPUTY CHAIRMAN OF BANK REPUBLIC’S SUPERVISORY COUNCIL. PRESENTLY LASHA PAPASHVILI’S BUSINESS INCLUDES BANK REPUBLIC AND THE REAL ESTATE DEVELOPMENT COMPANY REDIX. AT THE SAME TIME, HE IS INVOLVED IN NUMEROUS CHARITY PROJECTS. LASHA PAPASHVILI IS MARRIED AND HAS FOUR CHILDREN.

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FINANCIAL MAGAZINE | JULY 2010

HOW TO BECOME A MILLIONAIRE

INTERVIEWED BY KHATIA SHAMANAURI

TEMUR CHKONIA PRESIDENT, COCA-COLA BOTLERS GEORGIA TEMUR CHKONIA WAS BORN IN BOLNISI, A SMALL TOWN IN EASTERN GEORGIA ON 9 SEPTEMBER, 1950.

HE RECEIVED HIS EDUCATION AT TBILISI POLYTECHNIC INSTITUTE. LIVED IN RUSSIA FOR A WHILE. CHKONIA WAS A REGULAR TECH WORKER AT TBILLUDI BREWERY, LATER AT TBILIKHILCKALI, A LEMONADE PRODUCING COMPANY. TODAY HIS BUSINESS INCLUDES COCA COLA BOTTLERS GEORGIA, MCDONALD’S RESTAURANT CHAIN IN GEORGIA, FACTORY OF CARBON DIOXIDE IN ASPINDZA, DISTRIBUTION COMPANIES AND HOTELS. HE IS ONE OF THE RICHEST PEOPLE IN GEORGIA.

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HOW TO BECOME A MILLIONAIRE

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TEMUR CHKONIA

PRESIDENT, COCA-COLA BOTLERS GEORGIA “I grew up during the Soviet Union.

If I thought about becoming a millionaire at the time, I would have been jailed. It was forbidden to have such opinions.

At the same time, there was a certain image about millionaires. People thought that they were big-bellied, greedy individuals, oppressing employees by imposing unacceptable conditions on them. It’s also interesting to look at the traditional caricatures of

millionaires. They were presented with big cigars, big caps and with big bellies as well. According to the times of the Soviet Union people were under the influence of certain ideology and press. Thus I never thought about becoming a millionaire.

This was a time when units achieved success because of their hardwork.

It was necessary hypocrisy, to have plural acquaintances, for one to become a successful person. It must be underlined though that I achieved everything purely because of my hard work.

“In the past a person always had to choose the same profession as his parents. Lawyers wanted their children to become lawyers, doctors wanted the same profession for their children.

My mother was a gynaecologist and accordingly I should have become a gynaecologist too. But I didn’t want to, because there was large competition in the entrance exams to the medical institute. It was necessary to have skills

in all subjects and I was never a good, all-round pupil. Thus, in spite of my parent’s great desire, I didn’t enter the medical institute. I went to Moscow and I continued studying there. At the age of 17 I began working in a bread factory. My wage was very low, about 70 RUB and that wasn’t enough for me.

After a year and half, I was promoted, but I was bored of this job, because I was on duty on certain days, and accordingly I had to miss fun times. At last I decided to give up.

Later, experiments were held at my institute, and I was interested in them.

So, at the age of 19 I began working at the laboratory.

After graduation from the institute, I came back to Georgia. Here I began working in the factory of nonalcoholic drinks.

At first I was an engineer and finally became general director.

“The first step in my business was producing the nonalcoholic drink flavour - Tarkhuna (Tarragon).

This was recognized as the best drink by the Soviet Union.

I achieved it by my hard work.

By myself I established relations with different countries.

I went to Baltic countries and offered them our drinks and then began the distribution of non-alcoholic drinks.

The result was that I was bringing a great sum to our budget.

At that time, no one besides me was making such drinks, even though the request for non-alcoholic drinks was huge.

So slowly my business developed. After a certain period the drinks made by us were sold very actively in the countries of the Soviet Union.

In the nineties, we began thinking about importing Coca-Cola. I am a specialist in non-alcoholic drinks and accordingly I knew that lemonades would have no perspective.

Something new had to be brought to the market and that was Coca-Cola. It was a very difficult period at that time, there was no gas, light or water, but fortunately for me, there was request

for Coca-Cola in society.

My life has been full of lucky opportunities. When I decided to produce Coca-Cola, I sent a written letter to Atlanta, because there was no internet or fax. By chance this letter was accepted directly by the executor of duty of the vice-president Nevil Izdel, who was working on the development of business in Europe. Soon after he became a director of Coca-Cola.

Later, Nevil Izdel visited Georgia and told me that when he accepted a letter from Georgia, he found out that it was small country which reminded him of his mother country - Ireland, and how they had suffered. He was also introduced to the wars of Georgia and so he decided to cooperate with us. They gave me an inventory of instructions and I had to accomplish all of that in a year and a half, but 6 months was enough for me because I was working so hard.

As for the factory of Coca-Cola, it was opened by Muhtar Kent. He is a Turkish businessman.

Today Muhtar Kent is one of the directors of Coca-Cola.

FIRST 1,000 USD “I have never worked on such small sums. I was winning considerably bigger sums even from the beginning of my business. My main aim was to expand my business. I was not thinking much about money.

FIRST 1,000,000 USD “I can’t remember exactly how long it took to make a million. I think that several years after starting my business we had already won a million.

“It’s very important to plan the future in advance. What I acted emotionally and spontaneously, it was always a mistake. Accordingly, I am always trying to plan everything in my business. “ I attribute my success to being lucky; the cases I have already told you about.

Very often, in difficult situations, I have been lucky. For example: my journey to Chicago. When I wanted to open a McDonald’s in Georgia, I met Jim Cantalupo. I had lost my suitcases by the time I arrived there and so I had to buy a suit that was too big for me. Jim Cantalupo was interested in why I was looking so and I answered that we had just one suit in the family which we all had to share, one after the other, so it was big for some and small for others”.

Wealth FINANCIAL MAGAZINE | JULY 2010

ON HIS FIRST DAY IN TBILISI, ALLEN CHENG, CEO OF GEORGIAN LOTTERY COMPANY (GLC) LLC, WAS INVITED TO A NICE GEORGIAN RESTAURANT BY HIS GEORGIAN FRIEND. IT WAS THE VERY FIRST TIME HE DISCOVERED THAT CHINESE AND GEORGIAN CULTURES HAVE SOMETHING IN COMMON. LATER HE FOUND OTHER SIMILARITIES ALSO. IN 2009 HE HELPED THE COMPANY IN GEORGIA TO WIN AN EXCLUSIVE, 10 YEAR LICENSE TO RUN THE LOTTERY BUSINESS.

READ ON NEXT PAGE

SELLING LICENSES TO A DREAM

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ALLEN CHENG, CEO OF GLC “Winning a Lotto Jackpot changes one’s life.

Our customers would like to touch and feel the dream. When you buy a Lotto ticket, you are buying a license to dream.

Naturally all the dreams are about positive things that will happen to you once you win” MR. CHENG, CEO OF GEORGIAN LOTTERY COMPANY LLC, THE LARGEST LOTTERY COMPANY IN GEORGIA. GLC RECENTLY LEASED A LARGE OFFICE IN THE HEART OF TBILISI’S MOST ELITE DISTRICT, VAKE. THE COMPANY IS A JOINT VENTURE OF HONG-KONG, ISRAEL AND CANADA BUSINESS GROUPS. “I was born in Hong Kong. Similar to most of the businessmen from China during the 1940-50s after the Second World War, my father moved his business to Hong Kong and lived there ever since.”

“I graduated from the Far East Flying and Technical Institute in Hong Kong in 1977; afterwards I continued my study in Business Management in the United States of America and Japan for two years before I established my business in Hong Kong. My first business was in the communication sector, and then I founded and ran the America Advertising Group which was a diversified advertising, public relation and printing company operating in the Greater China region.”

“I am the Chairman of eGame & M.POS Group Hong Kong, the founder and major shareholder of both groups; my leadership and business acumen over 30 years have been instrumental to the ongoing success of the group; currently our group has more than 200 employees to take care of our customers worldwide.”

“By the year 2006, I acquired a shell corporation to accelerate M.POS Inc. to become a listed company of NASD other OTCBB, which is planned to be an entry for the company’s future goal for listing in NASDAQ in the coming year. I was also appointed President of the listed company in 2006.”

“Before 1997 when HK was still a colony to the British, Royal HK Jockey Club (www.hkjc.com) was the only authorized organization to run a lottery business in HK, at that time, “Sweep Stake” was very popular which was pre-printed and not electronically connected; after the Hong

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“I’M NOT PLAYING THE LOTTO DUE TO OUR COMPANY POLICY.”

Kong handover back to China in 1997, I noticed that if the “Sweep Stake” could be operated electronically, this should be a profitable business; therefore I started to run the business from my existing M. Lottery group, and subsequently developed another eGame team to develop lottery mobile betting, Bingo, Instant Game, Lottery 6/49, totalization, etc;

leading my Hong Kong team to build the system and game technology transfer, and at the same time to perform routine managerial work, the same as any other large or sizeable corporation.”

Q. What does wealth mean to you?

A. To me, it highly depends on individuality and is hard to define; for myself, the meaning of wealth is two fold; one is that wealth can enable me to maintain a sweet family, second, wealth means I can use my wealth to help others, to return to where I earn it from. Under my leadership, this is in fact one of our visions, to contribute a considerable amount of our fund to those needed.

I am proud of my team as so far since the beginning of the lottery business, we have contributed a significant amount to the people of Georgia and we shall continue to do the same in the future.

SECRET OF SUCCESS: “MY RECIPE IS SIMPLE, AND I CAN NAME 2 PRINCIPLE INGREDIENTS, HARD WORK AND HONESTY.” I believe GPRS is the main stream for the coming future and as a result, the majority of my systems are operating under mobile platform and M.POS becoming one of the pioneers to use the mobile GPRS terminal as a tool to sell lottery game tickets.

“During these few years, after my HK flagship company successfully landed the lottery games in Asia Pacific, the African Continent and Latin American countries, I decided to explore other regions; in late 2008, my Israeli partner called me and said “Here I am in this beautiful country”.

“I still remember 22.12.08 as my first landing in Tbilisi, and ever since I fell in love with this place; as a matter of fact, I spent over 6 months preparing and organizing the tender from MOF, including a system field test and finally in June 2009, from the tenders submitted by 5 international gaming providers including us, MOF decided to grant us a 10 years exclusive right to organize and conduct national lottery on the territory of Georgia, together with my local and Israeli partners.”

“Today I am the Managing Director of eGame Solutions inc, which is the main partner of Georgian Lottery Company LLC and I’m regularly/constantly involved in the managing process of GLC and while I am in Georgia, my daily routine is to train the company’s local staff for lottery know-how, in addition to

Q. Is there a different attitude toward business in Georgia and China?

A. To be honest, here I only do GLC business with my local and Israeli partners, and my partners are not only reputable and honest, but also of high educational background and professionalism; to me, as I was educated in Hong Kong, the USA and Japan, it is not difficult for me to do business with my partners, as I reckon we do have something in common.

Q. What do you think, is it better to be a hired employee, even a CEO, or it is better to run one’s own business?

A. To me, I follow team spirit, wherever I am, team spirit is a must; and to respect what you are doing is a pre-requisite, no matter whether you are employed by someone or self-employed, what is important is you must love your job and sooner or later, you will be in the position of CEO or owner like me.

OVER THE NEXT 10 YEARS THE REVENUES WILL EXCEED 4 BILLION GEL, THE COMPANY EXPECTS “According to my understanding, every country has its own unique factor, for Georgia this country has inborn factors that some of the countries in the world do not possess; a higher level in education, the ability of the citizens to speak more than 2 languages, etc. In my opinion, because of this, there are 2 channels that could be used to speed up the emerging process from the recession. One is through the Government, for it to develop infrastructure in an effective way to create jobs and when the time comes, this would be the most profitable sector in Georgia, second - tourism, in this country we have unique seasonal segments, historical culture, rivers and beautiful mountains and what impresses me is the number of churches that have stood on this land for such a considerable period of time. If the Georgian Government could utilize all these factors and make use of these advantages and make use of its natural resources, to heavily promote tourism etc, I believe this would be the fastest way for Georgia to emerge from the recession.”

“Foreign investors which are not familiar with the Georgian economy might be more suspicious in regards to serious investment in Georgia. In my opinion, they are wrong; Georgia is a young and ambitious country with highly educated people.”

“We are focusing on developing the national lottery by increasing our point of sales, introducing new games and at the same time to expand our business. We are investing a lot of resources in educating our customers about our games and the benefits that our operation is generating for Georgia.”

WORLD’S LUCKIEST LOTTERY WINNER

One of the big events of Governor Richards’ term was the beginning of the Texas Lottery. Governor Richards bought the first scratch-off ticket at Polk’s Feed Store in Oak Hill, May 29, 1992. Sales of “lotto” random number tickets began six months later.

With fourth win, elusive woman has won $20.4 million, mainly in scratch-off games, since 1993. Look no farther than Joan Ginther, at least when it comes to winning the lottery. Since 1993, the 63-year-old woman has won four windfalls on the Texas Lottery, each time winning more than $1 million for a total of $20.4 million. The most recent win that has everyone talking: $10 million in a scratch-off game called “$140,000,000 Extreme Payout.”

Not only has each ticket been bought in Texas; two of the tickets have been bought in the same store, right in Bishop, Ginther’s town of birth where neighbors say she comes back every so often to visit her father and, apparently, try her luck.

“This is a very lucky store,” Bob Solis, the manager of Times Store, told the Corpus Christi, Tex.,-based Caller Times as news about the most recent win began to circulate. The owner said the store sells an average of 1,000 tickets a day.

4 Texas Lottery wins, $20.4 million.

Ginther’s first windfall came 17 years ago, when she won $5.4 million in a “Lotto Texas” game. She opted to have that sum paid out annually over 19 years.

TAIWAN

WORLD CUP FINAL SETS SPORTS LOTTERY RECORD Sales of sports lottery tickets in Taiwan for the 2010 World Cup final between Spain and the Netherlands set a single-game record for the country’s sports lottery, Taiwan Sport Lottery Corp. said Monday.

The NT$100 million bet on the game through the sports lottery eclipsed previous marks and brought the total amount bet on the tournament since it began in mid-June to NT$900 million (US$28.13 million) ,

GERMANY The two-year-old octopus with possible psychic powers turned into a worldwide celebrity for accurately predicting the winner of Germany’s five World Cup wins as well as their two defeats Bettors around the world made small fortunes based on Paul’s uncanny picks, said Graham Sharpe, media relations director at William Hill in London, one of Britain’s largest bookmakers.

Sharpe said that anyone who had placed a 10-

pound accumulator bet on Paul’s picks from the start of the World Cup would have won 3,000 pounds ($4,500) by the end of the tournament, according to Washington Post.

The image of octopus-predictor Paul deserves the right to become the emblem of Spanish football, Spanish Ambassador to Kazakhstan Alberto Anton Cortez told Azeri news-agency.

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CRISTIANO RONALDO (REAL MADRID, £11.3MILLION) Cristiano Ronaldo has become the father of a baby boy, the Real Madrid footballer announced on his Twitter and Facebook accounts on Sunday. The message on Ronaldo’s Internet pages does not name the mother, but the Portuguese newspaper Correio da Manha said she is a US citizen. “It is with great joy and emotion that I inform I have recently become father to baby boy. As agreed with the baby’s mother, who prefers to have her identity kept confidential, my son will be under my exclusive guardianship.”

Ronaldo, 25, has been romantically linked to a number of women over the years, the latest being Russian swimwear model Irina Shayk.

Shayk expressed disappointment at the announcement.

“My friend has suddenly become a father,” she wrote in her Facebook account.

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TOP 50 HIGHEST PAID SOCCER PLAYERS (2010) Portuguese marketing agency Futebol Finance has published a list of the top 50 footballer’s salaries this season and the results are genuinely eye-opening.

Real Madrid has three players in the top ten while Barcelona, Chelsea, Manchester City all have two. The most under paid player, if there’s such a thing, probably Wayne Rooney, who’s been on a tear lately scoring in the EPL and the Champions League.

CRISTIANO RONALDO

FREDERIC KANOUTE

FERNANDO TORRES

THIERRY HENRY

VICTOR VALDEZ

DAVID BECKHAM

1 Cristiano Ronaldo (Real Madrid, £11.3million) 2 Zlatan Ibrahimovic (Barcelona, £10.4million) 3 Lionel Messi (Barcelona, £9.1million) 4 Samuel Eto’o (Internazionale, £9.1million) 5 Kaka (Real Madrid, £8.7million) 6 Emmanuel Adebayor (Manchester City, £7.4million) 7 Karim Benzema (Real Madrid, £7.4million) 8 Carlos Tevez (Manchester City, £7million) 9 John Terry (Chelsea, £6.5million) 10 Frank Lampard (Chelsea, £6.5million) 11 Thierry Henry (Barcelona, £6.5million) 12 Xavi (Barcelona, £7million) 13 Ronaldinho (AC Milan, £6.5million) 14 Steven Gerrard (Liverpool, £6.5million) 15 Daniel Alves (Barcelona, £6.1million) 16 Michael Ballack (Chelsea, £5.6million) 17 Raul (Real Madrid, £5.6million) 18 Rio Ferdinand (Manchester Un, £5.6million)

MICHAEL BALLACK

19 Kolo Toure (Manchester City, £5.6million) 20 Wayne Rooney (Manchester United, £5.2million) 21 Robinho (Manchester City, £5.2million) 22 Iker Casillas (Real Madrid, £5.2million) 23 Victor Valdez (Barcelona, £5.2million) 24 Frederic Kanoute (Sevilla, £5.2million) 25 Deco (Chelsea, £5.2million) 26 Didier Drogba (Chelsea, £4.8million) 27 Gianluigi Buffon (Juventus, £4.8million) 28 Francesco Totti (Roma, £4.8million) 29 Luca Toni (Roma, £4.8million) 30 David Villa (Barcelona, £6 million) 31 Arjen Robben (Bayern Munich, £4.8million) 32 Bastian Schweinsteiger (Bayern Munich, £4.8million) 33 Ashley Cole (Chelsea, £4.8million) 34 Fernando Torres (Liverpool, £4.8million) 35 Gareth Barry (Manchester City, £4.8million)

DAVID VILLA

36 Patrick Vieira (Manchester City, £8million) 37 Charles Puyol (Barcelona, £4.3million) 38 Andres Iniesta (Barcelona, £4.3million) 39 Sergio Aguero (Atletico Madrid, £4.3million) 40 Andreas Pirlo (AC Milan, £4.3million) 41 Willy Sagnol (Bayern Munich, £4.3million) 42 Frank Ribery (Bayern Munich, £4.3million) 43 David Beckham (AC Milan, £4.3million) 44 Wayne Bridge (Manchester City, £4.3million) 45 Lassana Diarra (Real Madrid, £4.3million) 46 Dimitar Berbatov (Manchester United £4.1million) 47 Andrei Arshavin (Arsenal, £4.1million) 48 Nicolas Anelka (Chelsea, £4.1million) 49 Ryan Giggs (Manchester United £4.1million) 50 Alessandro Del Piero (Juventus, £4.1million)

ALESSANDRO DEL PIERO

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FOOTBALLERS’ WIVES AND GIRLFRIENDS ALENA SEREDOVA This stunning Czech model, whose surname, Sereda, actually means ‘ugly person,’ is the former Miss Czech Republic 1998. She’s been with Italian goalkeeper Gianluigi Buffon for years, and the pair have two sons together.

SARA CARBONERO

Spanish actress and model Lorena Bernal is the wife of Spanish soccer star Mikel Arteta.

Sexy Spanish sports reporter Sara Carbonero is dating her national team’s goalkeeper Ika Casillas. The gorgeous 26-year-old brunette was voted FHM’s number one sexiest reporter in the world.

GIORGIA PALMAS

EVA MARIA GONZALEZ

IRINA SHAYK

BIANCA KAJLICH

JAMIE LEE DARLEY

MICHELA QUATTROCIOCCHE

AIDA YESPICA

MARTINA COLOMBARI

It pays to be Cristiano Ronaldo.

A native of Emangelynsk City, Russia, Shayk was ‘discovered’ on a three-day train ride from Chelyabisnk to Moscow.

USA soccer star Sacha Kljestan’s girlfriend, Jamie Lee Darley, just so happens to be a 2009 Victoria’s Secret Fashion Show Model Search finalist

Is it hot in here or is just Venezuelan showgirl Aida Yespica? The stunning beauty queen is the girlfriend of Italian footballer Matteo Ferrari, with whom she has a son, Aron.

FINANCIAL MAGAZINE | JULY 2010

Busty, blond bombshell Sylvie van der Vaart is married to Dutch footballer Rafael Ferdinand. The 32-yearold model, actress and television presenter was voted the Netherlands’ sexiest female in 2003, and since then, the Van der Vaarts have emerged as the country’s most famous soccer couple.

LORENA BERNAL

Italian TV personality and model Giorgia Palmas is the sexy lady of footballer Davide Bombardini.

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SYLVIE VAN DER VAART

Miss Espana 2003, Eva Maria Gonzalez, is now a model and TV host. She’s had a high-profile onagain-off-again relationship with Real Madrid goalkeeper, Iker Casillas.

American actress Bianca Maria Kajilich married LA Galaxy star Landon Donovan. She currently stars on the CBS comedy, ‘Rules of Engagement.’

Italian actress Michela Quattrociocche is married to Liverpool star Alberto Aquilani.

Colombari, the wife of former AC Milan star Alessandro Costacurta, was named Miss Italy 1991 at the young age of 16. She has gone on to become a well-known model.

Irina Shayk (Shaykhlislamova) born on January 6, 1986 in Salavat, Bashkortostan, Russia, is a fashion model perhaps best known for her appearances in the Sports Illustrated Swimsuit Issue beginning in 2007 and as the face of lingerie brand Intimissimi.

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TBILISI IS A CITY OF 5 STAR HOTELS ‘Israel model is fit for Georgia says Itsik Moshe, President, Israel-Georgia Chamber of Business read an exclusive interview on next page

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TBILISI IS A CITY OF 5 STAR HOTELS

‘Israel model is fit for Georgia says Itsik Moshe, President, Israel-Georgia Chamber of Business

Q. The Israel Chamber of Commerce in Georgia is the first foreign commerce chambers operating in Georgia. As a result of its work many Jewish investors have come to Georgia and many business projects have been implemented. What is the attitude and interest of Jewish businessmen in Georgia today?

A. There are several positive factors in connection with Georgia: the countries’ relationship, distance and most important, the high potential of Georgian development as well as the business environment, which is also positive.

Regarding the situation today, it is difficult to evaluate, as sources for investing in Georgia are majorly connected with success in Eastern European countries. The crisis has changed the planned flow of investment volume.

Q. What influence did the global financial crisis and 2008 war have on Jewish investments? Could you name any specific project that has been delayed as a result?

A. The main thing is to learn from the real facts. The reality in that world business is today in difficulty and as a result we had to stop the most elite projects. Despite these temporary problems, the sector of Georgia-Israel economics is defined by existing and implemented investments.

In real estate 250 million USD has been implemented, moreover, the development and completion of the projects needs a minimum of 500 million USD. The major source of this sum, according to the specification of this sphere, must be banks and financial institutions, which have stopped financing due to cautious financial politics.

I should also mention that during the period of war there were no signs of project stopping. The international and internal crises had more of an effect and influence on the projects located on Rustaveli

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Avenue and Tbilisi’s central streets.

Moreover Jewish investors are clever and are well aware of how situations develop in CIS countries, as they have the experience and thus the opportunity to compare.

The crisis taught us that first of all there is emotional democracy in Georgia and second - there is no other way for the country’s transformation, when we speak about the “homo-sovieticus” person and about a society where there are roots of tradition in “post-soviet” culture.

Let me mention about the first Mayor’s election in republics of Post Soviet Union. This democratic election showed investors that the vector of progress in Georgia is unchangeable.

Q. In what position is Israel in Georgia in terms of investment?

Please compare its potential with other investor countries.

A. The investment potential from Israel is not yet utilized by even 10%. In general investments from Israel hold a good position, however Israeli investors are leaders in the parameters of “private investments”.

Q. Have the investment priorities of Jewish investors changed in Georgia? Which spheres are attractive at present?

A. Industry, agriculture and HiTech spheres have replaced real estate which was the leading sphere in the years 2005-2008. What are remarkable are the activities of Georgian banks in Israel, due to which there was inflow of tens of millions of USD in the country, especially during the crisis period.

When speaking about priorities, this is crucial. Whereas in 2008 the priority was average level real estate, in today’s post-crisis period, demand has increased for high class real estate, which you will agree is a paradox. I should also mention an increase of interest in high-quality and prestigious real estate in almost

every country.

0.1% of Tbilisi’s population can afford the highest level of expensive apartments. This figure equates to 1,500 units. In Tbilisi’s central streets 150 units have been built under the management of international companies. This is the potential that might be seen if investors explore the market in detail.

Q. How efficient is the investment climate and legal base in Georgia for investors?

A. Israeli investors have the opportunity of comparison with other countries, as many investors’ activities are occurring in parallel in several countries.

As for the investment climate and legal base, Georgia is one of the most normal countries in that respect in the world.

Q. In your opinion which factors are of vital importance for Jewish investors?

A. The major factor remains the topic of business credits in the banking sector, as the topics in the previous question are in normal conditions.

The existence of low rate credits would increase the volume of Israeli business by approximately 500%.

Q. Several Jewish groups conducted tourism projects in Georgia. In your opinion, why did Georgia-Israel tourism relations not increase to a larger scale?

A. Despite deep experience in this field, we are still at the beginning of the process and the results are yet to be seen.

Despite the existing objective reasons the outcomes are highlighted: the capacity of tourism increases by 100% every year.

To take in consideration the present situation between Israel and Turkey, the mission should be to attract 20% of Turkish tourism to Georgia by joint 3 years plan, Chamber of Business and Georgian government. This would be an additional 80,000 tourists per year

INVESTOR

bringing 100 million USD to Georgia annually.

Together with this, I would mention that our plans for 2010 were postponed till 2012 due to the world economic crisis.

The capacity is low and service and airline prices are still high. 2 million tourists are expected in 2012-2013 in Georgia which will result in a deficit of 10,000 hotel rooms. This means an additional 100 hotels.

As for tourism industry development - low interest rate loans will strengthen activities and help in building the necessary hotel rooms.

When speaking about potential, I would like to clarify the report that there are many 5 star hotel buildings. That is not the truth. That is the evaluation of those experts for whom the potential of tourism is measured by computer or according to the growth of other countries. They do not see all those parameters by which knowledge is necessary for forecasting.

Tbilisi, in the first place, is a city of 5 star and in particular, boutique, hotels. Secondly, it is impossible to conclude this business in a year and especially during such a turbulent period.

I have 20 years of experience of working in Georgia and in CIS. From the specifications of the business chamber I have witnessed many concrete projects and investors’ successes and failures. During this period I have familiarized myself with hundreds of forecasts and work, in which tens of millions have been invested. I can say that for an expert it is quite difficult to acknowledge the different parameters typical for Tbilisi and provide objective summaries. Consequently in the majority of cases, the expert’s summaries are far from reality.

Q. According to the statistics, out of the large-scale investors in Georgia the leaders are Egypt and the United Arab Emirates.

In your opinion, might that cause

more interest or a problem for Israel?

A. Jewish investors access other parameters when investing money.

I personally welcome all investors who after investing one USD have become helpers of Georgia and are contributing to the stability of the country. Despite that, I would not hide my desire for Jewish investors to be dominant in Georgia.

Q. After the conflict with Russia, the statements of Israeli government representatives were posted in the world media about restricting weapon trade with Georgia. In your opinion, might political relationships influence other business relationships between these two countries?

A. In business activities there exists one parameter in this respect, which is the colour green.

As for other aspects in the relationship, each embargo, pressure of global and regional politics and inevitable interests, will be temporary obstacles.

It is remarkable that in the expanded near East with geopolitical aspects Georgia and Israel are represented as two sides of the coin. Therefore, I would not like to comment on temporary issues and events as I do not see them as serious.

Q. In the USA and other progressive countries Jewish capital is actively engaged in media business.

Does the Jewish business presented in Georgia have an interest in this field?

A. At present it does not and this is good. It is necessary that representatives, businessmen, ambassadors, and citizens feel the space, stage, epoch, and the main proportions.

Consequently Georgia is not only LLC and business is not only money. During this country’s development stage our chamber does not advise media companies to enter this sphere.

Q. Which Georgian products are exported to Israel?

A. Water, wine and food products in small quantities. The Israeli market should be entered aggressively, adequate motivation and capability belong only to producer companies and not to mediator firms. When they move to this stage the results will be bigger.

Firstly, we should consider 1 million Jews from post-soviet countries the potential consumers.

In the second stage - the whole of Israel, despite the fact that the country is small, the market is quite huge.

I would name one type of cheese (cottage) that in Israel totals sales of 100 million USD. From these figures, the volume of market is understandable.

Q. How would you compare Georgian and Israeli markets?

A. In general the model of Israel is fit for Georgia. As for the market, the Georgian market is more interesting and complicated. The marketing research conducted by foreigners are mostly inaccurate. In Israel for example, a person who has a monthly salary of 500 USD would not dare to think would of buying footwear for 600 USD. Q. What type of production is imported from Israel to Georgia? In your opinion, which Jewish product might be successful in entering the Georgian market?

A. In general the production of Israel is suited to those markets where people seek high quality and low price. Israeli production has German quality and yet the price of Turkish low quality products. I know that high quality products do exist in Turkey, and consequently I mentioned Turkish low quality products’ price.

In general there is a similarity between Georgian and Israeli producers. Both of them have export ready models and neither of their formats is successful for the countries. Marketing and realization of small countries is made with differ-

ent methods.

We will be happy to support and help those companies that truly have the desire to export and realize their business.

Q. During its history, Israel, like Georgia, has seen much military conflict. However unlike Georgia, Jewish people have managed to sustain an investment climate, as well as development of production, trade. Compare these two countries with each other. In your opinion why is Georgia not achieving the same result?

A. It should be mentioned that Georgia has been advancing for several years. The results are not only significant but also a model for many countries. Israel is used to working and developing during periods of war and crises. In Georgia it is necessary to overcome the “panic” volume. Georgia is going in the right direction and broad vol-

INVESTOR

ume results are inevitable.

Q. Please tell us about IsraelGeorgia business forum missions and plans.

A. Until the end of this year we are planning 3 more Business Forums.

As in all forums, here we see the main mission as “PR”. This is necessary at present, as it was back in 2004 too. At that period Israeli companies did not want to hear anything about Georgia, due to the fall in previous years.

However we should pay attention to the fact that at those times the slogan of the business chamber “Return the leadership of Israel in the Georgian economy”, was justified.

During and after the crisis situation has changed. ISRAELI Investments in Eastern Europe as well as in Georgia has stopped. We believe that in 2010 after our activities in Israel together with Georgian Government and in Georgia Israeli business will continue in Georgia from 2011.. September 2010 will be the start of renewed Israeli investments especially in Tbilisi and Batumi. It is worth mentioned that in the case of crises first renewed Israeli investment out of Israel will be in Georgia.

At present it needed to bring back Jewish investors and show a firm banking system with low interest rates, advance in several international parameters, which are necessary for business progress.

In September we are planning to held Israeli Week together with JAFI and the Embassy of Israeli. In Israeli week the participants will be guests and businessmen from Israel and Georgia. This visit will be the start of continuing old projects. I believe that this will be great stimulus for everyone.

In the period of World Crises we are ready to cooperate with Georgian Government as we both have same interests: to support the interests of investors, progress of Georgia and relations between our countries.

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NEW YORK, CHICAGO, LAS VEGAS...

NOW TBILISI AND BATUMI? FORBES: TRUMP SEES POTENTIAL IN GEORGIA The Republic of Georgia is perhaps not the most obvious location for a lavish Trump Tower development, but that’s just where representatives of billionaire mogul Donald Trump have spent the past few days scouting hotel sites.

The Trump Organization owns, operates, and develops hotels, resorts, residential towers, and golf courses in different countries, as well as owning several pieces of high-end real estate in New York City. The organization also has a stake in Trump Entertainment Resorts, which owns and operates the Trump Taj Mahal, the Trump Plaza, and the Trump Marina casinos in Atlantic City, New Jersey.

Together with NBC, the Trump Organization additionally owns the Miss USA, Miss Teen USA, and Miss Universe franchises. The organization is owned and managed by the Trump family with Donald Trump as its CEO and three of his eldest children —Donald Trump, Jr., Ivanka Trump, and Eric Trump— serving as Executive Vice Presidents (EVP) within the organization.

Bloomberg:

DONALD TRUMP - Net worth : $2 billion (2010)

Donald Trump Eyes Profit From Georgian Investments..

“I’m here to walk the land and smell the dirt,” Cohen said in an interview late yesterday in the Georgian capital Tbilisi. “My trip comes after Mr. Trump was impressed by President Mikheil Saakashvili’s visit to New York and the conversation they had about the future of Georgia.

We’re looking for profit from Georgia.”

The Georgian government last year turned to the Middle East in particular in search of investment. In October, Saakashvili said he had netted as much as $1 billion of investment from the United Arab Emirates within the next two to three years. A month later, a trip to Qatar yielded a pledge to “invest heavily” in Georgia.

Qatari Diar Real Estate Investment Co., part of the country’s sovereign wealth fund, has conducted a factfinding trip, though the company hasn’t announced its investment plans.

“Maybe what’s stopping them is that they don’t have a brand,” Cohen said, adding that the Trump Organization faces no problems with name recognition. “With a name like Trump, with the money and the domestic brand group, it sounds like a winning proposition to me.”

Ivana Trump, an ex-wife of Trump, traveled to Georgia last December to meet with Saakashvili and consider investments in tourist resorts on the country’s Black Sea coast.

Cohen said his trip was unrelated to Ivana Trump’s visit.

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HUSNU OZYEGIN,

TURKEY’S RICHEST MAN

Turkey’s Richest Man Gets $311 Million for M&S, Wind

NUMBER OF TURKISH MILLIONAIRES ON THE RISE, REPORT FINDS Amidst recuperation in the economy, the number of millionaires in Turkey has increased by 6,000 since last year, to number 29,000. Deposits in Turkish banks held by the millionaires rose by TL 35.1 billion to TL 213.4 billion. According to figures released by the Banking Regulation and Supervision Agency (BDDK) in its Interactive Monthly Bulletin for April, Turkey’s total deposits were TL 503 billion. The figures also illustrated that TL 223.45 billion of this amount belonged to individuals, whereas the rest was owned by companies and other legal entities.

Of local residents, 29,000 had more than TL 1 million in their accounts.

Account holders who reside abroad but have over TL 1 million in their Turkish accounts numbered 1,000. The amount possessed by those who reside abroad totaled TL 10.06 billion as of the end of April.

The figures also displayed that 66.8 million accounts had up to TL 10,000 in them, 2.7 million accounts had between TL 10,000 and TL 50,000 and 928,000 accounts had between TL 50,000 and TL 250,000. Another 928,000 accounts were home to amounts between TL 250,000 and TL 1 million.

Husnu Ozyegin, Turkey’s richest man, will spend the 485 million liras ($311 million) he’ll get from selling insurer Fiba to grow his Marks & Spencer and Gap Inc. franchises in Turkey and Russia, and invest in wind power.

The Istanbul-based Harvard Business School graduate, 66, will also use the cash he gets for the insurer from NKSJ Holdings Inc. of Japan on his university in Istanbul and to expand a cargo port in northwest Turkey. Özyeğin was born in 1944 in İzmir, Turkey. Özyeğin was offered a post in Pamukbank, which belonged to his schoolmate, Mehmet Emin Karamehmet.

In 1977, at the age of only 32, he was appointed general manager of this bank and he held this position until 1984. Then he transferred to Yapı ve Kredi Bankası to become its general manager, a much larger bank in Turkey acquired that year by the same friend. Özyeğin led Yapı ve Kredi Bankası until 1987, when he decided to establish his own bank, the Finansbank at the age of 43.

He later founded several finance companies and brought them under the Holding Fiba, which has around 8,500 employees in 20 companies. In 1996, he entered the retail business purchasing the supermarket chains Gima, Endi, Spar and Greens. Furthermore, Özyeğin signed a franchising contract with the British retail chain Marks & Spencer, and then purchased also the Sakura Bank.

In 2005, Özyeğin sold the supermarket chain named GIMA to Sabancı Holding, and acquired in exchange the five-star hotel Swissotel in İstanbul from its Japanese owners. In April 2006, he sold 46% of the shares of the Turkish branch of Finansbank, which is worth of 2.774 billion USD, to National Bank of Greece, the largest and the oldest commercial bank in Greece. He is expected to remain the bank’s chairman of the board of directors for two more years.

The non-Turkish part of Finansbank was placed under the Dutch holding and rebranded into Credit Europe Bank. Özyeğin is the main shareholder and board member of this bank.

At the end of 2008, Credit Europe Bank N.V. employed over 6,000 professionals working in the euro-zone countries Belgium, Germany, Malta and the Netherlands as well as in China, Dubai, Russia, Romania, Switzerland, Turkey and Ukraine, serving more than 3 million customers worldwide. Özyeğin was awarded the “Businessman of the Year” in 2000 by the Turkish magazine “Ekonomist”.

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WOMEN IN BUSINESS While many women in Georgian feel comfortable owning SMEs, especially beauty salons and guest houses, which seem to be the favourite ventures for female entrepreneurs, big business remains fairly unreachable. According to research carried out by The FINANCIAL in February this year, only 100 companies (from 645 companies and organizations in Georgia) are headed by women, either in the position of Director or Chief Executive Officer (CEO).

The presence of female CEOs was the highest in the health care sector (37%), followed by the consumer service sector (23%) and non-governmental and consumer discretionary sectors (17%).

LIZAVETA ZHAHANINA

W

hile the business world might prove a more democratic venue for women in Georgia than other walks of life, several gender-related factors still prevent them from taking over the big business scene. Instead, female entrepreneurs tend to remain confined to running small and medium enterprises (SMEs), exploiting certain advantages of gender stereotyping and relying on the market as an impartial measure of their abilities.

“In business, women feel more equal to men because here you have very objective criteria, a market, and the market does not have a perception about who is doing business, a woman or a man,” said Nana Adeishvili, director and founder of two private enterprises and a long-time SME consultant.

“If you are good, you are good and if you are not good, then your business is going to fail.”

Adeishvili has been in business since 2005, at one point serving as General Director of the United Telecom of Georgia. She holds a PhD at Moscow State University, an MA from Columbia University and an MBA from the Bled School of Management in Slovenia.

Betsy Haskell, former owner of Betsy’s Hotel, said that ever since she has been in business in Georgia, starting in about 1992, her experience here has never unveiled any outwardly apparent gender discrimination. “I do not see any particular bias against women in business here,” she said.

However, even with the absence of outward inequality, some gender-related factors still prevent women from exercising their full business potential.

“The only thing holding them [the women] back, I think, is the fear. The risk factor,” Haskell said.

Adeishvili also said that as a woman she is more risk averse. However, even this apparent weakness can bring positive results, especially when it comes to acquiring credit. “Because there is a perception that women are lesser risk-takers [than men] banks like them more,” Adeishvili said.

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Certain traditionally imposed social constraints also inhibit women from making their way from the household into the business scene. “I do not think one could really say that across the board there is a problem for women, I think that much of the constraints on women are self-imposed,” Haskell said.

Women in Georgia often chose to run businesses that allow them to preserve their traditional roles of wives and mothers. Thus, many female entrepreneurs decide against expanding their businesses as long as the income they acquire satisfies their personal requirements and those of their families. In fact, after the collapse of the Soviet Union women became much more economically active than men; a desire to protect and provide for their children caused them to take hold of opportunities brought about by free and unregulated markets.

However, many say that women’s business activities often tend to stop at the start-up level. “Women have a very traditional role here and so I think they do not generally want to, unless really pressed, sacrifice that role of wife, mother and grandmother, so they do what they can do as long as they can manage everything,” Haskell said.

Georgia’s international ranking also shows that while women are more equal to men in the business world than in some other areas; they still trail in terms of gained benefits. According to the Global Gender Gap Index 2009 Georgia ranks 83rd out of 134 countries surveyed. According to the Index, the most favourable area of equality was in terms of Economic Participation and Opportunity, where Georgia ranked 57th in the world, but in both Health and Survival and Political Empowerment Georgia ranked 131st and 103rd respectively.

In terms of Economic Participation and Opportunity, Georgia was marked favourably in the sub-indexes of proportion of women in professional and technical roles (ranking joint 1st in the world), with women outranking men at a ratio of 1.62:1, and in terms of

wage equality for similar work (ranked 3rd).

Female entrepreneurs interviewed by The FINANCIAL said that being a woman can also prove advantageous when doing business.

“I can say that we are on much better ground than men because everybody does everything possible, and impossible, to help a woman,” said Maia Rcheulishvili, President of Center Point Group construction company and one of the most successful and influential businesswomen in Georgia.

Helpful attitudes aside, gender stereotypes often cause men to cultivate a spirit of superiority.

“This is what Georgian men have always had and they always think that they are much smarter than women,” Rcheulishvili said.

Such practices, however, can make the business world a playground for women. With men underestimating women, “…. they make mistakes and these mistakes have a direct impact on their businesses,” Rcheulishvili said.

Business can thus prove a venue that turns gender biases upside down, making the one guilty of stereotyping pay for his negligence. “Because of the men’s perception that women are weaker during the negotiations, for example, they relax and do not estimate the opposite side as being an equal. Seeing a woman talking to them, they start to miss the point, they maybe do not take it seriously enough and start losing,” Adeishvili said.

“When you are working for somebody then of course there is an inequality issue,” Adeishvili said.

“For a woman to prove that she is equal she has to be at least three times better than a man.”

Rcheulishvili said that one of the reasons she became so successful in big business was that, prior to launching her own company, her husband “had given his agreement” for her to do so. Speaking about women as a whole, she said that in the area of big business “the men hold the women back, they do not encourage women to fly high.”

I need you!

HUMAN RECOURCE TRENDS 90 % of female HRs prefer to hire a man rather than woman 90% of CEOs in Georgia are men 90 % of HRs in Georgia are women SEX DOES MATTER

SEARCH CANDIDATES BY ALL POSSIBLE CRITERIAS

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WOMEN IN BUSINESS

“I can’t say that being a woman is an advantage, but it is not a disadvantage either” BORN IN GEORGIA IN 1975, DOLIDZE GRADUATED FROM THE UNIVERSITY OF BELGIUM, FACULTY OF PR AND BUSINESS ADMINISTRATION. APPROXIMATELY THREE YEARS AGO DOLIDZE STARTED THINKING ABOUT RUNNING HER OWN BUSINESS. SHE WAS OFFERED BY HER FAMILY MEMBERS INVOLVEMENT IN THIS BUSINESS, IN OTHER WORDS - FAMILY BUSINESS. WITH AN INVESTMENT OF 100,000 EUR THE COMPANY STARTED OPERATIONS IN TBILISI. “My first work experience was at different companies and NGOs. I worked for the U.S. embassy and the Open Society Georgia Foundation (OSGF). I also worked at TV Company Imedi where I earned my first thousand GEL. I always worked, even as a student I worked at different stores as a sales lady. I did all kinds of student work thereby earning my first money. Back then I remember sending my CV to different broadcasting companies. I even got a job invitation from MTV. But then again it was a different age, a different state of mind, so I do not know how things might have been different had I accepted. I sometimes imagine myself running my own business abroad, similar to the business I have here.”

“I think Georgian women are kept fairly busy with housekeeping and taking care of the family. In general most women prefer to be a housewife than have a job. Even so, I know many women who run their own businesses. I think it depends on the individual woman, especially when their main responsibilities include taking care of their children and housekeeping. That is the main reason, not that women can’t successfully manage a job, but that they sometimes

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have other priorities.”

“I can’t say that being a woman is an advantage, but it is not a disadvantage either. In this case men and women have the same rights. I agree that more men are involved in business, but that does not mean that men are more powerful or capable when it comes to business.”

SEX AND EMPLOYMENT “At my company the majority are women. All our sales ladies are females. About 70% of the staff are female and 30% male. Most of the men are employed as drivers, guards, and in the financial department. We have a largely female staff. I do not know why exactly, but somehow it happened.”

CHALLENGES IN 2010-11 “Presently we are more focused on developing a clothes line for our customers. The main goal of my business field is to introduce world famous brands working in the kids industry. At present I am cooperating with 12 world famous companies, including Queeny, Mexicozzy, Newby, Buga Bor, and other very famous kid’s brands.

“The global economic downturn had a significant effect on the furniture business. Our stores’ sales decreased by about 40-50%. We are currently in the process of recovery. I do not know when exactly we will return to pre recession figures in sales terms. The process needs time. It is not just our company’s problem, it is a global problem. Actually, it is already getting better, but more time is needed.”

Annual turnover of Belux is around 10 million GEL. Around 50% is occupied

by Belux kids.

TEONA DOLIDZE, CEO OF BELUX KIDS Wealth 41 FINANCIAL MAGAZINE | JULY 2010

STYLE LIZAVETA ZHAHANINA

W

ith the summer months storming into the public consciousness of Tbilisi’s residents, the city’s streets have been enlivened with a surge of rather pointed consumerism.

After all, the summer season calls for new dresses, bikinis and handbags in lighter fabrics and livelier prints. Winter staples give way to their summer equivalents as many of us struggle to frugally jumpstart our existing wardrobes by visiting high street stores or discount outlets to add a hint of colour, a new accessory, or replace pairs of worn-out skinny jeans, with, well, a new pair of skinny jeans.

Meanwhile, on the high-end of the fashion spectrum, Neiman Marcus, the largest luxury retailer in the United States, is already showcasing pre-autumn trends, which, according to this unparalleled fashion and designer hub, consist of the colour green, military themes, pantsuits, ponchos and vests, lace, statement boots, structured handbags and pearls. Christian Louboutin button flannel booties (featured on the store’s website to demonstrate the comeback of a military-inspired style) retail for 995 USD: a genuine price tag for authentic fashion that only skyrockets from here when it comes to Louboutin heels.

It is widely thought that one’s fashion credentials are proportional to the amount of cash spent acquiring them. Few things scream “trash” louder than an obnoxiously fake Louis Vuitton handbag or an inexcusably mediocre “Dolce&Cabbana” [sic.] t-shirt. Armed with such disposables, one would be hard-pressed to create a scarecrow, let alone a fashionable outfit.

The truth is that fashion does not come on the cheap. Within the last five to seven years the fashion industry has moved much further than a pair of skinny jeans tucked into a pair of boots, and catching up now becomes a matter of large-scale spending.

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Being fashionable requires buying autumn season Dior handbags and Louboutin boots now, in the spring, and trashing them in the autumn to make room for the winter arrivals. The great majority, though, would rather substitute a Dior bag for a functional car and adopt a similarly rational approach to their existing wardrobes.

They might follow such practical suggestions, offered by Glamour magazine, as: why not pair an old denim jacket with last year’s maxi dress to create a new outfit for this summer? Yet would this sensible strategy carry much weight in the higher echelons of the fashion industry? Clearly not.

Fashion has a price tag; it comes from the pages of Vogue, not Glamour, it spills from the runways of New York and Paris into designer boutiques and luxury online retailers, not discount stores.

Catching up is a maddening and, well, pointless exercise.

My own way out of this whirlwind? Timeless style. My favourite designer is Martin Margiela, a fashion visionary from Belgium who has made it his life’s work to design abstract, deconstructed and anti-fashion styles that are impossibly bold, sexy, humorous and mindboggling. Margiela’s cloven-hoof-like shoes, sunglasses that look like a censor bar, coats with extra sleeves protruding from the front and back, and batwing shirts are each recognizable and stylish without ever being fashionable in the truest sense. They are as deliciously mad today as they were when the collections first came out and as they, in all likelihood, will be in the future.

They are works of art, nothing less.

Neither Nieman Marcus nor Glamour said it was fashionable to wear a batwing shirt this summer. But they also forgot to say that style transcends fashion by defying its most visible asset: complicity.

WOMEN IN BUSINESS

YOUR EROTIC POWER CAN BE JUST AS USEFUL AS YOUR QUALIFICATIONS FINDS STUDY Michelle and Barack Obama have it. Carla Bruni and David Beckham have it. Jordan and Paris Hilton made a career from it. Erotic capital is the implicit but powerful commodity that can count just as much as educational qualifications in the labour market, politics, media or the arts, finds a new report published recently by a sociologist at the London School of Economics and Political Science.

B

eauty and sex appeal have become more important personal assets in the sexualised cultures of our liberal, modern societies, often just as important as educational qualifications’ says Dr Catherine Hakim in the study.

She coins the term ‘erotic capital’ to refer to this difficult-todefine but crucial combination of physical and social attractiveness which makes some men and women agreeable company and colleagues, attractive to all members of their society and especially to the opposite sex.

She says: ‘People who possess an above-average amount of erotic capital are more persuasive, are more often perceived as honest and competent. They find it easier to make friends, get jobs, get married, and tend to earn 15 per cent more on average as well’.

Erotic capital should be recognised as a new fourth category of personal asset which each of us possess to some degree (along with economic, cultural and social capital), argues her paper published in the European Sociological Review.

Dr. Hakim identifies six elements of erotic capital – or seven for women in countries where fertility is valued. The other six are: beauty, sexual attractiveness, social graces, liveliness, social presentation and sexuality performance.

She finds that women have the edge over men in these areas, partly because women work harder at being physically and socially attractive, and at dressing well. However, another reason is the large sex deficit that affects more men than women, universally. Recent national sex surveys show that, around the world, men’s sexual interest greatly exceeds women’s sexual interest and activity, especially among people aged 35 and over.

So women are in greater demand as sexual partners, a dramatic reversal of men’s advantage in courtship and marriage markets.

Dr Hakim said: ‘Of course it has long been known that beautiful women could use that advantage to get on in life. But it has been assumed that was a tactic to make up for their lack of economic or social power, which would become irrelevant when men and women became more equal. Instead, I argue, erotic capital is something all of us trade on and we should see it as a major constituent of our social lives. It has growing importance in the workforce.’

Beauty Though it varies across times and cultures, great beauty is always in short supply and highly-prized by all societies.

The modern emphasis on photogenic features means that men and women with large eyes and mouths and sculpted faces are valued. Conventionality, symmetry and an even skin-tone also contribute to attractiveness.

Sexual attractiveness This can

be quite separate from classic beauty. Beauty is mainly about facial attractiveness while sexual attraction is largely about a sexy body. However sex appeal can also be about personality and style, femininity or masculinity, a way of being in the world.

Beauty tends to be static and easily captured in a photo while sexual attractiveness is about the way someone moves, talks and behaves so it can only be captured on film.

Social attractiveness Includes grace, charm and social skills – the ability to make others feel at ease and happy, wanting to know you and, possibly, desire you.

Liveliness A mixture of physical fitness, social energy and good humour. As illustrated by those who are ‘the life and soul of the party’ Presentation This includes the way you dress, style your hair, wear make-up or perfume and jewellery. People who are skilled at these accomplishments are more attractive.

Sexuality itself A category that includes sexual competence, energy, erotic imagination, playfulness and all the things that constitute a sexually satisfying partner. Not the same thing as having a strong libido, although those that do are more likely to acquire these qualities through experience. The only one of the six which usually only applies in private, rather than social, situations.

All six categories apply to some extent to both men and women However for women, in some cultures, there is a seventh category – of fertility. In many cultures a fertile woman is regarded as having extra attractions, especially if her children are healthy and beautiful.

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| JULY 2010 FINANCIAL MAGAZINE | JULY 2010 FINANCIAL MAGAZINE

AGUA BENDITA

AGUA BENDITA IS A DISTINCTLY COLUMBIAN DESIGNER SWIMWEAR BRAND. THEY EMPHASIZE MASTERY IN SOUTH AMERICAN HANDCRAFTS COMBINED WITH A UNIQUE, LATIN COLORFULNESS, AND EXCELLENT CONSTRUCTION AND FASHION SENSIBILITY. COLUMBIAN FASHION STANDS OUT AMONG ALL OTHER LATIN BRANDS. THEY LOVE BIG, BOLD COLORS, INTRICATE LITTLE DETAILS, AND ARE VERY MUCH IN LOVE WITH ART. THIS LOVE OF ART IS VERY NOTICEABLE IN THEIR FASHION, AND STATEMENTS OF ART AND BEAUTY ARE EVERYWHERE IN COLUMBIAN FASHION. WITH 2010’S COLLECTION, AGUA BENDITA HAS ANNOUNCED THEIR PRESENCE IN SWIMWEAR AS LOUD AND CLEAR AS THEIR BOLD DESIGNS. WITH A COLLECTION THAT BRINGS AMAZING BIKINIS IN A PLETHORA OF DIFFERENT CUTS AND STYLES, BEAUTIFUL ONE PIECES, SEXY MONOKINIS THAT CONVERT TO BIKINIS WITH THE REMOVAL OF A LASER CUT PANEL, AND SOME OF THE MOST FABULOUS COVERUPS YOU WILL SEE ANYWHERE.

BECAUSE VINTAGE STYLES HAVE HAD A GREAT INFLUENCE IN THE 2010 FASHION TRENDS, BATHING SUIT TRENDS HAVE ALSO BEEN INSPIRED FROM THOSE GORGEOUS TIMES. THE STYLES OF THE DESIGNS CAN BE EASILY DIVIDED INTO TWO THREE CATEGORIES: SIMPLE, VINTAGE AND MODERN. EVERY STYLE HAS SOMETHING UNIQUE, SOMETHING WHICH ATTRACTS ATTENTION AND HELP CREATE A VERY SENSUAL AND ATTRACTIVE LOOK. THE 2010 SPRING SUMMER SWIMSUIT TRENDS ARE ALL ABOUT STYLE AND INDIVIDUALITY.

CUT OUTS

Cut outs are one of the most trendy and sexy bathing suit styles for the 2010 season. Whether subtle cuts or huge chunky rips, these bathing suits look spectacular. They reveal the beautiful forms of the body, yet they conceal a certain amount of skin making the style mysterious and sexy at the same time. The colors whether simple earth toned or powerful emphasize the design of the clothing.

TRENDS OF 2010

SWIMSUITS Agua Bendita presents “Heavenly Delights”, a collection inspired by those temptations that provoke us... all sweet and delicious! An ideal proposal for vanguardist and young spirited women who like to be noticed and have fun. Their creations move toward the cutting edge; sexy, modern and glamorous so giving you that perfect and heavenly look.

Every Agua Bendita suit is handmade and differences represent a one of a kind piece.

VINTAGE STYLES

The vintage inspired designs have an incredible look. Vintage yet modern though the powerful coloration, they are perfect for the stylish women who love pinup fashion styles. These type of bathing suits whether one or two piece take you back to the ‘50’s and help you underline your style.

MODERN TWO PIECE

Two piece bathing suits are modern bathing suit styles which can create different looks depending on the cut and coloration. Vivid colors as well as simple monochromes look gorgeous and suit everyone’s style.

CLASSIC ONE PIECE

The one piece bathing suit seems to be timeless and can suit everyone. Thin or curvy women can look beautiful with this swimsuit style due to the flattering cut and designs. Choose a strapless, one shoulder or regular one piece bathing suit in one or multiple colors and you will look beautiful.

Puckered fabric makes for a three dimensional look. Triangle top ties at neck and back. Both pieces features short ruffle trim. Bottom provides less than moderate coverage. Made in Colombia.

$180.00 The quintessential ingredients that are present in all Agua Bendita collections are: youth, color and joy, which are a perfect blend to create unique pieces that let us project what we are and what we feel, making us look beautiful and healthy. We all have temptations and Agua Bendita with it’s Heavenly Delights will become a please for each one of us... Indulge yourself with each of Wealth the garments from this Heavenly Delights Collection, made in the most special way and with much love!

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COBRA

SEPARATES BEACH BUNNY 2010 SWIMWEAR Edgy cobra print get a touch of glam with hand sewn beads along V neckline. Be a charmer in this great tunic from Beach Bunny! $329.00

AGUA DE COCO 2010 SWIMWEAR

TRESSE BIKINI SEPARATES Two looks in one, this top is both a bandeau and long triangle top. Tie soft straps at back and thin ties at bust or around neck for a bandeau look, or tie soft straps at neck and thin ties at back for the triangle. $59.00

BIG GIRLS DONT CRY BIKINI

Soft ties at hips allow for an adjustable fit. Low rise bottom provides moderate coverage.

Pair with a solid top for a personalized look. $66.00

SEPARATES BEACH BUNNY 2010 SWIMWEAR Lace makes a grown up statement in this underwire lingerie inspired bikini top.

Lace overlay and lace covered buttons adorn this very sweet top. Top has underwire support and push up padding for extra lift. Ties at neck and back. $175.00 Very sweet and sexy bottom features lace overlay and lace covered buttons. Shirred back bottom features multi cord detail at hip. Provides less than moderate coverage.

HEARTS BIKINI

BY SONIA VERA 2010 SWIMWEAR

Exotic inspired print is accented with sweet hearts for a feminine look. Bandeau top features side stays, an adjustable neck tie and wide soft ties at back.

Fully adjustable side tie bottom features accents at cord ends and offers less than moderate coverage. $120.00

$154.00

ST VINCENT ISLANDS BIKINI

BY CHIO DI STEFANIA 2010

A customer favorite. Gorgeous fabric features beautiful shirring detail. Top features molded push up support and ties at neck and back. Side tie bottom features shirring at front. Low rise bottom offers moderate coverage. Suit is self lined. Made in Italy. $216.00

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FINANCIAL MAGAZINE | JULY 2010

PINK BUTTERFLY

BY SAUVAGE SWIMWEAR 2010

Traveling with Lufthansa’s Animal Lounge offers luxury travel to pets Lufthansa Airlines offers pets and live animals the world’s ultimate in luxury travel with a dedicated Animal Lounge. Echoing the luxury of first class travel, the Animal Lounge offers state-of-the-art care, handling, feeding and shelter facilities as well as veterinary expertise ensuring all animal ‘passengers’, ranging from polar bears to tropical fish, reach their final destination safe, happy and on-time.

Located at Lufthansa’s main hub, Frankfurt am Main Airport, the Animal Lounge is the world’s most modern animal airport facility and spans approximately 4,000 square meters.

Unlike most airports’ live animal facilities which are spread out over several terminals, the Animal Lounge is located in a single specialist facility building with distinct zones for export, import, transit, quarantine and health inspections ensuring that all animals transiting through Frankfurt have no chance of getting lost and are healthy enough to continue their journey.

All pets, including dogs and cats transported in the passenger cabin, are transferred to the Animal Lounge if a transfer or layover exceeds more than two to three hours. At the lounge there are thirty nine ‘small animal boxes’ that are climate-controlled and provide enough room for the animals to stretch their legs. Other live animals are transported in the climate-controlled and pressurised cargo hold.

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pets

THE MOST EXPENSIVE DOG BREED EVER EXISTED IS “TIBETAN MASTIFF” WHICH IS ESTIMATED AT A WHOOPING COST OF $350000.

BESIDES, THERE ARE OTHER DOG BREEDS WHICH ARE RANGING FROM $300 TO $15000. FOLLOWING ARE THE 10 MOST EXPENSIVE DOG BREEDS LISTED AS PER THEIR PRICING:

TIBETAN MASTIFF

It is the topmost of all the 10 most expensive dog breeds in the world. It is estimated to cost around $350000, a whooping price in comparison to the pricing of other dog breeds.

ROTTWEILER

It stands on the 2nd position among all the 10 most expensive dog breeds. It is priced from $10000 to $15000.

YORKSHIRE TERRIER

It stands on the 3rd position amongst all the 10 most expensive dog breeds and is priced from $4000 to $7000.

PHARAOH HOUND

Priced from $2000 to $3000, it stands on the 4th position amongst the most expensive dog breeds.

MALTESE

Priced from $1500 to $2500, it appears on the 5th position among all the most expensive dog breeds.

STAFFORDSHIRE TERRIER

It appears on the 6th position amongst all the most expensive dog breeds. It is priced from $1000 to $1300.

BEARDED COLLIE

It stands on the 7th position among all the other expensive dog breeds and is priced from $700 to $800.

AKITA

Priced from $500 to $800, it appears on the 8th position among all the most expensive dog breeds.

KOMONDOR

It is estimated to cost from $400 to $500 and stands on the 9th position amongst all the most expensive dog breeds.

BICHON FRISE

Eventually on the list of 10 most expensive dog breeds in the world its “Bichon Frise” which is estimated to cost from $300 to $500.

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UIA carries exotic passengers to Tbilisi Delivering exotic animals to Tbilisi, UIA continues cooperation with Tbilisi Zoo and supports its efforts in the preservation of endangered species – the airline has already carried rare deer, sea lions, a lion cub, cheetahs and other animals for this zoo.

“Transportation of wild animals is a technically difficult and important assignment, requiring the airline’s special skills and experience: during the flight animals are influenced by climate change and suffer from serious stress, they need specific food and special care, – said Peter Kukharchuk, UIA Cargo Director.

UIA is the only airline in Ukraine, which has the experience in wild animals’ transportation and manages its own method of live baggage handling. UIA staff are certified by the International Air Transport Association (IATA) and approach the tasks of providing exotic animals with the most comfortable flight conditions with a high degree of professionalism.”

“Transportation of such rare faunal forms as the African civet (see photo) was especially interesting for us, – said Evgeniya Satska, UIA Corporate Press Secretary.

Civets in European zoos are a great rarity: visitors usually know what lions and cheetahs are, but it’s unlikely that they’ve seen these wondrous cats from the Viverridae family. We are very pleased that now with the participation of Ukraine International Airlines the visitors to Tbilisi Zoo will enjoy such a unique opportunity.»

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SAFETY Safety is the absolute priority for Ukraine International Airlines. UIA is the first airline in CIS that was registered in IOSA register – the single international quality certificate issued by special IATA program.

UIA offers more European direct services from Ukraine than any other airline, operating 300 scheduled flights per week with onward connections across the globe.

Ukrainian Tourist Agencies’ Survey awarded UIA in two nominations: “The best selling airline in Ukraine” and “The best Ukrainian airline”. We are proud that UIA is chosen as an official carrier of His Holiness Pope John Paul II when he visited Ukraine.

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Ukraine International Airlines Ukraine International Airlines started direct flights to Kiev on June 8, 2007.

Initially, there were three flights a week increasing the number to daily flights in the same summer.

Flights are schedules for maximum convenience of passengers in order to help them coupling with flights of Ukraine International Airlines to Amsterdam, Barcelona, Vienna, Geneva, London, Paris, Nice, Frankfurt, Berlin, Rome, Milan, Madrid, Lisbon, Dubai, Abu-Dabi, Telaviv, Helsinki, Pulu, Dubrovnik, Split, Simferopol, Lvov, Donetsk.

New summer season of 2010 will bring new opportunities for the customers of Ukraine International Airlines.

In April, the airlines opened a new daily (excluding Saturday) direct flight Kiev-Telaviv. Another new flight Kiev – Geneva, will be performed 3 times a week on Wednesdays, Fridays and Sundays. Summer navigation of Ukraine International Airlines will offer new regular flights to Croatia: Kiev – Dubrovnik on Thursdays, Kiev –Split – on Tuesdays, Kiev- Paula – on Thursdays. Flights from Kiev to Nice will be performed 3 times a week: Tuesday, Friday and Saturday. Kiev- Milan flight will be made daily, excluding Thursday

Direction Tbilisi-Kiev Tbilisi–Moscow Tbilisi–Berlin Tbilisi–Barcelona Tbilisi–Madrid Tbilisi–Rome Tbilisi–Milan Tbilisi–Zurich Tbilisi-Frankfurt Tbilisi-London Tbilisi-Lvov TBilisi-Dubai Tbilisi–Paris Tbilisi-Amsterdam Tbilisi–Vienna Tbilisi-Lissabon

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and Saturday. Moreover, from April this year, Ukraine International Airlines will introduce inbound flights across Ukraine, to its biggest cities: Donetsk, Lvov and Simferopol.

Ukraine International Airlines is committed to providing extremely comfortable air travel for its passengers. Money paid for any flight tickets of the company are the guarantee of good quality without any additional unexpected expenditures.

Today, airline clients have different registration options of flights. They can traditionally go to the registration desks at the airport or they can do it themselves, via internet, saving the waiting time at the airport. For utmost comfort of families, friends and partners traveling by our air planes. Online check-in service available 24 h before departure.

Passengers of Ukraine International Airlines can use the opportunity to carry registered baggage and handbags for free on all international or national flights performed by the company.

Meals (breakfast or dinner, depending on the time of flight) and a wide range of alcoholic and non-alcoholic drinks are provided on boards of international as well as national flights. Passengers can also order special vegetarian menu.

Participants of loyalty program of Ukraine International Airlines Panorama Club are enjoying a lot of special privileges.

Particularly, passengers can accumulate bonus points when traveling on international, domestic or charter flights to get discounts and gift tickets for the flights of Ukraine International Airlines as well as partner companies. Panorama Club members will can also upgrade board services, get discounts at Kiev Duty Free Shop, hotels and car rents.

Bonuses can also be transferred to family and friends.

Ukraine International Airlines is a leader of international air carriages in Ukraine.

Its story began in 1992 and today, the company counts 18 years of successful operation, starting from a small-size company ending up with the biggest Ukraine airlines which is well-known worldwide. It is the first company on CIS territory to start exploitation of Boeing737.

As of now, the fleet of Ukraine International Airlines consists of 19 aircrafts - Boeing737-300/400/500/800». The air company links Ukraine with more than 3 000 points worldwide, making 350 flights a week and carrying more than 2 million passengers a year.

One Way

Round Trip

95€ 120€ 161€ 219€ 219€ 190€ 219€ 219€ 161€ 169€ 168€ 270€ 219€ 219€ 219€ 285€

200€ 215€ 270€ 263€ 263€ 319€ 319€ 270€ 270€ 270€ 285€ 308€ 270€ 270€ 270€ 410€ Taxes and surcharges are not included For information ask your local UIA Travel Agent

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IBIZA 54 Wealth

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Travel agent in Tbilisi: www.sky.ge Official website of Ibiza: http://www.ibiza.travel/ Email: sky@sky.ge TEL: 999 662

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EIVISSA Ibiza is an island in the Mediterranean Sea 79 km off the coast of the city of Valencia in Iberian Peninsula, Spain. It is the third largest of the Balearic Islands, an autonomous community of Spain The official name is the Catalan Eivissa Ibiza Airport is the airport serving the Balearic islands of Ibiza and Formentera in Spain, used by 95% of all people who arrive at or depart from these two islands. The airport is located 7 km (4.3 mi) southwest of Ibiza Town.

The airport traffic is characterised by the seasonal nature of the tourist industry, and as such it handles over 85% of the total volume of passengers during the six months of the peak season (May-October). The airport also offers year-round scheduled inter-island and mainland traffic, with flights operating to primary business hubs, such as Barcelona, Madrid and Palma de Mallorca.

In 2008 the airport handled 4,647,487 passengers and 57,235 aircraft movements, a respective 2.5% and 1.1% decline compared to 2007.

RETURN FLIGHT FROM TBILISI TO IBIZA: USD 600

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SHOPPING IN IBIZA

Travel agent in Tbilisi: www.sky.ge Official website of Ibiza: http://www.ibiza.travel/ Email: sky@sky.ge TEL: 999 662

There are a bewildering array of high quality shops on Ibiza serving the tastes and requirements of a fastidious international community. The fashion industry is a case in point - thriving with local designers. Many of these, wielding their needles and thread, have followed the artistic community with their brushes and easel to the island from elsewhere in the world. Attracted by the freedom of expression and tolerance of experimentation, for which the island is rightly renowned. Ibiza town apparently has the greatest concentration of boutiques in one small area than anywhere else in the world.

3 STAR HOTEL IN IBIZA: FROM EUR 50 5 STAR HOTEL: FROM EUR 150 YACHT CHARTER: 2 000 USD PER WEEK 10 DAYS TOUR: FROM 1800 USD

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Night-clubs in Ibiza Ibiza is considered a popular tourist destination, especially due to its legendary and at times riotous nightlife centered around two areas: Ibiza Town, the island’s capital on the southern shore and Sant Antoni to the West Many of these DJs use Ibiza as an outlet for presenting new songs within the house, trance and techno genres of electronic dance music.

The season traditionally begins at the start of June with Space and DC10’s opening parties and finishes on the first weekend of October with the Closing Parties.

A typical schedule for clubbers going to Ibiza includes waking at noon, early evening naps, late night clubbing, and “disco sunrises”.

RETURN FLIGHT FROM TBILISI: USD 600 3 STAR HOTEL IN IBIZA: FROM EUR 50 5 STAR HOTEL: FROM EUR 150 YACHT CHARTER: 2 000 USD PER WEEK 10 DAYS TOUR: FROM 1800 USD Travel agent in Tbilisi: www.sky.ge Official website of Ibiza: http://www.ibiza.travel/ Email: sky@sky.ge TEL: 999 662

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BORA BORA

Bora Bora is about as iconic a name as it gets when talking about the special party atmosphere of Ibiza. A small beach bar made famous by wild daytime shenanigans and being the place to have your before, during and after party around whatever was happening at Space, the Disneyland of clubs situated only 100 metres away in the centre of the resort of Playa d’en Bossa, directly on the beach, as part of the Jet complex.

MUSIC POLICY

In 2009, regular residents and well respected DJs of the order of Oliver Lang and Gordon Edge will be back as ever to provide the best summer anthems and freshest house vibes to get you right in the mood.

PRICES

Totally free entrance all day and all night. Drinks however can get pricey, especially after 6pm. Expect to pay standard club prices - 7-8â‚Ź for a beer and 8-12 for long drinks.

Prices for hotels around Jet Complex are ranging from EUR50 to EUR 200 per night.

Hotels: Bali Beach (****), Jet apartrments (***), Arlanza Apart (**), Bossa Mar (*)

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PACHA

The club is location is near the harbour in Ibiza Town. “Pacha” is a name synonymous with Ibiza, although as a group they run clubs all over the world (23 at the last count and still rising). It draws in the major international DJs and is, with its dozens of branches around the world, an extremely commercial venture. Pacha Ibiza is the only major Ibiza club that’s open all year round.

Although an enormous club, with a capacity for over 3000, Pacha still retains a very cosy and intimate feel. Musically, ‘’Pacha’’ is best known for house music but has five different rooms incorporating other musical styles. There is the main room, there is the funky room, and the global room. Today Pacha is surrounded by apartment blocks, bars, a casino and hotels including El Hoyel, which Pacha made their own in 2003. The layout and decor are spectacular.

PRIVILEGE

It is located directly on the waterfront of San Antonio, the front door Es Paradis. is anthe ideal townPrivilegeopposite is the largest club on theto island, and nowEden officially largest club based club thatBook has never failed2001) to deliver and this year will in the world (Guinness of records but became famous under be no different. its previous name ‘Ku’. It sits proudly on top of the hill between Ibiza town and SanPrices Antonio near toto the village San Rafael fromon a distance - Expect pay fromof20 € to 50 €,looking depending the like some huge, domed that price has landed temporarily to refuel. month and night.UFO Reduced flyers are available. Buy your club tickets for Eden before you go. Guaranteed lowest Allegedly it has prices entertained visitorstoon a no busy internet & guestaslistmany entry.asNo10,000 paper tickets lose, night which gives youfor some ‘football prices! crowd’ imagery to conjure hunting around the cheapest with. Basically when full it6€ takes unique identity as the sun Expect to pay it’s between and on 10€a for drinks rises and peopleSalvador spontaneously leapAntonio into the in-house swimming Address: Espriu, San pool in Telephone a last desperate attempt to pull, before chucking-out : 971 803 420 \ Capacity : 2749 people \ Staff :time.

Remember pack:a10swimming cosi and towel thisand experience, 306to / Bars \ Areas : Main room , VIPfor area terrace or face a possible ‘wet clothing on the disco-bus home’ experience.

Services : Boutique Ctra. Eivissa a San Antonio km 5,5 (San Rafeal) Telephone : 971 198 160 \ Capacity : 4500 People \ Staff : 220 \ Bars : 14 \ Areas : 3 Rooms, 2 VIP areas and terraces \ Services : 2 Shops, Swimmingpool, and restaurant

EDEN

AMNESIA

The house where Amnesia now stands was built at the end of the 18th century. Sold to an aristocratic and artistic widow in the 70s it became a home to hippies who played in bands and danced till dawn while experimenting with LSD and “touching the heavens”, according to the Amnesia web site.

Locaton - Half way between Ibiza and San Antonio on the main road, on the opposite side of the highway from the village of San Rafael. price - Expect to pay from €30 to €55 for the parties Cream and Cocoon, depending on the month. Entry on other days costs between €20 and €30. Spirit and mixers cost €12 or more and a beer €10. The bars upstairs are more expensive.

Road Eivissa to San Antonio, KM 5 (San Rafeal) Telephone : 971 198 041 \ Capacity : 4000 people Staff : 150 \ Bars : 18 \ Areas : Main room , VIP area and terrace \ Services : Boutique

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It is said that 2008 is the revolutionary year for Eden. Eden was rebuilt over the winter of 1999 and it was last summer that Eden updated and improved the club to meet the decent club standards of Ibiza by offering two rooms of music, mezzanine areas, a new sound system and plenty of bars to service an increased capacity of 4,500 people. It is located directly on the waterfront of San Antonio, opposite the front door to Es Paradis.

Prices Expect to pay from 20 € to 50 €, depending on the month and night. Reduced price flyers are available. No paper tickets to lose, no hunting around for the cheapest prices! Expect to pay between 6€ and 10€ for drinks Salvador Espriu, San Antonio / Telephone : 971 803 420 / Capacity : 2749 people / Staff : 306 / Bars : 10 / Areas : Main room VIP area and terrace / Services : Boutique

BEST PARTY CITIES IN

EUROPE

ARE YOU ADDICTED TO PARTYING ON THE WEEKENDS LIKE MOST YOUNGSTERS WHO ENJOY A GOOD NIGHTS DRINK? WE MADE THE RESEARCH IN INTERNET AND FOUND THE BEST CITIES TO GO CRAZY ALL NIGHT TILL DAWN.

AMSTERDAM, HOLLAND

FLIGHTCOST: EUR 229

FLORENCE, ITALY

FLIGHTCOST: EUR 219

SAINT TROPEZ, FRANCE

FLIGHTCOST: EUR 500

Amsterdam is Europe’s party headquarters. In Amsterdam party activities that are traditionally taboo in other countries are completely legal. Within the world-famous Red Light District, scantily clad women of all shapes, sizes, and colors openly display their wares.

Forget the boring old Eternal City, Home to a large population of students, the prime partying age, Florence is full of young people venturing out for their taste of freedom. The best night spots are located in the Oltrarno, south of the Arno River and in the Piazza della Signoria.

St. Tropez, widely known as the playground for the rich and famous and for its unmatched party scene, is located along the French Riviera on the Mediterranean Sea. Obviously, travel to St. Tropez is quite expensive so those on tighter budgets may wish to lodge in Nice or Cannes and make an evening trip to St. Tropez with perhaps a single night’s stay (for recovery) in Lou Cagnard or Le Baron.

BARCELONA, SPAIN

FLIGHTCOST: EUR 219

Barcelona is another Spanish party headquarters. A breathtakingly beautiful city located in the North-East of Spain, Barcelona is home to great shopping, Gaudi architecture, beaches, and is a great place to party. Clubs are located throughout the city,

STOCKHOLM, SWEDEN

FLIGHTCOST: EUR 219

MUNICH, GERMANY

FLIGHTCOST: EUR 219

For the citizens of Stockholm, partying on the weekends is just not enough.

Here, the Wednesday night party has become very common. The long sun-filled summer evenings and, conversely, the long winter nights in Scandanavia give the Swedes a strong commitment to a thriving nightlife.

If Spain has a runner-up in the party country category, Germany is the runner-up. All German cities are populated with great bars and clubs.

However, Munich is the best place to party in Germany. Home to a large college-age population, and world-famous for its beer-fueled Oktoberfest, Munich has the perfect mix for a good party.

FLIGHTS ARE RETURN. FLIGHT COST DOES NOT INCLUDE TAXES. CALL: 999 662 | SKY.GE

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WEATH is organizing the first Girl DJ’s festival in Batumi this summer. For this purpose we have invited famous girl DJ’s and vocal DJ Tara McDonald, who is world famous with her hit My My My and Feel the Vibe. Tara McDonald is currently one the most recognised songwriters and vocalists on the modern dance scene.

Tara achieved major success working with Armand Van Helden and co-writing with Axwell on the massive chart hits ‘My, My. My’ and ‘Feel The Vibe’. Both these projects debuted at #1 in the club charts, before peaking in the UK sales charts at #12 and #16 respectively. She has also collaborated with Todd Terry co writing the club smash ‘Get Down’ and with David Guetta (‘Delirious’ and ‘You Are Not Alone’). ‘Delirious’ – which featured on the ‘Pop Life’ LP’ – was one the most heavily played records on European radio throughout 2008.

In 2007, Lauren Pope made the jump into the music world as a DJ. Already a recognised face on the London club scene, she quickly established herself as one of West London’s top DJs. She was named “World’s Sexiest DJ”.

Lauren has also become a favorite for numerous London celeb parties, playing for the likes of Ne-Yo, T-Pain, Jenna Jameson and famously, Lindsay Lohan.

Hed Kandi resident vocalist Tara McDonald is recognised

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for massive club and chart hits both internationally and in the UK. Here the Sun catches up with Tara to see what will be floating her boat on the white isle this summer.

“When I’ve been to Ibiza in the past, it’s been for work.

Because of hectic schedules, I never had any downtime to explore, so I’m still getting to know the island now”.

“I love Hed Kandi - the vibe is always amazing. They have moved to Es Paradis this year and are pulling out all the stops with production, performances and line-up, so I can’t wait for Saturday nights there”.

“I also really like Ibiza Rocks - I’ll be checking out some of the performances for sure. It’s a really cool night as it adds a different experience to the island and after you have watched a band you can then hit the clubs!”

“Save up some money and be nice to everyone as you might be able to blag some guestlists as Ibiza can be pricey. But you will love it and have an unforgettable summer!”

“I have a residency with Hed Kandi at Es Paradis all summer, which I’m really excited about. I’ll be all over Europe this summer and then after the season ends I’ll be heading to tour Asia for a while”.

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Adress to Increase shares on Azeri and

Armenian Markets

A

dress, incorporating world clothing brand stores: JOOP, Gerry Weber, 1.2.3, Etam, Tom Tailor, Celio and DPAM plans to expand to Azeri and Armenian markets in the near future. Zaal Iosebashvili, head of the marketing department of Adress, says that at present they are conducting market research in the neighbouring countries and negotiating with their partners there.

Q. Which of the brands’ stores under Adress is the bestselling?

A. We have well diversified portfolio, the maximum difference by sales per brand doesn’t exceed 7% the reason for that is our group’s strategy to focus on family offers and give our customers the opportunity to choose clothes in stores placed next to one another. We maximally try to make the whole shopping experience easier for our customers and so have launched a loyalty card system. The majority of our customers, over 75%, are female. Female customers dominate even in the shops that offer only men’s clothing. Over 20% of our total sales are generated from our loyalty card programme and that is a good volume.

Q. Presently Adress’s shops are located in different buildings. Have you not thought of bringing them together in one building so that your customers can enjoy a ‘one-stop shop’?

A. The slogan of our company is – Adress - your shopping address. This motto is proven by the fact that most of our stores are located next door to each other which a) does provide a comfortable shopping experience for our customers, and b)

increases the volume of our traffic. We have decided to increase our market share and are already presented in the shopping mall Karvasla, with Celio and DPAM stores.

Etam Karvasla is coming soon as well.

Q. Which year has been the most profitable for your company and what was the effect of the economical downturn?

By how many percents were your sales decreased?

A. We always try to achieve the best results in the following then in present year, Despite the war with Russia and global economic crisis we managed to open 5 new stores in late 2009 and 2 in 2010.

Q. What will the main challenges for Adress be in 2010?

A. In 2010 our main challenge is further expansion of existing stores and diversification of brand portfolio, simultaneously increasing our attention towards our customers based on the results of various satisfaction surveys. In addition we will focus on internet marketing and online shopping.

Q. What novelties will you be offering your customers?

A. Adress will continue offering novelties to its customers in 2010. Besides ordinary promotions we have launched various exclusive offers to our customers. There are packages for engaged couples for their wedding, jubilants for their birthdays and ladies for 8 March. So we try to keep our clients happy by offering customized service and rewarding them every time.

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BEAUTY Wealth 67

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Sopho Shergelashvili, 16, winner of Elite Model Look 2010 plans to participate in World Elite, to be held in Shanghai in October.

Sophos’ dream is to live in Paris.

“I plan to follow my modelling career in foreign countries as the field is more developed abroad than in Georgia,” Sopho Shergelashvili

ELIT MODEL LOOK DISCOVERING FUTURE MODELS

P

rofessional modelling competition Elite Model Look is the easiest way for young girls to become successful and start the climb to becoming a world famous model.

International modelling agency Elite is the company behind the project. The list of those discovered by the project includes world famous supermodels Cindy Crawford, Linda Evangelista and Claudia Schiffer.

The competition in Georgia is organized annually by IC Model Management, owner of Elite Model Look licenses and its official representative in Georgia.

Each year the competition’s winner participates in the international final of Elite Model Look.

“The main prize for the winner of Elite Model Look in Georgia is travelling to the world final.

If the girl makes it to the top 15, then she signs a contract

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with Elite, meaning she will be invited to Paris for a minimum of 2 months, where she will have photo sessions free of charge, participate in castings and have the opportunity to present herself to the international field,” said Ia Kitsmarishvili, Director of IC Model Management.

“If the girl makes it to the top three of the world final, then she gets a contract with a total value of 325,000 USD divided between the 3 winners,” declared Kitsmarishvili.

The winners of Elite Model Look in Georgia Tamta Shedania and Ana Kovach both made it to the top 15 and signed contracts. Ana is actively working in Europe.

Tamta is actively participating in fashion shows in Asia, locations such as Hong Kong, Singapore and China.

“Interest in the competition is increasing annually. This year we had quite interesting participants. The project is a

large-scale one and the process of choosing the participants took several months. The primary selection was on the bases of questionnaires and photos after which we chose 600 participants for the casting and out of them, 25 girls for the final.

Participation in Elite Model Look is the quickest way to become successful in the modelling business as one does not need to spend years visiting agencies, nor suffer all the additional costs involved.

The project is quite interesting for beginner models and is the shortest and most direct way to enter the modelling sphere at a higher and more professional level,” declared Kitsmarishvili.

The deciding choice on who wins belongs to the representative of Elite and consequently banishes any concerns about objectivity.

Sopho Shergelashvili was the choice of Mrs. Victoria Da Silva, the representative of

Elite who previously chose Tamta Shednaia, the first winner of Elite Model Look in Georgia.

This year ICMM has, for the first time, conducted a large-scale photo session in cooperation with Kikala Studio and specially invited foreign photographer Petra Ficova.

“Through our joint efforts we created an individual style for each girl, from clothes to make-up.

This is a very good experience for any model as photography plays a vital role in a model’s career. A model is first presented to a judge and agencies through a photo, consequently we attribute huge importance to that aspect of modelling. The photos are free for the competitors and we spent a lot of time and energy ensuring that everything was of high quality,” said Kitsmarishvili.

SOPHO SHERGELASHVILI , THE WINNER OF ELITE MODEL LOOK 2010

MISS GEORGIA

MODELLING AS BUSINESS Miss Georgia 2010 will be held in the beautiful Georgian sea resort Batumi on 1 August. ICMM is organizing the beautiful night and will be revealing Miss Georgia for the eighth time. Girls aged from 1725 who have never been married are participating in the competition.

20-25 finalists will pass the preparation period in both Tbilisi and Batumi. The participants will depart for Batumi one week before the competition and will be staying in the hotel Intourist Palace.

“In many cases Miss Georgia judges have chosen a girl for her typically Georgian beauty and attractiveness.

This is understandable, however from a foreigner’s point of view it might be strange as Georgian looks do not get the same appraisal abroad. As for me, as well as appearance I pay great attention to a girl’s motivation and willingness to achieve success, as well as fluency in a foreign language,” said Ia Kitsmarishvili, Director of IC Model Management.

“To be honest this year it was quite difficult to attract sponsors due to the several factors such as the global financial crisis. However, we do have partners - Zarapxana, Geocell, Intourist Palace Batumi - with whom we have been cooperating for a long time,” said Kitsmarishvili.

There are two crowns, one for Miss Georgia and one for the runner-up that are handed from the previous year’s winners to the current winners. The crowns are designed with diamonds, sapphires and turquoise gems.

The only limitation in the contract for Miss Georgia is that she is not supposed to change her status and get married within a year of winning the title. Everything else comes under the modelling contract that the model signs, regarding her obligation to fulfil her responsibilities and the agency’s to perform its functions.

“In the frame of the modelling competition we are interested

“

AT PRESENT, THE HIGHEST DEMAND FOR SLAVIC GIRLS IS FROM ASIA, WHICH IS ONE OF THE MOST INTERESTING MARKETS FOR FASHION.

that girls join the field as early as possible. However for beauty competitions we prefer older girls, who have a great wish to participate, have a groomed appearance and clear motivation. When you depart for an international competition you should feel a huge sense of responsibility towards yourself and your country. And on a positive note, it is the best way to become popular, travel, meet different people, participate in competitions and is therefore a once-in-a-lifetime opportunity. In the modelling field you can set a goal and achieve it slowly with dedication and hard work,” declared Kitsmarishvili.

“In Georgia models are not assessed according to a strict set of criteria.

However for this competition it is quite necessary. We try to make the criteria as close to international standards as possible, such as 60 cm waist and 90 cm thighs which at present are considered ideal. If the model wants to be successful abroad and perform on the runway,

she should fit those standards so that she can fit the clothes which are specially designed for the shows.”

“There are no strict criteria for height in Georgia either. We have seen short girls getting a majority of offers. However in terms of modelling abroad there are still some criteria for height. In terms of a photo model, who will mainly be working for photo sessions, catalogues and journals, there is no demand for height, however to participate in fashion shows it is preferable to be tall.”

“In Georgia height is from 1.70 up to 1.82 cm. however, it is not very strict as it depends on the age of the girl. Age, height and proportion are the most important factors.

However, I always try to refrain from posting specific numbers as someone might misinterpret and not apply simply because of a short height.”

“Girls with a Slavic appearance are considered to possess a universal

appearance, which is in demand in almost all countries. At present, the highest demand for Slavic girls is from Asia, which is one of the most interesting markets for fashion. Many industries have moved to Asia creating company headquarters there. The economy is highly developed in Asia and the companies pay less in manufacturing. Moreover famous fashion shows are held in those counties. At present for the models the highest paying, highest demanding market is Asia.”

“The Caucasian appearance is quite interesting for foreigners.

However I wish girls paid more attention to their physical structure and sports.”

According to Kitsmarishvili, it is becoming more difficult every year to raise finances for the projects.

“Our girls are employed for shows as well as different advertising clips of Geocell and some banks.

We also have castings for different Georgian films and our girls are working on TV channels. We even have male models, and when we created a competition for them it turned out to be pretty interesting and effective.”

“I often joke on the subject that if you want to marry well you should participate in Miss Georgia.

This partly speaks for the good reputation of the competition, as the majority of girls get married and this is natural as they have become famous, have a good appearance, thus interest towards them rises and as a result they get married. However, I still do not want this competition to become a means to getting married. I hope this will change and improve over time, when the Georgian mentality changes and girls acknowledged that up to a certain age it’s better to see the world, get an education, travel and only after that get married,” declared Kitsmarishvili.

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Invest in Ajara INVESTMENT OPPORTUNITIES ANNOUNCED BY THE GOVERNMENT

FREE INDUSTRIAL ZONE Proposed Free Industrial Zone is located in Khelvachauri municipality near Batumi. It is located along Batumi-Akhaltsikhe highway close to the Georgian-Turkish motor highway - the road of strategic importance connecting the Caucasus to Eastern Europe. Free Industrial Zone is 8 km distant from Batumi Sea Port, 3 km- from Batumi Airport, and 15 km from GeorgianTurkish border.

Free Industrial Zone with an area of 15.3 ha is located on the third km of Batumi-Akhaltsikhe highway, on the right shore of Chorokhi River in the area of former Tank Regiment. Free Industrial Zone is separated from the Khelvachauri Industrial Zone which is established since 1960. Villages Mejinistskali and Kakhaberi are located near the Zone.

Probable leasing term: 49 years 15.3 Ha of land with developed transport infrastructure At least 2 500 new jobs Development of at least 15.3 ha territory within 2 years Leasing price - USD 0.5 for 1 sq. M. per year IN FIZ IT IS PROHIBITED: Weapons and ammunition trade and production nuclear and radioactive substances trade and production drugs production, trade, storage, import and selling production, trade, storage, import and selling excise goods (except the excise goods for local consuming) textile factories are prohibited in FIZ transferring leasing and liabilities.

CUSTOM & TAX TARIFF PREFERENCES All companies who have received International Company Status are free from Corporate Income tax.

Importing foreign goods to the FIZ is not taxed with VAT All operations in FIZ are VAT tax free Property in FIZ is Property tax free International Companies who are registered in FIZ can benefit from preferences while exporting goods into the third country.

GSP and GSP+ systems by which more than 7200 kind of goods are free from taxes (those countries are: USA, Canada, Switzerland, Japan, Turkey and EU countries)

GONIO RESORT 300 ha area near Gonio is one of the most exclusive properties currently available along the Black Sea coast. It is located on the Georgian Black Sea coast to the south from river Chorokhi delta.

The property is located next to the international highway, 3 km from Batumi International Airport and 15 km from the railway station.

GAMBLING BUSINESS The Autonomous Republic of Adjara has the most favourable environment for setting up casinos compared with other regions of Georgia. Acquiring license for casino operation in Adjara costs 250 000 GEL per year. In case of hotel construction with at least 100 rooms, the casino license can be acquired free of charge for the first year.

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MAIN REQUIREMENTS FOR RESORT International standard golf course Hotel with 150-200 rooms Teaching facility to promote game

ADJARA SKI RESORT Winter sports market is quickly expanding in the world. In order to assess large scale ski area development potential in Adjara Mountains, the Austrian company Klenkhart and Partners performed pre-feasibility study.

Ski area 2: The area surrounding the Goderzi Pass is considered to be the favorite one as far as the development of a ski resort is concerned.Approx. 150 hectares of skiable terrain.

Max. capacity of skiers: 8000.

Beginner to medium skier will find the best opportunities here.

This area has comparatively easy and existing access and superb terrain which allows ski run construction practically without technical impact. This is also a big advantage as far as environmental protection is concerned.

Ski area 2: Mount Chanchakhi: very good for skiing, cross country, ideal combination with Ski area1, and base for heli-skiing for Ski area Approx. 75 hectares of skiable terrain.

Max. capacity of skiers: 4000.

Ski area 3: Zorti-keli, near the summer resort Bakhmaro ideal for alternative winter sports. Besides the skiing potentials, other winter sports and also summer activities were considered.

FORMULA 3 Special arrangements should be undertaken during F3 races to guarantee safety of participants, spectators and residents and to achieve the best performance. Some specific issues should be studied in detail (once the track is established) to resolve limitations for development that any urban circuit implies.

FRESH WATER SUPPLY Demand for bottled drinking water is expected to rise along with increase of number of visitors to the region.

Hydro mineral resources are available both in the coastal and in the mountainous areas. Mineral water has in its composition hydro carbonate sulphate, sodium-magnesium, hydro carbonate, chloride, iron, aluminum, sodium-calcium and sulphide-hydro carbonate types.

These springs have been used historically as drinking healing waters by local population. Currently up to 50 springs have been identified.

GOLF CLUB Land and Climate Data Altitude 3-5 m above sea level Area 150 ha, drained wetland, flat Sandy soil Warm and wet climate, average annual temperature: 13.4 C High, evenly distributed precipitation (2324 mm) High humidity (70-83%)

adjarainvest.ge

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OMER SUBASI CAME TO GEORGIA FROM ISTANBUL, WHERE HE WAS GENERAL MANAGER OF THE HOLIDAY INN ISTANBUL AIRPORT. PRIOR TO THIS ROLE, OMER WAS GENERAL MANAGER AT THE SHERATON ISTANBUL. HE HAS HELD A NUMBER OF MANAGEMENT POSITIONS IN US HOTELS SUCH AS THE SHERATON RICHMOND WEST, USA; THE ADAM’S MARK HOTELS IN CHARLOTTE, NC; THE RADISSON PLAZA MIAMI AND THE GRAND BAY HOTEL SOUTH FLORIDA. FROM 1982 TO 1998 HE SERVED ON THE ROYAL CARIBBEAN CRUISE LINE. A DUAL US AND TURKISH NATIONAL, MR. SUBASI GRADUATED FROM THE NOVA SOUTH EAST & COLUMBUS UNIVERSITY AND HOLDS A BACHELOR DEGREE IN BUSINESS ADMINISTRATION.

BATUMI WILL BE AN INTERNATIONAL DESTINATION SOON, SHERATON OMER SUBASI, GENERAL MANAGER OF SHERATON BATUMI

“I CONSIDER BATUMI A MIRACLE IN THE PROCESS,” SAYS OMER SUBASI, GENERAL MANAGER OF SHERATON BATUMI, 5 STAR HOTEL IN THE BLACK SEA REGION OF GEORGIA.

“Batumi will be an international destination soon. All new companies are racing each other to come to this exciting and naturally beautiful city. Remember Las Vegas, it was just a little desert town in Nevada, but today 38 million people visit it annually.

The same thing will happen with Batumi, it will become an international destination, a centre for commerce and business, a meeting point and stage for many international events.”

MIAMI, ISTANBUL, BATUMI “Miami is an exciting, vibrant city with Latin influences, with corporate as well as leisure guests. Istanbul is a historical, cosmopolitan

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city at the crossroads of many different cultures where 15 million people live. Batumi is a new destination, just being discovered.

What Batumi offers right now is a peaceful, clean and safe environment for those who want to get away from big city stress, and traffic jams.

With its amazing nature, the Black sea and mountains, so much can be established and it is all on the way. Tourist will find enjoyment, excitement, skiing, beach, and shopping.”

“Sheraton is a leader in the industry and always first in many hospitality initiatives and innovations, we see Batumi as an opportunity, a miracle, a fast developing international destination with stable political and economical environment and we are excited to be a part of Batumi”.

“Batumi Hotel, with total capacity of hosting 404 guests, will be fully occupied during July and August as well as most of

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September”.

“Sheraton Batumi is the first 5 star internationally branded hotel in the emerging Black Sea region. It is located at the heart of the city, only a 15 minute drive away from Batumi International Airport, The historic city centre of Batumi can be reached from the hotel within a 5-10 minute walk. The hotel offers comfortable surroundings with direct beach access and friendly service.

It features 202 rooms and suites including our penthouse suite with a 360 degree view of the Black Sea and the city of Batumi. All rooms and suites are equipped with the latest technologies; modern furniture, warm colours, and The Sheraton Sweet Sleeper™ Bed fills each space with a relaxed atmosphere. With a choice of classic rooms or suites, you are guaranteed a comfortable and enjoyable stay.”

“More than just the basics, we offer all the

services you expect from a five-star hotel. The Sheraton Batumi offers you a diverse selection of amenities and features, including modern conference facilities, three restaurants, three bars and 1,250-square metre Shine Spa for Sheraton and health club implemented together with an indoor and outdoor swimming pool, sauna, steam room, Turkish Hamam, massage rooms and Fitness Centre experienced with Core Performance, an organization which trains elite athletes and Olympic sportsmen. ”Today’s traveller is looking for a safe, comfortable, welcoming new destination and new excitements. Batumi offers all that and very hospitable locals. Batumi is the attraction and we are providing outstanding accommodation and 5 star international standards. If you put all that together it provides a perfect formula for promotions.

FACILITIES FOR BUSINESS TRAVELLERS The latest technology makes it easy to conduct business, if and when required. Whether you are travelling for business or pleasure, the fresh and airy rooms offer everything you will need to feel connected and at ease.

Sheraton Batumi offers business travellers extensive services so they can keep up with what’s happening in the office while away from it.

We provide free Wi-Fi and computers, printing capabilities and places for informal meetings. For more significant business services we offer a Business Centre with printing, scanning, photocopying, faxing and shipping available.

The hotel’s ballroom is the largest in Batumi at 1,000 square metres and is ideal for any corporate event or business meeting, from small executive board meeting to an annual convention of thousands.

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AZERBAIJAN

BAKU LUXURY HOTEL BUILDING SPREE HOPES TO ATTRACT MEGA-EVENTS

THE WORLD’S MOST EXPENSIVE HOTEL The world’s most expensive hotel opens up with the world’s largest outdoor pool at 55th storey It’s finally happened! The $5.95 billion Marina Bay Sands Hotel, Singapore finally opened its doors to public in a gala event, and it also managed to dethrone the Emirates Palace Hotel, Abu Dhabi from its position as the world’s most expensive hotel. But that’s not all, the main attraction of the hotel is a 650ft wide pool perched up at the 55th storey of the magnificent hotel, making it the largest outdoor pool in the world that high.

Called as the Infinity pool, the drop at the edge of the pool spills into a three-tiered catchment which pumps water right back to the main pool! The hotel also has a boat-shaped ‘SkyPark’ on top of the three towers.

The hotel features 2,560 rooms that would cost you $520 a night. Designed by Moshe Safdie, the structure is said to be based on the design resembling a deck of cards. The hotel decor includes an indoor canal that has Sampan boats to ride in, a casino, an outdoor plaza, a convention centre, a theatre, a crystal pavilion and a lotus flower shaped museum. The resort will open employment to over 10,000 locals, enough to generate $72m each year.

It started with chic shops and restaurants, and a hipster modern art museum. Now, in a bid to lure international conferences and events, Azerbaijan’s capital, Baku, is experiencing a luxury hotel building boom.

According to Eurasianet US funded magazine, six large (on average, 300 rooms each) five-star international hotels -Fairmont, Four Seasons, JW Marriott, Hilton, Kempinski and Dedeman -- are under construction now in Baku. The Four Seasons, Hilton and Dedeman should open in early 2011; the others by 2013.

According to Azeri news agency Trend, The Flame Tower, which is located opposite the parliament building (in place of the former hotel “Moscow”), symbolizes the eternal flame of Azerbaijan - the country’s lights.

The total area of the complex, which will consist of three towers, is 234, 500 square meters. The first building of 33 floors will be residential and consist of 130 apartments.

The second tower - Northern will consist of 30 floors, and operate as a hotel with 250 rooms. The third tower - Western will consist of 28 floors, and operate as a business center.

Contractor Company DIA Holding Azerbaijan reported that the construction of the facility began in October 2007 and will end in April 2011.

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Actress Jessica Lowndes poses with the L’oreal Paris display during the HBO Luxury Lounge in honor of the 66th Annual Golden Globes held at the Four Seasons Hotel on January 10, 2009 in Beverly Hills, California.

L’Oreal Sales Rise 12 Percent on Luxury Cosmetics L’Oreal SA, the world’s largest cosmetics maker, said second-quarter sales grew more than 12 percent, beating analyst estimates, as shoppers spent more on luxury perfume and demand increased in new markets.

Revenue advanced to 4.95 billion euros ($6.22 billion) from 4.4 billion euros a year earlier, the Paris-based company said today in a statement after the market closed. The average estimate of seven analysts surveyed by Bloomberg was 4.83 billion euros. Excluding currency swings and acquisitions, sales gained 5.2 percent.

Marriott International triples earnings, raises outlook Marriott International Inc. more than tripled its net income in the second quarter as the recovering economy allowed the Bethesdabased hotel giant to raise room rates and boost revenue.

Marriott said that earnings rose to $119 million, Revenue increased 8 percent to $2.77 billion.

Marriott boosted its outlook, saying that room rate increases it put in place last quarter would continue through the rest of this year and into next.

The company now expects to earn $1.05 to $1.13 per share. In April, the company said it expected to earn between 95 cents and $1.05 per share for the year.

During the quarter, Marriott announced plans to double its presence in Europe, and opened its first hotels in Sweden in June. It also said it plans to significantly increase its presence in China.

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According to Forbes, Berlusconi is Italy’s third richest man, estimated to be worth $9.0 billion (US$) in 2010, owning assets in the fields of television, newspapers, publishing, cinema, finance, banking, insurance, and even sport. Berlusconi’s main company, Mediaset, comprises three national television channels, which together cover approximately a half of the national television sector; and Publitalia, the leading Italian advertising and publicity agency. Berlusconi also owns Arnoldo Mondadori Editore, the largest Italian publishing house, whose publications include Panorama, one of the country’s most popular news magazines. His brother, Paolo Berlusconi, owns and operates il Giornale, a centre-right wing newspaper which provides a strong pro-Berlusconi slant on Italy and its politics. Il Foglio, one of the most influential Italian right-wing newspapers, is partially owned by his former wife, Veronica Lario. Berlusconi is also the founder and major shareholder of Fininvest, which is among the ten largest private companies in Italy and currently operates in media and finance. With Ennio Doris he founded Mediolanum, one of the country’s biggest banking and insurance groups. He has interests in cinema and home video distribution (Medusa Film and Penta Film). He is also the owner of A.C. Milan, one of Italy’s most decorated soccer teams.

BERLUSCONI SAYS HE CAN SING BETTER THAN AZNAVOUR Italy’s Prime Minister Silvio Berlusconi said he could sing better than French songwriting legend Charles Aznavour during an event on top of the northern city of Milan’s cathedral.

“Someone wrote that I would have sung with him, but my institutional position prevents me from doing so. Also, I would have surely been better than him,” joked Berlusconi while introducing Aznavour, Agency France Press and ANSA news agency reported.

Berlusconi, who was a cruise ship crooner in his youth, was presenting Aznavour

after receiving an institutional prize for his political career amid the pinnacles and spires that overlook the roof of the gothic cathedral.

Before beginning his concert, Aznavour replied saying Berlusconi was “the most prestigious artist to have ever opened a show for me.”

In receiving the prize, Berlusconi touted his government’s achievements, including solving a rubbish crisis in the southern town of Naples and successes in the fight against organised crime, ANSA reported.

Berlusconi also took credit for halting the Russia-Georgia crisis in 2008 and for bringing France and the United States closer together.

The event marked the first time Berlusconi visited the cathedral since a man with a history of mental problems hit him in the face with a replica of the church after a rally on December 13 2009.

The attack left the 73-year-old billionaire with a broken nose and two teeth knocked out.

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