Business

08 February 2007 [10:09]

Azeri banks ask National Bank for extra time

Some Azeri banks asked the National Bank for extra time as they didn't manage to completely float their stock issue due to non-workdays in early January.
08 February 2007 [10:06]

Tender results on ANS frequency to be discussed this week

Azerbaijan's National TV and Radio Council will hold a meeting on the results of the tender on ANS TV and ANS ChM frequency at the end of this week.
07 February 2007 [22:37]

Babayev meets U.S. Assistant Secretary of State

Azerbaijan's Minister of Economic Development, Heydar Babayev, met with the U.S. delegation led by Daniel Sullivan, Assistant Secretary of State for Economic, Energy and Business Affairs, and co-Chair of the U.S.-Azerbaijan Economic Partnership Commission.
07 February 2007 [22:35]

Trades at BICEX

The weighted average exchange prices made up 0,8701 AZN for 1 US dollar in the Baku Interbank Currency Exchange on February 7.
07 February 2007 [22:14]

US-Azerbaijan Economic Partnership Commission signs eight documents

The United States and Azerbaijan launched an Economic Partnership Commission in Baku, Wednesday.
07 February 2007 [22:12]

Azerbaijan bans fowls import from UK and Krasnodar

Azerbaijani Agriculture Ministry's State Veterinary Service has imposed a ban to import of fowls, poultry products and feed from the UK and Krasnodar province of Russia.
07 February 2007 [22:04]

Shah Deniz to return on stream

Shah Deniz Field, the giant one in the Azerbaijani sector of the Caspian, will return on stream on Feb. 26, SOCAR President Rovnag Abdullayev said.
07 February 2007 [21:24]

Washington, D.C. to host US-Azerbaijan Economic Partnership Commission's meeting

The inauguration of the Economic Partnership Commission between the United States and Azerbaijan in Baku today highlighted macroeconomic policy, trade and investment, economic development, energy security, and some other issues, American co-chair of the Commission, Assistant Secretary of State for Economic, Energy, and Business Affairs Daniel Sullivan said.
07 February 2007 [21:22]

BTAK Tbilisi Declaration signed

Ceremony of signing a Tbilisi Declaration on the construction of Baku-Tbilisi-Akhalkalaki-Kars railway line was held on Wednesday at Georgian parliament.
07 February 2007 [21:09]

Erdogan: "Turkey tries to allocate its Shah Deniz share to Georgia"

Turkey is now working on allocation of part of its gas share from the Azerbaijani's Shah Deniz field to Georgia, Turkish Prime Minister Recep Tayyip Erdogan said after talks with the Georgian and Azerbaijani leaders in Tbilisi on February 7.
07 February 2007 [21:07]

International Bank of Azerbaijan launches operation in Georgia

Partially state-owned International Bank of Azerbaijan's (IBAR) affiliated bank in Georgia has officially launched operations after it was granted with a license by the National Bank of Georgia (NBG) on February 7.
07 February 2007 [16:59]

Kamaladdin Heydarov: "We suspended construction of buildings failed in check up"

"It is difficult to say the exact number of buildings the constructions of which have been suspended due to failing in expert appraisal. The shortcomings are being removed according to the construction standards," Azerbaijani Emergencies Minister Kamaladdin Heydarov stated.
07 February 2007 [16:36]

Pakistani official for exchange of delegations between Pakistan, Azerbaijan

Minister for Science and Technology Chaudhry Nouraiz Shakoor on Wednesday stressed the need to start exchange of delegations of experts, researchers and scientists between Pakistan and Azerbaijan to further enhance mutual cooperation.
07 February 2007 [16:06]

Bulgaria, Greece, Russia to sign long-awaited pipeline deal

Bulgaria, Greece and Russia will sign an agreement Wednesday for the construction of a long-awaited oil pipeline that will funnel Russian oil directly to southeastern Europe — bypassing Turkey's busy Bosporus Straits, officials said.
07 February 2007 [14:03]

Campaign pursued against Coca-Cola and Pepsi in northern Azerbaijan

Papers explaining the meanings of the words "Coca-Cola" and "Pepsi" are spread in northern regions of Azerbaijan.
07 February 2007 [13:59]

Turkish Premier: "BTAK railway project will strengthen Turkey geostrategic position"

Implementation of the Baku-Tbilisi-Akhalkalaki-Kars railway project will strengthen Turkey's geostrategic and geopolitical position, Turkey's Prime Minister Rajab Tayyib Erdogan said a briefing before leaving for Georgia.
07 February 2007 [13:05]

US, Azerbaijan launch Economic Partnership Commission

The United States and Azerbaijan inaugurate an Economic Partnership Commission in Baku, Wednesday.
07 February 2007 [10:20]

First toll road to be built in Azerbaijan

The highway to be built from Zeynalabdin settlement to Lokbatan can be the first toll road in the country.
07 February 2007 [10:15]

Tender announced for digital telephone station in Imishli

Communications and Information technologies Ministry's Aztelecom announced a tender.
07 February 2007 [10:10]

Azerbaijan can carry out TEA project

"Azerbaijan can carry out Trans-Europe-Asia (TEA) line project. It is to benefit of this country," said Dr. Roald Sagdeev.
07 February 2007 [09:25]

Azerbaijan resumes gasoline export to Georgia

Azerbaijan has resumed exporting gasoline to Georgia.
07 February 2007 [09:20]

AtaHolding admitted to USACC

AtaHolding has become a member of United States-Azerbaijan Chamber of Commerce (USACC).
07 February 2007 [08:40]

Berlin to host Azeri-German business forum

Azeri-German business forum will be held in Berlin on Feb. 16.
07 February 2007 [08:35]

Star Alliance's insurance premium collection fall 24%

Azerbaijan's Star Alliance Insurance collected insurance premiums of AZN 322,500 during 2006, down 245 from the previous year.
07 February 2007 [08:25]

National Bank Chair meets Simeon Djankov

Chairman of the Management Board of the National Bank of Azerbaijan, Elman Rustamov, has received Simeon Djankov, the creator of the Doing Business series ranking economies on their ease of doing business, from 1 – 175, with first place being the best.
07 February 2007 [08:20]

Azeri Transport Minister leaves for Georgia

A delegation led by Azerbaijan Transport Minister, Ziya Mammadov, has today left Baku for Tbilisi.
07 February 2007 [08:15]

Oil prices approach $59 a barrel as arctic blast hits U.S. Northeast

Oil prices rose Tuesday, lifted by chilly weather across the Midwest and Northeast United States that is boosting heating fuel demand.
07 February 2007 [08:10]

Dow up, Nasdaq and S&P 500 down

The Dow Jones industrial average rose 8.25, or 0.07 percent, to 12,661.74.
06 February 2007 [22:41]

Trades at BICEX, Feb. 6

The weighted average exchange prices made up 0,8701 AZN for 1 US dollar in the Baku Interbank Currency Exchange on February 6.
06 February 2007 [22:31]

U.S., Azerbaijan to inaugurate Economic Partnership Commission

The United States and Azerbaijan will inaugurate an Economic Partnership Commission on February 7 in Azerbaijani capital Baku.
06 February 2007 [22:28]

Organized Crime Task Force arrests Araz-E firm's owner

Azerbaijani Interior Ministry's Organized Crime Task Force found large amount of expired medications, equipment to prepare medicines and falsified documents.
06 February 2007 [22:13]

Barmek's president faces official charges

Official accusations have been made against president of Barmek Azerbaijan Electricity Distribution LLC Huseyn Arabul on Article 179.3.2 (embezzlement), 308.2 (abuse of power) and 313 of the Criminal Code.
06 February 2007 [22:07]

Asia Telecom announces project update in Azerbaijan

In Q4 2006, the Internet service provider (ISP), a division of Asia Telecom Ltd., began the construction of its own data transmission network and placement of DSLAM equipment for the assignment ADSL (Broadband) services in Baku city, Azerbaijan, according to Asian Telecom press release.
06 February 2007 [16:44]

Azerbaijan buys five Boeings

Azerbaijan Airlines State Concern has signed a contract with the US Boeing company on Tuesday. Under the contract Azerbaijan is to buy five Boeing planes of two modifications worth 401 million dollars.
06 February 2007 [15:24]

US government finances projects in Khachmaz

Three projects financed by US government were implemented in Mollaburkhanli village of Khachmaz region, Azerbaijan, on February 5.
06 February 2007 [15:22]

CHF International implements projects in Azerbaijan

CHF International Organization implements several projects in Gakh region, financed by US Agency for International Development (USAID).
06 February 2007 [14:49]

Fitch upgrades Azerbaijan's rating to BB+

Fitch Ratings has upgraded Azerbaijan's foreign and local currency issuer default ratings from 'BB' to 'BB+' with a stable outlook, citing high oil production and low state debt in the former Soviet state.
06 February 2007 [14:33]

Russia and Azerbaijan to cooperate on banking supervision

The Bank of Russia and the National Bank of Azerbaijan have signed an agreement on cooperation in the sphere of banking supervision.
06 February 2007 [10:35]

Baku hosts satellite technology and prospects seminar

Dr. Roald Sagdeev, Distinguished Professor of Physics at the University of Maryland and Director of SilkSat, a telecommunications project utilizing small satellites, Director Emeritus of the Space Research Institute, the Moscow-based center of the Russian space exploration program, gave a seminar on modern status of satellite technologies and prospects at the Communications and Information technologies Ministry.
06 February 2007 [10:30]

Azerbaijan to attend Caspian Telecoms Conference

Caspian Telecoms Conference and Showcase, an ideal forum in which to discover what is happening within the Caspian, Central Asia and Black Sea telecoms market will be held in Istanbul on April 12-13 by international companies, trade-industry exhibitions and conferences professional-ITE Group PLC (UK), EUF (Turkey) and ITE Moscow LLC (Russia).
06 February 2007 [10:25]

Finance Minister: "Azerbaijan to penetrate international capital market"

Azerbaijan will penetrate international capital market this year, Finance Minister Samir Sharifov said.
06 February 2007 [10:15]

Azercell installs 16 more stations

Azercell Telecom JV continues its work on expanding field of its coverage and to provide high-quality telecommunication services in the country.
06 February 2007 [10:10]

Customs taxes and duties collection rises by 31% in Jan.

State Customs Committee of Azerbaijan transferred taxes and duties of AZN 57.65m to the State Budget in January. The forecast was met by 101.68 percent.
06 February 2007 [09:40]

Currency disintegration equipment to be delivered this week

National Bank of Azerbaijan has bought currency shredding devices and granulators from the Kusters Engineering to destroy old banknotes. The granulating devices will be delivered to Baku this week.
06 February 2007 [09:35]

Bashak-Inam increases insurance premiums collection 13%

Azeri-Turkish Insurance Company, Bashak-Inam increased insurance premiums collection to AZN 2,405,443.53, up 12.92% from 2005.
06 February 2007 [09:30]

AtaBank posts 96.5% assets rise

As at January 1, AtaBank's assets made up AZN 62,671,900, up 96.5% from the previous year.
06 February 2007 [09:25]

Improtex Trucks&Buses to open trucks sales and service center

Improtex Trucks & Buses, engaged in new project of sales and service of MAN trucks, intends to open new sales and service center on Shikh Highway.
06 February 2007 [08:25]

Gunay-Anadolu Sigorta to raise its nominal capital 13.3%

Gunay-Anadolu Insurance intends to increase its authorized capital 13.3% to AZN 800,000.
06 February 2007 [08:20]

BE&G Insurance to launch new services

Azerbaijan's BE&G Insurance Company intends to launch new insurance services such as mortgage, energy risk (oil&gas exploration and production) and jewellery carrying.
06 February 2007 [08:15]

UAE's Environment and Water Minister to visit Azerbaijan

United Arab Emirates Minister or Environment and Water, Dr. Mohammed Saeed Al Kindi, is expected to visit Azerbaijan at invitation.
06 February 2007 [08:10]

World market indices up and down, S&P 500 peaks

The Dow Jones industrial average lost 20.19, or 0.16 percent, to 12,653.49, after passing Friday a record close set Jan. 24.
06 February 2007 [08:00]

Tariff Council sets new fares

Tariff Council, State Price Regulator, has discussed new fares for intercity, in-city, suburban, and district passenger carrying, and prices proposed by State Land and Cartography Committee.
06 February 2007 [02:38]

SOCAR tenders Urals crude

Azeri state oil firm SOCAR has announced a tender for 450,000 barrels of Russian Urals crude oil for loading at the Black Sea port of Novorossiisk, the company said Monday.
05 February 2007 [22:03]

Trades at BICEX, Feb. 5

The weighted average exchange prices made up 0,8699 AZN for 1 US dollar in the Baku Interbank Currency Exchange on February 5.
05 February 2007 [21:38]

Iran-Armenia pipeline to become operational 'in March or April'

The first Armenian section of a key gas pipeline running from neighboring Iran will be officially inaugurated next month or in April at the latest, Energy Minister Armen Movsisian said on Monday.
05 February 2007 [21:34]

U.S. diplomat to discuss diversification of Kazakh hydrocarbon exports

A U.S. delegation headed by Assistant Secretary of State for Economic, Energy and Business Affairs Daniel Sullivan has arrived in Astana to discuss diversifying Kazakhstan's oil and gas export routes.
05 February 2007 [21:30]

MAZ sends two airfield passenger buses to Azerbaijan

Minsk Automobile Plant /MAZ/ has sent two airfield passenger buses MAZ-171075 to Azerbaijan. The buses were purchased by the state concern Azerbaijani Airlines – AZAL for the work in the Heydar Aliev Airport in Baku.
05 February 2007 [21:28]

U.N. lifts ban on exports of beluga caviar

The United Nations on Monday lifted a ban on exports of beluga caviar, the most expensive type of the delicacy, after Caspian Sea states agreed to limit catches in view of concerns over declining fish stocks.
05 February 2007 [21:23]

Azerbaijan to buy Boeing's latest B-787 'Dreamliner'

President Aliyev has received the delegation headed by executive vice president of The Boeing Company and president and CEO of Boeing Commercial Airplanes Scott Carson.
05 February 2007 [17:44]

Oil prices drop below US$59 a barrel after jump on cold U.S. weather

Oil prices fell in profit-taking Monday after rising nearly US$2 a barrel last week as forecasts of a cold snap in the United States raised expectations of higher demand.
05 February 2007 [17:34]

Pakistan-Azerbaijan intergovernmental joint commission to meet in Islamabad

The fourth meeting of Pakistan-Azerbaijan intergovernmental joint commission will be held in Islamabad on Tuesday.
05 February 2007 [17:21]

Baku hosts conference on economic growth and problems with use of financial resources

Conference examining priorities of new quality phrase in economic growth and problems with use of financial resources, supported by UK Links, was held by Parliament commission or economic policy.
05 February 2007 [16:00]

Azerbaijan posts $1.1 bln foreign trade surplus for 2006

Azerbaijan's foreign trade surplus totaled $1.1 billion in 2006.
05 February 2007 [12:33]

Georgia hopes to sign free trade agreement with Turkey soon

Georgian Minister of Economics and Infrastructure Giorgi Arveladze said that they hoped to sign a free trade agreement with Turkey in the near future.
05 February 2007 [12:20]

3 documents expected to be signed at Azerbaijan-US Economic Partnership Commission's meeting

"Bilateral economic relations between Azerbaijan and the United States rose to partnership from cooperation in 2006.
04 February 2007 [15:08]

Turkish PM to head for Georgia to attend signing ceremony for rail project

Turkish Prime Minister Recep Tayyip Erdogan will leave for Georgia on Feb. 7 to attend the signing ceremony for the Baku-Tbilisi-Kars (BTK) railway project.
03 February 2007 [17:56]

Internet providers to offer IP telephony service

IP telephony service has been provided in Azerbaijan by President Ilham Aliyev's order effective January 1, Communications and Information Technologies Minister Ali Abbasov said.
03 February 2007 [17:50]

ICT Ministry and IRIB conclude a protocol

A protocol was signed with Communications and Information technologies Ministry of Azerbaijan within the visit of a delegation led by Ezzatollah Zarghami, President of Islamic Republic of Iran Broadcasting (IRIB).
03 February 2007 [12:45]

BSE's turnover up 4,5 times

In total the deals closed on all instruments on the Baku Stock Exchange during January, 2007 stood at approx. AZN 179.304mln, up 4.5 times the same period last year.
03 February 2007 [12:42]

Azercell signs new roaming agreements with Bharti Airtel

Azercell Telecom has put into use roaming agreements with Karnataka, Haryana and Himchal, the networks of India's Bharti Airtel. This is Azercell's fifteenth agreement with Bharti Airtel.
03 February 2007 [12:40]

German company to export Azeri Lt. crude from Ceyhan

Germany's Select Energy GmbH has won the tender announced by the SOCAR Department for Marketing and Economic Operations.
03 February 2007 [12:39]

Koc Bank-Azerbaijan tops ranking of dealer

In January, according to the calculations by the Analytical Department of the BSE, in the government securities market (excluding repo operations market) Koc Bank-Azerbaijan headed the ranking of dealers with dealer operations in the total amount of AZN 16,356,515.14.
03 February 2007 [11:25]

Talks between Azerbaijan and RusAL suspended

The talks between Azerbaijan and RusAL have been suspended for short time.
03 February 2007 [11:20]

Azerbaijan-Moscow intergovernmental commission to meet

The meeting of the Azerbaijan-Moscow Intergovernmental Commission will be held this year.
03 February 2007 [11:10]

Standard Capital tops ranking of brokers in Azerbaijan in January

In January, 2007 according to the calculations by the Analytical Department of the BSE, in the government securities market (excluding repo operations market) Standard Capital headed ranking of brokers with brokerage services of AZN 42,221,457.02 provided to five clients.