Issue no: 1194/202 • OCTOBER 15 - 17, 2019 • PUBLISHED TWICE WEEKLY PRICE: GEL 2.50 In this week’s issue... Weekly Entrepreneurial News @entrepreneur.ge NEWS PAGE 2 France24: 7,000 Georgians Claimed Asylum in France Last Year NEWS PAGE 2 Interview with Levan Kobiashvili, President of Bocuse d’Or Georgia FOCUS BUSINESS PAGE 4 ON DEVELOPMENT Georgian Salaries York Towers promises Increased by GEL 24 green development in the capital's suburbs PAGE 6 Annually in the Last 5 Years BUSINESS PAGE 5 Kartuli Hotel: Changing the Georgia’s Sovereign Credit Rating Raised to Hospitality Game in Batumi BB with Stable Outlook by Standard & Poor's BUSINESS PAGE 7 Conference and Exhibition BY TEA MARIAMIDZE Halls at the Museum of Fine nternational rating company Standard&Poor’s (S&P) improved its Arts & the Art House long-term foreign and local currency sovereign credit ratings on the Government of Georgia to 'BB' from ‘BB-’. It also affi rmed the BUSINESS PAGE 8 short-term ratings at 'B'. The outlook is stable. The organization said that Georgia has maintained comparatively “Voyage au Caucase”: Ihigh growth rates over the past few years, even in a challenging external environment. The outlook reads that the Georgian economy expanded by nearly 4% A Still Untranslated on average over 2015-2018, weathering periods of anemic external demand as trading partners were hit by falling oil prices, regional currencies were Travel Classic devalued, and some fell into recession. Image source: Budapest business journal CULTURE PAGE 11 “Georgia's economy grew by nearly 5% in real terms in the fi rst half of the year, incorporating a slight slowdown in the second half, lower tour- ism revenues and muted consumption, following the Lari's depreciation. Prepared for Georgia Today Business by We project real GDP growth of 4.5% in 2019. We have revised up this Markets Asof11ͲOctͲ2019 estimate from our previous 4.0% for the full year,” the outlook reads. STOCKS Price w/w m/m BONDS Price w/w m/m S&P believes that Georgia's economy will continue to grow at a com- BankofGeorgia(BGEOLN) GBP13.33 +4,0% +1,1% GEOROG04/21 104.28(YTM3.84%) Ͳ0,1% Ͳ0,4% GeorgiaCapital(CGEOLN) GBP9.97 Ͳ0,1% Ͳ2,8% GEORG04/21 105.95(YTM2.77%) Ͳ0,1% +0,3% paratively high 4% annually over 2019-2022, and expects it to grow faster GHG(GHGLN) GBP2.04 Ͳ1,7% +1,0% GRAIL07/22 109.64(YTM3.99%) Ͳ0,1% Ͳ0,1% than other countries in the region. TBCBankGroup(TBCGLN) GBP12.20 +1,7% Ͳ2,2% GEBGG07/23 103.26(YTM5.04%) +0,3% +0,1% “Despite the strong growth outlook, we expect Georgia's per capita COMMODITIES Price w/w m/m CURRENCIES Price w/w m/m CrudeOil,Brent(US$/bbl) 60,44 +3,5% Ͳ0,6% GEL/USD 2,9687 +0,2% +0,1% income will remain modest at below $5,000 through 2022,” the organiza- GoldSpot(US$/OZ) 1479,13 Ͳ1,7% Ͳ1,2% GEL/EUR 3,2794 +0,8% +0,5% tion said, adding Georgia's institutional settings remain favorable in the GEL/GBP 3,7640 +3,1% +3,0% INDICES Price w/w m/m GEL/CHF 2,9770 +0,0% Ͳ0,3% context of the region, with several established precedents regarding FTSE100 7238,03 +1,2% Ͳ1,4% GEL/RUB 0,0464 +1,3% +2,4% power transfer, and a degree of checks and balances between various FTSE250 20033,93 +2,8% +0,3% GEL/TRY 0,5057 Ͳ2,7% Ͳ1,9% DAX 12483,02 +3,9% +1,0% GEL/AZN 1,7495 +0,2% +0,1% government bodies. DOWJONES 26985,49 +1,5% Ͳ0,6% GEL/AMD 0,0062 ͲͲ NASDAQ 8109,87 +1,6% Ͳ0,7% GEL/UAH 0,1211 +0,5% +1,9% The outlook reads that S&P sees some downside risks from the ruling MSCIEMEE 169,79 +0,9% Ͳ2,2% EUR/USD 0,9056 Ͳ0,6% Ͳ0,3% Georgian Dream (GD) party's majority in parliament should it use this MSCIEM 996,50 Ͳ0,0% Ͳ2,0% GBP/USD 0,7888 Ͳ2,7% Ͳ2,8% SP500 2988,90 +1,2% Ͳ0,4% CHF/USD 0,9973 +0,2% +0,4% majority to solidify its incumbent position. MSCIFM 2586,13 +0,1% Ͳ0,8% RUB/USD 64,0626 Ͳ0,9% Ͳ2,2% GTIndex(GEL) 1582,68 ͲͲTRY/USD 5,8749 +3,1% +2,2% Continued on page 5 GTIndex(USD) 1208,13 ͲͲAZN/USD 1,7001 ͲͲ GEORGIA TODAY 2 NEWS OCTOBER 15 - 17, 2019 France24: 7,000 Georgians Claimed Asylum in France Last Year @entrepreneur.ge BY ANA DUMBADZE Gamarjoba! I’m the Editor-in-Chief of the Georgian edition of Entrepreneur magazine and I’m here to share the top weekly Entrepreneurial news with you: ,000 Georgians claimed asylum in France last year - a higher Exploring Tbilisi is now possible without a direct number than Syrians or Iraqis, visit, through VR application ‘Virtual Tbilisi’ by France24 has reported. Georgian company Vrex Immersive. The app offers The news agency reports that 22 videos depicting 360-degree images of 22 popular 7since 2007, Georgians no longer need a tourist locations in Tbilisi, with an audioguide visa to visit France, noting that "critics included. Users can virtually visit the tourist say many of them take advantage of the attractions of the capital and listen to their history. law to apply for asylum and benefi t from Take a virtual ride on the Rike ropeway to Narikala free healthcare." Fortress or a funicular climb, explore samples of The reporter notes that “all the tickets Tbilisi street art, the Ethnographic Museum, various to Paris from Kutaisi Airport have been recreational areas, colorful Tbilisi yards and more. fully booked. “ Photo source: France24.com The app is available on Android Play Store and Due to the increase in the number of representatives of the French Immigra- while the Georgian Immigration Service Oculus Go App Store platforms and is free to access. asylum seekers from Georgia in France, tion Service work at Georgian airports, offi cers work at French airports. TBC, to contribute to the development of a startup ecosystem, gives time and space to its most innovative employees to test their skills in startups and then decide whether to put all Court Orders GEL 10,000 Bail their energy into the new business or return to TBC. TBC's new project ‘Maternity Leave,’ received great feedback and the jury heard for Majority MP Ilia Jishkariani dozens of interesting ideas. The winners, ‘Ge Parts’ (Paata Beriashvili, TBC Bank Credit Business Development League, Service Expert), ‘Inventor’ (Tornike Kipiani, TBC BY ANA DUMBADZE Bank External Sales Network Development Manager) and ‘Mushroom’ (Tornike Kachkachishvili, TBC Bank's Business Mobilbank Group Digital Service Expert) won their own, paid business-making “maternity leave.” bilisi City Court has ordered Young entrepreneur Giorgi Sheshaberidze, who GEL 10,000 bail from Ilia owns a nationally successful homemade lollipop Jishkariani, MP of the Tbi- business in Gori, introduced a new idea at the lisi City Assembly and an Entrepreneur Magazine event: Photo Candy. Giorgi offi cial of the ruling Geor- Tgian Dream party, who was accused of knew the event was dedicated to Anna Wintour and so put her photo on his lollipops to show off his new sexual harassment and physical abuse idea. The talented young entrepreneur started by his assistant Tamta Todadze. making and selling lollipops at the age of 11, using his The decision was announced by Judge brand ‘Dora’ to protest the Russian occupation by Arsen Kalatozishvili at Friday's trial held featuring the inscription "Stop Russia" on his candy. at New Hospital, where the MP is now being treated due to heart-related problems. Follow the Entrepreneur Georgia Instagram page to get the latest updates from The motion for bail was fi led by the the victim and communicating with her October 8 with sexual and physical abuse Georgian Entrepreneurs. For doing business with Georgian Entrepreneurs, write us on prosecution. until the fi nal court decision. of the female employee by the Georgian [email protected] He was forbidden from approaching Jishkariani was offi cially charged on Chief Prosecutor’s Offi ce. GEORGIA TODAY 4 BUSINESS OCTOBER 15 - 17, 2019 Interview with Levan Kobiashvili, President of Bocuse d’Or Georgia At the next stage, the continental com- TRANSLATED BY KETEVAN petition, experienced and leading coun- KVARATSKHELIYA tries are to be introduced as participants. That is why at the fi rst stage our expec- tations and aspirations are directed to n November 2-3, 2019, the maximally obtain practice and experi- 11th pavilion of the Expo ence. I believe that with time and prac- Georgia Convention tice, Georgia will be able to become one Center is to host the of the major rivals of any country. National Audition of the Taking into account the fact that we Olargest and prestigious gastronomic are participating in this kind of contest championship Bocuse d’Or for the fi rst for the fi rst time, we need fi nancial assis- time. We sat down with Levan Kobiahs- tance in order to invite trainers to pre- vili, President of Bocuse d’Or Georgia, pare our participants and teach them to fi nd out more about the event. various techniques. Our chefs undoubt- edly have the skills to creatively prepare WHY IS BOCUSE D’OR specialties, they just need more training, IMPORTANT FOR GEORGIA’S and a tutor is pivotal to achieving this. GASTRONOMIC INDUSTRY AND THE COUNTRY IN GENERAL? WHAT WILL THE AUDIENCE Bocuse d’Or is one of the world’s most SEE AT THE NATIONAL successful gastronomic championships, AUDITION OF BOCUSE D’OR contributing to the professional develop- ON NOVEMBER 2-3? ment of youngsters.