Business & Economy

License #60, which limits the freedoms in the communication market of Armenia and gives a monopoly right to “Armentel”, will be revoked on October 1. Yesterday the RA Public Services Regulatory Commission made a decision to revoke Armentel’s all rights for monopoly. “This is a historical decision for the RA”, said the chair of CRPC, …

Yesterday the Public Services Regulatory Commission (PSRC) made a decision to strip Armentel of its monopoly rights in the telephone communication sector. This decision was not a surprise as people have been speaking of it for about a year. The national telephone company, ArmenTel, will abandon its remaining exclusive rights to telecommunication services in Armenia …

“The Gold Processing Company of Ararat (GPCA) hasn’t been sold yet,” said GPCA director, Vardan Vardanyan. “The transaction is not complete yet. GeoProMining has only given its consent on the sale of Vedanta Resources. The transaction will be conducted in 40-45 days only.” It’s been three months since the GPCA ceased its functioning. It’s been …

Yesterday one of the daily newspapers published an interesting article. When they asked the spokesman of the central electoral commission how the CEC head had bought his “KIA-OPIRUS” model service vehicle and where he had found that much money and how much had paid, they were told that the question concerned private issues and did …

According to our information, Russian Gazprom is going to purchase the controlling package of the stocks of AREXIM Bank. According to our source, this information will be publicized shortly. Let’s remind that 52% of the stocks of the bank currently belong to the Armenian Finmarket company, 28% to the ROSKRED RESOURCES AND CONSULTING LIMITED and …

The government agenda, after being adopted by the government on June 26 by the NA, has been publicized by the media and even presented to the public. Besides that, the agenda has even been installed on the government webpage. Anybody who wishes to read the agenda may be introduced to it and make recommendations or …

There have been publications in the Russian Media covering the Armenian-Iranian relationship, which wrote that Armenia might suggest Iran to buy “Nairit Plant”. The existing owner of “Nairit” is the “Rainovil Property Limited” English-Irish company, which is in fact managed by CIS intergovernmental bank officials. Yesterday we interviewed RA energy minister Armen Movsisyan, who answered …

The Armenian economy has grown by 11.2% in the first semester of 2007. The field of economy that has grown the most is the service field (18.5%). Construction has boomed by 17.2%, while industry has grown by 1.4%. However, the production of electricity has gone down by 1.9%, and agriculture by 1.2%. Foreign circulation of …

The 5th world congress of the Chambers of Trade and Commerce took place July 4-6 in Turkey with 1600 representatives from 118 countries. The Armenian delegation also participated in the congress and the executive director of the RA Chamber of Trade and Commerce, Gagik Vardanyan, also went to Turkey. That congress gives the representatives of …

It is established that foreign companies are exempt from paying income tax during the first two years of their foundation. Certainly, the purpose of such a policy is making Armenia attractive for foreign investors. Every year, the state statistics department registers growth of foreign investments. However, the reality is that most of the companies existing …