Tag Archives: Armenia

SinoHydro builds Armenia road

DEC. 9 2015 (The Conway Bulletin) — Chinese state-owned SinoHydro said it will build a 27.5km section of a north-south road in Armenia for €74m ($81m). Once the full upgrade is finished in 2019, the complete 556km-long road, called the North-South Corridor, will connect the town ofBavra on Armenia’s border with Georgia to Meghri on Armenia’s border with Iran. The total cost of the project is €381m ($417). Various inter-governmental financial institutions and the Armenian government are paying for the project.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Armenia and EU starts negotiations

DEC. 7 2015 (The Conway Bulletin) – Armenia and the European Union started negotiating a new treaty that would deepen bilateral relations in trade, energy, the environment and transport. The negotiations are particularly poignant as Armenia is now a member of the Russia-led Eurasian Economic Union. Two years ago, too, Armenia rejected a deal to deepen ties with the EU.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Armenians vote to hand more power to the PM

DEC. 6 2015 (The Conway Bulletin) – Armenians voted overwhelmingly in a constitutional referendum to shift power from the president to the prime minister, a move supporters of the change said was a natural modernising step but its critics decried as a thinly veiled power-grab by President Serzh Sargsyan.

The Central Election Commission said 63% of people had voted in favour of the referendum, a far bigger margin of victory than polls had predicted in the run up to the vote.

But Armenia’s opposition said that the vote had been rigged and urged an investigation, a move supported by the US embassy.

Hundreds of people gathered in Yerevan’s central square after the referendum to protest again the result.

Turnout at the vote, though, was reportedly low, despite the high-profile nature of the reforms. Some analysts said the low turnout betrayed people’s belief that the changes had been brought in to improve the position of the ruling elite rather than update the political system.

Lilit Gevorgyan, an analyst at IHS, said that shifting to a parliamentary system was dressed up as a progressive move but was in fact a way for the political and economic elite to shore up their positions.

“It’s an innovative way of solving the succession issue,” she said.

The new rules are set to be introduced at a parliamentary election in March 2017. Mr Sargsyan is set to leave the presidency in 2018.

As well as handing a slimmed down parliament of 101 members elected via proportional representation more power, the new constitution builds in a run-off system which will ensure a majority for a single party.

This last issue was also contentious.

The reformists argued that this system avoided weak minority governments. Its opponents said it bordered on a form of totalitarian rule.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Iranian to supply gas for Armenia

DEC. 9 2015 (The Conway Bulletin) – Alexei Miller, the chairman of Russia’s Gazprom, said he is in talks with Iran and Armenia over a gas swap deal. The deal would see Iran receive Russian oil in the north via Azerbaijan. In return Iran would supply Armenia with gas. Armenia currently receives Russian gas via Georgia.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Armenia-Azerbaijan tension heats up

DEC. 9 2015 (The Conway Bulletin) -The Armenian-backed authorities in the disputed region of Nagorno- Karabakh accused Azerbaijani tanks of shelling its positions for the first time in nearly 20 years. Azerbaijan denied the accusation and said that the Armenian-backed rebels had been firing on their positions. Fighting around Nagorno-Karabakh has worsened over the past few years.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Armenia’s Armeneconombank and BTA merge

DEC. 8 2015 (The Conway Bulletin) — Armenia’s Armeneconombank said it intends to merge with BTA Bank Armenia. The two companies signed a memorandum of understanding in Almaty, confirming the deal. The European Bank for Reconstruction and Development owns 20% of Armeneconombank. Kazakhstan’s BTA Bank owns 65.2% of BTA Bank Armenia. BTA Bank, in turn, is owned by Kazakhstan’s Kazkommertsbank.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Russia beefs up Armenian base

DEC. 8 2015 (The Conway Bulletin) – Russia deployed seven attack helicopters to an air base outside Yerevan, Russian media reported, strengthening its operations in Armenia. Russia has a large garrison based at Gyumri, Armenia’s second city. Russia didn’t specify why it had strengthened its base.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Markets: FDI pick up in the South Caucasus and Central Asia

DEC.11 2015 (The Conway Bulletin) – Foreign Direct Investments (FDI) are picking up again in the South Caucasus and Central Asia. After a difficult year hooked around the fall in the rouble and the drop in oil prices, investors have appeared to regain confidence in the economies of Central Asia and the South Caucasus. Or at least they have decided to just get on with it and deal with the economic downturn.

At least this is what the numbers show.

In Armenia FDI, measured by Central Banks as inflow minus outflow, reached $260m in the first 9 months of the year, a 17% increase compared to the same period last year.

In Georgia, although down 17% compared to the first three quarters of 2014, FDI grew progressively throughout the year, to reach just above $1b at the end of September.

Kyrgyzstan, which saw a surge of FDI in the first half of the year, might be on track to keep the trend going due to renewed confidence in the country’s extractive sector.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on  Dec. 11 2015)

Armenian hackers attack Azerbaijan

NOV. 30 2015 (The Conway Bulletin) – Armenian hackers broke into the Azerbaijani Central Bank network and stole personal data from thousands of people, media reported. This is the second hacker attack on Azerbaijani state websites this year. In June, hackers stole thousands of people’s data from the Azerbaijani customs website.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 259, published on Dec. 4 2015)

Stock market: Tethys Petroleum, Roxi Petroleum

DEC. 4 2015 (The Conway Bulletin) — Oil prices fell by 2.3% to $43/barrel of Brent crude this week.

Tethys Petroleum shares jumped 15% in one day on Dec. 2 to 4.88p, but fell later in the week to close at 4.50p on Friday, a 5.9% increase over the last week.

Roxi Petroleum shares fell sharply to 7p on Friday, down 10% from last week.

Gold prices rose by 2.7% this week to $1,086/ounce, which, together with positive industrial news, propped up the region’s principal gold miners.

Kyrgyzstan-focused miner Centerra Gold gained around 6% this week on the Toronto Stock Exchange, closing at 7.61 Canadian dollars on Friday.

After announcing a new financing deal for its gold deposit in Armenia, Toronto-listed gold miner Lydian International shares gained 30% in just two days. Lydian share price then fell back to 0.27 Canadian dollars on Friday.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 259, published on Dec. 4 2015)