News

Japanese carmaker Toyota Motor Corp said Tuesday it was to recall 13,000 vehicles in South Korea, following an order by the Transportation Ministry, DPA reported.

Azerbaijani Insurance Company MBASK acknowledged the right to obtain an international certificate of quality standard ISO 9001:2008, the company said.

Apr.6-7, Almaty (Kazakhstan) will host the 15th meeting of the working group on "Transport and border crossings" project under the United Nations Special Programme for the Economies of Central Asia (SPECA), the Azerbaijani Transport Ministry reported.

Caspian oil delivery to Belarus can ensure an exit to market of other countries, Sarmatia CEO Sergey Skripka told Trend over a telephone.

Azerbaijan has potential to develop alternative and renewable sources of energy, Minister of Industry and Energy Natiq Aliyev said at a conference on alternative energy sources in Baku.

The projects financed by the National Entrepreneurship Support Fund will provide the 223 forced migrants with the job, said the Azerbaijan Ministry of Economic Development.

Azerkimya state company's joining SOCAR is appropriate at this stage, Minister of Industry and Energy Natiq Aliyev said.

In 2010, gas demand in the EU countries will increase by13 billion cubic meters - up to 581 billion cubic meters, Nabucco Gas Pipeline International Gmbh's presentation reported.

In 2009, the State Service for Antimonopoly Policy and Consumer Rights Protection under the Azerbaijani Ministry of Economic Development withdrew about 543 tons of expired food products from sale.

Azerbaijani Ministry of Communications and Information Technologies considers the appeal of the Azerbaijani mobile operator Azercell Telecom LLC in detail for the issuance of licenses for providing telecommunications services in the 3G standard, Communications and Information Technologies minister Ali Abbasov said today.

The US Federal Reserve has repeated its pledge to keep interest rates at record lows in order to nurture the economic recovery, BBC reported.

Oil ministers of the Organization of the Petroleum Exporting Countries (OPEC) said Wednesday that they were in agreement about keeping their current production limit, at the start of their spring meeting in Vienna, DPA reported.

European Bank for Reconstruction and Development (EBRD) prognosticates that, economical growth rate will stay unchanged for 2010, in Azerbaijan.

Within 2010 the constancy of banking sector will be kept unchanged in Azerbaijan, said Elman Rustamov, Central Bank’s chairman of board.

Azerbaijan imported over 63,400 vehicles in 20009, or 28.8 percent less than in 2008, the State Statistics Committee reported.

EU ambassador to Azerbaijan Roland Kobia believes that the "Eastern Partnership" program will bring to Azerbaijan not only economic benefits, but also will help start a dialogue with its neighbors, which is a key aspect of solving any conflict.

The US government chalked up a smaller-than-expected budget deficit in January, the Treasury said Wednesday, though the gap is projected to hit a record 1.56 trillion dollars in 2010, AFP reports.

Kazakhstan-based Tengizshevroil company working on Tengiz and Korovelskoe oilfields has ceased pumping oil through BTC.

In total 1.7 billion cubic meters of gas was pumped through Azerbaijan’s network of trunk pipelines in January, up 10.5% from a year ago.

On Jan. 21, Toyota issued a gargantuan recall to address a potential safety hazard that’s been making waves the world over, northernlife.ca reported.

The International Telecommunication Union, which is taking part in the Mobile World Congress in Barcelona this week, has released a report predicting that total global mobile cellular subscriptions will reach 5 billion this year, up from about 4.6 billion at the end of 2009, tmcnet.com reported.

The economic growth of Azerbaijan, which GDP increased by more than 9 percent for the last year, will allow improving investment climate in the country for Lebanese businessmen, Lebanese Foreign Minister, Ali Shami, said.

Every year the volume of budgetary financing of health services is increased in Azerbaijan the Ministry of Health said on the basis of an expanded meeting of the Ministry's board.

Recently, Turkmenistan has been actively following the policy of diversifying its gas supplies.

There is a risk that oil demand in the United States remains flat or falls this year, the Organization of the Petroleum Exporting Countries (OPEC) said Wednesday, citing uncertainty about economic recovery in the US, DPA reported.

China’s auto sales surged 124% in January to a monthly record of 1.66 million vehicles, extending last year’s strong gains and bucking forecasts for weaker growth, gasgoo.com reports.

Georgia and Azerbaijan signed a joint agreement today to combat customs offenses in 2010-2011.

Baku Taxes Department has made structural changes, said Natig Amirov, the department’s official.

The next Belarusian National exhibition will be organized in Baku in May.

Trend News Persian Desk conducted interview with Iranian Vice-President, Cultural Heritage and Tourism Organization Chief, chairman of the Center for Free Economic Zones Hamid Baghai.

The dynamic development of Azerbaijan's economy served as a basis for successful tax reforms in 2009, Azerbaijani Tax Minister Fazil Mammadov said at a board meeting devoted to the ministry's activities last year and 2010 priorities.

The Azerbaijani banks and insurance companies show more responsible attitude to the obligatory audit control compared to other economic facilities, Azerbaijani Auditors Chamber Chairman Vahid Novruzov said today

The State Oil Fund of Azerbaijan Republic (SOFAZ) and RiskMetrics Solutions Inc. signed a contract under which the company will offer SOFAZ services on implementation of software for risk assessment, the company reported.

Turkey regards the current price of the Azerbaijani gas not acceptable, and will buy gas at a new agreed price,

The Azerbaijani Ministry of Culture and Tourism suspended the activity of 25 hotels and hotel-type facilities which operated without licenses, the Minister of Culture and Tourism of Azerbaijan Abulfaz Garayev said today.

The Azerbaijani State Property Committee approved an action plan for 2010 as part of national strategy to increase transparency and to fight against corruption, the Committee reported

The growth of Azerbaijani economy has continued in 2009. GDP real growth for crisis year turned out to be very high 9.3 percent, the finance minister Samir Sharifov said in a meeting of the Cabinet of Ministers dedicated to the socio-economic development in 2009, which was presided over by Azerbaijani President Ilham Aliyev

The Saudi Arabian business community is interested in joint projects in Turkmenistan, Adviser to the Saudi Arabian Interior Ministry Prince Muhammad bin Saad bin Khalid bin Mohammad Al Saud said during a meeting with Turkmen President Gurbangulu Berdimuhammedov.

President of Azerbaijan Ilham Aliyev has Monday presided over a Cabinet`s meeting dealing with the outcomes of socio-economic development in 2009, AzerTAj state news agency reported.

Oil prices hovered around $78 a barrel Monday as traders weighed doubts about global oil demand against a weaker U.S. dollar, which made crude cheaper for investors holding other currencies, AP reported.

The State Oil Company of the Azerbaijan Republic (SOCAR) will continue implementing ecological projects in areas belonging to the Bibiheybat Oil and Gas Producing Department (OGPD), said Azneft Production Unit Deputy General Director Faig Jafarov at a Saturday meeting.

The capitalization of the banking sector of Azerbaijan grew 1.8 percent in October 2009, and 16.6 percent compared with the beginning of the year, the Central Bank of Azerbaijan (CBA) said. The total capital of banks is 1.987,29 million manat.

Iran intends to purchase about 5 billion cubic meters of gas from Azerbaijan, Iranian Ambassador to Azerbaijan Mohammad Bagir Behrami told journalists today.

The international conference "Major Directions of Turkmen Power-Engineering Development" began this week at the Ashgabat Exhibition Center.

The Nabucco gas pipeline project is still very much a pipe dream in terms of cost, length and technology, Director of Analysis at the U.S STRATFOR Center Reva Bhalla said.

Azerbaijan’s youngest mobile operator Azerfon LLC (Nar Mobile) has got a 3G services license from the Ministry of Communications and Information Technologies, Azerfon’s General Director Gido Helbich told APA-ECONOMICS.

Representatives of the East Capital Swedish investment fund will meet and explore cooperation possibilities with the ADA Group in Baku tomorrow.

Former British Prime Minister Tony Blair will pay a private visit to Azerbaijan Dec. 1 upon the invitation of the Azerbaijani company AZMECO, AZMECO Board Chairman Nizami Piriyev told Trend News today.

The Azerbaijani parliament approved the draft forecasts on 2010 public budget, the consolidated budget and socio-economic concept for 2010 and subsequent three year by 101 votes in favor and 8 against.

The dollar dropped to a 14-year low against the yen. Asian stocks declined, led by Japanese exporters, and European stocks fell, Bloomberg reported.

The main problem troubling fruit growers of Guba and Khachmaz – difficulty in selling the products – will be eliminated at the governmental level.