For the Love of Whisky the FINANCIAL with the Production Peak Re- Its Production Accounted for Corded in 2012

Half of unemployed young people in the Women in EU EU ready to relocate have ﬁ rst child for a job on average at 29 See on p. 8 See on p. 13 2 April, 2018 News Making Money http://www.ﬁ nchannel.com “Being a Turk in Georgia, while serving as Turkish Ambassador in Tbilisi, is a pleasant experience” Fatma Ceren Yazgan, Turkish Ambassador to Georgia

The FINANCIAL torical links; as well as shared ments and trade relations but social and cultural interac- also the giant projects which tion. For the last twenty fi ve Turkey and Georgia, as well as Q. How have economic years the biggest change has our neighbour Azerbaijan, are relations between our been that we now have very involved in. These are proj- two countries changed structured economic rela- ects which have been on the over the past fi ve years? tions. When Georgia gained agenda for fi fteen years and And in your opinion has its independence and then are now bearing their fruits there been anything spe- Turkey rediscovered Georgia cifi c of note between the and the Georgian people, op- and I think we are seeing how countries in these fi ve portunity became where busi- solid these projects always years? ness people see it themselves. were. So there is a great future A. When you ask me about The governments were late in in terms of big infrastructural the past fi ve years, I think responding to many issues, projects bilaterally as well as it’s actually a 25-year jour- so I think that particularly in regionally. ney and it will be an endless these past fi ve years strategic story. We are two neighbour- relations have been crowned ing countries with deep his- by not only bilateral invest- Continued on p. 4 Most millennials will only work for purpose-driven firms The FINANCIAL as a taken-for-granted – that That purpose tops the any company that wants to be agenda for millennials is successful must pursue pur- backed up by PwC’s recent he most attractive pose,” said Alex Edmans, Pro- Workforce of the Future sur- companies to today’s fessor of Finance at London vey, which found that 88% talent are driven by Business School (LBS). “A of them want to work for a purpose, according purposeful company will still company whose values refl ect to London Business focus on long-term perfor- their own. Millennials will TSchool (LBS) experts. mance even when times are comprise 75% of the global “Maybe we will stop talk- diffi cult. The best companies workforce by 2025. ing about purpose in 10 years’ stick to their purpose rather time because it will just be than be distracted by short- ingrained in any organisation term demands.” Continued on p. 10 Danes train more to improve their hobbies

See on p. 8 For the love of whisky The FINANCIAL with the production peak re- its production accounted for corded in 2012. In 2016, the 85% of the EU total, while it EU’s whisky production was represented 88% of the EU n the European Union, equivalent to slightly over 1.2 total in terms of quantity. In some 630 million litres of litres of pure alcohol per in- other words, about nine in ev- pure (100%) alcohol was habitant and it amounted to a ery ten bottles of whisky pro- produced in relation to value of €4.4 billion. duced in the EU originated whisky production in 2016. With a production worth from the United Kingdom. IThis was 90 million liters more than €3.7 bn, the Unit- fewer than in 2015 and 170 ed Kingdom was by far the top million litres fewer compared producer in 2016. In value, Continued on p. 15 Putin remains CURRENCIES overwhelmingly Weekly Mar 31 Mar 25 unpopular Market 1 USD 2.4144 2.4314 in the United Watch 1 EUR 2.9762 2.9972 States By Galt & Taggart 100 RUB 4.2081 4.2485 1 TRY 0.6109 0.6115 See on p. 2 See on p. 19

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If you are seeking permission to use The FINANCIAL trademarks, logos, service SPRING IN ACTION marks, trade dress, slogans, screen shots, copyrighted designs, combination of headline fonts, or other brand features, n March 2018, the average cost of please contact publisher. cooking one standard Imeretian “&” is the copyrighted symbol used khachapuri declined to 3.55 GEL, by The FINANCIAL which is 3.2% lower month-on- FINANCIAL (The FINANCIAL) is registered month (that is compared to Feb- trade mark of Intelligence Group ltd Iruary 2018), and 4.2% higher year- in Georgia and Ukraine. Trade mark on-year (compared to March 2017). registration by Sakpatenti - Registration The price of khachapuri has date: October 24, 2007; Registration N: 85764; Trade mark registratrion dropped in monthly terms (com- by Ukrainian State Register body - pared to February 2018) in all Registration date: November 14, 2007. Georgian cities. At 3.41 GEL, Telavi has seen the largest drop in the ADVERTISING Index (-4.7%), followed by Tbilisi All Advertisements are accepted subject (3.73GEL), which dropped by 4%. to the publisher’s standard conditions of Batumi (3.53 GEL) and Kutaisi insertion. Copies may be obtained from (3.52 GEL) experienced declines of advertisement and marketing department. Please contact marketing at: 1.5% and 2.7%, respectively. marketing@fi nchannel.com The negative monthly change in see fi nancial media kit online Kh-Index follows the traditional sea- www.fi nchannel.com sonal trend in fresh milk production. Download RATE CARD The price of all khachapuri ingredients declined compared to the previous month (February 2018), due to seasonal increase in the supply of milk combined with a temporary slump in demand due to the Great Lent, which started on February 19.

DISTRIBUTION Putin remains overwhelmingly The FINANCIAL distribution network covers 80 % of key companies operating in Georgia. 90 % is distributed in Tbilisi, Batumi and Poti. Newspaper delivered free of charge to more than 600 companies and unpopular in the United States their managers. To be included in the list please contact distribution department at: temuri@fi nancial.ge CONTACT US EDITOR-IN-CHIEF ZVIAD POCHKHUA E-MAIL: editor@fi nancial.ge editor@fi nchannel.com Phone: (+995 32) 2 252 275 HEAD OF MARKETING LALI JAVAKHIA E-MAIL: marketing@fi nancial.ge marketing@fi nchannel.com Phone: (+995 558) 03 03 03 CONSULTANT MAMUKA POCHKHUA E-MAIL: fi nance@fi nancial.ge Phone: (+995 599) 29 60 40 HEAD OF DISTRIBUTION DEPARTMENT TEMUR TATISHVILI E-MAIL: temuri@fi nancial.ge Phone: (+995 599) 64 77 76 COPY EDITOR: IONA MACLAREN COMMUNICATION MANAGER: EKA BERIDZE Phone: (+995 577) 57 57 89 PHOTO REPORTER: KHATIA (JUDA) PSUTURI MAILING ADDRESS: 17 mtskheta Str. Tbilisi, Georgia OFFICE # 4 PHONE: (+995 32) 2 252 275 (+995 32) 2 477 549 FAX: (+95 32) 2 252 276 ducted in January before the Rus- tween 2015 and 2017, from 11% to with Russia” were a major threat to E-mail: info@fi nchannel.com KRISTEN BIALIK sian leader’s re-election. Just 9% of 27%. Conversely, more Democrats U.S. well-being. on the web: www.fi nancial.ge Pew RESEARCH CENTER daily news: www.fi nchannel.com Democrats and Democratic leaners viewed Putin unfavorably in 2017 By January 2017, after the presi- had a favorable view of Putin. About (79%) than did so in 2015 (69%), but dential election, Democrats had The FINANCIAL -- A majority of three-quarters of Democrats (76%), there has been little change since become far more likely than Re- Americans (68%) have an unfavor- on the other hand, held an unfavor- last year. publicans to view Russia as a threat able opinion of Russian President able view of the Russian president, Other signifi cant partisan shifts – though views have changed little Vladimir Putin. Just 16% see Putin compared with a smaller majority of in views of Russia have taken place since then. When the question was Intelligence Group ltd. 2018 favorably, with more Republicans Republicans (62%). in recent years. For many years, most recently asked in October than Democrats holding that view. Republicans’ views of Putin be- Republicans and Democrats shared 2017, there was a 25-percentage- Member of A quarter of Republicans and came somewhat more positive similar views about whether Russia point partisan gap: 63% of Demo- Republican-leaning independents between 2015 and 2017, but have posed a major threat to the United crats and just 38% of Republicans (25%) said they had a favorable changed little since last year. The States. For example, as recently as said they viewed “Russia’s power view of Putin overall, according to share of Republicans viewing him April 2016, 46% of Republicans and and infl uence” as a major threat to a Pew Research Center survey con- favorably more than doubled be- 37% of Democrats said “tensions the well-being of the U.S. Overall, HEADLINE NEWS & ANALYSIS 3 FINCHANNEL.COM | 2 APRIL, 2018 ppublicityublicity

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Advertiser: Casino Jewel. Contact FINANCIAL Ad Dep at marketing@ﬁ nchannel.com 4 HEADLINE NEWS & ANALYSIS iinterviewnterview 2 APRIL, 2018 | FINCHANNEL.COM “Being a Turk in Georgia, while serving as Turkish Ambassador in Tbilisi, is a pleasant experience”

Turkish construction sector and its Fatma Ceren sub-sectors, like construction materials, are represented here in Tbilisi, Yazgan, Turkish which of course encourages healthy competition. Georgian consumers Ambassador to know quality, and want the best. I think that’s part of the reason they Georgia like the work done by Turkish con- tractors, because we provide quality. Interviewed BY TAKO KHELAIA This is due to the fact that we learned this construction business in Tur- The FINANCIAL key where we had a lot of high-level technology. We started working in Q. How have economic rela- diff erent markets where we gained tions between our two coun- experience. Therefore the Turkish tries changed over the past fi ve constructors here will of course be years? And in your opinion has interested in projects and not only there been anything specifi c of in terms of buildings but also infra- note between the countries in structure, and I think it’s our job to these fi ve years? show the various opportunities that A. When you ask me about the are available. past fi ve years, I think it’s actually a Q. We have several Turkish 25-year journey and it will be an end- restaurants here. In Batumi less story. We are two neighbouring there are also big restaurants countries with deep historical links; which have Turkish menus as well as shared social and cultural and Georgian people are actu- interaction. For the last twenty fi ve ally some of the most frequent years the biggest change has been visitors to Turkish restaurants. that we now have very structured What are your thoughts on this? economic relations. When Georgia A. The best Turkish food in this gained its independence and then town is cooked in my house! I’m jok- Turkey rediscovered Georgia and ing of course. When I feel like eating in a restaurant or having a Doner, the Georgian people, opportunity FATMA CEREN Yazgan, Turkish Ambassador to Georgia became where business people see it there are a couple of options. I visit themselves. The governments were the restaurant ‘Ankara’. ‘Mado’ is also late in responding to many issues, so are two distinct countries with distinct I know that there are many Turkish because we do like skiing and we’re a favourite of mine as they make des- I think that particularly in these past identities, but a lot of joint interests. students in Tbilisi’s medical faculty hoping to discover new places like serts even better than I do! Something fi ve years strategic relations have And of course the people are not the and vice versa - Georgian students in Gudauri, Guria and Mestia. very specifi c to our cuisine is that it’s been crowned by not only bilateral same, we are similar but never the Turkey. Health cannot be analyzed on Q. What about the role of a mix of centuries’ worth of traditions investments and trade relations but same. Even Georgian and Turkish re- a purely economic, commercial basis. Turkish infrastructure in Geor- and regions. The strength of the Turk- also the giant projects which Turkey gions diff er from each other. This is like It is one of the primary duties of our gian tourism? ish cuisine has been a very successful and Georgia, as well as our neighbour having a good range of colours. Even governments. There should be Geor- A. we have investors in hotels fusion of all the cuisines around. We Azerbaijan, are involved in. These the most beautiful colour in the world gian know-how, which there is, and in Tbilisi, also investors who are have some regional preferences of are projects which have been on the will be monotonous if you don’t have I’d be happy to contribute to it as the building hotels and actually operat- kitchen. I grew up in the southern part agenda for fi fteen years and are now shades or diff erent colours to comple- Turkish Ambassador. Hospital man- ing them with well-known changes. where we have to have ‘bulgur’, with- bearing their fruits and I think we ment it. And defi nitely this pulse, this agement; post operational care; inten- These are all very welcome develop- out it we cannot even last a day! You are seeing how solid these projects feeling of change, transformation and sive care; children’s diseases control; ments because I think our experience don’t have bulgur, but it is very simi- always were. So there is a great future evolution in Tbilisi and in Georgia in epidemic control; and family medicine in the tourism sector for the past 25 lar to the Megrelian corn dish ‘ghomi’. in terms of big infrastructural proj- general, with people as a central part - these are the points which we will be years is very much developing in par- Ajapsandali is also very similar to our ects bilaterally as well as regionally. of it, was a very strong impression. working on. allel with Georgian independence. cuisine. I can always fi nd something Our trade volume has now reached Q. Medical tourism has defi - Q. Let’s talk about tourism. The development in Georgia is very to eat. Georgian cuisine is excellent. almost 1.6 billion. I have statistics nitely been one of the most pop- You mentioned that the num- obvious. I know that diff erent seg- It’s something very deep and rich. It’s which say that it’s more or less 17% ular forms of tourism between ber of tourists visiting Turkey is ments of tourists would like to have not only about cheese and wine. of Georgian trade. Georgian exports these two countries for the past growing. What is the biggest at- diff erent styles of tourism. There are Q. which are your favourite to Turkey are increasing. The number 3 or 4 years, and is continuing traction for Turkish tourists in certain tourists who would like to Georgian dishes? of Georgian tourists coming to Turkey to grow. What is your opinion Georgia and vice versa? shop until they drop but there are A. I can’t pick just one, but ‘pkhali’ is increasing as well as the number of on it? A. I think Georgia’s culture and art also those who would like to keep is defi nitely up there, something that Georgians working in Turkey. Turk- A. When I was received by the in particular are very attractive. The away from crazy crowds. Georgia is we don’t have in Turkey. I think pkh- ish investments in Georgia have been Health Minister of Georgia we talked nature is very attractive, and I must also liked for its very good climate, ali is distinctively Georgian. Georgian steadily increasing in these past fi ve about this. I’ve also spoken with the say that there are many people in diff erent regions, wine culture, and ‘khachapuri’ is also something very years in sectors such as energy, health, representatives of companies who are Turkey that are of Georgian descent, marvellous food. But I think the hos- diff erent. tourism, investment, and hospital- working in the health sector, including meaning they are ethnically Georgian pitality here is like us. We’re very Q. It’s spring at the moment, ity. We have recently integrated a very pharmaceutical companies, as well as or their ancestors came from diff erent similar to Georgians in that respect - which is a season that is gener- prominent textiles establishment in those who are bringing diff erent tech- part of Georgia to Turkey. This part of we both like guests. We like hosting ally associated with women. I Poti. So I’m sure there will be new ar- nologies to Georgia from Turkey, in historical family genealogy is interest- guests and being hospitable to them. have to ask you for a comment eas of cooperation which our business- addition to hospital representatives. ing to people. Therefore they come and Q. Could you please name the on women who are busy at work men will fi nd and develop. And as their I’ve only been here for 2 months, but see those places with that sort of thing top fi ve largest Turkish compa- while at the same time being embassy we are ready to support them. let me just say upfront that I do not in mind. I don’t want this to be misun- nies which are represented in good mothers, and good in the Q. What was your fi rst im- agree with the term “medical tour- derstood. This is not about Turks com- Georgia? kitchen. How do you manage it, pression of this country as Am- ism.” Tourism is something that is ing to discover Georgia for invasion, it A. I can’t single out fi ve. It’s more and how would you defi ne suc- bassador of Turkey to Georgia? done by people as a form of travel for is not about that. It is actually to bond than that, and I would be reluctant cess for women? A. My fi rst impression of Georgia was pleasure. For those who are in need of those cultural ties which were disrupt- to mention specifi c names because A. It’s such a diffi cult question. I’m of course Tbilisi. And when I walked medical treatment and attention, go- ed for a time. This is about positive I might neglect to mention one. not going to talk about success, be- for the fi rst time through the streets of ing to diff erent countries where tech- cultural and historical ties. But when I walked through Tbilisi’s cause I don’t defi ne success in terms of Tbilisi I told myself “what an inspiring nology or treatment is available for Of course the visa free travel re- streets, I saw shops which I enjoy happiness, in terms of achievements in city this is!” It is the pull of history, and diff erent reasons, I call that travel for gime helps that decision because to buying from myself. Walking down our careers. As an example, my moth- not only history, but a creative, young healing. I don’t think tourism is asso- be frank, a tourist who’s interested in Rustaveli, Pekini, or other streets er gave up her career to raise the chil- spirit; old traditions on one side and ciated with such medical needs. having a few good days comfortably of Tbilisi, when I saw those brands I dren. She thinks that if I’m successful, on the other side - a young population In Turkey we have managed an im- seeing new places and new cultures was very happy as it demonstrated to then she’s successful. She believes that with a pulse. There is a vibe in this city. portant leap in our medical services, can be deterred if made to wait at me how many brands there are here if I’m happy, than she is even more And it truly makes one a part of it. So I not only in terms of how we organized an embassy’s visa offi ce being asked that came from Turkey. Beer Efes, LC successful, and the same goes for me did not feel the challenge to be frank, it as a government, but also in terms of endless questions about their lives Waikiki, Koton - all of these are brands and my children. We are not super- because as the Turkish Ambassador, the quality of our medicine. Of course and fi nally getting a visa for a not-in- that originated in Turkey. We are also women; we have failures, shortcom- or like my other Turkish diplomat col- this has not happened in the past fi ve expensive price. That hurts tourism, happy that there is a Beko and Ves- ings; we have weak moments; and leagues serving in Georgia for the joint or so years, it was a generational is- and that’s why Turks do prefer places tel here. So the things we have in our we have our strong sides. So from my interests of these two countries, it is a sue. It’s about education, it’s about the where they can travel without that houses in Turkey are available here in personal experience I would recom- pleasure most of the time. technology. Many people from Turkey hassle. I think that’s also a very pro- Georgia too. The people who work in mend young women who are starting Let me give you an example. I’ve went to study abroad, many people ductive reason why they enjoy such a these companies are mostly Georgian. their lives in terms of education, to heard people complaining about traf- came back and have brought their ex- beautiful country which is very close So they are not only here as investors, be supportive of each other, and to fi c, which makes me feel completely perience back with them. So I think we and accessible; where they feel com- they are here as Georgian companies. not give up. Again, success should not at home. Or the way people greet each lived through a change which Georgia fortable and welcomed. So I think Q. Construction is really one be defi ned neither by the amount of other in the morning when they are can benefi t from. There are many peo- that’s why they come to Georgia. of the biggest parts of Turkish money we make, nor the positions we going to work - it’s very similar to ple in Georgia who are going to Turkey Also, winter tourism is developing investment in Georgia. Is there take. It’s all temporary. I think it’s the our way of living. Thus, being a Turk for medical treatment and we are only and Turkish skiers are discovering going to be any other develop- friendships and relationships that we in Georgia, while serving as Turkish happy to be of help, to fi nd the treat- Georgia. That wasn’t very well known ments in this regard? build. It’s the good memories we leave. Ambassador in Tbilisi, is a pleasant ment and help them to regain their in Turkey previously. I’ve seen this A. It is the Turkish businessmen These are the real terms of success. experience. health. It’s also very important that we developing in the past three years. It with their Georgian partners that Of course we have challenges. They give that know-how to Georgia. And is increasing, which is very welcome have made it possible. Therefore the First published in GLOSSY mag HEADLINE NEWS & ANALYSIS 5 FINCHANNEL.COM | 2 APRIL, 2018 fi nancialnancial nnewsews Apartment for Sale

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Advertiser: Terma. Contact FINANCIAL Ad Dep at marketing@fi nchannel.com 6 HEADLINE NEWS & ANALYSIS iinterviewnterview 2 APRIL, 2018 | FINCHANNEL.COM 2018 is the year of Italian cuisine Q. From your point of view, Antonio how strong is the infl uence of Italian cuisine on societies Enrico Bartoli, worldwide? Ambassador of Italian cuisine is largely spread and has a big infl uence worldwide. Food is Italy to Georgia a gateway to culture. It’s an important component of the Italian experience. has explained We call it: Vivere all’italiana, Living the Italian way. Our food is appreci- the secrets of an ated across the globe, and many tourists visit Italy also to try the real Italian everlasting success cuisine. Actually, we are often victims of our success. I’m referring to the Interviewed BY TAKO KHELAIA so called Italian sounding. Products The FINANCIAL made and marketed overseas with al- leged Italian brands. And disastrous attempts to recreate Italian dishes, Q. Italy, is well known for its adjusting them to the local tastes (fu- amazing cuisine. What do you sion is another thing, I would call this think makes Italian dishes so just manipulation.) These phenomena special? damage not only our economy, but also Italian dishes are special because our great food culture. Therefore, be- they are, at the same time, savory ware of imitations! Taste the real thing. and healthy, rich and simple. Rich You will be in good company. Last in taste and diversity. Simple as year, Italian agribusiness export our natural raw materials remain amounted to 41 billion euros (9% of the protagonists. Our ingredients total 2017 Italian exports, +7% with re- don’t need to be “anesthetized” by spect to 2016,), led by wine, cheeses and (indigestible) sauces. Our cuisine is cured meats. In general, the agro indus- deeply-rooted in tradition. An amaz- try sector accounts for 9% of our GDP. ing array of regional dishes. It was But cuisine, as we said, plays also not born in some chef’s kitchen. It ANTONIO ENRICO BARTOLI, Ambassador of Italy to Georgia has explained the secrets of an everlasting success a crucial cultural role. This role has comes alive in every kitchen, of every been acknowledged by UNESCO family, every day. Being rooted in through several recognitions. Besides tradition does not mean lacking in- broadly its region, Emilia Romagna) lemon and herbs, grilled calamari or other food treasures. Consortia and the already mentioned art of pizza genuity, though. Quite the contrary. is nicknamed “la dotta” (the learned peppered mussels. Don’t like fi sh? geographical denominations (whose making, also the Mediterranean Diet, Italian cuisine is an ongoing process, one: most ancient university ever), You can eat “alla milanese”: saff ron multiplier eff ect can benefi t highly Parma creative city of gastronomy, a continued evolution driven by cre- but also “la grassa” (the fat one, for risotto, breaded stick (“cotoletta”) or qualifi ed and relatively small produc- the sapling vine of Pantelleria, as well ativity, while based on a solid but the incredible variety of delicacies). “ossobuco” (meat stew with bone and ers) is a meaningful experience Geor- as the vineyards of Langhe, Roero, multi-faceted food identity, on the I stop there, as these are only ex- marrow). Cold outside? Polenta and gia should draw upon. and Monferrato have been awarded. ancient history of a country that is a amples. Just start exploring! 2018 is sausages! I’m also crazy about fried Q. Which Italian dessert do We also submitted nominations for bridge in the Mediterranean, a natu- the year of Italian food (#annodel- fi nger food. Sicilian Arancini, for you like most? Prosecco and Amatriciana. ral crossroads of civilizations. Italian ciboitaliano). Many events in every example (rice balls fi lled with meat, I know you expect me to mention ti- “Culinary diplomacy” is a power- cuisine is a successful combination city. 169 wine routes, 100 museums mozzarella, peas and tomato sauce). ramisu or panna cotta. Indeed, these ful tools of soft power, especially for of tradition and innovation. of taste. Google, for travel ideas. I could go on for hours. Best method? are very popular desserts. But choco- a country like Italy. It is a way to pro- Q. Gastronomy tourism and Lots of websites. You can begin with Try it for yourselves. You will not be late cakes and fruit tarts are my favor- mote the country through food, while wine tours attract thousands of www.italia.it, to then browse http:// disappointed. ite ones. Also, I adore the colomba, developing commercial or economic travelers to Italy every year. www.itinerarinelgusto.it/ or www. Q. What is the origin of the our traditional Easter dove cake. The opportunities and increasing the role Out of 75 billion euros (tourism deliciousitaly.com. All these itinerar- name “Pizza Margherita”? natural complement to Christmas pa- of Italy in the world. Every year in turnover in Italy), one third (26 bil- ies will let you savor the distinctive According to tradition, the origin of nettone and pandoro: same dough in a November, we celebrate the “Week of lions) comes from gastronomy. We traits of the countless territories of Pizza Margherita derives from Queen nice dove shape, topped with pearl sug- Italian Cuisine in the World” (more turn the best ingredients into deli- the “Great Beauty”. You will not be Margherita of Savoy. Indeed, in 1889, ar and almonds. Don’t forget Sicilian than one thousand events across the cious products. Italy has the larg- able to separate fl avors, landscapes, the Queen went to visit Naples and the cannoli, tube shaped shells of pastry globe). We brought several starred est selection of foodstuff s (292) and and monuments. Cuisine, nature, Royal Palace of Caserta (the amazing dough fi lled with ricotta and chocolate. chefs to Georgia. We organized din- wines (523) certifi ed by their origin and history are deeply intertwined. “Reggia di Caserta”). For this impor- Q. Ice-cream occupies an impor- ners, masterclasses, exhibits and fi lm and production process. It holds the You will undertake a multi-sensory tant event, a famous “pizzaiuolo” from tant place in Italian culture. Tell screenings in Tbilisi. world record for number of olive va- journey through beauty, culture and Naples, Raff aele Esposito, prepared a us a little about Italian ice-cream Q. Pesto, a green herb sauce rieties and boasts 500 diff erent kinds taste. The extraordinary Italian taste. special dish for the Queen, with moz- production and distribution. from Genova, has become a of cheese. The 2017 study by Cold- Q. Because of common ste- zarella cheese, tomatoes, and basil. It is no coincidence that when “trendy” dressing for pasta in iretti (largest farmers’ association reotypes pasta and pizza are the White, red and green: the colors of Americans want to highlight an ice the last two decades. What are in Italy and Europe) counted 5,047 most demanded dishes by tour- our fl ag. However, the pizza had been cream as really special, they use the its traditional ingredients? regional products. Among this vast ists or guests of Italian restau- created before the visit of the Queen, word gelato (with the US pronuncia- Pesto is one of the sauces Italians repertoire: 1,521 types of bread, pas- rants. But we believe it’s just a and it was only named after the Queen tion, of course). To mean: real Italian are most proud of. Once again: be- ta and biscuits; 1,424 fresh and pro- little part of Italian cuisine. in 1889, to honor her. According to stuff . Gelato is the ideal way to con- ware of imitations. The original pesto cessed vegetables; 791 salami, hams, I agree. Man shall not live on piz- some writings, pizza already existed at clude a meal or take a refreshing break. is not always available in supermar- fresh meat and sausages; 253 typical za alone. But don’t forget that pizza the end of the 18th century. Also, there are cakes of the same con- kets, especially abroad. The best is, of dishes or gastronomy products, 147 making is an art, that has been just Q. Tell us about ‘prosciutto’. sistency of ice-cream, the so-called course, the homemade one. It’s not liqueurs, beers and spirits, and non- awarded world heritage status by Prosciutto is a particular cut of pork torta-gelato. Fruit or cream, cup or easy to prepare, though. You would alcoholic drinks; 167 products of ani- Unesco. I’m talking specifi cally about meat. Specifi cally, it’s the thigh and cone? It depends on your taste. There need a mortar and pestle to crush mal origin including honey and other Neapolitan pizza, the softer and tick- hip of the pork. Its main feature is the are infi nite varieties of ice-cream, the (that’s the meaning of pestare, hence dairy products; 159 preparations of er one, obtained by “pizzaiuoli” by way prosciutto is processed, that is only limit being the producers’ fanta- pesto) all the ingredients. Or, more fi sh, mollusks and crustaceans. Cam- spinning and twirling the dough in diff erent from any other kind of cured sy. I know I’m boring, but personally, simply, a mixer. Basil gives the color pania, Tuscany, and Lazio are the the air. Quite a show. I’m from Rome meat. It can be eaten as an appetizer I stick to dark chocolate. Producing to the sauce. The other ingredients richest regions in culinary diversity. and also love our paper-thin crust, or a main or side dish. There are gelato is considered an art (there are are garlic (ideally from Vessalico, tiny Q. Please tell us about your with crunchy edges kind of pizza. Try two main kinds of prosciutto: cotto more 40,000 ice cream parlors in our village of Liguria region), pine nuts, recommendations and choices. both! Regarding pasta, you are spoilt (baked) and crudo (raw). The former country, employing 150,000 people.) coarse salt, extra virgin olive oil, par- All along “the Boot”, you have for choice, too. Italy has been the is baked and salted, and its color is But gelato is also enjoying a great suc- mesan cheese and pecorino cheese. infi nite options. Tasting Modica’s world leader in pasta making for over pink. The latter is dry, has a red color cess in the world (export is growing Q. How would you estimate chocolate surrounded by the magic 500 years. And one can count more and is more refi ned. Prosciutto is well every year). Not surprisingly, Italy is Georgian cuisine culture? Val di Noto baroque architecture in than 300 diff erent kinds of pasta. known and sought for in many foreign the main producer of machinery for Georgia has a wonderful, ancient, Sicily (one of the 53 Italian sites on Each and every one refl ecting diff er- countries. The most famous ones are ice-cream: about 90% of world mar- and wide cuisine culture, as proved the UNESCO heritage list, another ent ingredients and local cultures. “Parma” and “San Daniele”. These ket. But let me spend a fi nal word on by the variety of dishes and the abil- world record); looking for precious Q. Tell us about dishes Ital- names come from the places of origin Sicilian granita (semi-frozen deli- ity to use properly all the ingredients: white truffl es in Alba (Piedmont), ians love beside pizza and pasta. - Parma (Emilia Romagna) and San cious sweet: just sugar, water and fruit from vegetables to meat and fi sh. like a culinary gold digger; sipping Plenty to choose from. Starting with Daniele del Friuli – and also identify or coff ee or almonds). As a family, Great bread and cheese. And, need- bubbles along the Prosecco route our famous appetizers (“antipasti”). I two consortia (respectively, 150 and we vacation in Sicily, and our favor- less to mention, high class wines. All (Veneto) or Limoncello on the Amalfi suggest to try any type of cured meat: 31 producers) able to ensure the high ite breakfast ritual (to be repeated at Italian delegations, friends and tour- Coast (Campania); strolling around they are all good. I would also go for quality and taste of the products, and diff erent times in the day, though) is ists bring back home a wonderful the hills of Chianti and Brunello in fi sh and seafood (the Italian coastline to promote them with global brands. peach, fi g or mulberry granita. With a souvenir of Georgia. Like in the case Tuscany; trying mortadella, pro- has a length of 7,500 kilometers!!) The same applies, for example, to Par- brioche, of course: amazing yeast pas- of Italy, a successful combination of sciutto, parmesan, and tortellini Nothing better than a gilthead bream migiano-Reggiano cheese (gathering try, to dip and bite. Be careful, it can hospitality, extraordinary cuisine, to realize why Bologna (and more cooked in foil, a baked sea bass with 350 small artisan dairies) and many become an addiction… and beauty. HEADLINE NEWS & ANALYSIS 7 FINCHANNEL.COM | 2 APRIL, 2018 ppublicityublicity

Advertiser: M2. Contact FINANCIAL Ad Dep at marketing@ﬁ nchannel.com 8 HEADLINE NEWS & ANALYSIS ﬁ nancialnancial nnewsews 2 APRIL, 2018 | FINCHANNEL.COM Half of unemployed young people in the EU ready to relocate for a job Less than 1% of young employed moved to another EU Member State for their current job

The FINANCIAL

50% of unemployed people aged 20- 34 in the European Union (EU) are reluctant to change their place of residence for a job, 21% are ready to move for a job but only in the same country, whereas 12% would con- sider moving to another EU Member State. 17% would even be ready to move for a job outside EU. The education level of the young people plays a role. The young unemployed with a high level of education are more ready to move for work (23% ready to move in the same country and 16% ready to relocate inside the EU) than young unemployed with a medium education level (20% and 11% respectively) or young unemployed with a low level of education (21% and 10%), according to latest data by EuroStat. The majority of employed people aged 20-34 in the EU did not relocate for their current job (90%). The share of those who actually did move to another EU Member State was only 1% of the young employed, while 8% moved inside the country cate to fi nd work. ready to move to another EU Mem- for their current job. people most For the countries where we have ber State. However, in eight Mem- work in Italy, Job mobility within the country suffi cient sample sizes to draw con- ber States, the preference is to move rises among young employed with a reluctant to clusions, we know that the highest within the EU. This is most apparent highest in higher level of education (13% have shares of young unemployed in the in Bulgaria where the share of those moved) compared with people with EU who are ready to change their ready to move to another EU Member a medium education (6%) and those move for a job Ireland place of residence inside the same State is double that of those ready to with a low level of education (4%). country are in Romania and Germa- move inside Bulgaria (12% ready to However, educational diff erences in Malta, the In fi fteen EU Member States, 90% ny (both 37%), the Czech Republic move within Bulgaria and 23% ready or more employed young people are not so signifi cant for young em- and Ireland (both 35%). The highest ployed who moved within the EU: 2% Netherlands and to relocate to another Member State). aged 20-34 did not move for a job. shares ofthose ready to relocate to Slovakia also stands out with 14% of those with high level of education another EU country are recorded in- The highest share was registered in ready to relocate within Slovakia and and 2% of those with low education Cyprus Estonia and Croatia (both 26%) and Italy (98%), the lowest in Ireland 23% to another EU Member State. changed Member State for work rea- Slovenia (25%). The share of young (60%). 12% of employed young sons compared with 1% of young peo- More than two-thirds of the un- unemployed ready to move outside people in Luxembourg, 9% in Malta ple with a medium education level. employed aged 20-34 are not ready the EU is highest in Sweden (34%), and 7% in Ireland moved there from to move for a job in Malta (73%), followed by Spain and Finland Lowest another country for their current the Netherlands (69%) and Cyprus (28%) and France (27%). job. The highest shares of those who Young (68%). In seventeen EU Member In most Member States, the share of percentage of moved inside the country for work States, more than half of the young those ready to relocate inside the coun- are in Ireland (26%), France (16%), unemployed unemployed are not ready to relo- try is larger than the share of those relocations for Finland (14%) and Sweden (13%). Danes train more to improve their hobbies

The FINANCIAL than men (12% women compared with 10% men). The largest diﬀ erences between the sexes were seen n 2016, among the Member States in Finland (25% women compared of the European Union, Denmark with 15% men) and Germany (22% recorded by far the highest share women compared with 15% men). of people who had participated in At EU level, participation rates in training courses related to their training related to hobbies tended to Ihobbies (41%). Denmark was well increase along with the educational ahead of Finland (20%), Germany attainment level of the participants. and the Netherlands (both 18%) as The share was higher for people with well as Sweden (17%). a tertiary education level (18%) than At the opposite end of the scale, for those with upper secondary and the lowest rates of hobby-related post-secondary non-tertiary educa- training were registered in Hungary tion (11%). Six percent of those with and Romania (both 2%), followed by an education level of lower second- Croatia, Italy, Cyprus, Bulgaria and ary, primary or less took hobby-re- Portugal (all 5%). lated training courses. Training related to hobbies in- From an age-group perspective, cludes non-formal learning ac- 22% of those aged 16-18 took hobby- tivities, which improve knowledge, related training. Interest declined skills, competences and qualiﬁ ca- incrementally with age, with 16% of tions for personal or social reasons. those aged 19-24 following training At EU level, 11% of people partici- courses, 14% of those aged 25-34 pated in training courses related to and 11% of those aged 35-64. Eight their hobbies. percent of people aged 65 years or Overall in the EU, women partici- over participated in this form of pated in hobby-related training more training. HEADLINE NEWS & ANALYSIS 9 FINCHANNEL.COM | 2 APRIL, 2018 ppublicityublicity

Continued on p. 12 Advertiser: ProCredit Bank. Contact FINANCIAL Ad Dep at marketing@ﬁ nchannel.com 10 HEADLINE NEWS & ANALYSIS FFactCheckactCheck 2 APRIL, 2018 | FINCHANNEL.COM “It is a result of our tax reform that the International Monetary Dimitri Fund has put Georgia in the top Kumsishvili: five most successful implementer countries of tax reforms.”

Valeri KVARATSKHELIA Graph 1: Share of Tax Revenues in GDP instance, the period is 2002- 2011 for Ukraine and 2008- FactChek 2015 for Cambodia. The study uses data from Verdict: Dimitri Kum- the period of 2000-2013 for sishvili’s statement is A the case of Georgia. The anal- LIE. ysis focuses on the reforms Summary: A four-point carried out after the Rose government plan was offi cial- Revolution, the decrease in ly presented to the Govern- the amounts of taxes and in- ment of Georgia in November terest rates and measures to 2016. A particular component facilitate and support tax leg- of the plan was already initi- islation, including the active ated in 2016 through a tax introduction of information waiver of reinvested portions technologies and the eradi- of revenue. cation of corruption. The in- The source, mentioned in creased share of tax revenues Dimitri Kumsishvili’s state- in relation to the GDP against ment, referring to Georgia as the background of decreased one of the top fi ve most suc- bureaucracy and taxes them- cessful reform-conducting selves is given as a measure/ countries, is based on evi- evaluator of success. dence of reforms which took The so-called four-point place in various countries be- plan, as mentioned by Dimitri Kumsishvili as the factor de- tween 2004-2015. For Geor- Source: Finance and Development, International Monetary Fund, March 2018 (p. 20) gia, the data are from the peri- termining the result, was not od of 2000-2013 whereas the Analysis vili, presented the govern- tion of revenue was exempt- lished research of its group of introduced nor in operation analysis concerns those re- The First Deputy Prime ment’s four-point plan at the ed from tax. The respective contributing authors.1 during the period selected forms carried out after 2004 Minister and Minister of fi rst meeting of the newly amendment was made to the The research refers to for the research which means in the post-Rose Revolution Economy and Sustainable De- updated government on 29 Tax Code in May 2016 with Georgia, Cambodia, Liberia, that it could not have possibly period and the results which velopment of Georgia, Dimitri November 2016. According the new taxation rule having Ukraine and Guyana as ex- aff ected the results. The pub- they achieved. Kumsishvili, spoke at a pub- to the government program, been active since 1 January amples of successful coun- lication does not include any Even the most successful lic lecture at the University the plan envisaged econom- 2017. tries that have managed to references to the activities reforms carried out within of Business and Technolo- ic, education, public admin- As for Dimitri Kumsish- increase their tax revenue carried out by the acting gov- the framework of the above- gies and stated that Georgia’s istration and spatial arrange- vili’s statement that Georgia under the circumstances of ernment and the main accent mentioned four-point plan placement in the top fi ve most ment reforms. In particular, was listed among the top fi ve tax reforms. The published is placed on the substantively are not included within the successful countries for tax the economic reforms in- most successful tax reform part of the research focuses improved indicators of tax scope of the analysed period. reform, as published by the cluded measures for pro- implementers, this concerns on the Georgian example. It mobilisation in 2004-2011. Therefore, the Minister’s International Monetary Fund moting and strengthening the March 2018 issue of specifi es that only those tax statement that Georgia’s two weeks ago, is proof of the the private sector, including the International Monetary reforms carried out between 1. Bernardin Akitoby, Anja Baum, placement in the top fi ve success of the government’s introducing tax stimulations Fund’s quarterly publication, 2004-2015 are considered. Clay Hackney, Olamide Harrison, most successful countries four-point plan vis-à-vis tax with reforms to the revenue Finance and Development, In addition, diff erent periods Keyra Primus and Veronique Sa- lins, Large Tax Revenue Mobili- is because of his govern- reform. tax being one of the impor- which included a section enti- are taken for diff erent coun- ment’s tax reforms is without sation in Low-Income Countries The Prime Minister of tant components. Under the tled “Raising Revenue” which tries (periods when active re- and Emerging Markets: Lessons ground. Georgia, Giorgi Kvirikash- new law, any reinvested por- is based on the soon to be pub- forms were conducted). For from a New Database. Most millennials will only work for purpose-driven firms

The FINANCIAL to do and be,” advises Rich- leaders understand and thrive ard Hytner, Adjunct Profes- within the broader social and sor of Marketing at LBS. “If environmental context in he most attractive you can’t see any connection which their businesses op- companies to today’s at all, you’re in the wrong erate, it also signals to em- talent are driven by place. Don’t expect your com- ployees, investors and key purpose, according pany to fi nd that connection. stakeholders how important to London Business There are many things you purpose really is.” TSchool (LBS) experts. can – and should – delegate Dr Ioannou cited Intel as a “Maybe we will stop talk- responsibility for in life. Your strong example in this area. ing about purpose in 10 years’ personal purpose is not one of The company has made so- time because it will just be them.” cial responsibility everyone’s ingrained in any organisation Paul Polman, CEO of Uni- job, with clear sustainability as a taken-for-granted – that lever, once told a business- goals. “In 2008 the leadership any company that wants to be school audience: “You need team took a bold step and successful must pursue pur- to have something where you tied environmental perfor- pose,” said Alex Edmans, Pro- want to have an impact and mance to employee compen- fessor of Finance at London that aligns with your values. sation. Since then, Intel has Business School (LBS). “A It will drive your passion. continued to rally the troops purposeful company will still People’s self-worth should through a series of responsi- focus on long-term perfor- not be measured by their net ble competitions and sustain- mance even when times are worth.” ability projects. The winning diffi cult. The best companies “When companies are gen- teams receive environmental stick to their purpose rather uinely committed to purpose excellence awards and a pay than be distracted by short- and sustainability it is refl ect- bonus.” term demands.” ed in their governance struc- He advised senior execu- That purpose tops the agen- ture. The top of the organisa- tives to follow suit, setting da for millennials is backed ual is beginning to change,” about work as being the thing, when deciding whether or not tion sets the tone and signals ambitious targets and pro- up by PwC’s recent Workforce said Lynda Gratton, Profes- not the money you get from it. to work there. Only one in fi ve a credible pledge to purpose”, viding generous incentives of the Future survey, which sor of Management Practice I don’t see many companies survey respondents said they Ioannis Ioannou, Associate that fully refl ect their organ- found that 88% of them want at LBS. “The old contract realising how profound that would choose to stay at a sole- Professor of Strategy and En- isation’s purpose. “You fail to work for a company whose looked like this: ‘I work to buy change will be.” ly profi t-driven company for trepreneurship at LBS, added. to send out a consistent and values refl ect their own. Mil- stuff that makes me happy.’ The Deloitte 2017 Global more than fi ve years. “Responsible businesses credible message when, for lennials will comprise 75% of The contract is negotiated by Human Capital Trends report “There has to be a strong have a governance structure example, social responsibility the global workforce by 2025. tangible assets. The new con- similarly found that most mil- connection between what that monitors and advises is part of your company’s me- “The contract between the tract will be, ‘I work to make lennials look beyond a com- your company wants to do on environmental, social as dia rhetoric yet only fi nancial organisation and the individ- me happy’. We have to think pany’s fi nancial performance and be, and what you want well as fi nancial issues. When performance is incentivised.” HEADLINE NEWS & ANALYSIS 11 FINCHANNEL.COM | 2 APRIL, 2018 fi anancialanancial nnewsews A third of EU trade is with the United States and China ania, for which Russia was At Member the main country of origin of goods imported, and the State level, Netherlands (China). In seven Member States, trade within more than 25% of imports of goods came from a single the EU partner country in 2017: Aus- tria (42% of imports of goods largely originated from Germany), Luxembourg (32% from Bel- prevails gium), Portugal (32% from Spain), the Czech Republic The FINANCIAL (30% from Germany), Ire- land (29% from the United Kingdom), Poland (28% n 2017, the United States from Germany) and Hungary (€631 billion, or 16.9% of (26% from Germany). Over- total EU trade in goods) all, Germany was among the and China (€573 bn, or top three countries of origin 15.3%) continued to be the of goods imported in all EU Itwo main goods trading part- Member States except Ireland ners of the European Union and Cyprus. (EU), well ahead of Switzer- For extra-EU trade, the land (€261 bn, or 7.0%), Rus- main country of origin of sia (€231 bn, or 6.2%), Turkey goods imported into the EU (€154 bn, or 4.1%) and Japan in 2017 remained China (20% (€129 bn, or 3.5%). of all extra-EU imports), fol- However, the trends ob- lowed by the United States served over time diff er for (14%) and Russia (8%). these top trading partners of the EU. After recording a signifi cant and almost continu- Intra-EU ous fall until 2011, the share of the United States in EU imports total trade in goods had increased to nearly 18% in 2015 prevail in and 2016, before decreasing again slightly in 2017. The almost all share of China has almost tripled since 2000, rising Member from 5.5% to 15.3% in 2017. The share of Russia in total EU trade had been decreasing States since 2012 from nearly 10% In 2017, the 28 EU Member to around 6% in 2016, and States imported a total of €5 slightly picked up in 2017. 131 bn of goods, of which €3 The share of trade with Japan 276 bn (or 64%) came from has fallen by more than a half another EU Member State since 2000 – from 7.5% in (intra-EU trade). 2000 to 3.5% in 2017. As for Over three-quarters of total Switzerland and Turkey, their imports of goods originated respective shares in trade re- from another EU Member mained relatively unchanged State in Luxembourg (83%), over the entire period. In 2017, machinery and Estonia (81%), Slovakia transport equipment, other (80%), Latvia (79%), the manufactured goods and Czech Republic and Croatia chemicals represented the (both 78%), Austria (77%), main categories of product Portugal, Hungary and Ro- traded by the EU. mania (all 76%). In contrast, the Netherlands (46%) was the only Member State where less than half of the imports Germany, came from within the EU. This is largely due to the so- main export called ‘Rotterdam eff ect’ (see destination country note). for a majority Machinery of Member & transport States equipment In almost all EU Member States, the main partner for ex- dominated ports of goods in 2017 was another member of the European both EU Union, except for Germany, Ireland, and the United King- exports and dom (the United States was the main destination of exports) imports as well as Cyprus (Libya) and For extra-EU trade, that is Slovakia (86% intra-EU in Lithuania (Russia). trade with non-EU countries, apart from total exports), Luxembourg main source In 2017, machinery and In some Member States, the 3 main destinations of EU and the Czech Republic (both transport equipment contin- over a quarter of exports exports in 2017 were the Unit- Cyprus and 84%), Hungary (81%), Poland of imports ued to play a major role in EU went to one single partner. ed States (20% of all extra-EU (80%), Romania and Slovenia trade in goods with the rest This partner was Germany exports), China (11%) and (both 76%) and the Nether- of the world, accounting for the United for more 42% of total extra-EU exports for the Czech Republic (33% Switzerland (8%). lands (75%) recorded in 2017 and 32% of imports. Other of exports of goods), Austria Kingdom the highest shares of intra-EU (29%), Hungary (28%), Po- than half of manufactured goods (23% of exports. At the opposite end land (27%) and Luxembourg extra- EU exports and 26% of In 2017, the 28 EU Member (26%). 27% of exports of Ire- Intra-EU of the scale, Cyprus (37%) and EU Member extra-EU imports) as well as land went to the United States States exported a total of €5 the United Kingdom (48%) chemicals (18% of extra-EU and 25% of exports of Por- exports 226 bn of goods, of which €3 were the only Member States States exports and 10% of extra-EU tugal went to Spain. Overall, 347 bn (or 64%) were destined that exported more goods to imports) also played a signifi - Germany was the main des- prevail in for another Member State of non-EU countries than within As for exports, the main cant role in EU trade in goods tination of goods exports for the EU (intra-EU trade). the EU in 2017. partner for imports of goods in 2017. Mineral fuels made 17 Member States and among all Member With about three-quarters in 2017 was another member up a minor share of extra- EU the top three in 22 Member or more of goods exported of the European Union in all exports (5%), but accounted States. States to other EU Member States, Germany, also Member States except Lithu- for 18% of all imports. 12 HEADLINE NEWS & ANALYSIS ppublicityublicity 2 APRIL, 2018 | FINCHANNEL.COM

Advertiser: King David. Contact FINANCIAL Ad Dep at marketing@ﬁ nchannel.com HEADLINE NEWS & ANALYSIS 13 FINCHANNEL.COM | 2 APRIL, 2018 ﬁ nancialnancial nnewsews Women in EU have first child on average at 29 Over 5 million births in EU in 2016 The FINANCIAL

n 2016, 5.148 million babies were born in the European Union (EU), compared with 5.103 million in 2015. On average in the EU, women who gave Ibirth to their first child in 2016 were 29 years old. Across Member States, first time mothers were on average the youngest in Bulgaria and the oldest in Italy. Around 5% of births of first children in the EU in 2016 were to women aged less than 20 (teenage mothers) and around 3% to women aged 40 and over. According to EU stat among the 5.148 million births in the EU in 2016, nearly 1 in 5 (or almost 930 000) concerned a third or subsequent child.Over- all, the total fertility rate in the EU stood at 1.60 births per woman in 2016. It varied between Member States from 1.34 in both Spain and Italy to 1.92 in France. Total fertility rate highest contrast, the mother’s age for the fi rst child in 2016), Bulgaria (13.6%) One out of ten births in Finland in France and First time mothers fi rst childbirth was above 30 in Italy and Hungary (10.8%), ahead of Slo- was to a mother who already had at youngest in Bulgaria, (31.0 years), Spain (30.8), Luxem- vakia (9.9%), Lithuania (6.3%), the least three children Sweden bourg (30.5), Greece (30.3) and Ire- United Kingdom (6.2%) and Latvia In the EU, more than 80% (81.9%) Romania and Latvia, land (30.1). (6.1%). On the other hand, the low- of births were fi rst and second chil- In 2016, France (1.92 births per est shares were observed in Slovenia dren, while births of third children woman) and Sweden (1.85) were oldest in Italy and (1.6%), Italy (1.7%), the Netherlands accounted the two Member States with the Around 14% of first (1.8%), Denmark and Sweden (both for 12.2% of the total and fourth or highest total fertility rates in EU. Spain They were followed by Ireland children born to 1.9%), as well as in Luxembourg subsequent children accounted for (1.81), Denmark and the United In 2016, the mean age of moth- teenage mothers in (2.2%). 5.9% in 2016. Kingdom (both 1.79). Conversely, ers at the fi rst childbirth varied be- In contrast, the highest propor- Across the EU Member States, the lowest fertility rates were ob- tween the EU Member States. The Bulgaria and Romania tions of births of a fi rst child to wom- the highest share of mothers having served in Spain and Italy (both lowest mean age for the fi rst child- en aged 40 and over were registered their fourth or subsequent children 1.34 births per woman), Portugal birth was recorded in Bulgaria (26.0 The highest shares of births of a in Italy (7.2% of total births of fi rst was recorded in Finland (10.1%), fol- (1.36), Cyprus and Malta (both years), followed by Romania (26.4), fi rst child to teenage mothers (less child in 2016), Spain (6.6%), Greece lowed by Ireland (9.0%), the United 1.37), Greece (1.38) and Poland Latvia (26.8), Slovakia (27.0), Po- than 20 years old) were recorded (5.3%), Luxembourg (4.8%) and Ire- Kingdom (8.5%), Slovakia (8.1%), (1.39). land (27.2) and Lithuania (27.3). In in Romania (14.2% of total births of land (4.3%). Romania (7.7%) and Belgium (7.6%). U.S. Investor Optimism Stable and Strong

Jim NORMAN index had not been as high income. At least 60% are as the unemployment rate poll and during the two the course of a year, includ- Gallup as the current score since optimistic about three of held at its 16-year low of weeks it was conducted. ing one in fi ve who say they September 2000, according the four national econom- 4.1%. The year-over-year (The fl uctuations have con- could tolerate a loss in value to Gallup. ic measures -- economic wage growth for January tinued through this month.) of 20%. The FINANCIAL -- U.S. in- The index is based on re- growth, unemployment and was 2.9%, the best in nearly The Dow suff ered its two On the fundamental vestor optimism remains sults from a survey of 1,321 stock market performance. nine years. largest one-day drops ever question of whether the strong and solid in the fi rst U.S. investors with $10,000 On the fourth measure, in- the week before the survey market is a good place to quarter of 2018, as the Wells or more invested in stocks, fl ation, 40% of investors began, during a market cor- save and invest for retire- Fargo/Gallup Investor and bonds or mutual funds, are optimistic, with 22% Slight Majority rection that dropped it from ment, investors are split. Retirement Optimism Index conducted Feb. 12-25 dur- neither optimistic nor pes- a record high of 26,616 to Forty-nine percent have pushes into its fi fth straight ing a period of major stock simistic. of Investors below 24,000. During the either a great deal (16%) quarter at the highest levels market fl uctuations. In the past two years, op- Unfazed by two weeks the poll was con- or quite a lot (33%) of seen in 17 years. The survey includes ques- timism has increased by at ducted, the Dow was in re- confidence, and 48% have With majorities of inves- tions on four aspects of least nine percentage points Stock Market covery, rising from 24,191 to little (41%) or none (7%). tors upbeat about both their the national economy and on all of the personal and 25,709. In the five times the ques- personal fi nances and the three elements of investors’ national measures except Volatility A possible reason why tion has been asked since overall national economic personal fi nances. At least infl ation and fi ve-year in- more than 50% of investors November 2012, the previ- outlook, the index stands at two-thirds of investors say vestment goals. A slight majority of inves- show little concern about ous high expressing confi- +139, about where it was in they are optimistic about The February survey was tors (52%) expressed little the market’s volatility in dence was 43% in Novem- 2017’s third quarter (+138) each of the three personal conducted shortly after or no concern about recent January and February may ber 2015. and fourth quarter (+140). fi nance questions in the the federal government’s volatility in the stock mar- be found in their tolerance Investors are more confi - The index is 13 points index: meeting fi ve-year monthly labor report ket, even though the Dow for losses. Fifty-three per- dent in the fi nancial markets higher than a year ago and investment goals, meeting showed the economy add- Jones industrial average cent say they could tolerate overall, with 60% saying 99 points higher than two one-year investment goals ing a higher-than-expected saw major fl uctuations in declines of 10% or more in now is a good time to invest, years ago. Prior to 2017, the and maintaining current 200,000 jobs in January, the weeks just before the a $10,000 investment over up from 49% two years ago. 14 HEADLINE NEWS & ANALYSIS 2 APRIL, 2018 | FINCHANNEL.COM

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The FINANCIAL ber States’ total value of imports). This made it the largest whisky importer of all n the European Union, EU Member States, ahead of some 630 million litres Germany (€441 million, 14%), of pure (100%) alcohol Spain (€372 million, 12%), was produced in relation the Netherlands (€264 mil- to whisky production in lion, 9%), the United King- I2016. This was 90 million dom (€202 million, 7%) and liters fewer than in 2015 and Poland (€128 million, 4%). 170 million litres fewer compared with the production peak recorded in 2012. In The USA, 2016, the EU’s whisky production was equivalent to slightly over 1.2 litres of pure main extra- alcohol per inhabitant and it amounted to a value of €4.4 EU partner billion. for whiskies The United The EU exported €4.3 billion-worth of whiskies to Kingdom non-EU countries in 2016. The United States was by far the main destination (€1.4 dominates the bn of whiskies exported to the US in 2016, nearly a third market whisky in 2016 (of which 69% of the total exports of whis- With a production worth was exported outside the EU). kies to outside of the EU). more than €3.7 bn, the This made up almost three- The United States was fol- United Kingdom was by far quarters of all EU Member lowed by Singapore (€306 the top producer in 2016. States’ whisky exports that million, 7%), Taiwan (€220 In value, its production ac- year. million, 5%) and the United counted for 85% of the EU Arab Emirates (€187 million, total, while it represented 4%). 88% of the EU total in terms France top As concerns whiskey im- of quantity. In other words, ports into the EU, the United about nine in every ten bot- EU importer States also is the main part- tles of whisky produced in ner. When EU Member States the EU originated from the In 2016, the EU Member import whiskies from abroad United Kingdom. States imported whiskies (626 million in 2016), most Unsurprisingly, the United to the value of €3.1 billion. came from the other side of Kingdom is also the largest France imported whiskies the Atlantic (€506 million, or EU exporter of whisky. It sold worth €750 million that 81% of EU total imports from almost €5 billion-worth of year (24% of the EU Mem- non-EU countries). How healthy do people in Europe feel?

The FINANCIAL ﬁ ve levels of self-perceived corded in Ireland (82.8%), health status: very good, ahead of Cyprus (78.7%), the good, fair, bad and very bad. Netherlands (75.9%), Sweden ore than two- Men tended to rate their (75.1%), Greece (74.0%), Bel- thirds (67.5%) health better than women, gium (73.7%), Malta (72.9%) of people aged with 70.1% of men aged 16 and Spain (72.5%). 16 or over living or over in the EU perceiving On the other hand, almost in the Europe- their health as very good or 1 in 5 persons aged 16 or Man Union (EU) perceived their good in 2016, compared to over perceived their health health status as very good or 65.2% for women. as bad or very bad in Croatia good in 2016. In contrast, less Among the EU Member (18.7%), followed by Lithua- than a tenth (8.8%) assessed States, the highest share of nia (16.9%), Portugal (15.9%), their level of health as bad or the population aged 16 or over Latvia (15.6%), Estonia very bad in the same year. who perceived their health (14.4%), Poland (13.6%) and The classiﬁ cation included as good or very good was re- Hungary (13.2%). 16 HEADLINE NEWS & ANALYSIS ppublicityublicity 2 APRIL, 2018 | FINCHANNEL.COM

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turing, real estate and Key macro indicators Real GDP growth, % Georgia sovereign credit ratings International ranking, 2017 ECONOMY 2M18 2017 2016 trade sectors. Over- GDP (% change) 4.9% 5.0% 2.8% Ease of Doing Business all real GDP growth Real GDP was 4.9% y/y in 2M18. GDP per capita (ppp) … 10,644 10,043 s# 9(Top 10) Monthly rapid estimates GDP per capita (US$) … 4,079 3,865 growth was Population (mn) 3.7 3.7 3.7 Economic Freedom Index Ͳ ĂϮ are based on VAT turn- Inflation (eop) 2.7% 6.7% 1.8% Ͳ ^ƚĂďůĞ ^ƚĂďůĞ WŽƐŝƚŝǀĞ # 16 (mostly free) 5.5% y/y in over, fiscal and mon- Gross reserves (US$ bn) 3.0 3.0 2.8 ĨĨŝƌŵĞĚ ĨĨŝƌŵĞĚ ĨĨŝƌŵĞĚ CAD (% of GDP) … 8.7 12.8% Global Competitiveness Index etary statistics. DĂǇͲϮϬϭϳ ^ĞƉͲϮϬϭϳ DĂƌͲϮϬϭϴ February Fiscal deficit (% of GDP) … 3.9% 4.1% # 59 (improving trend) 2018 Total public debt (% of GDP) … 44.1% 44.4% Current ac- Source: O௻ cial data, IMF Source: GeoStat Source: Rating agencies Source: World Bank, Heritage Note: Rapid estimate for 4Q17 Georgia’s economy count defi- Foundaition and World Economic Forum expanded 5.5% y/y in February 2018 after cit shrank growing 4.4% y/y in to 8.7% of from 12.8% in 2016, de- tor to deficit creation, ance in services was up the banking sector previous month, accord- creasing 28.8% y/y to decreased 0.7% y/y to 27.7% y/y to US$ 2.1bn loan portfolio increased ing to GeoStat’s rapid GDP in 2017 US$ 1.3bn, according US$ 3.8bn, as exports (13.6% of GDP), driven 20.0% y/y after growing estimates. In February to NBG. Merchandize increased 23.9% y/y, by strong tourism in- 19.6% y/y in previous 2018, the growth was CA deficit narrowed trade deficit, tradition- while imports were up flows (up 27% y/y). Sur- month, excluding the recorded in manufac- to 8.7% of GDP in 2017 ally the major contribu- 9.9% y/y. Positive bal- plus in current transfers exchange rate effect. In amounted to US$ 1.3bn unadjusted terms, loan (8.4% of GDP, up 13.3% portfolio was up 17.2% Loan and Deposit dollarization Nominal Effective Exchange Rate and Real Effective Exchange Rate y/y). Together, services y/y and up 0.2% m/m and transfers financed to GEL 21.9bn (US$ 87% of the trade deficit. 8.8bn). Deposits were Net FDI, remains ma- up 19.0% y/y exclud- jor source of CA deficit ing the exchange rate funding, and was up effect. In unadjusted 33.3% y/y to US$ 1.6bn terms, deposits were up (10.5% of GDP). 15.9% y/y and flat m/m to GEL 19.2bn (US$ 7.7bn). Deposit dol- NPLs at larization declined to 2.8% in Feb- 63.7% (-6.7ppts y/y and -0.6ppts m/m). NPLs ruary 2018 stood at 2.8% in Febru- ary 2018 (-1.0ppts y/y Source: NBG In February 2018, Source: NBG Note: Index growth means appreciation of exchange rate, decline means and -0.1ppts m/m). depreciation of exchange rate.

FIXED Georgia Eurobonds, YTM (%) EQUITIES TBC Bank Group (TBCG LN) Georgia Healthcare Group (GHG LN)

INCOME BGEO Group PLC (BGEO LN) Corporate Eurobonds: BGEO Group Eurobonds (BGEOLN) closed at 5.7% yield, trading at 101.3 (-0.2% w/w). Bank of Georgia GEL-denominated Eu- robonds (GEBGG) were trading at 100.5 (unchanged w/w), yielding 10.7%. Georgia Capital Eurobonds (GEOCAP) were trading at 97.0 (-0.3% w/w), yielding 6.7%. GOGC Eurobonds (GEOROG) were trading at 104.0 (-0.2% w/w), yielding 5.3%. Georgian Railway Eurobonds Source: Bloomberg Source: Bloomberg (GRAIL) traded at a premium at 109.7 (unchanged w/w), yielding 5.2%. which BGEO is a constituent, gained volume was 90k in the last 4 weeks. Georgian Sovereign Eurobonds Source: Bloomberg (GEORG) closed at 108.1 (-0.2% w/w) at Source: Bloomberg 0.73% w/w and lost 1.15% m/m. The Georgia Healthcare Group 4.0% yield to maturity. volume of BGEO shares traded was (GHG LN) shares closed at GBP BGEO Group (BGEO LN) shares at 0.68% of its capitalization. 3.09/share (-0.96% w/w and -6.36% closed at GBP 35.56/share (+0.23% TBC Bank Group (TBCG LN) m/m). More than 19k shares were Local bonds Eurobonds w/w and +4.90% m/m). More than closed the week at GBP 18.40 traded in the range of GBP 3.00 – *:3 05( 1LNRUD */& *(2&$3 *(%** *(252* %*(2/1 *(25* *5$,/ 269k shares traded in the range of (-0.54% w/w and +17.65% m/m). 3.25/share. Average daily traded GBP 35.00 – 35.88/share. Average More than 310k shares changed volume was 10k in the last 4 weeks. $PRXQW86 daily traded volume was 75k in the hands in the range of GBP 18.32 – The volume of GHG shares traded PQ last 4 weeks. FTSE 250 Index, of 19.00 share. Averaged daily traded was at 0.02% of its capitalization. ,VVXHGDWH 0DWXULW\GDWH

&RXSRQ )LWFK6 3 %%%% (US$ 337.8mn). %% QD %H %%%D %%% %%% %%+ 0RRG\ V %D MONEY MARKET Ministry of Finance Treasury Notes: The nearest 0LGSULFH86 QD treasury security auction is scheduled for April 4, 2018, 0LG\LHOG QD Re¿ nancing loans: National Bank of Georgia where GEL 40.0mn nominal value 1-year T-Bills will be (NBG) issued 7-day re¿ nancing loans of GEL 820mn sold. =VSUHDGESV QD QD QD QD * Source: Bloomberg T-bills / T-notes, yield curve Monetary policy rate *GWP 12/21 bonds and GEBGG 06/20 bonds are in Georgian lari **Coupon rate 3.5% over the NBG’s re¿ nancing rate

Eastern European sovereign 10-year bond performance $PRXQW 5DWLQJV ,VVXHU &RXSRQ 0DWXULW\GDWH 0LG\LHOG 86PQ )LWFK6 30RRG\ *HRUJLD %%%%%D $]HUEDLMDQ %%%%%D %XOJDULD %%%%%%DD &URDWLD %%%%%D +XQJDU\ %%%%%%%DD 5RPDQLD %%%%%%%DD 5XVVLD %%%%%%%D

7XUNH\ %%%%%D Source: NBG Source: NBG Source: Bloomberg *Note: As of latest auction.

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