PUBLICITY Warsaw: Gel190 Kiev: Gel200 Round Trip, including all taxes ! Call: 2 999 662 ING in Poland and Turkey introduce digital wallets Read on p. 10 What else Georgia should do? Read on p. 12 News Making Money 2 June, 2014 & s s l e ket t ho rtic Ai http://www.finchannel.com Georgian website Anti-Semitic Beliefs Remain Prevalent in Post-Soviet Space Pawnshop “International F&B Mentality Maya Grigolia and Brands Looking to byFlorian Biermann Enter the Market” ISET Policy Institute Cushman & Wakefield | Veritas Brown: The FINANCIAL Merab Pachulia GORBI A s stated in Wikipedia anti-Semitism is prejudice, hatred of, or discrimination against Jews as a national, ethnic, religious or racial group. A survey of attitudes toward Jews in over 100 countries around the globe revealed that 1.09 billion people in the world harbor anti-Semitic attitudes, thus demonstrating that anti-Semitism is not simply an artifact of human history and that ill sentiments remain. Continued on p. 6 ATU Duty Free to Invest USD 250,000 in Renewal of Shops in Tbilisi International Airport See on p. 5 CURRENCIES May 30 May 24 1 USD 1.7719 1 EUR 2.4116 100 RUB5.1012 1 TRY 0.8466 1.7713 2.4125 5.1620 0.8476 http://www.financial.ge “Over the next couple of years Tbilisi will be in a better position to accommodate a large-scale roll out of international brands and retail groups,” Steve Brown, Chief Operating Officer of Cushman & Wakefield | Veritas Brown, told The FINANCIAL. CW | VB received the Golden Brand award for Favourite Brand - Real Estate Advisory. CW | VB provides an extensive range of commercial real estate services to suit all their clients’ needs, such as Leasing, Capital Markets, Consultancy Services, Valuation & Advisory, Research, Property Management and Serviced & Virtual Offices. Continued on p. 4 PSP - “Georgia Needs a GMP Regulatory Institution” The FINANCIAL “Of course it is very difficult to change people’s perceptions on a large scale, but we have managed to make Georgianquality medicines not only popular medically, but also throughout the whole of society,” Gocha Gogilashvili, General Di- rector of PSP, told the FINANCIAL. “It would be desirable for a Good Manufacturing Practice (GMP) regulatory body to be established in the country, which would help local producers to expand their export markets and production as well.” Continued on p. 4 Caraps Medline Expecting 15% Revenue Increase in 2014 The FINANCIAL A esthetic, reconstructive and plastic surgery clinic Caraps Medline aims to have a 15% fi- nancial increase in 2014. The field of medicine is rapidly developing, Peride Khidesheli, Director of Caraps Medline, told The FINANCIAL. Continued on p. 6 “Jewelry you can pawn whenever you encounter financial difficulties”, we were told by a friend. In our circles of acquaintances there are quite a number of people who enjoy the services of pawnshops. The reasons range from renovating apartments, paying tuition for children, and buying new hi-fi systems for the car, to repaying the 1000 lari that the 18 year-old son had lost in gambling. visit barcelona Continued on p. 2 French Bakery Entrée to Become International Brand The FINANCIAL A rtisan bakery chain Entrée will open its doors to Azerbaijani customers this summer. The investment portfolio for the three branches of Entrée in Azerbaijan consists of EUR 1 million. This is the first foreign destination for Entrée, which aims to expand its network to over 15 foreign countries eventually. At present Entree operates 7 cafes, the last one located at Leselidze #47 in old Tbilisi was launched early this month. Continued on p. 8 2 999 662 Email: sky@sky.ge © 2014 The FINANCIAL. 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Tbilisi, Georgia OFFICE # 4 PHONE: (+995 32) 2 252 275 fax: (+95 32) 2 252 276 E-mail: info@finchannel.com on the web: www.financial.ge daily news: www.finchannel.com Intelligence Group ltd. 2014 Member of KHACHAPURI INDEX AS A MEASURE OF REAL INCOME ACROSS GEORGIA I n May 2014, the price of cooking one standard Imeretian khachapuri lost 14.6%, signaling a return to the regular seasonal pattern of month-to-month declines. The national index clocked 2.85 GEL, with Kutaisi becoming the cheapest city at 2.72 GEL and Telavi climbing to top with 3.04 GEL per khachapuri portion. To some extent, the geographic variation in nominal food prices (some of which are captured by the khachapuri index) is a function of the regional gap in wealth, wages and income, which affects consumers’ demand for goods and services. Importantly, the wealthier Georgian regions are wealthier not only in nominal terms: an average Tbilisi household is able to maintain a higher level of consumption compared with other Georgian locations despite facing higher prices (Telavi’s position at the top of the Index in May is a temporary aberration). To show this point, we calculated a measure of real khachapuri income per capita for different Georgian regions. We did so Geographic variation in real (khachapuri) income per capita, May 2014 Number of Khachapuri Khachapuri price 500 3.5 2.84 GEL 2.81 GEL 400 3.04 GEL 2.72 GEL 3.0 2.5 300 2.0 200 1.5 377 333 318 280 100 1.0 0.5 0.0 0 Tbilisi Adjara by dividing the average nominal income in each region (the latest available GeoStat data are from Imereti 2013) by the corresponding KhIndex. The resulting indicator of real income, reported in the Kakheti chart, shows the number of (real) khachapuri portions a family can afford in each city of interest. Pawnshop Mentality by Maya Grigolia and Florian Biermann ISET Policy Institute “Jewelry you can pawn whenever you encounter financial difficulties”, we were told by a friend. In our circles of acquaintances there are quite a number of people who enjoy the services of pawnshops. The reasons range from renovating apartments, paying tuition for children, and buying new hi-fi systems for the car, to repaying the 1000 lari that the 18 year-old son had lost in gambling. According to a survey of GeoStat (which accounts for all figures provided in this article), in 2013 the annual interest rate on pawnshop loans was 54,1%. For loans denominated in lari, the rate was 61,7%, and for loans denominated in dollars or euro it was 48,3%. The chart shows the average interest rates pawners have to pay in different regions of Georgia. These interest rates are surprisingly high, given that the borrower provides a security which should cover most of the default risk. Despite the exorbitant interest rates which come in addition to collateral requirements, pawnshops are finding plenty of customers in Georgia. In 2013, 682,000 people borrowed money from Georgian pawnshops, of which approximately 99,8 percent were physical entities and the remainder were companies. This means that more than 15% of the Georgian population are pawning property in exchange for money. Why, for hell’s sake, are Georgians bringing their family silver, grandma’s old golden necklace, the 19th century painting, or just their cellphones and cars to a 90 80 70 60 50 40 30 20 10 0 percent CMYK Chart 1: Annual weighted average interest rate on loans by regions 77.1 54.1 56.5 56.4 66.7 61.2 43.0 pawnshop for getting credit at racketeering interest rates? DESPERATE BORROWERS AND FINANCIAL VAGABONDS Could the reason be a lack of competition between pawnshops, allowing them to charge unreasonable interest rates? Rather not. There are 1031 pawnshops registered in Georgia (while there are only 21 commercial banks, 69 microcredit institutions, and 17 credit unions). This amount of competitors makes collusion or oligopoly pricing quite unlikely. To understand the apparent riddle, one has understand the state of mind of a typical pawnshop customer. A collateralized loan is a twodimensional product. Given a pawnable object, like an iPhone, the pawnshop will propose a con- 30.4 66.6 39.9 36.0 tract that not only specifies the interest rate, but also the amount of money that can be handed out for this particular collateral. If the borrower is mainly interested in how much money they get for the iPhone and cares less about the interest rate, the competition between pawnshops will mainly take place in the credit volume dimension, i.e. the amount of money given for the pawn. Now consider that pawners are typically two types of pawnshop borrowers. There are desperate people in dire need of money, not thinking too much about what they will have to pay back later. This is not even irrational, as, say, a heart surgery does not allow for much delay. If having the money is a question of life or death, one can make up one’s mind later on how to pay back, if at all. The other type of borrower we call “financial vagabonds”. Buying a hi-fi system for the car with a 50% interest loan reveals a complete living in the now, neglecting any provisions for the future. 81.6 Economists say that such people apply a high time discount rate to discount future payments and income. The existence of time discount rates was shown empirically in psychological experiments, and it was shown that time discounting is not exponential (as it would be the case with an ordinary interest rate), but follows a hyperbolic function. Time discount rates provide an important explanation for existence of interest rates. If one has an extremely high time discount rate, one wants everything now, and waiting is considered unbearably painful. As argued in a famous 1988 article by Economics Nobel Prize winner Gary Becker (“A Theory of Rational Addiction”, coauthored with Kevin M. Murphy, The Journal of Political Economy 96, pp. 675700), an almost infinitely high time discount rate characterizes drug addicts. They are going to do everything, from prostitution to Continued on p. 8 CMYK FINANCIAL HEADLINE NEWS & ANALYSIS 2 June, 2014 | finchannel.com 3 publicity Advertiser: Pasha Bank. Contact FINANCIAL Ad Dep at marketing@finchannel.com CMYK 4 HEADLINE NEWS & ANALYSIS financial news FINANCIAL 2 June, 2014 | finchannel.com Cushman & Wakefield | Veritas Brown: Bank Lending “International F&B Brands Increased Looking to Enter the Market” in April The FINANCIAL By Mariam Gogiberidze “Over the next couple of years Tbilisi will be in a better position to accommodate a large-scale roll out of international brands and retail groups,” Steve Brown, Chief Operating Officer of Cushman & Wakefield | Veritas Brown, told The FINANCIAL. CW | VB received the Golden Brand award for Favourite Brand - Real Estate Advisory. CW | VB provides an extensive range of commercial real estate services to suit all their clients’ needs, such as Leasing, Capital Markets, Consultancy Services, Valuation & Advisory, Research, Property Management and Serviced & Virtual Offices. The company has been established to service the growing need for expert and professional advice in the Central Asia and Caucasus property markets and has continued to go from strength to strength throughout the region. Veritas Brown is aligned with Cushman & Wakefield, the largest privately owned real estate services company in the world. Being part of the Cushman & Wakefield global network enables Veritas Brown to access the global expertise of 16,000 professionals in 250 offices in 60 countries throughout the world. Q. How would you evaluate the year 2013 for the company? A. 2013 was a year of growth and expansion for the Tbilisi office. Head count increased from nine to seventeen and turnover for the Group went up by approximately 50%. Globally Cushman & Wakefield had a very good year with record revenue of USD 2.5 billion, firmly placing them in the top three commercial real estate consultancies worldwide. Q. What is the market share of the company? A. Our share of business within the Georgian market is difficult to gauge. We were the first internationally recognized commercial property consultancy with a current permanent presence in Georgia, having established an office here in August 2012. Our aim is not to be the biggest, but the “preferred” real estate advisor across the Caucasus and CIS regions. Q. How would you evaluate the Georgian real estate market? A. The commercial real estate market in Georgia is characterised Steve Brown, Chief Operating Officer of Cushman & Wakefield | Veritas Brown by a mix of wealthy individuals/ companies from Georgia and the CIS as well as some prominent international operators from the Middle East, Europe and Asia. Generally Georgia is a good place to do business highlighted by the country being ranked 8th highest out of 189 economies in the World Bank’s “Ease of Doing Business” index. In terms of the future, we believe that attracting foreign direct investment to the levels seen in recent years is vital to the growth of the economy. Q. Which new brands entered Tbilisi Mall this year, and which new brands are going to enter Tbilisi Mall by the end of the year? A. Koton, the popular fashion brand from Turkey, recently signed a new lease to take a 1,000 Sqm store and a family entertainment centre agreed to take 1,200 Sqm in the Mall. We are also in dialogue with the major retail brands both regionally and through our network of offices across the region. Brands need multiple locations and over the “Over the next couple of years Tbilisi will be in a better position to accommodate a large-scale roll out of international brands and retail groups” Q. What can you tell us about the projects in Batumi? A. We are working on a number of large-scale projects in Batumi, including the Hilton Hotel development, which our development consultancy team supported. This is a landmark mixed-use project with a retail podium, which is attracting well-established brands through our retail team. We are supporting other, similar, projects in respect of development advisory and investment finance. next couple of years Tbilisi will be in a better position to accommodate a large-scale roll out of international brands and retail groups. We are also working with many international F&B brands looking to enter the market and seeking investment support. Q. What will be the main challenge for the Georgian real estate market this year? A. Attracting foreign direct investment to the levels seen in recent years rather than relying on domes- tic sovereign wealth funds, such as the Georgian Co-Investment Fund. Q. What needs to be improved in Georgia to attract more tourists? A. Hospitality provision should be improved - standards of customer service are important for all tourists and having a range of accommodation options that cover all demographics of visitors from backpackers and students to business people and government delegates. Infrastructure is also important to ensure visitors have the ability to visit all 4 corners of the country. We are also talking to a number of family entertainment centre operators, Tbilisi suffers from a lack of such operators and we are hoping to bring key players to improve the leisure and entertainment market. Q. What are the main mistakes made by local retail representatives, what advice would you give to them? A. The more successful brand expansions are undertaken viewing Georgia as part of a broader regional territory throughout the Caucasus and Central Asia. Cushman & Wakefield are the number one retail brokers globally having completed 8,500 retail leasing and sale transactions with an aggregate value of USD 21.4 billion in 2013. We have access to their extensive client base and understand the requirements for such brands. We find that brands start their regional roll out in Kazakhstan, supported by our office there, and then move west to the Caucasus region. Q. What will be the main challenge in 2014? A. Ensuring we remain the leading international property consultant in the region and improving the high standards of service we have already set to the benefit of our clients, both existing and new. We have direct access to Kazakh and Middle East investment through our Almaty office Capital Markets team. Bringing these investors to Georgia will be a challenge, but ultimately rewarding for all concerned. Q. What should we expect from you in 2014? A. We recently won the Golden Brand Awards for best real estate advisory firm 2013 and we hope to build on this success. We believe we have built a team capable of delivering, and maintaining, a high level of advisory support to all our clients. Our vision is to be the preferred real estate advisor in the region. This vision drives all that we do and our values guide our behaviour in all of our business dealings. Our clients, our core competencies, and the ability of our people to deliver those core competencies make up our brand, and we approach business with a discipline, consistency, simplicity and transparency that is unique and is what differentiates us from our competitors. The FINANCIAL -- The volume of lending by commercial banks (including loans to non-residents) in April 2014 increased by 140.4 million GEL (1.3 percent) compared to the previous month, constituting 10.8 billion GEL by May 1, 2014. The volume of loans provided in the national currency increased by 3.0 million GEL (0.1 percent) and the volume of loans in foreign currencies increased by 137.2 million GEL (2.1 percent), according to National bank of Georgia. By the end of April 2014, commercial banks issued 1.2 billion GEL worth of national currencydenominated loans (3.2 percent, or 37.7 million GEL, less than in the previous month) to resident legal entities and 4.3 billion GEL worth of loans in foreign currencies (1.8 percent, or 74.1 million GEL, more than the previous month). Of the total volume of lending to legal entities, the biggest share falls on trade - 44.6 percent. Compared with the previous month, in April 2014 the volume of loans provided for trade increased by 0.2 percent, or 4.3 million GEL, and exceeded 2.4 billion GEL. The share of loans provided to the industrial sector constituted 17.0 percent of all loans to legal entities, amounting to 926.5 million GEL by May 1, 2014 (1.8 percent, or 17.4 million GEL, less than in April 1, 2014); 7.9 percent falls on construction, amounting to 429.4 million GEL (a increase of 2.1 percent, or 8.6 million GEL). Therefore, 69.5 percent of the total volume of lending to legal entities falls on only three sectors - industry, construction and trade. The volume of lending to resident individuals increased by 1.9 percent, or 92.2 million GEL, during April 2014 and exceeded 5.0 billion GEL by May 1, 2014. As of May 1 2014, the banking sector in Georgia is represented by 21 commercial banks, including 18 foreign-controlled banks and two branches of non-resident banks. Compared with the previous month, the total assets of Georgian commercial banks increased (in current prices) by 0.3 billion GEL (or by 1.9 percent) and constituted 17.9 billion GEL. The banking sector’s own funds (equity capital) equal 3.1 billion GEL, which makes up 17.1 percent of the commercial banks’ total assets. The share of foreign capital in banks’ total paid-in capital constituted 78.4 percent. In April 2014, the banking sector finished with a net profit of 25.3 million GEL. The five banks with the largest assets constituted 76.3 percent of the total share of assets in the banking sector. FINANCIAL HEADLINE NEWS & ANALYSIS 5 financial news 2 June, 2014 | finchannel.com PSP - “Georgia Needs a GMP Regulatory Institution” The FINANCIAL By Mariam Gogiberidze “Of course it is very difficult to change people’s perceptions on a large scale, but we have managed to make Georgian-quality medicines not only popular medically, but also throughout the whole of society,” Gocha Gogilashvili, General Director of PSP, told the FINANCIAL. “It would be desirable for a Good Manufacturing Practice (GMP) regulatory body to be established in the country, which would help local producers to expand their export markets and production as well.” PSP has received a Golden Brand award for the ninth time in the category of Favourite Pharmaceutical Company. PSP has existed on the Georgian pharmaceutical market since 1995. Gocha Gogilashvili, General Director of PSP Q. How would you evaluate the year 2013 for PSP? A. 2013 was a successful year for the company. Since the post-war crisis of 2008, 2013 was a year of growth for the pharmaceutical market, which also positively reflected on our company’s annual results. Q. What is the market share of PSP? A. With the data provided by the Ministry of Health, Labour and Social Affairs of Georgia, our company PSP has a market share of 20%. PSP has stably maintained this market share percentage over the years. Q. How did the sales of the previous year compare to the first quarter of 2014? A. As I mentioned, the country’s pharmaceutical market has increased, which has been reflected in our company’s sales as well. Also, there was an increase in the first quarter of 2014 compared with the same period of the previous year. Q. In what way do you try to compete with other pharmaceutical companies? A. Our company’s main priority from the beginning was and still is the extent and quality of our services, as well as the quality of the medication itself. Our company was the first in our field to develop service standards in its daily activities. This is proved by the distribution company PSP - Pharma, as well as the whole of the PSP - Pharmacy network, which is the holder of an international quality certificate, in addition to of course the production of GMP over the years. The company constantly ensures that the guaranteed quality of medicines across the land is available to the widest possible range of consumers all over the country, territorially as well as in terms of having accessible prices. The proof of the afore-mentioned statements is demonstrated by the regional centres and 178 pharmacies that can be found in every district and which constantly provide the lowest prices along with holding discount promotions of the topselling medications. Q. Which countries do you export your products to? A. We export our products to Moldova, Ukraine, Azerbaijan, Armenia, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan and other countries. In total we export to 11 countries. Q. What is the situation like in foreign countries in terms of sales? A. Abroad, comparing the year 2013 to 2012 we had 25% growth. We also had 34% growth in the first quarter of 2014 compared to the same period of 2013. Q. How do Georgian medicines compete with foreign ones? A. Of course it is very difficult to change people’s perceptions on a large scale, but we have managed to ensure that Georgian-quality medicines are not only popular medically, but also throughout the whole of society. In the year 2013, compared to 2012 there was 22% growth. The results from the first quarter of 2014 are 7.5% higher than the results of the previous year. Q. Which types of medicines do consumers generally prefer - foreign ones or Georgian? A. Our pharmaceutical manufacturing is relatively new compared to that of other countries (Russia and Ukraine for example) where local production is up to 3540%. Here, this share is only 15%. But the share is increasing statistically, which shows great change. Q. According to the information you have available, which foreign companies are going to enter the Georgian market? And are there any companies which had planned to enter the market but have now postponed? Continued on p. 8 biznesis personaluri radio biznesis personaluri radio marketing@commersant.ge +995 32 2505 955 marketing@commersant.ge +995 32 2505 955 Advertiser: Radio Commersant. Contact FINANCIAL Ad Dep at marketing@finchannel.com CMYK CMYK 6 HEADLINE NEWS & ANALYSIS financial news FINANCIAL 2 June, 2014 | finchannel.com Caraps Medline Expecting 15% Revenue Increase in 2014 The FINANCIAL By Madona Gasanova A esthetic, reconstructive and plastic surgery clinic Caraps Medline aims to have a 15% financial increase in 2014. The field of medicine is rapidly developing, Peride Khidesheli, Director of Caraps Medline, told The FINANCIAL. She says that consumer behaviour has transformed drastically since 1998. “It is interesting how client behaviour has been transforming since 1998. Patients were unsure about entering the clinic at the beginning. There was a high demand for anonymity. Today, however, we have a radically different public attitude towards plastic surgery. Modern methods of self care have become prestigious for women. As the majority of females are involved in social activities it is almost obligatory to pay careful attention to their appearance. Accordingly, this field of Peride Khidesheli, Director of Caraps Medline medicine is rapidly developing,” Khidesheli told The FINANCIAL. Khidesheli distinguished 2012 as the most successful year for its company. “Our clinic changed its location and has since expanded. We moved from Vake to Dighomi, the medical district of Tbilisi. The new fashionable building was constructed for our clinic at Lubliana 48. We added a new direction of general surgery, led by Dr. Merab Kiladze.” Caraps Medline received the most influential business award in the country - Golden Brand - on 27 April. “Our new clinic is very modern, well-equipped technically and fully satisfies all the demands of the 21st century. The new clinic has a great material and technical base. We have mainly developed our existing fields and added a new, general surgery profile. We already achieved the index that we had planned and stage by stage we will be adding new fields of medicine. We have a great, new infrastructure and the maximum level of comfort is provided here for our patients as well as for our doc- tors,” Khidesheli said. “In 2012-2013 we had almost equal capacity of over 80% with positive dynamics. The change of location did not result in significant fluctuations,” said Khidesheli. Caraps Medline established the innovative method of surgery, socalled bandaging of the stomach with laparoscopic methods. In 2014 two new departments are planned to be added. Prices on surgery are planned to be increased. If a patient does several surgeries in the same stage (dependent on their health), the price will exceed the regular amount and will be calculated due to the complexity of the individual case. In Khidesheli’s words, any political change influences the private sector more or less, even the universal programme of insurance. However, Caraps Medline has always managed to maintain stability. Caraps Medline is frequently visContinued on p. 10 Anti-Semitic Beliefs Remain Prevalent in Post-Soviet Space Merab Pachulia Chart one 1: Anti-Semitism index GORBI A s stated in Wikipedia - anti-Semitism is prejudice, hatred of, or discrimination against Jews as a national, ethnic, religious or racial group. A survey of attitudes toward Jews in over 100 countries around the globe revealed that 1.09 billion people in the world harbor anti-Semitic attitudes, thus demonstrating that anti-Semitism is not simply an artifact of human history and that ill sentiments remain. Measuring Anti-Semitism: The data presented in this text below is based on the global survey of anti-Semitic attitudes, known as ADL Global 100. This study is the most comprehensive assessment ever of anti-Semitic attitudes, accounting for about 88.5 percent of the world’s total adult population and 96.9% of world’s GDP. Respondents were asked a series of 11 questions based on age-old stereotypes about Jews, including classical stereotypes about Jewish power, loyalty, money and behavior. Those who responded affirmatively to six or more negative statements about Jews are considered to hold anti-Semitic attitudes. The Index Score for each country represents the percentage of adults in that specific country who answered “probably true” to a majority of the anti-Semitic stereotypes tested Global findings: 26% of people in the countries polled harbor anti-Semitic attitudes and believe in a majority of the traditional, anti-Jewish, stereotypes and that’s over 1.09 billion people worldwide. 58 38 35 38 37 36 32 32 26 Global 30 30 28 22 Ex-USSR Armenia Ukraine Belarus Azerbaijan Lithuania Kazakhstan Georgia Russia Moldova Latvia Estonia Source: ADL Global 100. Note: numbers are given in percentages The three countries, outside the Middle East and North Africa, with the highest anti-Semitism Index Scores are Greece (69%), Malaysia (61%) and Armenia (58%). The Middle Eastern country with the lowest anti-Semitism Index Score is Iran (56%). The most widely accepted antiSemitic stereotype worldwide is: “Jews are more loyal to Israel than to this country/the countries they live in.” Overall, 41 percent of those surveyed believe this statement to be “probably true.” This is the most widely accepted stereotype in five out of the seven regions surveyed. The second most widely accepted stereotype worldwide is “Jews have too much power in the business world.” Overall, 35 percent of those surveyed believe this statement to be “probably true.” This is also the most widely held stereotype in Eastern Europe. The highest concentration of respondents holding anti-Semitic attitudes was found in Middle East and North African countries (“MENA”), where nearly threequarters of respondents, 74 percent of those polled, agreed with a majority of the anti-Semitic stereotypes that comprise the 11-question index. Non-MENA countries have an average index score of 23 percent. The level of anti-Semitism in some countries and regions, even those where there are no Jews, is in many instances shocking,” said Barry Curtiss-Lusher, ADL National Chair. “We hope this unprecedented effort to measure and gauge antiSemitic attitudes globally will serve as a wake-up call to governments, to international institutions and to people of conscience that anti-Semitism is not just a relic of history, but a current event.” RELIGIOUS BELIEFS AND ANTISEMITISM Nearly half of all Muslims surveyed around the world responded “probably true” to at least 6 of the 11 index stereotypes in the ADL Global 100. Likewise, Christians in Eastern Orthodox and Catholic countries are more likely to harbor anti-Semitic views than those in Protestant countries. Key findings: Among Muslims, which comprise 22.7 percent of the world population, 49 percent harbor anti-Semitic attitudes. In MENA, the number of Muslims holding anti-Semitic attitudes is 75 percent. There are substantially lower levels of anti-Semitic beliefs among Muslims outside of MENA: with Asia at 37 percent; Western Europe at 29 percent; Eastern Europe at 20 percent; and Sub-Saharan Africa at 18 percent. There were substantially higher levels of anti-Semitic beliefs among Christians in MENA, at 64 percent, compared with Christians outside of MENA. Overall, 24 percent of Christians fall into the anti-Semitic category. Other religions polled included Hindu, at 19 percent anti-Semitic; Buddhist, at 17 percent anti-Semitic; and “no religion,” at 21 percent anti-Semitic. Christians in Eastern Orthodox and Catholic countries are more likely to harbor anti-Semitic views than those in Protestant countries. This was true of non-Christians in these countries too, so there are likely larger factors at work. The Middle Eastern country with the lowest anti-Semitism Index Score is Iran (56%). ANTI-SEMITISM IN POST-SOVIET COUNTRIES Anti-Semitic attitudes are much more prevalent in post-Soviet countries compared with the world average. However, Estonia stands out as being one of the lowestranked countries among post-Soviet republics. Conversely, Armenians, based on the survey data, harbor the highest level of anti-Semitic belief in the post-Soviet sphere. Georgia’s anti-Semitic sentiments ranked 4 percentage points higher compared to the global figure and 5 percentage points lower measured against the former-Soviet country average. Based on this data, it is clear that various forms of anti-Semitism is prevalent worldwide. These prejudices include political prejudices such as the belief that Jews are more loyal to Israel than to their own countries, that Jews have too much power in the business world, or that Jews have too much influence in finance. Sadly, Georgia is no exception in this regard. The Anti-Defamation League commissioned First International Resources to research attitudes and opinions toward Jews in more than 100 countries around the world. Fieldwork and data collection for this global public opinion project were conducted and coordinated by Anzalone Liszt Grove Research. GORBI is proud to be responsible for data collection in most of the ex-Soviet countries. All interviews were conducted between July 2013 and February 2014. The data is a result of 53,100 total interviews among citizens aged 18 and over, across 101 countries and the Palestinian Territories in the West Bank & Gaza. Expected margin of sampling error for the weighted global average is +/- 0.97%. In an overwhelming majority of the countries/territories polled, the samples are fully nationally representative. As a regional hub for partner organizations and international clients, since 2003, GORBI is the only Georgian member of the Gallup International research network to have over two decades of experience in survey research in postSoviet Union countries, as well as Mongolia and Iraq. CMYK FINANCIAL HEADLINE NEWS & ANALYSIS 7 publicity 2 June, 2014 | finchannel.com CAUCASUS HEALTHCARE The Caucasus Healthcare Infrastructure and Pharmaceutical Investment Summit 2014 Conference & Exhibition 18 & 19 June 2014 in Tbilisi - Georgia VENUE: TOPICS TO BE DISCUSSED: 1. Overview of the healthcare sector in the Caucasus -­‐ reforming, innovating, investing 2. Pharmaceutical market -­‐ further growth, export, R&D, capital investment 3. Legal and regulatory environment for the pharma industry -­‐ status and best practices 4. Hospital build and sustainable healthcare delivery services -­‐ project finance & growing role of PPP 5. Advanced medical technology, innovative equipment and e-­‐health solutions 6. Financing of the healthcare in the Caucasus and sustainability of health program 7. New opportunities for the insurance sector 8. Long term opportunities for investors in the new health projects Associate Sponsor Main Media Partner FOR FURTHER INFORMATION OR REGISTRATION, PLEASE CONTACT THE ORGANIZER: Francis Smith Email: administration@euroconventionglobal.com Tel.: +32 2 662 16 12 Website: www.conventionventures.com Advertiser: Euroconvention Global. Contact FINANCIAL Ad Dep at marketing@finchannel.com CMYK 8 HEADLINE NEWS & ANALYSIS financial news FINANCIAL 2 June, 2014 | finchannel.com PSP - “Georgia Needs French Bakery Entrée to Become International Brand a GMP Regulatory Institution” The FINANCIAL By Madona Gasanova A rtisan bakery chain Entrée will open its doors to Azerbaijani customers this summer. The investment portfolio for the three branches of Entrée in Azerbaijan consists of EUR 1 million. This is the first foreign destination for Entrée, which aims to expand its network to over 15 foreign countries eventually. At present Entree operates 7 cafes, the last one located at Leselidze #47 in old Tbilisi was launched early this month. French president Francoise Hollande during his official visit to Georgia personally observed the café. New Entrée café on Leselidze was the only place visited by Hollande out of agenda, unofficially. French president was personally hosted by both Founders of Artisan Bakery chain Entree: Eugene Pichkhaia and Jean Michel Charels. Financial interviewed one of the founders of Entree Mr. Eugene Pichkhaia about the future plans of Company. Mr. Pichkhaia together with French Businessman Mr. Jean Michel Charles founded the French bakery chain in 2008. Prior to this business he founded and managed Georgia’s leading food retailer Populi. Q. The HoReCa sector is one of the most saturated sectors in Georgia, with over 200 cafés and restaurants. How did you manage to compete? A. We were not intending to compete with anyone in particular. Our goal was to create a new brand and we managed to do just that. We knew from the beginning what our values would be and our development fruited from them. I would not say that the market is saturated in this segment. On the contrary, it offers huge opportunities, despite the fact that they are scarce. Continued from p. 5 Our idea was to create a brand that would have been born in Georgia, but could become a global brand. We initially put forward the idea that Entrée would be exported to other countries. To do so, we need to articulate the values that are the foundation of the brand. This was followed by operational issues and other details, which are necessary for success. Q. Entrée was the first nonsmoking place to be established in Georgia. Was it not risky to impose such rules, while the majority of Georgians are prone to smoking? A. All established brands have their own individual characteristics. Entrée is a place free from smoke, a place that both promotes and implements healthy living. We included this detail without any fear and we succeeded. For many it might have seemed unacceptable at first, but they got used to it. I think that we made the right move. As the brand’s philosophy is based on high-quality goods production and a high degree of supply there was no room for cigarettes. Our technology is artisan technology. It is arranged on the level of art. All the details are related to each other and form a unity of high standards. Accordingly, smoking in such an environment would be impossible. It would be incompatible with the whole concept of Entrée. Q. People involved in business usually characterize you as a good manager. You built Populi and ran it successfully, until it started going down after you left. Which features have helped you succeed? A. I would not say that I am smarter than others. Although I can see details which others can miss. Also, I always know exactly what I want. This helps me to avoid meaningless and negative emotions. To be constantly focused on the major goal and hard work are also vital for gaining success. Overall I always look for something new, I am from head to toe entrepreneur. All of this is a result of the success of my business activities. However, there are more successful and accomplished people in Georgia than me, which I welcome because it is very good for our country. Accomplishment is not based solely upon financial success and arithmetical figures in an account. I have met unhappy millionaires and vice versa. The measure of mental peace and happiness are what determine the accomplishment of a person. The measure of self-confidence is the main distinguishing feature of an accomplished or unaccomplished person. Q. How would you describe the current business environment in Georgia? A. I took my first steps in business during the ‘90s when I was a student. Continued on p. 12 A. New companies are appearing on the market every year, and every year they appear in different quantities. According to our information, none of the companies have postponed entering the market. There is great interest from foreign companies in the Georgian market. This is because there are no barriers on entering the market and then developing here, according to the law. With the support of the Government it is very easy to enter the market and do business. Q. When the Government is interested in introducing foreign companies, why is it not supporting local producers? A. If you are referring to the local production of drugs not being a priority, this also occurs in a number of other countries (e.g. Ukraine). That is why it would be desirable to establish a GMP regulatory body in the country, which would help local producers to expand their export markets and production as well. Q. What is the percentage of domestic production on the market? A. Domestic production is 15% of the whole market. Q. Which countries do you import medicines from? A. We have contracts and we import only from the pharmaceutical factories which produce medicines according to the pharmaceutical industry’s international standards GMP. We import medicines from more than 100 pharmaceutical factories around the world. Q. How is the quality controlled? A. According to the international pharmaceutical GMP standard. Producing medicines means guaranteeing quality, as evidenced by a certificate of conformity of quality of each medication. There is a list of medicines which need to be analyzed and such analyses are carried out by government-accredited laboratories. In addition, the Ministry of Health, Labour and Social Affairs of Georgia conducts selective audits. Q. What type of support are the local producers demanding? A. The adoption of European pharmaceutical regulations for equal competition between local and imported medicines is a very important factor. This will balance the legislative environment, the principles of free market and open competition. The pharmaceutical industry should meet the GMP requirements and Georgia needs to recognize the internationally accepted corresponding Production Practice standards. The state checks the system’s com- pliance with internationally recognized standards. The state confirms the existence of quality assurance systems in companies, while the latter naturally leads to the protection of the market against low quality products. Q. What is the reason for the decreasing prices of medicines? Should we expect current prices to decease further or start increasing instead? A. The prices of medicines available on the market today have been reduced due to competition. The prices are at their minimum level nowadays. On top of that there are additional price decreases, and various offers being organized. The prices depend on the producers. There are inflationary processes occurring around the World, and producers also increase or decrease specific drug prices depending on different factors. It is for all those reasons that price changes occur here. This process is initiated and determined by the producer and may happen several times a year. Q. What is the condition of the Georgian pharmaceutical market? What kind of improvements are needed? A. Georgia needs to create a GMPregulatory institution of international standards; this is very important for us. This will ensure that all the plants work according to these standards, as well as compliance with the essential requirements of this standard on all imported medicines. Q. Does the insurance market of Georgia need to be developed? A. The insurance market is growing. It has been less than two dozen years since the first insurance company was created. Everything began from zero, since then there has been huge growth which will increase still further in the future. Q. What kind of developments should we be expecting this year? A. Notable developments would include new pharmacies, including the opening of new types of Pharma markets. There will be an expansion in the range of drugs, including new drugs, due to world medicine innovations introducing completely new types of drugs. There will also be an increase in GMP export volume and types of production. Q. What will the major challenge be for PSP in 2014? A. PSP is a company which has been on the market for 20 years and has definitely become a guarantee of quality. The challenge is to maintain and strengthen customer satisfaction, also to increase export volume and foreign currency inflows in Georgia. To maintain the image of a leading company, we must strengthen and expand our operations successfully in the medical field. Pawnshop Mentality Continued from p. 2 so-called “trigger offences”, in order to get the money for the next heroin shot as soon as possible, and they do not think about tomorrow, next week, or next year. The behavior of drug addicts and financial vagabonds is very similar in this respect. The addict yearns for the drug, and the financial vagabond is fixated on consumption, and both forget about the future. Yet while the government tries to suppress the drug market, offers medical assistance to addicts etc., there is little regulation in the pawnshop business, and there is no help for financial vagabonds. While it is true that the direct consequences of drug addiction are more severe, the pawnshop mentality deteriorates the economic and financial status of a person, which may also cause huge distress in a person’s life. LEARNING FROM ANCIENT ROME The pawnbroking business has a long tradition. In ancient China and Greece it was practised long before the Emperor Augustus licensed the first pawnshop in Rome 2000 years ago. There are interesting things to learn from Augustus’ handling of the issue. Under Roman law it was not allowed to pawn furniture or farming equipment – being aware of the addictive character of pawnshop borrowing, the Roman authorities wanted to prevent a borrower from pawning away their economic basis. Moreover, the interest rate was capped at three per cent. The Romans understood that somebody yearning for quick money has little bargaining power regarding the interest rate, and thus they forbade abusive interest rates by law. Total credits by Georgian pawnshops in 2013 amounted to 310.7 million GEL (43% in lari, 57% in foreign currency). As a comparison, consumer credits handed out by commercial banks totaled to about 560 million GEL. So there is no question that pawnshops are an important component of household borrowing in Georgia. And they may even have advantages compared to classical bank lending. Banks are often big players with systemic importance, and when something goes wrong, the whole system may come down. A lending business facilitated by more than 1000 small shops does not have this problem. In a crisis, there may be a price collapse of typically pawned goods, like used mobile telephones, as could be seen in 2008 when a wave of defaults shook the pawnshop sector. Yet this is nothing compared to the problems that result from a big bank running into trouble. And because of the very fact that pawnbroking is so significant in Georgia, modern versions of the Roman regulations should be enacted. CMYK FINANCIAL HEADLINE NEWS & ANALYSIS 2 June, 2014 | finchannel.com 9 financial news Advertiser: TBC Bank. Contact FINANCIAL Ad Dep at marketing@finchannel.com CMYK 10 HEADLINE NEWS & ANALYSIS interview FINANCIAL 2 June, 2014 | finchannel.com ATU Duty Free ING in Poland and Turkey to Invest USD 250,000 in introduce digital wallets Renewal of Shops in Tbilisi International Airport The FINANCIAL T he proliferation of smartphones and mobile banking in recent years has spawned various new payment methods. One of them is the ‘digital wallet’, a way to store the information in a person’s physical wallet, such as bank account and credit card details, a driver’s licence or loyalty cards, virtually, according to ING. The main advance of a digital wallet is that it makes purchases made online or with a smartphone safer and easier because card details are provided only once and then saved on the wallet. Turkey’s new digital wallet, called ParaMara, is a mobile banking app available to both ING and non-ING customers. It allows people to conduct a wide range of actions, such as transferring money (to an ING ATM, to an ING card, between ING cards, or to a user’s Facebook account), withdrawing money from an ING ATM via a QR code, asking for cash, and more. Users will be able to add their existing ING cards to their wallet or get virtual “Ininal Prepaid Card” from ParaMara. Ininal Card is an exclusive partnership between Provus (a MasterCard The FINANCIAL By Mariam Papidze P lans to renovate and enlarge the duty free shops in Tbilisi Airport have been postponed till the end of 2014. ATU Duty Free plans to invest USD 250,000 in the renewal of the shops. “In the meantime we have renewed our shop in Batumi, enlarging it by nearly 100 percent, and we hope to open it by 1 June, 2014,” Ahmet Kothene, Deputy General Manager of ATU Duty Free, told The FINANCIAL. “We hope to offer more perfume and cosmetic products and also increase the accessory product lines,” he added. There has been a +7.66 percent increase in total sales in Tbilisi Duty Free in the first quarter of 2014 compared to 2013. However, last year ATU Duty Free experienced a 9.15 percent increase in total sales compared to 2012. “In the first quarter of 2014, the Kutaisi operation had a 9 percent share of all Georgia Operations (Tbilisi, Batumi, Kutaisi). This is not a bad number considering the 1st quarter is the slowest time of the year,” he said. Q. Kutaisi is the third operation point of ATU Duty Free in Georgia after Tbilisi and Batumi. Could you please compare these three points to each other? Which one has the best sales statistics and which are you the most satisfied with? A. Tbilisi has the best sales statistics. It makes a contribution of 82 percent of all our Georgia operations sales. Batumi and Kutaisi have almost the same share with 9 percent each. In Tbilisi, the Wines of Georgia shop performs well. We have a 4.88 percent increase in sales in the first quarter of 2014. Opening the Wines of Georgia store has been very successful both in financial and sustainability terms to preserve and promote Georgian wine culture. It is enjoyed by passengers using Tbilisi Airport. ATU Duty Free established the wine store in 2011. There are 11 wine brands currently represented in the store. Teliani is one of the best-selling brands with a 7.48 percent share of overall spirits, but Khareba Kindzmarauli Red is the best-selling product. Q. In general, which is the best-selling duty free product in Tbilisi, Batumi and Kutaisi airports? A. According to the 2014 first quarter results, the bestselling products in terms of quantity are: In Tbilisi: Khareba Kindzmarauli Red. Ahmet Kothene, Deputy General Manager of ATU Duty Free In Batumi: Yeni Rakı 100 CL. In Kutaisi: Ritter Sport 9er Mini Sor. mix 150G. In our Georgia operations we have 197 brands represented in duty free. Q. ATU Duty Free opened its first stores in Tbilisi and Batumi in 2006. How did you pass through the difficult periods and what were the main challenges for you? What is ATU Duty Free’s position today and what are the current challenges that it faces? A. Tbilisi and Batumi were the first foreign operations of ATU. Today, as of the beginning of 2014, ATU has operations in Tunisia, Latvia, and Macedonia too. In addition, we plan to open shops in Saudi Arabia at the beginning of 2015. Many things have changed in Georgia, from the currencies used in the shops to the customs regulations. Each year we try to improve our stock as well. Fortunately there has been good growth since 2006. We were negatively affected by the incidents with Russia. We lost sales during these periods but we did not give up and the economy was strong enough to pick up again. We have also had a good relationship with the Ministry of Agriculture, implementing the Wines of Georgia shop in the airport. Q. Who are the main customers of duty free? Could you please give us the statistics of the nationalities of your customers? A. In Tbilisi: Russian, Ukrainian, Georgian, Turkish and Azerbaijani are the nationalities spending the most in duty free. In Batumi the statistics are as follows: Turkish, African, Russian, Ukrainian and Georgian; and in Kutaisi: Ukrainian, Georgian, Far Eastern, Russian and Azerbaijani. Q. ATU Duty Free also offers Georgian wine in its stores at Istanbul Ataturk Airport to more than 20 million passengers annually. Is Georgian wine popular there, and if so, to what extent? A. Yes, Georgian wines are sold. Since there are wines from all over the world in our shops in Istanbul the demand is not very high, but it is a good source of exposure and recognized by Russians, Latvians and Georgians primarily. Q. You received a Golden Brand award. Why do you think that more than 200 experts have named your brand as a favourite one and how does this award help ATU Duty Free in its PR and marketing activities? A. We are very proud and honoured to receive this award. For the past 8 years we have tried to maintain a high level of service in our shops and always continue to invest in our employees. Happy employees make happy customers. We try to improve our shops and expand our stock while selling the best quality world brand names at the most competitive prices. We try to meet all international standards in our line of business. We believe in the future of Georgia and we are sure there will be many more developments to come. We always try to listen to our customers and meet their needs. We do not want to be a standard duty free operator. We want to be active, flexible, adapting to the new trends and behaviours. We hope to continue to grow in the MENA and the Caucasus region. Company) and ING Turkey and offers up to 20 percent discounts in top e-commerce sites and in shops, according to ING. In a forthcoming update, the ING Wallet will be able to be combined to contactless payments with their mobile devices. So, for example, a customer will be able to pay at a petrol station without leaving the driver’s seat. Poles apart By contrast, ING Bank Śląski’s digital wallet is based on a solution developed by VISA called Visa V.me, and branded as ING Digital Wallet. It allows customers to pay online without having to enter their payment details anew. When ready to pay online, the user selects the V.me by Visa payment option, logs into their ING Digital Wallet, checks the cards they want to use and then clicks ‘pay’. The Visa system that detects and prevents fraud increases the overall safety of the transaction. Poland’s ING Digital Wallet allows customers to store details from their debit and credit cards, prepaid cards, Visa and MasterCard charge cards, including those issued by different banks, according to ING. Caraps Medline Expecting 15% Revenue Increase in 2014 Continued from p. 6 ited by patients from neighbouring countries. “Comparative prices and most importantly, high quality, is the main reason for our popularity abroad. We run various advertising campaigns in different countries in order to extend the number of our patients.” The so-called computer era of the 21st century has contributed to obesity problems especially among adolescents worldwide. However, Khidesheli said that the situation, fortunately, is not yet alarming in Georgia. “Statistically, not so many surgeries are being done among adolescents. However, having a healthy lifestyle for developing healthy generations is very important,” she added. Caraps Medline offers medical services in the following fields: gynaecology, oncology (mamology), plastic and general surgery, trauma, ophthalmology, blood vessel surgery, and cosmetology. “Each direction in our clinic is in demand because of the professionals who work here. In plastic surgery we have Dr. Alexander Kalantarov, in gynaecological laparoscopy - Dr. Vadim Khatiashvili, in general surgery - Dr. Merab Kiladze, and in traumatology - Vazha Marsagishvili,” said Khidesheli. “However, it is not just our leading doctors which are responsible for the success of the company, but each and every member of our staff, who do their utmost every single day for the success and smoothrunning of the company. They do a great job for the clinic. We have wonderful medical personnel who are directly involved in the success of the clinic,” Khidesheli added. According to Khidesheli, rhinoplasty is the most popular plastic surgery in the region among both men and women. The dark side of aesthetic clinics is cases of “victims” of plastic surgery that can always be found worldwide. Caraps Medline has never encountered such a situation though. However, Khidesheli finds it difficult to establish who would be to blame in such a she added. Caraps Medline became a member of EVEX Medical Corporation in 2014. “We hope that this membership will help us to achieve ever greater success of larger scales,” said Khidesheli. According to Khidesheli, satisfied patients are the best advertisements. She says that if a patient is not content with the service you offer, then no amount of advertising can attract them. “Most of our patients visit us on the recommendation of Established in 1998 Caraps Medline is one of the pioneers in Georgia’s private medical business. situation. “Looking for the one at fault is very difficult, as the desired outcome of a plastic surgery operation is made in accordance with the patient’s taste. Fortunately we have not ever had any so-called victims of plastic surgery during our history, and we are optimistic that there never will be any in the future.” “Doing surgery with less trauma and making them aesthetically effective has always been our doctors’ main goal. Enhancing customer loyalty, ensuring their increasing demand and employing qualified professionals have always been the main priorities of the management of the clinic,” said Khidesheli. “We are highly oriented of satisfying our customers’ needs. Accordingly, the implementations of any innovation are in line with customers’ demands and priorities,” one of our previous patients. In each of the fields that we offer, we have leading professional doctors who provide the best results in their respective fields. Tbilisi is a small city so information spreads easily. I believe that satisfied patients are a guaranty of new clients,” Khidesheli said. “As our clinic is one of the winners of the Golden Brand awards, we will do our best to justify the honour. We will try to maintain the reputation that we have in the city and in society. We will continue to offer novelties as and when. We want to do everything new to the same level as everything we have done before. We plan to add some new fields as well. All private structures plan to expand and become bigger eventually. So we too will be working on this in the nearest future,” Khidesheli told The FINANCIAL. CMYK FINANCIAL HEADLINE NEWS & ANALYSIS 2 June, 2014 | finchannel.com 11 publicity Advertiser: ProCredit Bank. Contact FINANCIAL Ad Dep at marketing@finchannel.com CMYK 12 HEADLINE NEWS & ANALYSIS FactCheck 2 June, 2014 | finchannel.com Davit Onoprishvili: “Starting from November 2013, economic growth has been consistently high, varying between 7%8%... In the first quarter of 2014, economic growth equalled 7.4%. An indicator of this magnitude has not been recorded in the first quarter of the year over the course of the last six years.” n 30 April, representative of the Parliamentary Majority, Davit Onoprishvili, delivered a speech at the plenary session of the Parliament emphasising economic growth indicators. The MP stated: “Growth in the GDP; that is, in the economy, amounted to 8.3% in the month of March. Starting from November 2013, economic growth has been consistently high, vary- ing between 7%-8%. It is safe to say that, at the very least, this growth rate will ensure the annual growth of 5% envisaged in the state budget. As for the economic growth registered in the first quarter, it equals 7.4%. An indicator of this magnitude has not been recorded in the first quarter of the year over the course of the last six years.” FactCheck took interest in the MP’s statement and verified the accuracy of the indicated facts. In line with the preliminary data of GeoStat, the estimated real Gross Domestic Product (GDP) growth rate amounted to 8.3% in March of 2014 as compared to the same period of the preceding year. In his statement the MP notes that in the aftermath of November 2013, the rate of economic growth fluctuated between 7% and 8%. In November of 2013 the GDP growth rate equalled 7.8% as compared to the same period of the previous year. In December of 2013 this indicator reached 8.4% while in the month of January the figure decreased to 7.8%. In February of 2014 the indicator of economic growth equalled 5.4%. ccording to the MP, the growth registered in the first quarter of 2014 was the highest indicator recorded over the course of the last six years. We analysed the GDP growth rates of the first quarters for the years from 2009 through 2014. In line with the preliminary data of the first quarter of 2014, the rate of economic growth equals 7.4%. In the first quarter of 2013 the GDP growth rate amounted to 2.4% (preliminary data) while in the same period of 2012 the indicator stood at 6.6%. In the first quarter of 2011 the economic growth rate was 5.8%, in 2010 – 3.7% and in 2009 the indicator equalled -4.8%. As can be gathered from these indices, over the course of the last six years (first quarters), in the first quarter of 2014 we witness the highest growth rate of the GDP. Teona Absandze FactCheck O A It must be noted that government officials contend that the high growth rates observed in the fourth quarter of 2013 and the first quarter of 2014 are the results of the socalled base effect. The base effect in business and economics, which is the same as the low initial amount effect, is the tendency for a small absolute change from a low initial amount to be translated into a large percentage change. Accordingly, in the given case, the opponents refer to the low growth rates of the Georgian real GDP starting from the fourth quarter of 2012 through the third quarter of 2013 and based upon this fact explain the high rates regis- FINANCIAL What else Georgia should do? NATO Parliamentarians Call for MAP for Georgia I n its non-binding declaration on May 30, the NATO Parliamentary Assembly called on the Alliance member states “to consider” moving Georgia closer to NATO at its summit in Wales in September by granting it a Membership Action Plan (MAP). NATO Secretary General, Anders Fogh Rasmussen, told the Assembly, which unites lawmakers from the alliance member states and associate delegates from NATO partner countries, that now it is still a “bit too early to predict” what the summit outcome in September might be in this regard. In the Declaration on NATO Enlargement, the Parliamentary Assembly spring session in Vilnius, urged member states “to reaffirm their strong political commitment to the Open door policy and the Euro Atlantic perspective of the countries aspiring for NATO membership.” It has also urged “to recognise the progress achieved by aspirant countries and to consider taking the next steps in the process of NATO enlargement at the NATO Summit in Wales based on the results of the comprehensive review due to be completed in June 2014; and in particular to follow through on the decision taken at the Bucharest Summit in 2008 that Georgia will become a member of NATO, and move Georgia closer to membership by granting it a Membership Action Plan.” Answering a question from a Georgian lawmaker after addressing the NATO Parliamentary Assembly session in Vilnius, Rasmussen said that Georgia has done “a lot to fulfill the necessary criteria” to become a NATO member “once in the future” and added that NATO foreign ministers will discuss at the end of June how to address the open door policy at the Wales summit in September. Citing 2008 NATO Bucharest summit decision that MAP should be the next step for Georgia on its direct path to the Alliance and in the light of NATO’s acknowledgment that progress has been made by Georgia, GD MP Tedo Japaridze, who chairs foreign affairs committee in Georgian parliament, asked the Secretary General how this progress will be reflected in NATO’s next summit and “what else Georgia should do” on its NATO integration path. “You reminded us of 2008 decision at the Bucharest summit that Georgia will become a member of NATO, provided of course that Georgia fulfills necessary criteria, and you are also right that part of that decision was the statement that MAP will be the next step in that direction,” Rasmussen said responding to the question. “You pointed to number of areas where Georgia has made progress during recent years and rightly so, because actually Georgia has made significant progress – exemplary elections, reforms of the judiciary, reforms of the defense sector and Georgia is also the largest non-NATO contribute to our operation in Afghanistan,” the NATO Secretary General said. Continued on p. 15 French Bakery Entrée to Become International Brand Continued from p. 8 tered in the fourth quarter of 2013 and the first quarter of the current year. Category: Economy Conclusion In line with the preliminary data of March of 2014, the rate of economic growth has amounted to 8.3%, precisely as indicated by the MP. In November of 2013, the GDP growth rate stood at 7.8%, in December – at 8.4%, in January of 2014 – at 7.8% and in February – at 5.4%. The Deputy also noted that in the period between November 2013 and March 2014, the GDP growth rate varied around 7%-8%. The data given above demonstrates that this part of the MP’s statement is not entirely true. However, the average indicator for the five months reveals that the average economic growth was higher than 7%. The MP is correct in the second part of his statement. According to the preliminary data of GeoStat, in the first quarter of 2014, economic growth equalled 7.4% and this figure is higher than the GDP growth rates of the first quarters of the previous six years. In its research about the accuracy of Davit Onoprishvili’s statement, FactCheck did not delve deeper into the analysis of the base effect’s possible impact upon economic growth as we deem it inadvisable to make a final judgement on the given matter at this stage. Consequently, we conclude that the MP’s statement: “Starting from November 2013, economic growth has been consistently high, varying between 7%-8%... In the first quarter of 2014, economic growth equalled 7.4%. An indicator of this magnitude has not been recorded in the first quarter of the year over the course of the last six years,” is MOSTLY TRUE. Mostly true The views expressed in this website are those of FactCheck.ge and do not reflect the views of The FINANCIAL or the supporting organisations Since then I have been closely observing the conditions of doing business in Georgia. The best situation for business is when the Government does not interfere artificially which is the case in Georgia at present. Businesses should be transparent. They should pay taxes and be checked that they are not breaking the law. For greater activity of the business sector Georgia needs to attract foreign investments. For This the governments obligation is to create political and legislative environment that will be attractive for foreign investors. The number of countries trying to attract investments is many, while investors are few. So, we need to compete with them. Foreign investment inflow is very important for our economy. Q. How would you summarize 2013 for Entrée? A. 2013 was quite a successful year for the company. We had 20% growth. Our most important step was entering the Azerbaijani market. Three branches of Entrée will be opened in Azerbaijan later this summer. We have a local partner in Azerbaijan which is one of the biggest business group in Azerbaijan. The total volume of investments in Azerbaijan amounted to EUR 1 million. We are discussing various markets for expanding our network further. However, at this stage, considering our financial capacity and the size of the company we thought it was too early to enter central European countries, which we are targeting for the future. Entrée will enter over 10-15 foreign cities in total. Our Azerbaijani partners have created a very convenient environment for us which was a significant factor in making us decide to open our first foreign branches there. The Azerbaijani market is three times larger than Georgia’s. This will hopefully be reflected in our business in the same proportions. We put a great amount of work into the construction of the Azerbaijani branches and are optimistic that they will be a successful step in building our brand across borders. Q. Could you give a description of a typical customer of Entrée’s? A. The average customer of Entrée is young, modern, dynamic, carries European values, is focused on healthy living, is successful and regardless of age, is constantly searching for novelties. Entrée itself creates a lifestyle of freshness, health and mobility. Q. What is the average number of guests at Entrée and which novelties will you be offering to your customers? A. On average 500 customers visit each branch of Entrée per day. The average expenditure per person is GEL 11-12. Q. what is the latest novelty you have offered your customers? We have just recently added fresh pasta production from Italian cuisine. Fresh handmade pasta is very trendy in Europe and we were the first to bring it to Georgia. Customers will soon be able to taste it in each of our branches. We will start making pizza soon and have the ambition to offer the most delicious pizza in Georgia. We will also be adding exquisite meat and cheese delicacies this week. At our Leselidze Street branch we will be launching a special, restaurant-type menu, available from 6 pm every day. CMYK FINANCIAL HEADLINE NEWS & ANALYSIS 13 FactCheck 2 June, 2014 | finchannel.com Cash no longer king! Mobile Giorgi Kvirikashvili: banking still rising “In 2013, the number of visitors grew by The FINANCIAL M obile banking is maturing, with longer term users in Europe showing signs their money management is getting better and better, according to ING Bank survey. It is exploring how people in Europe are using mobile banking and new ways to pay. In what is thought to be one of the biggest and most comprehensive surveys of its type, the results of the survey reveal interesting insights in the usage of mobile banking and how this is changing financial behavior among consumers. Turkey top future mobile banking “hotspot” Turkey has the largest share of internet users who use mobile banking, making it the top mobile banking “hotspot” again in 2014. Turkey has the eighth highest use in the developed, internetadjusted measure but as internet penetration increases, mobile banking is set to rise. Uptake rose in nine of 13 countries surveyed, although increases and decreases of 3% or less may be due only to sampling variability and could be considered as representing no change, according to ING. Mobile bankers more on top of their financial matters The almost 5,000 people surveyed who use mobile banking tend to be younger, earn more and be more on top of their financial matters than nonmobile bankers. In fact, 80% indicated mobile banking had improved the way they manage their money. Our mobile bankers are more likely to read money blogs but also more prone to regularly buy something on impulse. 3. Technology improves the way we manage money People who have been using mobile banking for longer are more likely than newer users to say the technology improved the way they manage money. It seems the positive change from mobile banking is better and better the longer it is used, according to ING. Intelligent tools to make better financial decisions Fewer people in Europe are expecting banks to use social media this year, compared with the survey last year. Although the social media demand fell, many people in Europe do want personalized alerts and reminders from their bank. Mobile bankers are even more eager to get intelligent tools from their bank to help them make better financial decisions. Technology changes the ways we shop and pay New technology is not only playing a role in the ways we bank, it also changes the ways we shop and pay. Cash is being used less often than a year ago by about half of people in Europe but the pace change over the next 12 months may not be rapid as only one-in-five of our “cash devotees” who have not cut use of cash in the last year think they will use cash less in the next year. Mobile bankers are more likely to be confident using contactless payments Since last year, comfort around contactless payments has risen a lot in Romania and Poland, both early adopters of the technology, with modest rises in France and Italy. However, the opinion in Europe as a whole remains split. Mobile bankers are more likely to be confident using contactless payments, according to ING. Digital currencies not seen as the future of spending online Despite the hype, few people in Europe see digital currencies – such as Bitcoin – as “the future of spending online” with 76% disagreeing with that statement or not having an opinion about it. Bitcoin, launched in 2009, is currently the most highprofile of several digital currencies that have existed, and some businesses accept this “peer-to-peer” digital currency as payment for goods and services. However, few people in Europe see digital currencies – such as Bitcoin – as “the future of spending online”, with 76% disagreeing with that statement or not having an opinion about it. Turkey is most receptive of Bitcoin in this survey, while acceptance of it as the future of spending online falls to a survey low of 8% in the Netherlands (a view shared in the neighbouring countries of Luxembourg and Belgium) Cash less but not cashless About half of people in Europe say they use cash much less now than they did a year ago. Alternative ways to pay include debit and credit cards, transferring funds directly, sending money by text message, contactless payments and more. People in Turkey are most likely to be using cash less but it seems that change is not without its frustrations, as Turkey also has the highest share who agree “the move towards cashless payments is making it more difficult to manage money” in a separate question in the survey. Interestingly, while there is variation between countries, there is little difference in attitudes between different age groups, according to ING. 22%. A total of 5.4 million visitors came to Georgia and with this indicator we hold one of the leading positions in Europe.” Ana Nadirashvili FactCheck O n 11 April 2014 the 16th International Tourism Exhibition was opened at the Expo Georgia exhibition centre. Delivering a speech at the exhibition, the Minister of Economy and Sustainable Develop- ment, Giorgi Kvirikashvili, stated: “In 2013, the number of visitors grew by 22%. A total of 5.4 million visitors came to Georgia and with this indicator we hold one of the leading positions in Europe.” FactCheck took interest in the statement and verified its accuracy. According to the information provided by the Georgian National Tourism Administration, a total of 5,365,356 visitors came to Georgia in 2013 whereas in 2012 their number totalled 4,428,221. Accordingly, in 2013 the number of visitors increased by 937,135; that is, by 21.2%. Citizens of neighbouring countries (Turkey, Azerbaijan, Armenia and Russia) accounted for 88% of the total number of foreign visitors to Georgia with the remaining 12% comprising visitors from other countries. It is worth noting that the largest share of foreign visitors to Georgia came from Turkey and accounted for 28% of the total number of visitors. In 2013, the number of visitors from the Russian Federation showed an upturn of 49% as compared to the indicator of 2012 and amounts to 14% of the overall number of visitors to Georgia. tion, the absolute growth of the number of visitors may be roughly equal in two countries but the difference in percentages can be quite substantial. Therefore, the rise in the number of visitors to a country tells us much more than the percentage of growth. I n order to establish Georgia’s ranking in Europe based upon the number of visitors, we studied the 2013 report of the United Nations World Tourism Organisation (World Tourism Barometer, January 2014). In line with this document, Georgia is the foremost country in Europe with its growth of 21.2% in the number of visitors. The following graph depicts the list of countries in Europe and Central Asia that had the highest growth rates in the number of visitors in 2013. T he graph shown above reveals that Georgia occupies the second position in the region being surpassed by 0.7% solely by Kazakhstan. FactCheck also inquired about the growth tendency observed in the number of visitors entering Georgia in the past years. As can be gathered from Graph 1, the number of visitors grew each year starting from 2006. It is of special note that during the economic crisis of 2008, when touristic activities declined all over the world, the number of visitors to Georgia increased by 23%. In line with the 2013 report of the Georgian National Tourism Administration, in the course of the last five years Georgia had the highest growth rates of the number of visitors in Europe. It should also be mentioned that despite the high percentage of growth, the number of visitors to Georgia is still far lower than in many other countries of the world. Therefore, along with the percentage of growth, it is advisable to take into account the number of visitors and the absolute indicator of growth. For an illustration we can consider the indicators of France in comparison to those of Georgia. In 2012, the number of visitors to Georgia grew by 1,605,858 as compared to the previous year amounting to a 57% growth. France hosted a total of 83 million visitors in 2012 whereas in the preceding year the same indicator equalled 81.6 million. Although France had 1,400,000 more visitors in 2012 than in 2011, the percentage growth amounted to only 1.8%. As becomes evident from this illustra- Category: Economy Conclusion In line with the information of the Georgian National Tourism Administration, a total of 5,365,356 visitors entered Georgia in 2013 marking a growth of 21.2%. These indicators precisely correspond to the figures indicated by Giorgi Kvirikashvili. In accordance with the 2013 report of the United Nations World Tourism Organisation, with the growth indicator of 21.2% Georgia holds the highest position in Europe while in the region of Europe and Central Asia Georgia is surpassed only by Kazakhstan by 0.7%. FactCheck concludes that Giorgi Kvirikashvili’s statement: “In 2013, the number of visitors grew by 22%. A total of 5.4 million visitors came to Georgia and with this indicator we hold one of the leading positions in Europe,” is TRUE. true The views expressed in this website are those of FactCheck.ge and do not reflect the views of The FINANCIAL or the supporting organisations CMYK 14 publicity HEADLINE NEWS & ANALYSIS FINANCIAL 2 June, 2014 | finchannel.com Advertiser: Tbilisi Marriott Hotel. Contact FINANCIAL Ad Dep at marketing@finchannel.com Advertiser: PSP. Contact FINANCIAL Ad Dep at marketing@finchannel.com CMYK FINANCIAL HEADLINE NEWS & ANALYSIS 15 energy prices in europe 2 June, 2014 | finchannel.com publicity Fuel prices Electricity households Fuel Taxes Fuel prices Actual prices per one liter of fuel. Download fuel prices per EU country, from January 2000 onwards. Unleaded (Superbleifrei, Euro sans plomb, Euro95) January 5, 2013 Country Retail Price Austria The World Health Organisation estimates that there are currently one billion smokers across the globe and that by 2050 this number could increase to 2.2billion. Despite the well-known health risks and pressure to quit, millions of adults choose to smoke. It’s time to look at alternatives. A new, more realistic and progressive route is needed. One where adult smokers looking to reduce the amount they smoke or quit, are given a choice of less risky products such as e-cigarettes. This approach is what we, and many scientists, refer to as ’Tobacco Harm Reduction’ and we believe that offering adult smokers the freedom to choose is key to its success. Our knowledge of smokers’ wants and needs means we understand them as consumers and can help establish and grow the use of less risky alternatives. As such, we believe we can and should be a part of the debate and the solution. We are committed to the concept of tobacco harm reduction already investing over £170million per year in research and development, enabling us to offer an expanding range of less risky tobacco and nicotine products. However, for this to work, Governments and the public health community need to embrace this concept and these products as a realistic alternative to today’s failing approaches. We welcome the opportunity to collaborate on making the concept of tobacco harm reduction a reality – a real alternative that provides a practical and pragmatic approach for governments seeking to reduce tobacco use. € 1.390 Belgium € 1.636 Bulgaria € 1.265 Cyprus € 1.348 Diesel (Gazole, Gasóleo) Price (Excluding VAT) Retail Price € 1.158 € 1.352 2.49 лв. € 1.054 € 1.133 € 1.492 2.08 лв. € 1.304 € 1.152 € 1.233 2.55 лв. Czech Republic € 1.393 35.00 Kč € 1.151 28.93 Kč € 1.433 36.00 Kč € 1.184 29.75 Kč € 1.607 11.99 kr € 1.286 9.59 kr € 1.460 10.89 kr € 1.168 8.71 kr Estonia € 1.239 € 1.033 € 1.293 € 1.078 Finland € 1.603 € 1.293 € 1.521 € 1.227 France € 1.650 € 1.380 € 1.493 € 1.248 Germany € 1.577 € 1.325 € 1.453 € 1.221 Greece € 1.681 Hungary € 1.387 Ireland € 1.590 € 1.367 407 Ft € 1.092 € 1.411 320 Ft € 1.424 € 1.293 € 1.147 418 Ft € 1.531 € 1.448 € 1.245 Italy € 1.752 Latvia € 1.319 Ls 0.922 € 1.090 Ls 0.762 € 1.321 Ls 0.923 € 1.092 Ls 0.763 Lithuania € 1.360 Lt 4.70 € 1.124 Lt 3.88 € 1.299 Lt 4.49 € 1.074 Lt 3.71 € 1.697 € 1.402 Luxembourg € 1.317 € 1.145 € 1.218 € 1.059 Malta € 1.500 € 1.271 € 1.380 € 1.169 Netherlands € 1.782 Poland € 1.347 Portugal € 1.749 Romania € 1.271 Slovakia € 1.504 € 1.473 5.49 zł € 1.095 € 1.491 4.46 zł € 1.364 € 1.025 4.56 lei € 1.309 € 1.253 E ating prunes as part of a weight control diet can improve weight loss, found research by the University of Liverpool. Consumption of dried fruit is not readily recommended during weight loss despite evidence it enhances feelings of fullness. Low fibre consumers However, a study by the University’s Institute of Psychology, Health and Society of 100 overweight and obese low fibre consumers tested whether eating prunes as part of a weight loss diet helped or hindered 4.52 zł € 1.211 5.83 lei € 1.056 € 1.431 4.70 lei € 1.193 Slovenia € 1.486 € 1.238 € 1.385 € 1.154 € 1.372 € 1.134 € 1.343 € 1.110 Sweden € 1.646 14.18 kr € 1.317 11.34 kr € 1.642 14.14 kr € 1.314 11.31 kr United Kingdom € 1.624 £ 1.321 € 1.353 £ 1.101 € 1.714 £ 1.394 € 1.428 £ 1.162 EU AVERAGE € 1.496 € 1.432 € 1.234 € 1.181 Electricity households Retail (end-user) energy prices for households. Reference month: May 2012. Two consumption methodology. Historical price data going levels back toare theidentified. year 2000,Research visit EU Energy History. Price data mentioned may not reflect the latest insights found in the commercial editions. to solve the Ukrainian crisis, one avenue of action should be clear: Georgia must be allowed to take a clear next step toward full NATO membership.” The opinion piece, titled “To Halt Putin, Bring Georgia Closer to NATO”, is accompanied by a disclaimer saying: “The opinions expressed are solely those of the author and not necessarily those of the Georgian government.” Condemning such a disclaimer, opposition UNM party said that it was demonstrating “split” within the government, as well as showing that PM Irakli Garibashvili and “oligarch” Bidzina Ivanishvili in fact “are not supporting Georgia’s actual integration into NATO.” Source: Civil Georgia Eating prunes can help weight loss weight control over a 12-week period. It also examined if low fibre consumers could tolerate eating substantial numbers of prunes in their diet, and if eating prunes had a beneficial effect on appetite. To assess the effects of prunes on weight and appetite, participants in the study were divided into two groups – those who ate prunes every day (140g a day for women and 171g a day for men) and those who were given advice on healthy snacks over the period of active weight loss. Members of the group which ate prunes as part of a healthy life-style diet lost 2kg in weight and shed 2.5cm off their waists, found the researchers. However, the people in the group which was given advice on healthy € 1.109 € 1.489 € 1.422 5.66 lei € 1.232 5.56 zł Spain Consumption: 7,500 kWh/year (± 30%) BelgiumConsumption: 3,500 kWh/year € 0.2134 (± 25%) BulgariaCountry snacks lost only 1.5kg in weight and 1.7cm from their waists, according to University of Liverpool. The prune eaters experienced greater weight loss during the last four weeks of the study. After week eight, participants showed increased feelings of fullness in the prune group. Moreover, despite the high daily doses, prunes were well tolerated. “These are the first data to demonstrate both weight loss and no negative side effects when consuming prunes as part of a weight management diet. Indeed in the long term they may be beneficial to dieters by tackling hunger and satisfying appetite; a major challenge when you are trying to maintain weight loss,” Dr Jo Harrold, Liverpool psychologist, who led the research. € 0.0829€ per kWh Electricity € per kWh Electricity € 0.1798 Belgium Consumption: 7,500 € 0.1940(± 30%) kWh/year € 0.0823 € per kWh Electricity Bulgaria Country Cyprus Austria € 0.2850€ 0.1988 Cyprus Czech Republic Belgium € 0.1480€ 0.2134 Czech Republic Belgium € 0.2800 € 0.1798 Austria € 0.1276 € 0.1940 Denmark Bulgaria € 0.2982€ 0.0829 Denmark Bulgaria € 0.2562 € 0.0823 EstoniaCyprus € 0.0989€ 0.2850 Estonia Cyprus € 0.0948 € 0.2800 FinlandCzech Republic € 0.1566€ 0.1480 Finland Czech Republic € 0.1369 € 0.1276 France € 0.1412 France € 0.1279 Germany € 0.2541 Germany € 0.2406 Greece € 0.1265 Greece € 0.1553 Hungary € 0.1708 Hungary € 0.1616 Ireland € 0.1920 Ireland € 0.1604 Italy € 0.2031 Italy € 0.2485 Latvia € 0.1187 Latvia € 0.1193 Lithuania € 0.1200 Lithuania € 0.1201 Luxembourg € 0.1707 Luxembourg € 0.1587 Malta € 0.1695 Malta € 0.1829 Netherlands € 0.2208 Netherlands € 0.2439 Poland € 0.1488 Poland € 0.1419 Portugal € 0.1689 Portugal € 0.1547 Romania € 0.1095 Romania € 0.1074 Slovakia € 0.1677 Slovakia € 0.1501 Slovenia € 0.1447 Slovenia € 0.1335 Spain € 0.1959 Spain € 0.1777 Sweden € 0.2098 Sweden United Kingdom € 0.1419 United Kingdom € 0.1821 EU Blue Card - Connect to EU Jobs € 0.1265 Notes: - Amount is in euro (€) per kiloWatthour (kWh). The price components that make up the retail oneaverage liter of fuel. - Price data for non-eurozone countries are inprice euro.forThe exchange rate valid for the referenced month is applied. - Prices include: market price, transmission through main and local networks, administrative charges and all taxes. Crude - Purchase price of one liter of crude. Margin - Refining, transportation, insurance, stockpiling, distribution and sale to consumers. Excise duties and VAT - Taxes levied by local governments. May include environment related taxes. Fuel Taxes January 5, 2013 The FINANCIAL 329 Ft € 1.121 Retail (end-user) energy prices for households. Two consumption levels are identified. Research methodology. Price data mentioned may not reflect the latest insights found in the commercial editions. What else Georgia should do? “Georgia has done a lot to fulfill the necessary criteria to becoming a NATO member once in the future and that of course leads you to question what can Georgia expect at the summit [in Wales in September].” “I have to tell you that it’s bit too early to predict. We are now in the process of assessing each of the four aspirant countries,” Rasmussen said, referring to Georgia, Bosnia and Herzegovina, Montenegro and Macedonia. “NATO foreign ministers will discuss these assessment reports when they meet by the end of June and I hope that we will be able to reach a consensus at that time on how to address the open 2.13 лв. € 1.203 Denmark Consumption: 3,500 kWh/year (± 25%) door policy at the summit,” he said. “I can’t tell you today exactly how we will do it, but let me add to that as my personal view that the progress achieved should be properly reflected one way or the other at the summit. But as you also know we will need a consensus.” “I also think we should take into consideration the strategic implications of the current security situation in Europe and send the right signal to Moscow that Russian assertive attitude does not pay,” Rasmussen added. Georgia’s state minister for European and Euro-Atlantic integration, Alex Petriashvili, published an opinion piece in the Wall Street Journal saying that “as the West considers how best € 1.087 € 1.407 Country month: May 2012. € per kWh Electricity Country Reference Austria € 0.1988 Austria Historical price data going back to the year 2000, visit EU Energy History. Continued from p. 12 Price (Excluding VAT) € 1.359 Unleaded (Superbleifrei, Euro sans plomb, Euro95) Country Crude Austria € 0.512 € 0.164 Belgium € 0.512 € 0.226 Margin Excise duties Diesel (Gazole, Gasóleo) VAT Retail price € 0.482 € 0.232 € 1.390 € 0.512 € 0.224 Crude Margin Excise duties € 0.397 € 0.227 VAT Retail price € 1.359 € 0.614 € 0.284 € 1.636 € 0.512 € 0.293 € 0.428 € 0.259 € 1.492 € 1.304 Bulgaria € 0.512 € 0.179 € 0.363 € 0.211 € 1.265 € 0.512 € 0.253 € 0.322 € 0.217 Cyprus € 0.512 € 0.281 € 0.359 € 0.196 € 1.348 € 0.512 € 0.361 € 0.330 € 0.204 € 1.407 Czech Republic € 0.512 € 0.123 € 0.516 € 0.242 € 1.393 € 0.512 € 0.232 € 0.440 € 0.249 € 1.433 Denmark € 0.512 € 0.187 € 0.587 € 0.321 € 1.607 € 0.512 € 0.212 € 0.444 € 0.292 € 1.460 Estonia € 0.512 € 0.098 € 0.423 € 0.207 € 1.239 € 0.512 € 0.173 € 0.393 € 0.216 € 1.293 € 1.521 Finland € 0.512 € 0.131 € 0.650 € 0.310 € 1.603 € 0.512 € 0.245 € 0.470 € 0.294 France € 0.512 € 0.261 € 0.607 € 0.270 € 1.650 € 0.512 € 0.308 € 0.428 € 0.245 € 1.493 Germany € 0.512 € 0.159 € 0.654 € 0.252 € 1.577 € 0.512 € 0.239 € 0.470 € 0.232 € 1.453 Greece € 0.512 € 0.185 € 0.670 € 0.314 € 1.681 € 0.512 € 0.223 € 0.412 € 0.264 € 1.411 Hungary € 0.512 € 0.161 € 0.419 € 0.295 € 1.387 € 0.512 € 0.223 € 0.386 € 0.303 € 1.424 Ireland € 0.512 € 0.193 € 0.588 € 0.297 € 1.590 € 0.512 € 0.254 € 0.479 € 0.286 € 1.531 Italy € 0.512 € 0.232 € 0.704 € 0.304 € 1.752 € 0.512 € 0.298 € 0.593 € 0.295 € 1.697 Latvia € 0.512 € 0.170 € 0.408 € 0.229 € 1.319 € 0.512 € 0.250 € 0.330 € 0.229 € 1.321 Lithuania € 0.512 € 0.178 € 0.434 € 0.236 € 1.360 € 0.512 € 0.260 € 0.302 € 0.225 € 1.299 Luxembourg € 0.512 € 0.171 € 0.462 € 0.172 € 1.317 € 0.512 € 0.217 € 0.330 € 0.159 € 1.218 Malta € 0.512 € 0.290 € 0.469 € 0.229 € 1.500 € 0.512 € 0.276 € 0.382 € 0.211 € 1.380 € 1.491 Netherlands € 0.512 € 0.231 € 0.730 € 0.309 € 1.782 € 0.512 € 0.289 € 0.431 € 0.259 Poland € 0.512 € 0.203 € 0.380 € 0.252 € 1.347 € 0.512 € 0.267 € 0.330 € 0.255 € 1.364 Portugal € 0.512 € 0.326 € 0.584 € 0.327 € 1.749 € 0.512 € 0.333 € 0.366 € 0.278 € 1.489 Romania € 0.512 € 0.153 € 0.360 € 0.246 € 1.271 € 0.512 € 0.228 € 0.316 € 0.253 € 1.309 Slovakia € 0.512 € 0.227 € 0.515 € 0.251 € 1.504 € 0.512 € 0.295 € 0.386 € 0.239 € 1.431 € 1.385 Slovenia € 0.512 € 0.235 € 0.491 € 0.248 € 1.486 € 0.512 € 0.281 € 0.361 € 0.231 Spain € 0.512 € 0.197 € 0.425 € 0.238 € 1.372 € 0.512 € 0.267 € 0.331 € 0.233 € 1.343 Sweden € 0.512 € 0.185 € 0.620 € 0.329 € 1.646 € 0.512 € 0.248 € 0.554 € 0.328 € 1.642 United Kingdom € 0.512 € 0.167 € 0.674 € 0.271 € 1.624 € 0.512 € 0.242 € 0.674 € 0.286 € 1.714 oman a . oman a . CMYK 16 publicity HEADLINE NEWS & ANALYSIS FINANCIAL 2 June, 2014 | finchannel.com Advertiser: KSB Bank. Contact FINANCIAL Ad Dep at marketing@finchannel.com CMYK FINANCIAL HEADLINE NEWS & ANALYSIS 17 georgian banking services 2 June, 2014 | finchannel.com TBC Bank Tbilisi Branches Tbilisi #9 Service Center in Zahesi (Customs Terminal) 0125, 105 A, Mshvidoba St. Vake Branch #1 0179, 41, Abashidze St. Central Branch 0179, 11, Chavchavadze Ave. Chavchavadze Branch #1 0179, 29/31/33, Chavchavazde Ave Vera Branch 0179, 31, Melikishvili St. Parliament Service Center 0118, 8, Rustaveli Ave Mtatsminda Branch 0105, 1, Rustaveli Ave. Rustaveli Service-Center 0108, Marriot hotel Rustaveli Branch #1 0108, 44, Rustaveli Ave. Mtatsminda Branch #2 0105, 22, Leselidze St. Rustaveli Branch #2 0105, 52, Rustaveli Ave. Avlabari Branch #1 0103, 2, Ketevan Tsamebuli Ave. Varketili Branch #1 Javakheti St. Isani Branch 0120, 67, K. Tsamebuli Ave. Vazha-Pshavela Branch #2 0186, 73, Vazha-Pshavela Ave. Vazha-Pshavela Branch #1 0160, 11, Vazha-Pshavela Ave Saakadze Branch 0160, 6, Shartava St. (Saakadze Sq.) Saburtalo Branch 0160, 12, Al. Kazbegi Ave. Tbilisi Central Service Center 0112, Vagzali Sq. 2 Agmashenebeli Branch #1 0102, 138, Agmashenebeli Ave. Marjanishvili Branch #2 0102, 16, Marjanishvili St. Tamar Mepe Branch 0112, 7, Tamar Mepe Ave. Head Office & Marjanishvili Branch 0102, 7, Marjanishvili St. Tsereteli Branch #2 0119, 73a, Tsereteli Ave. Didube Branch 0119, 117, Tsereteli Ave. Digomi Branch in shop («My House») 0131, Agmashenebeli Alley, 12th km, furniture shop «My House» Digomi Branch in “Goodwill” 0131, 1, Parnavaz Mepe Ave. (Hypermarket Goodwill) Nadzaladevi Branch 0180, 109, Dadiani Ave. Gldani Branch 0172, Mukhiani Settlement, Plot 1/6 Tbilisi Airport Service Center 0158, Tbilisi National Airport Tbilisi ATMs Vazisubani Vazisubani III dstr., II Blk. Sanzona 50, Guramishvili Ave. Nikora Store Vake 11, Chavchavadze Ave. Vake Branch 1, Tamarashvili St. Pharmacy “36.6” 34, Chavchavadze Ave. Trading Center “Pixel” 7, Kipshidze St. 41, Abashidze St. Vake Service Center #1 29, Chavchavazde Ave. TBC Bank Branch 59, Paliashvili St. “Simba” Supermarket 50, Chavchavadze Ave. 15, Phaliashvili St. Aversi Pharmacy Vera 7, Kostava St. 36, Kostava St. Cinema “Amirani” 8/1, Akhvlediani Ave 18, Melikishvili St. 60, Barnovi St. “Fresh Market” 31, Melikishvili St. TBC Bank branch Mtatsminda 13, Rustaveli Ave. Hotel «Tbilisi Marriot» 11, Rkinis Rigi Acura Billiard Room 5, Rustaveli Ave. Rustaveli Cinema 4, Freedom Square 22, Leselidze St. TBC Bank branch 52, Rustaveli Ave. TBC Bank branch 44, Rustaveli Ave. TBC Bank branch 1, Rustaveli Ave. TBC Bank branch Avlabari 84, K. Tsamebuli Ave. 2, K. Tsamebuli Ave. TBC Bank branch Navtlugi 2, Cholokashvili St. “36.6” Pharmacy Varketili 34a, Kakheti Highway 44, Javakheti St. (Varketili Metro) Varketili 3, 4th m/r. Javakheti St. TBC Bank branch Isani-Samgori 39a, Moscow Ave. 169, Khmelnitski St. Supermaket “Isani” subway station 67, K.Tsamebuli Ave. TBC Bank branch Saburtalo 40, Vazha Pshavela Ave. ESM Tbilisi 67, Vazha Pshavela Ave. «Nikora» Shop 68, Kostava St. Public Television Building 22, Bakhtrioni St. 53, Saburtalo St. Nikora store 12, Al. Kazbegi Ave. At Saburtalo Branch 74, Kostava st. Shop “Caesar” Z. Zhvania Sq., 45, Gamsakhurdia Ave. “PSP” Pharmacy 1, Nutsubidze St. 52, Vazha-Pshavela Ave. Mobi Shop Riverside named after H. Aliev At Wissol gas station Turn at 4th Plateau of Nutsubidze 179, Nutsubidze St. “PSP” Pharmacy 26, Kazbegi Ave. Shop “Planeta Z” Vazha-Pshavela V Blk, 4 Bld. 29, Gamsakhurdia Ave. Shop “Okaidi” 6, Shartava St. 4, Gamsakhurdia Ave. 11, Vazha-Pshavela Ave TBC Bank Branch 11, Mitskevichi St. Supermarket 29b, Kazbegi Ave. 73, Vazha-Pshavela Ave. TBC Bank branch 11/5, Dolidze St. Supermartket “Mango” Chugureti 39, Chitaia St. Aversi Pharmacy 7, Marjanishvili St. Marjanishvili branch 19 Tsabadze St. Trade center «Pasazhi» 8, Tsabadze St. Trade center «Kidobani» 4, Khetagurov St. Humana Pharmacy 16, Marjanishvili St. TBC Bank branch 4, Chubinashvili St. Aversi Pharmacy Didube 73a, Tsereteli Ave. At #2 Didube Branch 114, A. Tsereteli Ave. «Coca-Cola» 117, Tsereteli Ave. At Didube Branch 82, Tamar Mepe Ave. “MedService” Pharmacy 1, Tsereteli Ave. Trading Center “Panda” 7, Tamar Mepe Ave. TBC Bank branch 138, Agmashenebeli Ave. TBC Bank branch 12, Kereselidze St. “Megaline” Trading Center Digomi Digomi District 3/2 Digomi District II BLK. Building 7 Digomi District, 3rd blk. D. Agmashenebeli Alley “Lukoil” Gas station Didi Digomi Entrance of Didi Digomi Trade center GOODWILL 12th Km, Agmashenebeli Alley. Shop “Chemi Sakhli” Nadzaladevi 106, Ts. Dadiani Ave. Nadzaledevi Branch 321, Ts. Dadiani Ave. Aversi Pharmacy 144, Ts. Dadiani Ave. Supermarket Temka Temka, 10th Block, BLD. 2. Gldani Gldani District 1st blk. Supermarket “Bingo” Akhmeteli Metro Trading Center “Mariami” Mukhiani Settlement, Plot 1/6 TBC Bank branch Mukhiani Mukhiani III MKR, Dumbadze Ave., BLK.5a Mukhiani II M/R, Noneshvili St., BLk. 5 “Red A” Pharmacy Avchala 3, Sarajishvili St. “Alfa Express” Ortachala 39, V. Gorgasali St. 28, Gorgasali St. Airport Tbilisi International Airport CONSTANTA Bank Branches and ATMs Tbilisi Sadguri Branch 137, Tsinamdzgvrishvili Street Varketili Branch 20, Vazisubani turn Isani Branch 84/86, Ketevan Tsamebuli Avenue Gldani Branch The right side of the Akhmeteli Subway Didube Branch 117, Tsereteli Ave Lilo Branch 2, Chirankhuli Str. Saburtalo branch 28, Vaja-Pshavela Str. Baratashvili Branch 2, Baratashvili Str. Bank of Georgia Tbilisi Mtatsminda-Krtsanisi 3 Pushkin Str. 4 Leselidze Str. 38 Tabukashvili Str. 7 Pushkin Str. 1 Vekua Str. 3 Pushkin Str. Vake-Saburtalo 24 Kostava Str. 29 Vazha-Pshavela Ave. 7 Kipshidze Str. 14 Gamsakhurdia Ave. 22 Bakhtrioni Str. 72/12 I.Abashidze Str. 70 Kostava Str. Sheraton Metheki Palace 10 Melikishvili Ave. 62 Chavchavadze Ave. Mtatsminda-Krtsanisi 8 Rustaveli Ave. (Parliament) 38 Tabukashvili Str. 19 Rustaveli Ave. 4 Freedom Square (Courtyard Marriott) Metro Station “Tavisuplebis Moedani” Metro Station “Rustaveli” 3 Vekua Str. (Populi City) 37 Gorgasali Str. Ortachala Radisson SAS Iveria Hotel Isani-Samgori 10 Ketevan Tsamebuli Ave. 80 Ketevan Tsamebuli Ave. 7 Kalaubani Str. Airport Metro Station “Avlabari” Metro Station “300 Aragveli” Metro Station “Samgori 1” Metro Station “Samgori 2” Metro Station “Varketili” Metro Station “Isani” Temqa Block 10, Bulding 25 44 Moskovi Ave. Vazis ubani block 4 (“Populi”) Vake-Saburtalo 41 Vazha-Pshavela Ave. 23 Chavchavadze Ave. 70 Kostava Str. 16 Gamsakhurdia Ave. 7 Petritsi Str. Melikishvili Str. 10 Gldani-Nadzaladevi 39 Tsotne Dadiani Str. 5 Tornike Eristavi Str. (“Electroplast”) Shopping Mall “Mariami”, Gldani Metro Station “Akhmeteli” Metro Station “Grmagele” Metro Station “Nadzaladevi” Metro Station “Sarajishvili” Metro Station “Guramishvili” Mukhiani, Block 4, Bulding 4 34 Tsotne Dadiani Str., Bulding 8 Metro Station “Elektrodepo” Vake-Saburtalo 1a Bulachauri Str. Metro Station “Politeknikuri Instituti 1” Metro Station “Politeknikuri Instituti 2” Metro Station “Vazha-Pshavela” Metro Station “Sameditsino Instituti 1” Metro Station “Sameditsino Instituti 2” Didube-Chugureti 99 Tsereteli Ave. 18 Tamar mefis Ave. 60 Tsereteli Ave. 83/23 Davit Agmashenebeli Ave. 142 Davit Agmashenebeli Ave. 19 Tsabadze Str. (“Pasazhi”) 12 Kereselidze Str. 1st turn (“Megaline”) 137 Tsinamdzgvrishvili Str. 127 Davit Agmashenebeli Ave. Metro Station “Vagzlis Moedani” Metro Station “Vagzlis Moedani 3” Metro Station “Tsereteli” Metro Station “Didube” Metro Station “Marjanishvili” 3 Vagzali Str. Gldani-Nadzaladevi Gladni 1 Vekua Str., Block “a” 38 Guramishvili Ave. ATM’s Tbilisi Vake 8 Mtskheta Street 12 eristavi street 72/12 Abashidze Street 48 Chavchavadze Avenue 22/23 Chavchavadze Avenue 22/23 Chavchavadze Avenue 62 Chavchavadze Avenue 50 Chavchavadze Avenue 52 Chavchavadze Avenue 22 Chavchavadze Avenue 78 Chavchavadze Avenue 7 Kipshidze Street 9a nafareuli street 13 Kipshidze Street 2 Berdzenishvili Street 41 abashidze street 81/9 Abashidze Street 3 Tamarashvili Street Tamarashvili Street 16 Phaliashvili Street Tskneti 3 Rustaveli Street 2 Rustaveli Street Saburtalo 67 Vazha-Pshavela Avenue 41 Vazha-Pshavela Avenue 41 Vazha-Pshavela Avenue 2 Vazha-Pshavela Avenue 27b Vazha-pshavela avenue 27a Vazha-Pshavela Avenue 17 Vazha-Pshavela Avenue 27 Vazha-Pshavela Avenue 72 Vazha-Pshavela Avenue Vazha-Pshavela Avenue, II Block 35/37 Shartava Street 7 Shartava Street 21 Dolidze Street vakhushti bridge Saakadze square Samedicino Vazha-Pshavela Politeqnikuri 1 Politeknikuri 2 17a Saburtalo Street 37 Saburtalo Street 70 Kostava Street 70 Kostava Street 26 maisi street 1 26 May square Kostava Street 44 Khazbegi Avenue 10 Khazbegi Avenue 13 Khazbegi Avenue 14 Khazbegi Avenue 12 Khazbegi Avenue bagteriofagi 8 a mitschkevichi street 19 Gamrekeli Street 23 kandelakis street 43 Gamsakhurdia Avenue. gagarini 16 Gamsakhurdia Avenue 2 Gamsakhurdia Avenue 14 Gamsakhurdia Avenue 1a Bulachauri Street 3 mk.2 kv. Nucubidze 175 Nutsubidze Street 221 Nutsubidze Street 25 nutsubidze street Nutsubidze plato III mr. II kv 1 Sandro Euli Street 13 Bakhtrioni Street 22 Bakhtrioni Street 6 Phanaskerteli Street 16 Chikovani Street 25 Kavtaradze Street 4 Gabashvili Street 5 Jikia Street Mtatsminda 2 Freedom Square mtawminda square 3 Pushkin Street 3 Pushkin Street 3/1 Pushkin Street 3 Pushkin Street Tavisuplebis Moedani 7 Pushkin Street 4 Freedom Square 12 Chanturia Street Rustaveli 16 Rustaveli Avenue 8 Rustaveli Avenue 19 Rustaveli Avenue 37 Rustaveli Avenue 2 Leonidze Street 22 Leselidze Street 4, Leselidze Street 38 Tabukashvili Street 2 Baratashvili Street 7 Ingorokva Street GTC 8 Erekle II Street 13 Savteli Streer 20 Akhvlediani street 1 Vekua Street 40 Khetagurovi street rose squire rose squire Vera 28 petriashvili street 25 Kostava Street 24 Kostava Street 44 Kostava Street 1 Khorava Street 10 Kekelidze Street 8 Kuchishvili Street 50 Gogebashvili Street 13 Melikishvili Street 10 Melikishvili Street 10 Melikishvili Street Gldani-Nadzaledevi 2 gudamakhari street Gldani V m/r Block14 Gldani III m/r 2 Khizanishvili Street 2 Dadiani Street 7 Dadiani street 34 Dadiani Street 151 Dadani Street 21 Sarajishvili Street Sarajishvili Grmagele Guramishvili 38 Guramishvili Avenue 33a GuramiSvili avenue 84 Guramishvili Avenue 7 Guramishvili Avenue 84 Guramishvili Avenue Peikrebi street Mukhiani, IV m/r, 4 block Dumbadze str IV m/r, Block 5 Nadzaladevi Nadzaladevi metro Square 15 Khizanishvili Street 31 Khizanishvili Street metro axmetelis mimdebare. mariami metro axmetelis mimdebared 1 Vekua Street 1 Vekua Street Akhmeteli Temka 10 Kv, Block 25 Temka samshobiaro saxli # 5 mimd 34 Khosharauli Street Didube-Chugureti 8 tsabadze street 17 Uznadze Street 1 Tsereteli avenue 60 Tsereteli Avenue 55 Tsereteli Avenue 95 Tsereteli Avenue 110 Tsereteli Avenue 99 Tsereteli Avenue 118 Tsereteli Avenue 118 Agmashenebeli Avenue 127 Agmashenebeli Avenue 80 Agmashenebeli Avenue 96 Agmashenebeli Avenue 1 Agmashenebeli Avenue 89/24 Agmashenebeli Avenue 86/90 Agmashenebeli Avenue 15 Tamar Mepe Avenue 10 Tamar Mepe Avenue 20 General Kvinetadze Street 5 marjanishvili street Marjanishvili 83/23 Agmashenebeli street 1 Chitaia Street 19 Tsabadze Street, pasage 2 Chkheidze Street Tbilisi central Tsereteli Vagzlis moedani 2 Vagzlis Moedani 1 Vagzlis Moedani 2 19 Agladze Street 2 Vagzlis Moedani 95 Tsinamdzgvrishvili Street 137 Tsinamdzgvrishvili Street Mtkvari Left Riverside (mushtaedi) 1 chaladze street Digomi 8 chachava street Military Base (vashlijvari) Digomi II kv. 5 Block Digomi Block V, I a Building 11 George Balanchini Street Agmashenebeli alley II km Agmashenebeli alley 9 km. Agmashenebeli alley Didi Digomi way. Digomi village way (vashlijvari) 8 Petritsi Street 7 Petritsi Street 10/12 Godziashvili Street Vashlijvari Agmashenebeli alley 13 km 6 gelovani avenue 5 Lubliana Street Isani-Samgori Isani Samgori 1 Samgori 2 Varketili Varketili 3, IVm/r, near by 410 Building 1 Khomleli street 64 Javakheti street Vazisubani IV m/r I block, petefi str. Vazisubani IV m/r I block 2 Landia street 300 Aragveli Kakheti Highway 21km 60 Kakheti Highway Military Base (alekseevka) Military Base (alekseevka) AIR 3a Khomleti Street 10 Ketevan Tsamebuli Avenue 80 Ketevan Tsamebuli Avenue 51a Ketevan Tsamebuli Avenue 4 Kiziki Street Airport Airport Airport Military Base (vaziani2) 7 Kalaubani Street 7 Kalaubani Street 14 Kalaubani Street 39 Moscow Avenue 17 chichinadze street 44 Moscow Avenue 10 Telavi Street Avlabari Avlabari Metro Square 8/10 Chekhov Street 23 Shuamta Street 155 bogdan khmelnitski street 6/4 Naftlukhi Street Atskuri, isnis metros mimdebare Kairo & Javakheti Street 64 Melaani Street 1 Abdushelishvili street 122 Kakheti Highway market lilo 113 gakhokidze street 38 Kakheti Highway Krtsanisi 41 Gorgasali Street 39 Gorgasali Street Military Base (krtsanisi)2 Military Base (krtsanisi) 16 Gorgasali Street 16 Gorgasali Street 6 Gorgasali Street 77 Gorgasali Street 117 Gorgasali Street 37 Gorgasali Street 19/2 Rustavi Highway 7 a krtsanisi street 10 Gulua Street Kodjori military base Mtskheta 23 arsukidze street Bebriscixis mimdebared 12 samxedro street Bank Republic TBILISI BRANCHES AND SERVICE CENTERS Head Office and Central Branch 2 Gr. Abashidze St. Tel: (995 32) 292.55.55 Fax: (995 32) 292.55.44 Vake 13 Chavchavadze Ave. (24 hour) 33a Paliashvili St. Freedom Square 2, Leonidze St. Airport International Airport (24 hour) 24 hours, except Christmas and Easter Didube 10 Building, Tsereteli Ave. Sadguri 10, Tamar Mephe Ave. Sadguri Near the Railway Station Sanzona 34 Guramishvili Ave. Nadzaladevi 34 Dadiani Ave. Saburtalo 28 Pekini Ave. 71 Vazha-Pshavela Ave. 47 A. Kazbegi Ave. Isani 6/2 Navtlughi St. Gldani 20 Khizanishvili St. Mukhiani 8b Block, IVa micro district Iashvili Clinic 2/6 Lubliana St. Police Office 8 Gulua St. Dighomi 1b Block, 1 micro district, Dighomi Building of City Court of Tbilisi David Aghmashenebeli Alley VI km. Ortachala 37 Gorgasali St. Varketili Aerodrome Settlement. St N 29-31 ATM Tbilisi Vake 2 Gr.Abashidze St. 13 Chavchavadze Ave. 33 A Paliashvili St. 1 Chavchavadze Ave. 49b Chavchavadze Ave. 50 Chavchavadze Ave. 2 Mosashvili St. Mrgvali Bagi 7 Kibshidze St. Mtatsminda 27 Kostava St. 32 Br/Zubalashvili St. 20 Rustaveli St. 10 Pushkini St. 8 Erekle II 2, Leonidze St. 4 – 9aprili St. 24 Gorgasali St. Ministry of Justice 24 Gorgasali St. General Office of Public Prosecutor 37 Gorgasali St. 8 Gulua St. Saburtalo 75 Kostava Ave. 16 Kazbegi Ave. 47 Kazbegi Ave. 2 Gamsakhurdia Ave. 23-25 Gamsakhurdia Ave. 28 Gamsakhurdia Ave. 45 Gamsakhurdia Ave. 6 Shartava St. 19 Nutsubidze St. 179 Nutsubidze St. 5 Sandro Euli St. Nutsubidze Plato 3rd , 5 Dzotsenidze St. 13 Bakhtrioni St. 11 Dolidze St. Building 4/5 34 Vaja Pshavela Ave. Vaja Pshavela Ave. 48 Vaja Pshavela Ave. 71 Vaja Pshavela Ave. 72 Vaja Pshavela Ave. Building 1, Block of flats 7, Vaja Pshavela Ave. Kavtaradze St. Digomi 1st Block, 1 Micro District, Dighomi Masivi 9 Mikeladze St. 3rd Block, Dighomi Masivi Aghmashenebeli alley 6 th km. Aghmashenebeli alley 2/6 Lubliana St. 5 Lubliana St. 13 Petritse St. Didi Digomi Didube-Chugureti 1 Khetagurovi St. 2 Tsereteli Ave. Tsereteli Ave. Building 10 67 a Tsereteli Ave. 144 Tsereteli Ave. 10 Tamar Mephe Ave. Near Railway Station 44 Aghmashenebeli Ave. 4 Chubinashvili St. 19 Vakhtang Bagrationi Ave. 19 Tsabadze St. Isani-Samgori International Airport of Tbilisi, „Sakaeronavigatsia“ International Airport of Tbilisi, Airport Service Center Kakheti highway 112 Kakheti highway 6/2 Navtlughi St. 23 “Ghvinis Aghmarti” Varketili Subway Territory 7 Varketili, Kaloubnis St. 9 Tsinandali St. 91 Ketevan Tsamebuli Ave. Opposite side 2 Ketevan Tsamebuli square 44 Moscow Ave. Vazisubani III Mik. II Block #15 Gldani-Nadzaladevi 34 Dadiani St. 39 Dadiani St. 263 Dadiani St. 20 Khizanishvili St. Mukhiani 2nd , Block #5 (Noneshvili St.) Mukhiani, Building 8, 4a m/d Temka District, Building 10, 2 m/d, Block of flats: 25 34 Guramishvili Ave. 36 Guramishvili Ave. Subway Sadguri, Akhmeteli Theatre Territory VTB Bank Tbilisi 37, Uznadze Str. 14, Chanturia Str. 5, Jikia Str. 3, Gotua Str. 6, Gorgasali Str. 16/18, Rustaveli Ave. 54, Chavchavadze Ave. 10, Chavchavadze Ave. 21, Vazha Pshavela Ave. I tr. 33, Kostava Ave. 16/18, Tamar Mepe Ave. 4, Leselidze Str. 15, Tamar Mepe Ave. 76, Tsereteli Ave. 3, Vani Ave. 147, D. Aghmashebeli Ave. 5, Khizanishvili Str. 12, Ketevan Tsamebuli Ave. 20, Telavi Str. 42, Al. Kazbegi Ave. 8, Tsabadze Str. 6/2, Navtlughi Str. 9, Tsinandali Str. 48a, Bogdan Khmelnitsky Str. 19, Gamrekeli Str. 143, Tsereteli Ave. 78, Nutsubidze Str. Aghmashenebeli Alley 60, Barnov Str. KSB Bank Tbilisi Branches Vake (09.30-21.00) 43, Chavchavadze ave. Avlabari 3, Ketevan Tsamebuli str. Vera 8/2, Melikishvili str. Didube 60, Tsereteli ave. Agmashenebeli 147, Agmashenebeli ave. Varketili 7, Kaloubani str. Krtsanisi 37, Gorgasali str. Pekini (09.30-20.30) 24a, Pekini ave. Didi Digomi 8, Ioane Petritse str. Gldani 15, Khizanishvili str. Freedom sq. branch (24 hour) 4, Freedom sq. Service centre - Gudushauri hospital (24 hour) 18/20, Lubliana str. ATM’s Tbilisi Vake – branch 43, Chavchavadze ave. Vake - Fashion house 24, Chavchavadze ave. Avlabari - branch 3, Ketevan Tsamebuli str. Vera - branch 8/2, Melikishvili str. Didube - branch 60, Tsereteli ave. Agmashenebeli Avenue - branch 147, Agmashenebeli ave. Varketili - branch 7, Kaloubani str. Krtsanisi - branch 37, Gorgasali str. Pekini - branch 24a, Pekini ave. Didi Digomi - branch 8, Ioane Petritse str. Agmashenebeli Alley - Prosecutor 12 km, Agmashenebeli Alley Gudushauri Hospital 18/20, Lubliana str. Gldani - branch 15, Khizanishvili str. Freedom sq. - branch 4, Freedom sq. Publich Television 68, Kostava ave. Public Service Hall 2, Sanapiro str. Mtatsminda-Krtsanisi, Revenue Service 16, Gorgasali str. Mtatsminda-Krtsanisi, Revenue Service 4, General Gulua str. Georgian railway 15, Tamar Mepe ave. Trade center Panda 1, Tsereteli Ave. Agmashenebeli Avenue 96, Agmashenebeli ave. Old Tbilisi 5, Virsaladze str. Church store 67, Vazha-Pshavela ave. Book store 14, Vazha-Pshavela ave. Dighomi district 2nd block, building 6a. Airport customs clearance zone Old airport Lilo customs clearance zone Martkopi,Gardabani Region Liberty Bank Branches in Tbilisi Vake-Saburtalo Central Branch 74, I. Chavchavadze Ave. Central Branch’s s/c #1 2, Sanapiro St. Didi Dighomi s/c #1 9, I. Petritsi St. Pavilion #1 10-12, Vazha-Pshavla Ave. Pavilion #2 Kostava St. (Near Sports Palace) Pavilion #4 33-35, I. Tchavtchavadze St. (Near Hospital 9) Pavilion #9 48-66, Vazha-Pshavela Ave. Pavilion 13 13 Km. Aghmashenebeli Highway Saburtalo s/c #1 34, Pekini St. Saburtalo s/c #2 7, Shartava St. Saburtalo s/c #7 2g, B. Zhgenti St. (Nutsubidze District) Saburtalo s/c #8 6, Budapeshti St. Saburtalo s/c #9 5, Kavtaradze St. Saburtalo s/c #11 10 Km. Aghmashenebeli Highway Sopeli Dighomi s/c #1 Village Dighomi, B. 7b Saburtalo s/c #15 2, Gamsakhurdia St. s/c #332 70, Tchavtchavadze Ave. Saburtalo s/c #13 3, Micro-District Nutsubidze Saburtalo s/c #14 46, Dolidze St. / 41, Balanchivadze St. Tskneti s/c #1 3a, Rustaveli St. Vake-Saburtalo Branch 2, Marijani St. Vake s/c #2 1, Mosashvili St. Vake s/c #3 84, Tchavtchavadze Ave. (National Agency Bureau) Vake s/c #4 38, Paliashvili St. Vake s/c #12 14, Kipshidze St. Mtatsminda-Krtsanisi Krtsanisi s/c #1 10, Kikodze St. Krtsanisi s/c #2 2a, Sanapiro St. Mtatsminda-Krtsanisi Branch 37, Gorgasali St. Mtatsminda s/c #1 24, Kostava St. Mtatsminda s/c #4 3, Kostava St. Turn 2 Ponitchala s/c #1 19, Rustavi Road, B. 4 Ponitchala s/c #2 3, Micro-District Ponichala, B. 2 Didube-Chughureti Chughureti s/c #2 153, Aghmashenebeli Ave. Chughureti s/c #3 3, Abashidze St. Chughureti s/c #4 21, Chitaia St. Digomi s/c #2 7, Robakidze St. Didube Branch 126, Tsereteli Ave. Didube s/c #1 60, Tsereteli Ave. Pavilion #5 A. Tsereteli St. (near Tsereteli Underground) Pavilion #10 Dighomi (Near Mayakovsky Monument) Pavilion #15 Didube (near the railway square) Gldani-Nadzaladevi Avtchala s/c #1 1, Libani St. Avtchala s/c #2 7, Libani St. Avtchala s/c #3 5, Sarajishvili Ave. Gldani Branch 3, Block Gldani Gldani s/c #2 Mukhiani (Near Akhmeteli Subway Station) Gldani s/c #4 3, Block Gldani, B. 86 Gldani s/c #5 7, Micro-District Gldani (Prison Gldani) Gldani s/c #6 2, Botchorishvili St. Gldani s/c #7 6, Micro-District Gldani, 11 Tiulenevi St. Gldani s/c #9 8, Micro-District Gldani, B. 23 Gldani s/c #10 2, Micro-District Gldani, B. 24b Gldanula s/c #1 Gldani Khevi (Ravine), Near B. 6a Gldani s/c #11 18, Gombori St. Lotkini s/c #1 164, Tseronisi St. Mukhiani s/c #2 2, Micro-District Mukhiani, B. 5 Mukhiani s/c #3 3, Micro-District Mukhiani, B. 5 Nadzaladevi Branch 36, Guramishvili Ave. Nadzaladevi s/c #1 34, Dadiani St. Nadzaladevi s/c #3 261, Dadiani St. Nadzaladevi s/c #4 12a, Guramishvili Ave. Nadzaladevi s/c #6 30, Guramishvili Ave. B. 1 Temka s/c #1 11, Micro-District Temka, Block 1 Temka s/c #2 3, Micro-District Temka, Block 3, Near B. 41 Zahesi s/c #1 1a, Tchitchinadze St. Isani-Samgori Afrika s/c #1 27, Tchitchinadze St. Afrika s/c #2 17, Tchitchinadze St. Isani-Samgori Branch Kakheti Alley 2 Isani s/c #1 51/2, Ketevan Tsamebuli Ave. Isani s/c #4 22, Metekhi St. Isani s/c #6 30 Km. Kakheti Highway Isani s/c #7 Moscow Ave, Block 2, B. 1 Isani s/c #9 90, Ketevan Tsamebuli Ave. Lilo s/c #1 Lilo Settlement, Block 2, B. 8 Pavilion #6 4, Abzianidze St., Orkhevi Settlement (Near Customs Department) Pavilion #8 10 b, Airport Settlement Pavilion #11 103, Kvareli St.(Metromsheni Settlement) Pavilion #12 10, Akhalubani St. Ponitchala s/c #3 Rustavi highway, KM 30 Samgori s/c #1 37, Moskovi Ave. Samgori s/c #2 36a, Trialeti St. Samgori s/c #4 151, Bogdan Khmelnitski St. Varketili s/c #1 Javakheti St. Second BlindAlley (Near Varketili Subway Station) Varketili s/c #2 3, Micro-District Varketili, B. 310 Varketili s/c #3 Varketili Block 10, B. g Varketili s/c #5 Tbilisi International Airport Varketili s/c #6 3, Micro-District Varketili Varketili s/c #7 12, Shuamta St. Varketili s/c #9 1, Micro-district varketili 3, Near B. 25 Varketili s/c #10 Kaloubani St. 9 Vazisubani s/c #1 4 Micro-District Vazisubani 1B,Shandor Petofi St. Vazisubani s/c #2 2, Micro-District Vazisubani (Super Market “Smart”) Vazisubani s/c #3 1, Shandor Petofi St Didgori Didgori s/c #1 97, Block Tabakhmela, plot 516 ATM’s in Tbilisi 1, Aleksidze St. Agmashenebeli Alley, KM 11. 10a, Akhmeteli St. 13, Bakhtrioni St. 6, Budapeshti St. Zhvania Square 2, Gamsakhurdia Avenue 2/4, Godziashvili St. Block 3, Didi Dighomi Building 11, Dolidze St. 1, Vazha-Pshavela Avenue 10-12, Vazha-Pshavela Avenue 27, Vazha-Pshavela Avenue (near subway station “Sameditsino”) 76b, Vazha-Pshavela Avenue Block 2, Vazha-Pshavela Avenue (near Vazha-Pshavela monument) 46-48, Vazha-Pshavela Avenue (near metro station “Delisi”) 55, Vazha-Pshavela Avenue Block 7, Vazha-Pshavela Avenue Vashlijvari highway 10a, Tamarashvili St. 15a, Tamarashvili St. Kostava St. (near the Sports Palace) 24, Kostava St. 64, Kostava St. Marshal Gelovani Avenue 10, Mitskevitchi St. Nodar Bokhua St. 183, Nutsubidze St. (II-IV plateau turn) III m/d, Nutsubidze plateau 14, Gamsakhurdia St. 15, Gamsakhurdia Avenue 34, G a m s a k h u r d i a ave. 9, I. Petritsi St. 28, Saburtalo St. 2, University St. 36, Phaliashvili St. 5, Kavtaradze St. 21, Kavtaradze St. 2, Kazbegi Avenue 15, Kazbegi Avenue. Kazbegi Avenue (near the school #60) 26, Kazbegi Avenue (Vake-Saburtalo crossroads) 7, Shartava St. Block 1, IV m/d, shandor Petofi St. 10, Tchavtchavadze St. 34, Tchavtchavadze St. 74, Tchavtchavadze Avenue Tchavtchavadze Avenue (near to Hospital No. 9) 84, Tchavtchavadze Avenue (Legal expertise) Tchavtchavadze Avenue (near to school #55) Didube-Chugureti 96, Aghmashenebeli Avenue 153, Aghmashenebeli Avenue 10th km, Aghmashenebeli Alley 1, Beliashvili St. Dighomi, near to Mayakovsky monument Tevdore Mghvdeli St. (near to the Railway Station) 27, KingTamarAvenue 7, Robakidze St. 8, Tsabadze St. 2, Tsereteli Avenue Tsereteli Avenue (nearto subway station “Tsereteli”) 126, Tsereteli Avenue 143, Tsereteli Avenue 144, Tsereteli Avenue 69, Tsereteli Avenue (corner of Vani St.) 7-7a-7b, Tsereteli Avenue 60, Tsereteli Avenue 5/12, Ketevan Tsamebuli Avenue 39, Chitaia St. 17, Tc hitchinadze St. Gldani-Nadzaladevi 2, Botchorishvili St. Gldani, M/D 3. Gldani, M/D 3, Building 86, Near to building 22, Gldani M/D 6 Gldani, M/D 7 (Gldani prison # 8) 12a, Guramishvili Avenue 36, Guramishvili Avenue Guramishvili Avenue (near the subway station “Grmagele”) Guramishvili Avenue (near the subway station “Sarajishvili”) 34, Dadiani St. 34, Dadiani St. 261, Dadiani St. Building 2, 2nd m/d, Dadiani St. 22, Dumbadze St. (Mukhiani settlement) 1a, Chichinadze St., ZAHESI, near the building 41, block 3, 3rd m/d, Temka near maternity house No. 5, block 1, 11th m/d, Temka Kakheti 2nd turn 1, Liban St. Mukhiani turn near the subway station “Akhmeteli” 1, Sarajishvili St. 8, Kerchi St. 146, Tseronisi St. 4, Khetagurov St. 6, Khizanishvili St. Isani-Samgori 1, Abdushelishvili St. Airport settlement 10, Akhalubani St. 151, Bohdan Khmelnytsky St. 6, Gulia St. Building C, block 10, 3rd massif, Varketili Building 310, 3rd m/d, Varketili 3 Tbilisi International Airport Kakheti highway KM 38. 112, Kakheti highway 37, Moscow Avenue 8, Navtlughi St. Orkhevi settlement (near to Customs Department) Saknavti settlement (Kakheti highway) Building 8, block 2, Saksopmankana settlement 103, Kvareli St. (Metromsheni settlement) 22, Javakheti St. Javakheti St. Second turn Mtatsminda-Krtsanisi 23, A. Tchavtchavadze St. 37, Vakhtang Gorgasali St. 93, Vakhtang Gorgasali St. 155, Vakhtang Gorgasali St. 48, Zubalashvili St. 1, Leonidze St. 10, Leonidze St. 22, Metekhi St. 9, Pushkini St. 3, Rustaveli Avenue 2a, Sanapiro St. 10, Kikodze St. 5, Chachava St. 37/4, Tsintsadze St. Ponitchala Rustavi highway, KM 30 Building 2, 3rd m/d, Ponichala settlement Old Tbilisi 12, Kaloubani St. Didgori Plot 516, block 97, village Shindisi, Didgori ATM’s in Regions Abasha 6, Jorjikia St. Adigeni 24, Tornike Eristavi St. Ambrolauri 18, Agmashenebeli St. Settlement Anaklia Aspindza 31, Vardzia St. Akhalkalaki 82, KingTamar Avenue 11, Charenta St. 71, Tavisupleba St. Akhaltsikhe 1, Tamarashvili St. 98, Rustaveli St. 11, KingTamar St. 2, Shalva Akhaltsikheli St. 1, Kharischirashvili St. 6, Iadze St. Akhmeta 2, Kazgebi St. Batumi 63, Gorgiladze St. 2, Sulkhan-Saba St. 46-48, Vazha-Pshavela Avenue Khimshiashvili St. 11, Tbel Abuseridze St. 80, Javakhishvili St. 11, Pirosmani St. 10-12, Chavchavadze St. 20a, Agmashenebeli Avenue 9, King Parnavaz St. 62-64-66, King parnavaz St. 36, Gorgiladze St. 20, Khimshiashvili St. 102, Melikishvili St. 11/5, KingTamar settlement 75, Chavchavadze St. 16, Tavdadebuli St. 23, Mayakovski St. Baghdati 12, Tsereteli St. Bolnisi Settlement Kazreti 106, Sulkhan-Saba St. 107, Sulkhan-Saba St. Borjomi 7, Meskhishvili St. 147, Rustaveli St. 6, Tavisupleba St. Gardabani 71, David Agmashenebeli St. 89, David Agmashenebeli St. Gori 16, Stalini St. 40, Sukhiahsvili St. 56, Chavchavadze St. 26, Stalini St. 5, Guramishvili St. 43, Ertoba St. 39, Stalini St. Gudauri Hotel “Marco Polo” Gurjaani 10, Noneshvili St. KingTamar St. Village Shashiani Dedoplistskaro 1, Alazani St. 23, Rustaveli St. Dmanisi 41, St. Nino Street (Municipality) 29, Street St. Nino blind alley Dusheti 21, Dadiani St. 27, Rustaveli St. Vani 3, Solomon II St. Zestaponi 61, Agmashenebeli Avenue 11, Tsereteli St. Village Shorapani Zugdidi 45, Gamsakhurdia St. 90, Rustaveli St. 73, Sokhumi St. 7, Paris Commune St. 32, Gamsakhurdia St. 15, Tsotne Dadiani St. Tetritskaro 12, Kingtamar Avenue Telavi 43, Alazani Avenue 95, Alazani Avenue 16, Erekle the Second St. 3, Erekle the Second Square 12, Erekle the Second St. Terjola 2, Chanturidze St. Tianeti 11, Rustaveli St. Kaspi 88, Stalini St. 11, Rustaveli St. 18, Kostava St. Koda, village house Lagodekhi 23, Kiziki St. Lanchkhuti 10, Ninoshvili St. 24 Kingtamar St., Settlement Lentekhi Village house in settlement Manglisi Village Nigoeti Marneuli 1, Rustaveli St. 72, Rustaveli St. 73, Rustaveli St. Martvili 14, Tavisupleba St. Mestia 52, Kingtamar St. 1, Seti St. Mtskheta Building of regional governor ’s office 17, Kostava St. (near to the Svetitskhoveli Cathedral) 11a, Samkhedro St. Mtskheta highway 73a, Agmashenebeli St. 65, Mamulashvili St. Village Tserovani Ninotsminda 22, Tavisupleba square Ozurgeti 5, Gabriel the episcope St. Village Ozurgeti Tavisupleba Square Oni 16, Rustaveli St. Rustavi 21, Kostava St., near to the Municipality 14, Kostrava St. Megobroba Avenue 3, Megobroba Avenue 11, Megobroba Avenue 21st km, Red Bridge Highway 5, Tashkent St. Village Sartichala Sagarejo 2, Agmashenebeli Avenue Samtredia 11, Stalini St. Sachkhere 92, Kostava St. 17, Gomarteli St. Senaki 14, St. Nino St. 20, Ninoshvili St. Signagi 2, Rustaveli St. 2, Dadiani St. 18, Gelati St. Poti 12, D. Agmashenebeli St. 146, Chavchavadze St. 57, Agmashenebeli St. Village Poka Kareli 3, Ninoshvili St. 1, Mgaloblishvili St. Settlement Ruisi Keda 11, Tbel Abuseridze St. 1, M. Kostava St. Kobuleti 153, Agmashenebeli St. 4, Memed Abashidze St. 141, Agmashenebeli St. 478, Agmashenebeli St. 79, Kingtamar St., Village Chakvi Pasha Bank +995 322 265 000 15, Rustaveli Avenue, Tbilisi, 0108 , Georgia office@pashabank.ge www.pashabank.ge CMYK 18 publicity HEADLINE NEWS & ANALYSIS FINANCIAL 2 June, 2014 | finchannel.com Advertiser: Bank Constanta. Contact FINANCIAL Ad Dep at marketing@finchannel.com CMYK FINANCIAL HEADLINE NEWS & ANALYSIS 2 June, 2014 | finchannel.com 20 Telavi Str. Tel: 277 20 20 Fax: 277 21 20 www.sheraton.com/tbilisi 19 | places we strongly reccommend to visit | Ice cream, coffee, blended drinks, pastry, salads… Open 8am-2am (May-October) 8am-1am (November-April) Addr: 12 Eristavi Str. (at the round garden) 34 Leselidze Str. 7a Pekini Str. Phone: 299 03 99; 574 74 69 69 info@lucapolare.com www.lucapolare.com Tel: 251 00 01 Fax: 253 00 44 info@zarapxana.ge www.zarapxana.ge La Brioche AeroSvit Representative office in Georgia Address: 25 st.Leselidze Office 205 Tbilisi 0160, Georgia Tel: 243 96 93 Fax: 243 96 93 tbilisi@aerosvit.com 1 Brother Kakabadze Str. 15 Lubliana Str. 37 Chavchavadze Ave. Tel.: 291 30 26; 291 30 76 Tel: 292 29 45; Fax: 292 29 46; tk@mcdonalds.ge 4 Freedom Square, Tel: +995 32 254 70 30 Fax: +995 32 254 70 40 tbilisi@citadines.com 13, Rustaveli Avenue.; Tel.: 2 779 200 www.TbilisiMarriott.com tbilisi.marriott@marriotthotels.com 4, Freedom Square, Tel: 2 779 100 www.CourtyardTbilisi.com courtyard.tbilisi@marriotthotels.com dining Because life is about living Addr: Batumi, Georgia, Parnavaz Mepe №25 Tel.: 260 15 36 info@piazza.ge, www.piazza.ge Betsy’s Hotel 32-34 Makashvili Street, 0108, Tbilisi, Georgia Tel.: 293 14 04, Fax: 299 93 11 info@betsyshotel.com www.betsyshotel.com 5 Chavchavadze Ave. Tel.: 222 44 17 577 22 99 22 plasticsurgerygeo.com Hotel “O. Galogre” The tickets are available at tbilisi international airport freedom square 4 courtyard marriott hotel, 1st floor Tel: 2400 400; 2400 040 36 Al. Kazbegi ave. Tbilisi, 0177, Georgia Tel/Fax: 229 43 43 info@intercontinental.ge www.intercontinental.ge Tel: 888 222 2900 www.sheraton.com/tbilisi Le Marais 8, Vakhtang Gorgasali Str. Batumi, Georgia Tel: +995 422 27 48 45 info@hotelgalogre.com www.hotelgalogre.com Village Anaklia, Zugdidi, Georgia Tel: 2 60 99 90 2 60 99 91 Literary cafe “Monsieur Jordan” V. Gorgasali st.,17 Tel.: 275-02-07 Radisson Blu Iveria Hotel Rose Revolution Square 1 Tel.: 240 22 00; Fax: 240 22 01 info.tbilisi@radissonblu.com radissonblu.com/hotel-tbilisi 32 Abashidze Str. Tel: 222 40 83 26 May Square Tel: 2300099 E-mail: info@hi-tbilisi.com www.hi-tbilisi.com 50 Chavchavadze Ave. Tel: 2 91 52 42 Tel: 31 99 99 hotel@tifilis.ge addr: #9 Grishashvili Str. www.hotelanaklia.com 13 Shavteli Str. Tel: 2439494 info@ambasadori.ge www.ambasadori.ge Fragola Erekle II str. Tel: 555 00 44 46 6 Kavsadze Str. Tel: 2 25 15 45 2 55 44 55 www.lottravel.ge 3 Tabidze Str. 2 Kazbegi Ave. Tel: 570 10 33 19 fragola.cafemail@gmail.com GEORGIA PALACE HOTEL 275 Agmashenebeli Ave., Kobuleti, Georgia Tel: 2242400 Fax: 2242403 E-mail: info@gph.ge, www.gph.ge Georgian Real Estate Management The Green Building, 6 Marjanishvili Street, 0102 Tbilisi Tel: 243 30 77, Fax: 243 30 79 www.firstbrokerage.ge E-mail: info@firstbrokerage.ge 4 Freedom Square Tel: 2988 988, Fax: 2988 910 E-mail:gmt@gmt.ge, www.gmt.ge 4 Kargareteli str. Tel; 2236278 www.kenari.ge info@kenari.ge № 1 Kheivani street 12/13; Tbilisi, Georgia Phone: (+995 32) 2 24 23 21; Phone: (+995 32) 2 24 23 22 E-mail: reservation@cronpalace.ge For advertising please contact: 577 741 700 marketing@finchannel.com BusinessTravelCom Hotel and Airticket Booking: 2 999 662 | SKY.ge CMYK 20 HEADLINE NEWS & ANALYSIS publicity FINANCIAL 2 June, 2014 | finchannel.com *Search for ‘Liberty Bank Mobile’ without quotes in your iTunes Store Advertiser: Liberty Bank. Contact FINANCIAL Ad Dep at marketing@finchannel.com CMYK FINANCIAL HEADLINE NEWS & ANALYSIS 21 where to go 2 June, 2014 | finchannel.com June 2, 2013 1 Tel: 2 999 662 SPECIAL OFFER FROM BUSINESSTRAVELCOM TO WARSAW!!! (TAXES INCLUDED) 5* HOTELS FROM 30 EUR (BREAKFAST INCLUDED) Gallery Tbilisi Day Depart Arrive Flight# Aktau 5.7 00:50 02:40 DV 842 Amsterdam 1.6 06:10 07:55 A9 651 Almaty 1.2.5.7 22:45;08:55 04:25+1;14:35 KC E90 Athens 1 06:15 07:15 A3 983 Baku X 2.4 01:30;12:10 02:30;13:10 J2 224/226 Baku DAILY 14:50;19:50 16:05;21:05 QR 975/977 Batumi 2.5.7 10:00;14:45 10:40;15:20 CRJ Doha DAILY 19:50;14:05 23:59;19:00 QR 975/977 Dubai 2.4.6.7 06:50 10:00 FZ 714 Istanbul DAILY 06:20 06:40 PC/463 Istanbul DAILY 05:15;18:15 05:45; 18:45 TK 387/383 Istanbul DAILY 06:20 06:50 KK 320 Kiev X3,5 07:50;17:30 08:20;17:55 PS 728 Minsk DAILY 03:50 06:00 B2 736 Munich DAILY 05:10 06:20 LH 2557 Riga 1.3.6 07:00 08:35 BT 723 Rome 7 05:25 06:40 Tel-Aviv 2.3.4.7 17:25 18:10 Vienna 4.7 08:55 09:25 A9 681 Urumqi 2.6 22:40 07:30+1 CZ 6040 Warsaw 2.3.5.7 05:40 06:15 LO 724 AZ 551 A9 695 Days=( 1-Monday., 2-Tuesday., 3-Wedsday., 4-Thursday., 5-Friday., 6-Saturday., 7-Sunday. D-Daily; X-except off) SPECIAL OFFER FROM BUSINESSTRAVELCOM TO SPAIN FROM 220 EUR TO GERMANY FROM 225 EUR TO ITALY FROM 230 EUR TO FRANCE FROM 236 EUR TO UK FROM 269 EUR ALL TAXES INCLUDES CALL: 2999 662; 592 07 53 53 Cinema 4 CALL: 2 999 662; 592 07 53 53 TO 2 Exhibition-sale of Zviad Kipiani Baia Gallery 10 Shardeni Str. Tel: 275-45-10 Gallery’s working hours: 12:00-19:00 till - June 3 Arno Fischer Fotografie Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 30 Georgian National Museum and Goethe Institute in Georgia invite you to the Dmitry Shevardnadze National Gallery at the opening of the exhibition «RE: Museum». The exposition is carried out in the framework of the Georgian National Museum’s special week dedicated to the International Museum’s Day. D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - July 15 The personal exhibition of the national artist of Georgia Radish Tordia. The exhibition will be opened within the Georgian National Museum’s special week dedicated to the International Museums Day. Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 19 The gallery will host Elene Akhvlediani personal exhibition «The Returned» - up to 20 canvas paintings preserved in private collection. Modern painters’ works and Georgian souvenirs are exhibited on the first floor in affordable prices. Exposition is permanent and you can visit every day except Monday and national holidays. Gallery Giraffe Address: first and third floor of Lado Gudiashvili exhibition hall. 11 L. Gudiashvili Str. till - June 30 June 3, 2013 1 Clubs, Pubs… Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Kankava Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers) 2 Cinema «Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «Heroes of Shindisi»; «The Nut Job» 3D; «The Other Woman»; «The Amazing Spider-Man 2» 3D «Full Speed Westward»; «Rio 2» 3D (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «The Nut Job 3D»; «The Other Woman» (Ticket Price: 7,50 - 12,50 GEL) 5 4 Gallery «Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «Heroes of Shindisi»; «The Nut Job» 3D; «The Other Woman»; «The Amazing Spider-Man 2» 3D «Full Speed Westward»; «Rio 2» 3D (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «The Nut Job 3D»; «The Other Woman» (Ticket Price: 7,50 - 12,50 GEL) TICKETS FROM 69 EUR From Clubs, Pubs… Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band “Wheels”, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band Restaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Restaurant “Bermukha” Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet “Taoba”: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Café “Kala” 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Rezo Kiknadze - saxophonist Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers) Date: June 3 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Jeans Generation Director: Davit Doiashvili Cast: Marina Janashia, Nana Darchiashvili, Goga Chkheidze, Dima Merabishvili, Merab Kolbaia, Lela Metreveli, Jaba Kiladze, Mariam Nadiradze, Apolon Kublashvili, Sandro Margalitashvili Duration: 165 minutes Date: June 3 Time: 19:00 Price: 6, 12, 14 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Dance with me Tango Director: Mamuka Tkemaladze Cast: Nineli Tchankvetadze, Zaza Mikashavidze, Gia Abesalashvili, Keti Asatiani, Beka Jumutia Duration: 90 minutes Date: June 3 Time: 20:00 Price: 10 GEL Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Three Musketeers Director: Giorgi Qantaria Cast: David Khakhidze, Nino Archaia, Khatia Melkadze, Nino Shushiashvili, Tamara Chanukvadze, Kakha Gabelaia, Vano Dugladze, Levan Katsiashvili Duration: 150 minutes Date: June 3 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL Concert Tbilisi Concert Hall 1, Meliqishvilii Str. Tel: 299-05-99 20:00 - Concert of Ensemble «Erisioni» (Ticket Price: 10, 15, 20, 35, 50 GEL) 3 Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 University of Laugh Director: Levan Tsuladze Cast: Nato Murvanidze, Nika Kuchava Duration: 105 minutes Date: June 3 Hall: Big Stage Time: 20:00 Price: 11 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Drunk Cherry Autor and Director: Levan Tsuladze, Alexander Eloshvili Cast: Eka Chkheidze, Malkhaz Abuladze, Manana Kozakova, Barbare Dvalishvili, Dato Khurtsilava, Keti Tskhakaia, Onise Oniani Exhibition-sale of Zviad Kipiani Baia Gallery 10 Shardeni Str. Tel: 275-45-10 Gallery’s working hours: 12:00-19:00 till - June 3 Arno Fischer Fotografie Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 30 Georgian National Museum and Goethe Institute in Georgia invite you to the Dmitry Shevardnadze National Gallery at the opening of the exhibition «RE: Museum». The exposition is carried out in the framework of the Georgian National Museum’s special week dedicated to the International Museum’s Day. D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - July 15 The personal exhibition of the national artist of Georgia Radish Tordia. The exhibition will be opened within the Georgian National Museum’s special week dedicated to the International Museums Day. Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 19 The gallery will host Elene Akhvlediani personal exhibition «The Returned» - up to 20 canvas paintings preserved in private collection. Modern painters’ works and Georgian souvenirs are exhibited on the first floor in affordable prices. Exposition is permanent and you can visit every day except Monday and national holidays. Gallery Giraffe June 4, 2013 1 Clubs, Pubs… Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Live Band Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «The Jumping General» 2 Cinema «Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «Heroes of Shindisi»; «The Nut Job» 3D; «The Other Woman»; «The Amazing Spider-Man 2» 3D «Full Speed Westward»; «Rio 2» 3D (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «The Nut Job 3D»; «The Other Woman» (Ticket Price: 7,50 - 12,50 GEL) 3 Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Women Director: Tsitsino Kobiashvili Cast: Nino Zautashvili, Nino Dumbadze, Keti Chkheidze, Keti Gegeshidze, Irma Berianidze, Eka Mjavanadze, Zaza Goguadze, Temo Kiladze Duration: 130 minutes Date: June 4 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Meet You in Paradise Director: Sandro Eloshvili Cast: Zurab Berikashvili, Nino Gachechiladze, Guram Jashi, David Khurtsilava, Nodar Doghonadze Duration: 90 minutes Date: June 4 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 So what if wet lilac is wet Director: Gogi Todadze Cast: Giorgi Bakhutashvili, Otar Lortkipanidze, Nikoloz Paikridze, Medea Jibladze, Tamar Tavkhelidze, Tamar Aznarashvili, Mariam Karkashadze, David Kolelishvili Date: June 4 Time: 19:00 Price: 6, 9, 11 GEL Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Amiko Director: Otar Bagaturia Cast: Nino Lezhava, Kote Tolordava, Lasha Grdzelidze, Zurab Avsajanishvili, Lika Shukakidze, Nugzar Kurashvili, Vakhtang Akhaladze, Irakli Gogoladze, Natia Kupatadze Duration: 105 minutes Date: June 4 Hall: Small Stage Time: 15:00 Price: 7, 10 GEL 4 Gallery Arno Fischer Fotografie Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 30 Georgian National Museum and Goethe Institute in Georgia invite you to the Dmitry Shevardnadze National Gallery at the opening of the exhibition «RE: Museum». The exposition is carried out in the framework of the Georgian National Museum’s special week dedicated to the International Museum’s Day. D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - July 15 The personal exhibition of the national artist of Georgia Radish Tordia. The exhibition will be opened within the Georgian National Museum’s special week dedicated to the International Museums Day. Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 19 The gallery will host Elene Akhvlediani personal exhibition «The Returned» - up to 20 canvas paintings preserved in private collection. Modern painters’ works and Georgian souvenirs are exhibited on the first floor in affordable prices. Exposition is permanent and you can visit every day except Monday and national holidays. Gallery Giraffe Address: first and third floor of Lado Gudiashvili exhibition hall. 11 L. Gudiashvili Str. till - June 30 June 5, 2013 1 Clubs, Pubs… Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Band’a’roll», DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Guliko Chanturia Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Good Company» 2 Cinema «Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «Heroes of Shindisi»; «The Nut Job» 3D; «The Other Woman»; «The Amazing Spider-Man 2» 3D «Full Speed Westward»; «Rio 2» 3D (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «The Nut Job 3D»; «The Other Woman» (Ticket Price: 7,50 - 12,50 GEL) 3 Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 America in Bathhouse Antanas Vilkutaitis-Keturakis Directed by Linda Urbona Cast: Andria Tavberidze, Zura Inkorokva, Kakha Kupatadze, Mamuka Loria, Irakli Sanaia, Keti Svanidze, Beka Songhulashvili Date: June 5 Hall: Experimental Stage Time: 19:00 Price: 8, 10 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The Gronholm Method Director: Temur Chkheidze Cast: Eka Chkheidze, Nika Tavadze, Apolon Kublashvili, Aleko Makharoblishvili Duration: 150 minutes Date: June 5 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 My Redbreast - Premiere Director: Khatuna Milorava Cast: Zaza Goguadze, Zaza Iakashvili, Nata Berejiani, Ana Sanaia, Koko Roinishvili, Mari Sujashvili Date: June 5 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Kramer vs. Kramer Director: Davit Chkhartishvili Cast: Nika Kuchava, Natia Nikolaishvili, Sandro Sharashidze, Teona Kokrashvili, Valeri Begalishvili, Gvantsa Korshia, Jano Izoria Date: June 5 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Rain Saller Director: Nugzar Lortkipanidze Cast: Keta Lortkipanidze, Sandro Margalitashvili, Jaba Kiladze, Giorgi Jikia, Mamuka Mumladze, Lasha Gurgenidze, Shako Mirianashvili Date: June 5 Time: 19:00 Price: 6, 13, 15 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 Eurydice Director: Otar Egadze, Milene Egiazarova Cast: Andrea Vachridze, Merab Chkheidze, Levan Mamniashvili, David Gigolashvili, Tatia Gabedava, Annie Talakvadze, Salome Mikadze Duration: 155 minutes Date: June 5 Time: 20:00 Price: 7 GEL 4 Gallery Arno Fischer Fotografie Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 30 Georgian National Museum and Goethe Institute in Georgia invite you to the Dmitry Shevardnadze National Gallery at the opening of the exhibition «RE: Museum». The exposition is carried out in the framework of the Georgian National Museum’s special week dedicated to the International Museum’s Day. D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - July 15 The personal exhibition of the national artist of Georgia Radish Tordia. The exhibition will be opened within the Georgian National Museum’s special week dedicated to the International Museums Day. Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 19 The gallery will host Elene Akhvlediani personal exhibition «The Returned» - up to 20 canvas paintings preserved in private collection. Modern painters’ works and Georgian souvenirs are exhibited on the first floor in affordable prices. Exposition is permanent and you can visit every day except Monday and national holidays. Gallery Giraffe Address: first and third floor of Lado Gudiashvili exhibition hall. 11 L. Gudiashvili Str. till - June 30 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Agora Live Band, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Maka Durglishvili; DJ Paata MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Baratashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers) 2 Cinema «Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «Heroes of Shindisi»; «The Nut Job» 3D; «The Other Woman»; «The Amazing Spider-Man 2» 3D «Full Speed Westward»; «Rio 2» 3D (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «The Nut Job 3D»; «The Other Woman» (Ticket Price: 7,50 - 12,50 GEL) 5 Concert Lisi Lake In 1 km from Lisi Lake, near New Hippodrome You can buy tickets from Monday, May 26, near Sport’s Palace, Open Air Bus ticket store, every day from 13:00 to 19:00. During other time you can see Open Air Bus at any place where you can also buy tickets. TBILISI OPEN AIR 2014 / Annual International Musical Festival Doors Open: 15:00 Line-up: Nikakoi Nino Katamadze & Insight Gravity Lasha Kicks The Black Marrows (Ticket price: Day 15 GEL; 3 Day pass 30 GEL) 3 Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Prince Homburg Director: Gosha Gorgoshidze Cast: Irakli Macharashvili, Marina Janashia, Ia Sukhitashvili, Zura Ingorokva, Sandro Mikuchadze-Ghaghanidze, David Uplishashvili, Bacho Chachibaia, Bachi Lezhava, Beka Songhulashvili, Manana Abramishvili Duration: 130 minutes Date: June 6 Hall: Grand Stage Time: 19:00 Price: 6 - 12 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Love-letters Director: Temur Chkheidze Cast: Nani Chikvinidze, Gia Burjanadze Duration: 120 minutes Date: June 6 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Teibele and her Demon Director: Goga Tavadze Cast: Ana Vasadze, Malkhaz Abuladze, Natia Gubenko, Paata Papuashvili, Marlen Egutia, Giga Gogichadze Date: June 6 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Woman with Dog Director: Levan Tsuladze Cast: Nika Tavadze, Nanka Kalatozishvili, Nata Kakhidze, Beso Baratashvili Duration: 120 minutes Date: June 6 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Flaming Lover Director: Tiko Katamashvili Cast: Salome Chulikhadze, Maraiam Nadiradze, Tiko Kordzadze Date: June 6 Time: 19:00 Price: 6, 9, 11 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 Opera Mafioso Director: Gabriel Goshadze Cast: Davit Gigolashvili, Mamuka Loria, Tamar Makashvili, Vasil Odishvili, Maka Dzagania, David Velijanashvili, Maka Shalikashvili Duration: 100 minutes Date: June 6 Time: 20:00 Price: 7 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 Tale of King Saltan Director: Avtandil Varsimashvili Cast: Mari Kitia, Mikhail Arjevanidze, Apolon Kublashvili, Karina Kenia, Sopo Lomjaria, Ludmila Artyomova-Mghebrishvili Duration: 70 minutes Date: June 6 Time: 12:00 Price: 5 GEL Gabriadze Theatre 13,Shavteli Str. Autumn of my Springtime Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: June 6 Time: 20:00 Price: 10, 15, 20 GEL 4 Gallery Arno Fischer Fotografie Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 30 Georgian National Museum and Goethe Institute in Georgia invite you to the Dmitry Shevardnadze National Gallery at the opening of the exhibition «RE: Museum». The exposition is carried out in the framework of the Georgian National Museum’s special week dedicated to the International Museum’s Day. D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - July 15 The personal exhibition of the national artist of Georgia Radish Tordia. The exhibition will be opened within the Georgian National Museum’s special week dedicated to the International Museums Day. Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 19 The gallery will host Elene Akhvlediani personal exhibition «The Returned» - up to 20 canvas paintings preserved in private collection. Modern painters’ works and Georgian souvenirs are exhibited on the first floor in affordable prices. Exposition is permanent and you can visit every day except Monday and national holidays. Gallery Giraffe Address: first and third floor of Lado Gudiashvili exhibition hall. 11 L. Gudiashvili Str. till - June 30 June 7, 2013 June 6, 2013 1 Clubs, Pubs… Pub Nali 1 Clubs, Pubs… Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Veriko Turashvili & Live Band, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Nata Kurdovanidze; DJ Vako MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Keti Paresashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers) 2 Cinema «Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «Heroes of Shindisi»; «The Nut Job» 3D; «The Other Woman»; «The Amazing Spider-Man 2» 3D «Full Speed Westward»; «Rio 2» 3D (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Taxi»; «X-Men: Days of Future Past» 3D; «Godzilla» 3D; «The Nut Job 3D»; «The Other Woman» (Ticket Price: 7,50 - 12,50 GEL) 5 Concert Lisi Lake In 1 km from Lisi Lake, near New Hippodrome You can buy tickets from Monday, May 26, near Sport’s Palace, Open Air Bus ticket store, every day from 13:00 to 19:00. During other time you can see Open Air Bus at any place where you can also buy tickets. TBILISI OPEN AIR 2014 / Annual International Musical Festival Doors Open: 13:00 Line-up: Lapalux (UK) Chinawoman (CAN) Alina Orlova (LTU) Loudspeakers Scratch the Floor The Jetbird The Pulse (Ticket price: Day 15 GEL; 3 Day pass 30 GEL) 3 Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Host and Guest Director: Valerian Gorgoshadze Cast: Bacho Chachibaia, Manana Abramishvili, Ia Sukhitashvili, Levan Khurtsia, Gela Lezhava Duration: 135 minutes Date: June 7 Hall: Small Stage Time: 19:00 Price: 8, 10 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The Wall Finger Theatre Director: Beso Kupreishvili Cast: Mariam Kvachadze, Zaal Kakabadze, Teona Maghalashvili, Giorgi Mebaghishvili, Elene Pirtskhalava, Grigol Gogoladze Duration: 50 minutes Date: June 7 Hall: Theatre in Attic Time: 20:00 Price: 6 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 University of Laugh Director: Levan Tsuladze Cast: Nato Murvanidze, Nika Kuchava Duration: 105 minutes Date: June 7 Hall: Big Stage Time: 20:00 Price: 11 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Drunk Cherry Autor and Director: Levan Tsuladze, Alexander Eloshvili Cast: Eka Chkheidze, Malkhaz Abuladze, Manana Kozakova, Barbare Dvalishvili, Dato Khurtsilava, Keti Tskhakaia, Onise Oniani Duration: 150 minutes Date: June 7 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Richard III Director: Avto Varsimashvili Cast: Sandro Margalitashvili, Jaba Kiladze, Giorgi Jikia, Tamuna Nikoladze, Mariam Jologua, Tiko Kordzadze, Apolon Kublashvili, Goga Barbakadze Date: June 7 Time: 19:00 Price: 6, 13, 15 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Free Couple Director: Keti Dolidze Cast: Nineli Chankvetadze, Paata Baratashvili, Vano Dugladze Duration: 100 minutes Date: June 7 Time: 20:00 Price: 10 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 The Dinner of Fools Director: Otar Egadze Cast: Zuka Papuashvili, Datuna Gotsiridze, Sophie Gvritishvili, Levan Mamniashvili, David Gigolashvili, David Velijanashvili, Temo Kvaratskhelia, Maka Dzagania Duration: Comedy in 2 Acts Date: June 7 Time: 20:00 Price: 10 GEL Gabriadze Theatre 13,Shavteli Str. Tel: 8 790 98-65-91 (MagtiFix), 298-65-90 The Battle of Stalingrad Marionette Theatre Author and Director: Rezo Gabriadze In Russian +10 years Date: June 7 Time: 20:00 Price: 10, 15, 20 GEL 4 Gallery Arno Fischer Fotografie Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 30 Georgian National Museum and Goethe Institute in Georgia invite you to the Dmitry Shevardnadze National Gallery at the opening of the exhibition «RE: Museum». The exposition is carried out in the framework of the Georgian National Museum’s special week dedicated to the International Museum’s Day. D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - July 15 The personal exhibition of the national artist of Georgia Radish Tordia. The exhibition will be opened within the Georgian National Museum’s special week dedicated to the International Museums Day. Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 19 The gallery will host Elene Akhvlediani personal exhibition «The Returned» - up to 20 canvas paintings preserved in private collection. Modern painters’ works and Georgian souvenirs are exhibited on the first floor in affordable prices. Exposition is permanent and you can visit every day except Monday and national holidays. Gallery Giraffe Address: first and third floor of Lado Gudiashvili exhibition hall. 11 L. Gudiashvili Str. till - June 30 For more information, please, visit the following website: www.info-tbilisi.com E-mail: afisha@info-tbilisi.com CMYK 22 HEADLINE NEWS & ANALYSIS publicity FINANCIAL 2 June, 2014 | finchannel.com xarisxi, romelsac vendobi visolis avtogasamarT sadgurebze superi premiumi dizeli ON WISSOL STATIONS SUPER PREMIUM DIESEL HOT LINE*1000 QUALITY I TRUST WWW.WISSOL.GE Advertiser: Wissol Group. Contact FINANCIAL Ad Dep at marketing@finchannel.com CMYK FINANCIAL HEADLINE NEWS & ANALYSIS 2 June, 2014 | finchannel.com 23 SANCHO LITERATURULI CAFÉ Queue 2, Tarkhnishvili Str. Tel: 244 45 46 31, Pekini Str. Tel: 231 30 57 22, Abashidze Str. Tel: 222 02 76 36, Kostava Str. Tel: 299 07 46 4, Besiki Str. Tel: 2 519 966 23, Akhvlediani Str. Tel: 298 25 98 Hangar Bar dining | places we strongly reccommend to visit | TSISKVILI PREGO 10, Paliashvili Str. Tel: 225 22 58 #1 Freedom squ. Tel: 2 240 241 Red Café Bistro & Cafe 15, Erekle II. Tel: 293 14 11 # 71 Vazhaphavela Ave. Tel: 2201 211 info@redcafe.ge 25, Tarkhnishvili Str. Tel: 225 25 16 # 20 Shavteli Str. Tel: 293 10 80 Beliashvili Str. Tel: 253 07 97 Belle Ville BUFFALO BILL French - European barrestaurant Pleasant and cozy atmosphere High quality service, live music every day 26, l.Kiacheli Str. Tel: 293 65 53 DONUTS 2, MarjaniSvili Str. Tel: 2 999 723 Book Corner 13b, Tarkhnishvili Str. Tel: 223 24 30 contact@bookcorner.ge VERA STEAKHOUSE Better seen than heard 37, Kostava Str. Tel: 298 37 67 16, Akhvlediani Str. Tel: 293 60 52 64, Paliasvili Str. Tel: 225 06 69 DUBLIN IRISH PUB Better seen than heard Entree 13 Taktakishvili Str. 20 Rustaveli Ave. 19 Petriashvili Str. 7 Pekini Str. 78 Chavchavadze Ave. (Bagebi) 86 Aghmashenebeli ave. 8, Akhvlediani Str. Tel: 298 44 67 10/12, Abashidze Str. Tel: 225 39 85 Tel.: 599 21 53 83 24 24/ DISCOVERY 3 Vashlovani Str.; (“Super Babilon” oposit) Tel.: 298 90 86 40, Chavchavadze Ave. Tel: 229 42 30 SIANG-GAN PICASSO 41, Gamsakhurdia Str. Tel: 237 96 88 4, Vashlovani Str. Tel: 298 90 86 Segafredo Zanetti Espresso ENGLISH TEE HOUSE 26, Chavchavadze Ave Tel: 222 36 77 5, Marjanishvili Str. Tel: 294 16 20 32, Paliashvili Str. Tel: 222 11 09 Espresso Bar “RESPUBLIKA” 16, Marjanishvili Str. Tel: 555 211552 E-mail: Respublikaespressobar@gmail.com Prospero’s Books 34, Rustaveli Ave. Tel: (+995 32) 2923 592 For advertising please contact: 577 741 700 marketing@finchannel.com BusinessTravelCom Hotel and Airticket Booking: 2 999 662 | SKY.ge CMYK 24 publicity HEADLINE NEWS & ANALYSIS FINANCIAL 2 June, 2014 | finchannel.com Advertiser: The FINANCIAL. Contact FINANCIAL Ad Dep at marketing@finchannel.com