Warsaw: Gel190 Kiev: Gel200 hotels & Round Trip, including all taxes ! Call: 2 999 662 Airtickets PUBLICITY

Overdependence More Media on the Internet and Expect to Pursue Smartphones Acquisitions in 2015 Read on p. 6 Read on p. 8 26 May, 2014 News Making Money http://www.finchannel.com

Georgian website http://www.financial.ge How does ProCredit Bank Georgia to Discrimination the world feel Achieve 10% Loan Portfolio in Georgia

about Jews Increase in 2014 by Nino Doghonadze and Israel, and and Norberto Pignatti how aware ISET Policy Institute are they of the n May 2, 2014, the Georgian Holocaust? parliament unanimously passed the law Oon the elimination of any visit form of discrimination. The stated objective of the law is to ensure that any physical barcelona or legal entity equally ben- efits from all rights defined by Georgian legislation, irrespective of race, skin color, language, sex, citizen- “We can help the best entrepreneurs, ship, place of origin, birth or residence, wealth or class Merab Pachulia with good ideas, that are able to manage status, religion or belief, na- GORBI their business and can create economic tional, ethnic or social be- longing, profession, marital development in the country,” Asmus or health status, disabilities, couple of Rotne, newly appointed General Director sexual orientation, gender weeks ago, identity, political or other some excel- considerations, etc. lent content The FINANCIAL activity due to the recent appeared on political changes, the theA World Wide Web - the Bank is again witnessing Continued on p. 2 global survey of anti-Se- n 2013 ProCredit a high demand for lend- mitic attitudes, known as Bank Georgia had ing. This year the Bank ADL Global 100. USD 11 million net plans to increase its loan External Trade profits, more than portfolio by 10%. of Georgia was originally fore- Continued on p. 6 Icasted. After two years Raises by 14 of decreased customer Continued on p. 10 Percent Tweets: Europe, Largest Share The FINANCIAL France and n January-April 2014 Germany In International external merchandise trade (excluding non- More Negative organized trade) in Tourism Receipts Georgia amounted to IUSD 3441 million (prelimi- Towards EU The FINANCIAL passenger transport. According to the latest nary data). 14 percent high- than Germany UNWTO World Tourism er year-on-year. The exports otal export Barometer, receipts in des- equaled USD 933 million earnings gener- tinations worldwide from (19 percent higher). while See on p. 5 ated by interna- expenditure by interna- the imports stood at USD tional tourism tional visitors on accom- 2508 million (13 percent CURRENCIES in 2013 reached modation, food and drink, higher). The negative trade TUS$ 1.4 trillion. Receipts entertainment, shopping balance was USD 1576 mil- lion in January-April 2014 May 24 May 17 earned by destinations and other services and from international visitors goods, reached an estimat- and its share in external 1 USD 1.7713 1.7522 grew by 5% to reach US$ ed US$ 1159 billion (euro trade turnover constituted 1 EUR 2.4125 2.3979 1159 billion, while an addi- 873 billion) in 2013. 46 percent. 100 RUB5.1620 5.0380 tional US$ 218 billion was 2 999 662 Email: [email protected] 1 TRY 0.8476 0.8329 earned by international Continued on p. 9 Continued on p. 13

© 2014 The FINANCIAL. Intelligence business publication written expressly for opinion leaders and top business decision-makers C M Y K 2 HEADLINE NEWS & ANALYSIS FINANCIAL financialnews 26 May, 2014 | finchannel.com

Current prices on gasoline and diesel w, Georgia

Prices in GEL Prices in GEL Prices in GEL Prices in GEL Prices in GEL Super 0.00 Premium 2.22 eko Super 2.33 Eurosuper 2.27 Super Unleaded 98 2.32 Euro Super 2.32 Gasoline prices presented by Euro Regular 2.13 eko Premium 2.25 Premium Avangard 2.20 Premium Unleaded 96 2.22 Efix Euro Premium 2.19 eko Diesel 2.28 EuroPremium 0.00 Euro regular 2.12 Euro Regular 93 2.11 BusinessTravelCom 26 May, 2014 Regular 2.08 Hotel and Airticket Booking: Euro Diesel 2.26 Euro Regular 2.13 Euroregular 2.03 Regular Unleaded 93 2.08 Efix Euro Diesel 2.27 Diesel 2.09 Regular Energy 2.08 Eurodeasel 2.22 Euro Diesel 5 10 PPM 2.27 Euro Diesel 2.09 2 999 662 | SKY.ge ISSUE: 20 (400) CNG 1.05 Diesel Energy 2.10 © 2014 INTELLIGENCE GROUP LTD

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If you are seeking permission to use The FINANCIAL trademarks, logos, service KHACHAPURI INDEX AS A MEASURE OF marks, trade dress, slogans, screen shots, copyrighted designs, combination of headline fonts, or other brand features, RETAIL SECTOR DEVELOPMENT (IN TBILISI) please contact publisher. “&” is the copyrighted symbol used by The FINANCIAL n light of recent developments in the retail sector, we decided to expand our FINANCIAL (The FINANCIAL) is registered Bazaar vs Supermarket Chain Prices| April 2014 trade mark of Intelligence Group ltd in Tbilisi survey beyond the main three ba- Georgia and Ukraine. Trade mark registra- zaars (Vagzali, Akhmeteli and Naftlugi) 4.0 12.0 tion by Sakpatenti - Registration date: to modern supermarkets and hypermar- Bazaar Supermarket October 24, 2007; Registration N: 85764; Ikets such as Carrefour, Goodwill and Smart. 3.5 Trade mark registratrion by Ukrainian State 10.0 Register body - Registration date: Novem- To ensure consistency, we looked at the same ber 14, 2007. products and brands across different types of 3.0 13% outlets. 33% 8.0 ADVERTISING A priori, it is not obvious whether super- 2.5 All Advertisements are accepted subject market prices should be higher (or lower) to the publisher’s standard conditions of than in open air markets. Supermarkets face 2.0 10% 6.0 insertion. Copies may be obtained from higher infrastructure costs, but their size advertisement and marketing department. 8% Please contact marketing at: gives them considerable market power with 1.5 [email protected] respect to suppliers. For example, Walmart, a 4.0 see financial media kit online US retail giant, is known for its ability to push 1.0 www.finchannel.com/MediaKit suppliers to the limit. This is not only about Download RATE CARD dictating low prices but also paying with a sig- 2.0 nificant delay. 0.5 4% Our results show that the largest Georgian -10% retailers are, on average, more expensive than 0.0 0.0 open air markets. When recalculated based Yeast Egg Flour Butter Milk Cheese on prices in supermarket chain stores in April 2014, our Khachapuri Index clocked 4.34GEL, ter, 8% in flour and 4% in eggs. In one ingredi- ity of retail networks to smoothen seasonal which is almost 1/3 higher than its conven- ent, yeast, supermarkets turned out to be 10% price fluctuations in fresh products, and ex- tional equivalent (3.34 GEL). cheaper. plore the impacts of i) increasing competition It easy to see from the chart that the gap There is little we can say about the dynamic and ii) changes in the policy framework related in prices is largest for fresh products that are development of the Georgian retail sector to Georgia’s signing the Deep and Comprehen- strongly affected by seasonal factors, such as based on just one month of observations, but sive Free Trade Agreement (DCFTA) with the milk (13%) and cheese (33%). The gap in other the sector will remain in the focus on our at- European Union. (Hint: EU food standards DISTRIBUTION product categories is rather mild: 10% in but- tention. In particular, we will monitor the abil- will mainly affect the formal retail sector.) 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 their managers. To be included in the list please contact Discrimination in Georgia distribution department at: [email protected] by Nino Doghonadze and contact Us Norberto Pignatti eDITOR-IN-cHIEF ISET Policy Institute zVIAD pOCHKHUA E-MAIL: [email protected] [email protected] n May 2, 2014, the Phone: (+995 32) 2 252 275 Georgian parliament hEAD OF mARKETING unanimously passed lALI jAVAKHIA the law on the elimi- E-MAIL: [email protected] nation of any form of [email protected] Odiscrimination. The stated objec- Phone: (+995 577) 74 17 00 tive of the law is to ensure that consultant any physical or legal entity equal- mamuka Pochkhua ly benefits from all rights defined E-MAIL: [email protected] by Georgian legislation, irrespec- Phone: (+995 599) 29 60 40 tive of race, skin color, language, head of distribution department sex, citizenship, place of origin, Temur tatishvili birth or residence, wealth or E-MAIL: [email protected] Phone: (+995 599) 64 77 76 class status, religion or belief, national, ethnic or social belong- Copy Editor: ing, profession, marital or health Iona MacLaren status, disabilities, sexual ori- Communication manager: entation, gender identity, politi- Eka beridze cal or other considerations, etc. Phone: (+995 577) 57 57 89 Acute discussions between par- liament and church representa- Photo Reporter: KHATIA PSUTURI tives, especially about the phrase on sexual orientation and gender Mailing address: identity, preceded the adoption from disadvantaged groups are people. Racial, ethnic, and gen- members of a group X are less 17 mtskheta Str. of the law. Leaving aside moral Tbilisi, Georgia either refused jobs or are accept- der discrimination belong to competent for doing a certain OFFICE # 4 and religious considerations, it ed but have lower salaries com- this category. Statistical dis- job. Lacking information about PHONE: (+995 32) 2 252 275 may be interesting to discuss the pared to the majority. crimination, on the other hand, the competency of a specific ap- fax: (+95 32) 2 252 276 economic aspect of discrimina- E-mail: [email protected] is rooted in informational plicant who belongs to group X, on the web: www.financial.ge tion, in particular labor market asymmetries in the labor mar- the employer may expect that daily news: www.finchannel.com discrimination. THE ROOTS OF ket. An employer typically has applicant to perform as well as The Nobel Prize winning econ- very limited information about the average of group X and thus omist Kenneth Arrow refers to DISCRIMINATION a prospective worker, and if reject employment. This can discrimination as a situation in Economic theory distin- there is a perceived or real cor- happen even if the employer which personal characteristics guishes between two kinds of relation between group mem- is solely deciding based on le- Intelligence Group ltd. 2014 of the worker that are unrelated discrimination: taste for dis- bership and performance in the gitimate criteria (performance, to productivity are also valued job, an employer may (partly) competency etc.) without hav- Member of crimination and statistical dis- on the market (Arrow. K. (1973), crimination. derive their expectation about ing a general dislike for group “The Theory of Discrimination”, Taste for discrimination re- an applicant from their group X. Princeton N.J.: Princeton Uni- sults from genuine likes and membership. For example, an versity Press). As a result, people dislikes for certain groups of employer may have made the experience that on average Continued on p. 8 C M Y K FINANCIAL HEADLINE NEWS & ANALYSIS 3 26 May, 2014 | finchannel.com publicity

Advertiser: Pasha Bank. Contact FINANCIAL Ad Dep at [email protected] C M Y K 4 HEADLINE NEWS & ANALYSIS FINANCIAL financialnews 26 May, 2014 | finchannel.com Batumi to Black Sea Jazz Festival in July 2014

Kool & The Gang Kool & The Gang has sold over 70 million albums worldwide and influenced the music of three generations. Thanks to songs like Celebra- tion, Cherish, Jungle Boogie, Summer Madness and Open Sesame, they’ve earned two Grammy Awards, seven American Music Awards, 25 Top Ten R&B hits, nine Top Ten Pop hits, and 31 For the first time, cludes 105 nationalities, can’t The recent nationalwide gold and platinum albums. Kool & The Gang has be broken into pieces either open referendum was held performed continuously for the past 35 years, the electronic dance by kilowatts of sound nor by over the most popular social longer than any R&B group in history. music festival the body language difficulties. networks. The Great Nation KaZantip will take That’s why our peace mission decided to offer Kazantip ViZa is to make everyone hug and to all female vizitors from LiV Warfield place in Georgia, due make up a quarrel, by any Ukraine and Crimea. Ukraine, LiV Warfield, a native to Peoria, IL, has one of to recent events in means necessary. we love you. Go and get your the most distinct and promisingvoices in R&B/ Ukraine. Knowing how hard is the ViZa to the life full of sun, Soul. Her singing career can be traced back to situation now for the ukrai- sound and serenity. Keep smil- her college years in Portland, Oregon, a city that nian people, we are certainly ing, feel free and be happy. holds her up as “Portland’s most soulful singer” The Official willing to offer help at least to Up to now, more than 16 (Portland Monthly). Some of her musical hero- the weaker half of them. 000 girls are registered. ines are Nina Simone, Etta James, Tina Turner, Statement Sade, and Mary J. Blige. by The PreZident Bootsy of Kazantip Bootsy (born William Collins, October 26, 1951, Cincinnati) is one of the all-time great Republic funk and R&B bassists/singer/bandleader. He formed his first group, the Pacesetters, in 1968, ow in these days, featuring Phelps “Catfish” Collins (his brother; when Internet is guitar), Frankie “Kash” Waddy (drums), and full of raging in- Philippe Wynne (later of The Spinners fame). formation wars, when we see Nextraterrestrials in Crimea, when Belief, Hope, Good and Mario Biondi smiles are so missed by many, A warm, deep sensual voice, yet clear and we continue to know exactly confident: Mario Biondi, born Mario Ranno, pa- that the trees will turn back tiently and carefully cultivated his musical pas- green, the sky will be clear, sion starting from a tender age alongside his fa- the water will be warm, the ther: singer Stefano Biondi, in honour of whom sand will be hot, and the mu- Mario took on his stage name. sic under the starlights will unite everyone. We believe that the Great Max The Sax Kazantip Nation, that in- Max The Sax is an essential part of both the Parov Stelar Band and the Parov Stelar Trio’s shows. His unmistakable saxophone style and his eccentric performances have made him a firm favourite across the world. He is a real rock star amongst saxophonists and always impress- Staycation Nation – domestic es with his explosive playing, bringing smiles to the faces of those watching and never failing to send fans into euphoria. His masterful talent for tourists will contribute £108 improvising club music and his happiness to in- teract with the crowd set him out from the rest. Fans can expect to see, hear and witness history billion to the UK economy by 2017 in the making in his solo show as he plays com- pletely new jazzy interpretations of classic club tunes and hidden gems The FINANCIAL

Men in Brass he UK’s hospital- MEN IN BRASS – an elitist musical detach- ity, leisure and re- ment – were founded in order to engage the fol- tail sectors are set lowing negative frames of mind: depression, sad- to see significant ness, boredom! As armament for the unit were growth over the developed several exact weapons of mass plea- Tnext few years, according to sure.But the most important tool for liquidating a new report from Barclays, the self-consciousness of the audience is: THE which reveals annual expen- DIRECT CONACT, THETRALISATION,AN diture from domestic tour- UNIQUE CHOREOGRAPHY IN EACH NUM- ists will surge by 25% to over crease by 25% to £17 billion fashion and home sectors, of BER. £108 billion by 2017. and leisure attractions by 33% and 39% respectively. The hospitality and leisure 27% to £15 billion, according The outlook is positive sector will benefit most from to Barclays. across the UK, although some the trend towards ‘stayca- While high street retailers locations will benefit more Ramon tions’, with domestic tourist continue to face stiff com- than others. London will con- 2004, Valentin OMAN and Thomas MORA spend growing to £69 bil- petition from the growth of tinue to top the ‘staycation’ met in a local in Vienna, called “Salzberg”, with lion by 2017. Pubs and res- online sales, the sector will league table; attracting 16% their instruments and i-books. Together with taurants will be the greatest still attract a 23% rise in do- of domestic spend by 2017. friends and musicians they started a Sunday benefactors, with spend ex- mestic tourist spend by 2017, Furthermore, businesses in jam session where unconstrained and unfor- pected to rise by 26% to £37 to £15.6 billion. In particular, the South East, South West gettable live performances emerged spontane- billion as more people dine it is predicted that expendi- and Scotland will also per- ously. Most of these sessions ended in raucous out. hotels and B&Bs will see ture from UK consumers will form strongly, according to parties. domestic tourist spend in- fuel impressive growth in the Barclays. C M Y K FINANCIAL HEADLINE NEWS & ANALYSIS 5 26 May, 2014 | finchannel.com financialnews Tweets: France and Germany More Negative Towards EU than Germany

The FINANCIAL in their native languages, common element emerged. these numbers are quite In each case, a national party small. (British Prime Minis- with an explicitly anti-EU or n English, 31% of the ter David Cameron received anti-Euro platform generated assertions on Twit- 133,390 tweets alone during the most attention. ter about the EU were the same period.) The tone In the U.K., that was the positive toward the EU of Twitter sentiment toward right-wing U.K. Indepen- (which included the EU each of those presidential dence Party, or UKIP, which Idirectly, its institutions and candidates was overwhelm- favors the country leaving Europe), compared with 39% ingly neutral—with between the EU. From May 1-14, Twit- that were negative and 30% 65% and 79% of the tweets ter users produced 607,447 that were neutral, according not being either markedly tweets about UKIP, which is to a new Pew Research Center positive or markedly nega- more than for the Tories, the analysis of the conversation tive, according to Pew Re- Labour Party and the Liberal on Twitter leading up to the search Center. Democrats combined. European Parliament elec- In the U.K., 52% of the In France, the far-right tions. survey respondents had a The Twitter conversation National Front is a vocally in French broke down the favorable view compared to anti-EU party. And while the same basic way—33% posi- 41% unfavorable; in France volume of the Twitter conver- tive, 39% negative and 28% it was 54% favorable, 46% sation was smaller in French neutral. And while the Ger- unfavorable. The more favor- than in English, the National man language conversation able tone of the German re- Front (almost 86,936 tweets) about the EU on Twitter was sponse on Twitter, however, received more attention than much more positive (39%) was generally in sync with any other national party. The than negative (5%), these overall German public opin- center-right Union for a Pop- views were embedded in a low ion as measured in the Pew ular Movement was next, at intensity conversation that Research poll, which was nearly 68,733. represented a mere fraction of believe that membership of governed by each country’s Additional analysis of the considerably more favor- Once again, the Twitter the Twitter activity in French the EU is not in Britain’s best national parties which put for- English-language discus- able (66%) than unfavorable activity in German was con- and English, according to Pew interests.” ward candidates for the Euro- sion about each of the five (31%) about the EU. On oth- siderably less than in English Research Center. Other elements of the Twit- pean Parliament, according to candidates for the Europe- er measures, such as whether and French. But the same The positive view toward ter discussion in the run-up Pew Research Center. an Commission presidency the EU listens to and under- pattern held. The party that the EU was reflected in a tweet to the May 22-25 balloting While a rather robust Twit- demonstrated the degree to stands the needs of Europe- generated the most tweets from Finnish minister Alex- for a 751-seat pan-European ter conversation emerged which the parties draw more ans, national public opinion (about 27,100) was the Al- ander Stubb who wrote: “We Parliament reinforce the no- around the national parties attention than individual seems more in tune with the ternative for Germany, which need the EU for four simple tion that the 28-nation or- in each of the three languag- candidates. None of the can- general lack of enthusiasm has campaigned against the reasons: peace, prosperity, se- ganization does not provoke es, the party for that country didates received more than on Twitter, according to Pew common European currency, curity and stability. We can do particularly strong interest or that generated the most at- 12,886 English-language Research Center. the Euro. The center-right more together, than alone.” approval in this corner of the tention was one with either a tweets in the time studied. In examining the social me- Free Democratic Party was The opposite view was voiced social networking world. distinctly anti-EU platform or Even considering that some dia discussion related to those not far behind, with about in a tweet from MetManPH The pan-European elec- a party critical of the common candidates may have got- national parties in the U.K., 24,837, according to Pew Re- noting that, “It’s not racist to tions are organized and currency, the Euro. ten additional attention France and Germany, one search Center.

biznesis personaluri radio biznesis personaluri radio

[email protected] +995 32 2505 955 [email protected] +995 32 2505 955 Advertiser: Radio Commersant. Contact FINANCIAL Ad Dep at [email protected] Advertiser: Radio Commersant. Contact FINANCIAL C M Y K 6 HEADLINE NEWS & ANALYSIS FINANCIAL financialnews 26 May, 2014 | finchannel.com Europe’s Children’s Growing Overdependence on the Internet and Smartphones

The FINANCIAL fairly often’. family (57 per cent either As part of the research, very’ or ‘a bit’ connected) children were asked about thanks to their smartphone, hildren across Eu- six experiences associated according to LSE. rope are becoming with excessive use of smart- Two out of three children increasingly de- phones. One in two (48 per believe that smartphones pendent on their cent) reported they had ex- help them organise their dai- smartphones, with perienced two or more of ly lives, and over half agree Cone in two reporting two or these experiences, according that they improve their sense more experiences associated to LSE. of personal safety and help with overdependence, such The results show little gen- them do homework. as feeling pressure to always der difference in usage, but “Although we tend to wor- be available and experiencing age plays a factor. Just 20 ry about children more be- unease when unable to check per cent of the youngest chil- cause of the demands made their smartphone, accord- dren surveyed (aged 9-10) re- on them at this stage of their ing to a report published by ported at least two of the six life, some of these experi- Net Children Go Mobile, a re- experiences associated with ences could be found among search project involving the dependence, in comparison many adults. A decade ago London School of Economics with 61 per cent of 15-16 year quite a few children were and Political Science (LSE). olds. saying similar things about Over 3,500 children aged One in five of those sur- mobile phones in general, 9-16 and their parents were veyed also report having ex- that they could not be with- surveyed for the report perienced at least two behav- out them, reflecting how em- across seven European coun- iours or feelings associated bedded these technologies tries, including the UK. with excessive internet use, had become in their lives. Three out of four children such as going without eating Smartphones seem to have (72%) reported feeling more or sleeping because of the in- taken this a stage further, pressure to be always avail- ternet. both in terms of their useful- able to family and friends There are positives to ness and attractiveness, but since getting a smartphone. smartphone use, however. also in terms of children’s One in two (50%) said they Most children said they felt dependence upon them,” felt a strong need to check more connected to their Leslie Haddon, co-ordinator their phone to see if anything friends (42 per cent ‘very’ of Net Children Go Mobile, new has happened ‘very or and 39 per cent ‘a bit’) and said.

How does the world feel about Jews and Israel, and how aware are they of the Holocaust?

Merab Pachulia Chart one 1: Favourable opinions towards Jews and Israel Chart 2: Holocaust awareness and those believing that historical accounts are accurate (%) GORBI

couple of weeks ago, some excellent con- tent appeared on the World Wide Web - the global survey of anti-SemiticA attitudes, known as ADL Global 100. While this study is the most comprehensive assessment ever of anti-Semitic attitudes, ac- Source: ADL Global 100. Note: numbers are given in percentages Source: ADL Global 100. Note: numbers are given in percentages counting for about 88 percent of the world’s total adult popu- issues – attitudes towards Jews the first country among ex-Soviet all three South Caucasus countries Fieldwork and data collection for this lation and easily reachable via and Israel, and awareness and states with the highest net favour- have lower awareness of the Holo- global public opinion project were http://global100.adl.org/, I will knowledge of the Holocaust. able rating towards Jews. When caust compared to the global aver- conducted and coordinated by Anza- draw your attention only to glob- it comes to favourability towards age of 54%. lone Liszt Grove Research. GORBI is Worldwide, younger people are proud to be responsible for data col- al averages (findings) and will Israel, Ukraine tops the list with What do we 67% and Georgia follows with 53%. less aware of the Holocaust (48% lection in most of the ex-Soviet coun- separately analyse these findings Azerbaijan and Kazakhstan are two under 35 years) compared to the tries. All interviews were conducted from ex-Soviet Union countries think about countries with predominately Mus- older cohorts of the world popula- between July 2013 and February that shared the same historic lim populations (94% and 70%, re- tion (61% of respondents who are 50 2014. The data is a result of 53,100 legacy and underwent decades of Jews and spectively) but Azerbaijan certainly years and older). total interviews among citizens aged the same ideological demoniza- Israel? holds less positive attitudes towards Globally, among those who have 18 and over, across 101 countries tion. both Jews and Israel compared to heard of the Holocaust, 32% believe and the Palestinian Territories in the In the next issue of this news- It is thought that in the VIII Kazakhstan and other countries as it is either a myth or has been greatly West Bank & Gaza. Expected margin paper, I will present analysis on century B.C., the old Georgian described in the Chart 1. Interesting- exaggerated. In the ex-Soviet bloc, of sampling error for the weighted capital Mtskheta hosted the very ly, among the ex-Soviet population, this figure is ten percentage point global average is +/- 0.97%. In an existing anti-Semitic feelings first Jews. Over the centuries both lower - 23% and it is even lower in worldwide and in the region, average favourability opinion for overwhelming majority of the coun- ethnic Georgians and Georgian Jews is 12 percentage points higher Georgia 17%. tries/territories polled, the samples but first, let me say that based Jews enjoyed the same rights and compared to the same sentiments Globally, every third (33%) re- are fully nationally representative. on the survey findings, one- fought arm to arm against various toward Israel. spondent is confident in historical As a regional hub for partner orga- quarter of Earth’s population foreign invaders or local feudal accounts and believes that the num- nizations and international clients, is infected with anti-Semitic rulers and the like. NB. One of ber of Jews who died in it have been since 2003, GORBI is the only Geor- attitudes. In addressing this the best translations of Shake- Holocaust described fairly by history. Among gian member of the Gallup Interna- finding, ADL National Director speare from the original language ex-Soviet respondents, this num- tional research network to have over Abraham H. Foxman said: “For to Georgian was done by the Only 54% of those polled globally ber is almost double, accounting for two decades of experience in survey the first time we have a real Georgian Jew Djemal Adjiashvili, have ever heard of the Holocaust. 60%. research in post-Soviet Union coun- whose name was given to one of That figure drops to 24% in sub-Sa- tries, as well as Mongolia and Iraq. sense of how pervasive and per- the nicest streets in old Tbilisi. No haran Africa and 38% in the Middle The Anti-Defamation League sistent anti-Semitism is today doubt, many readers of this col- East and North Africa. Awareness of commissioned First International around the world.” umn have climbed to the Botani- the Holocaust is significantly higher Resources to research attitudes and Nevertheless, in the below text cal garden from this street. in the ex-Soviet bloc - 71%. How- opinions toward Jews in more than I will focus on two interesting Not surprisingly, Georgia ranks ever, citizens of Kazakhstan and 100 countries around the world. C M Y K FINANCIAL HEADLINE NEWS & ANALYSIS 7 26 May, 2014 | finchannel.com publicity CAUCASUS HEALTHCARE The Caucasus Healthcare Infrastructure and Pharmaceutical Investment Summit 2014 Conference & Exhibition

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Advertiser: Euroconvention Global. Contact FINANCIAL Ad Dep at [email protected] C M Y K 8 HEADLINE NEWS & ANALYSIS FINANCIAL financialnews 26 May, 2014 | finchannel.com More Media and Discrimination in Georgia Entertainment Companies come the source of persis- While per 20 applications in the labor market. Unlike Expect to Pursue Continued from p. 2 tent inequality. The vicious on average 7 Georgian males ethnic minorities, the issue Taste for discrimination cycle works the following were invited for an interview, of sexual minorities may be Acquisitions in the Next Year was explored in-depth by way: disadvantaged group ethnic minority males re- more of the kind entailed by Gary Becker, another No- members internalize the ceived just 1 invitation. a taste for discrimination. bel Prize winner (he passed fact that employers are not These results are quite tell- The events that happened in away recently). Becker going to compensate for the ing and need to be tracked May 2013 provide obvious showed that competition human capital they accumu- over time in order to observe evidence of prevalent social between companies can late (as only their group’s the recent trends and devel- prejudices towards them. help decrease discriminat- average will be taken into opments. Without proper un- In this case, easy solutions ing behavior due to taste account), reducing their ef- derstanding of roots and pat- probably do not exist. Con- for discrimination. This forts to acquire proper edu- terns, it is impossible to tailor servative Georgians will need appropriate policies dealing is because discriminating cation, thereby confirming a lot of time until (if ever) with discrimination. One firms have to pay the price the prejudice and becom- they accept these people as reason for the discrimina- for their behavior. Namely, ing even more marginal- they are, without negative tion found by Sophiko could if they do not hire produc- ized. So, by endogenizing emotions. So, it would be a be language issues. Often, Media and entertainment tive workers just because the prejudice the members difficult task for the govern- The FINANCIAL ethnic minorities residing companies that hired aggres- of “taste”, other firms can of the discriminated group ment to ensure that such end up by increasing the in Samtskhe-Javakheti (Ar- prejudices do not lead to any sively after the cutbacks of the hire them and become more menians) and Kvemo Kartli edia and en- 2009 financial crisis and now productive and more prof- likelihood of being trapped form of discrimination in the in a negative equilibrium. (Azerbaijanis) are not good tertainment optimizing skillsets and the itable than discriminating labor market. companies In some extreme cases, the in speaking the Georgian lan- To an ordinary person, makeup of their workforce. firms. In the long run, only guage. This is true even about are more con- 21% of executives say they will non-discriminatory firms discriminated start feeling the Georgian law might look fident in the and believing themselves many of those who study at reduce workforce numbers, are able to make enough more like a declaration of Mglobal economy than ever up from 13% last year; 21% to be inferior to the advan- Georgian-language universi- profits to survive (Becker, principles rather than a tool before, according to a recent will hire, down from 44% last taged groups. ties. If language is the cause designated to fight discrimi- G. (1957), “The Economics of the identified pattern one survey of senior executives year and 58% will keep their of Discrimination”, Chi- nation. Even before the adop- conducted by EY. The report workforce its current size, up could improve the situation tion of this law, the Georgian cago: University of Chicago by teaching the Georgian shows 64% of executives be- from 43% a year ago. Press). THE SITUATION constitution was declaring lieve the state of the global The two largest trends af- language more actively in an that all citizens have equal However, as Arrow (1973) IN GEORGIA early age to children from the economy is improving, com- fecting acquisitions in the rights and all those who felt pared with 59% one year ago. (“The Theory of Discrimi- ethnic minority groups. media and entertainment in- oppressed could defend their Executives are more confident nation”, Princeton N.J.: There are not many studies Statistical discrimination, dustry are digital transforma- rights at the court. Should in the likelihood of closing Princeton University Press) devoted to discrimination in without second-round (no tion (61% of respondents) and one be disappointed then deals (33% compared with pointed out later, in the ab- Georgia, so one cannot say a education, no skills…) ef- “future of work” issues (43% 23% a year ago), and coupled of respondents). sence of a perfectly compet- lot about the nature and the fects, could be addressed by about the new law? Not nec- itive environment discrimi- extent of the problem. One of essarily. Reiterating non- with a narrowing valuation Ninety-two percent of exec- fostering inter-group contact gap, this is creating momen- utives see political, regulatory nation can persist and take the first (and maybe even the and communication. Again discriminatory principles different forms, depending very first) scientific approach and spelling them out is al- tum to get deals done. and emerging market insta- here, language can be key. Eighty-five percent of re- bility as the greatest economic on the type of market fail- to labor market discrimina- Georgians do not seem to ways positive. Moreover, the ure in place. For example, tion in Georgia was taken fact that the law does not spondents believe credit risks to their businesses dur- have a very strong “taste for availability is either stable if the discriminator is not by Sophiko Skhirtladze, an impose heavy regulations ing the next year. discrimination”. According or improving, and 52% of re- Sixty-five percent of execu- an employer but another ISET graduate. In her Master to the Caucasus Barometer, might actually be good. Af- firmative action (i.e. positive spondents indicate it is im- tives expect deal volumes to group of workers, segrega- Thesis (2008) she explored while 99% of Georgians ap- proving, compared with 36% the wage gap between Geor- discrimination) is sometimes increase during the next year, tion may occur. Firms will prove doing business with one year ago. Thirty-five per- with 98% of respondents be- have an incentive to employ gians and important ethnic their fellow Georgians, about used in developed countries cent of executives indicated to fight discrimination. Yet lieving deal volumes will either either discriminating or minorities residing in Geor- 80% approve doing busi- they have debt-to-capital ra- increase or remain the same. discriminated workers only gia. She found that there was ness with local Armenians or while such policies certainly tios greater than 50%, which Executives strongly see deal to avoid the two groups no “taste for discrimination” Azerbaijanis. The difference constrain the freedom of is up from 17% the year be- sizes increasing, with 52% of working together. If a firm against ethnic minorities, as is non-negligible, but not employers, their success in fore, which shows a dramatic respondents expecting deals would employ members of the existing wage gap could huge. As recently discussed terms of promoting equality increase in borrowing. Per- during the next year to be both groups, it would have be explained by differences in an article by Maka Chita- is not guaranteed. Actually, haps the greatest indicator greater than US$251 million, to compensate the dis- in human capital, location, nava (to be found on the ISET in some cases, they risk ag- of the industry’s confidence up from 21% the previous criminators who despise occupations, and industries. Economist Blog), Georgians gravating the “taste for dis- in credit and financing avail- year. the members of the other In 2010 (in a study spon- are generally quite open to crimination” rooted in some ability is that 51% of execu- Thirty-four percent of ex- group for the disutility they sored by the Economics Edu- business relations with al- parts of the society. tives plan to use debt as their ecutives expect to pursue ac- get from working together. cation and Research Con- most any ethnic group. This The success of the Geor- primary source of deal fi- quisitions during the next 12 Likewise, those who are dis- sortium) Sophiko explored indicates that discrimination gian law will crucially de- nancing during the next year, months, a continuation of a criminated against might gender and ethnic discrimi- in the labor market is more pend on the determination of compared with only 21% one rising trend. demand compensation for nation at the selection stage of a “statistical” nature, pos- the Georgian government to year ago, according to Ernst & The valuation gap between working together with peo- for relatively high-paid jobs. sibly related to language is- enforce it and to ensure that Young Global Limited. buyers and sellers in narrow- ple who regard them with While no gender discrimi- sues. no discriminatory behavior Only 11% of executives ing, with 41% of executives hostility and suspicion. nation was revealed, ethnic Ethnic minorities are not is tolerated. Time will tell think the economy is declin- believing the current valua- Statistical discrimination minorities were found to be the only type of minorities whether that is going to hap- ing; 25% believe it is stable tion gap is less than 10% com- may reinforce itself and be- disadvantaged in this case. that could be discriminated pen. and 64% that it is improving. pared with 28% one year ago.

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Asia and the Pacific fastest growing region

The FINANCIAL

otal export earnings generated by interna- tional tourism in 2013 reached US$ 1.4 trillion. Receipts earned by des- Ttinations from international visi- tors grew by 5% to reach US$ 1159 billion, while an additional US$ 218 billion was earned by interna- tional passenger transport. According to the latest UNWTO oping countries. while the United Kingdom (+13%) World Tourism Barometer, re- In absolute terms, receipts in and the United States (+11%) also ceipts in destinations worldwide destinations around the world in- posted double-digit increases. from expenditure by international creased by US$ 81 billion (euro Receipts in Spain, France, China, visitors on accommodation, food 34 billion, comparatively less due Italy and Germany grew between and drink, entertainment, shop- to the depreciation of the dollar) 1% and 5%. ping and other services and goods, from US$ 1078 billion (euro 839 China, Russia and Brazil ac- reached an estimated US$ 1159 billion) in 2012. count for half the world’s increase billion (euro 873 billion) in 2013. Asia and the Pacific fastest grow- in tourism expenditure. Growth exceeded the long-term ing region, while Europe takes big- The emerging economies of Chi- trend, reaching 5% in real terms gest share. na, Russia and Brazil have been (taking into account exchange rate Europe, which accounts for dynamic drivers of outbound tour- fluctuations and inflation). The 42% of all international tourism ism in recent years. In 2013, these growth rate in receipts matched receipts, saw the biggest growth three source markets accounted the increase in international tour- in 2013: up US$ 35 billion to US$ for some US$ 40 billion of the total ist arrivals, also up by 5%, reaching 489 billion (euro 368 billion). Des- US$ 81 billion increase in interna- 1087 million in 2013, from 1035 tinations in Asia and the Pacific tional tourism expenditure. China, million in 2012. (accounting for 31% of all tourism which became the largest out- Apart from receipts in destina- receipts) increased earnings by bound market in 2012 with an ex- tions (the travel credit item in the US$ 30 billion to US$ 359 billion penditure of US$ 102 billion, saw Balance of Payments), tourism (euro 270 bn). In the Americas an increase of 26% in spending also generates export earnings (20% share), receipts increased by last year to a total of US$ 129 bil- through international passenger US$ 16 billion to a total of US$ 229 lion. The Russian Federation be- transport services (rendered to billion (euro 173 bn). In the Mid- came the fourth largest outbound non-residents). The latter amount- dle East (4% share) total tourism market in 2013, following a 25% ed to an estimated US$ 218 billion receipts are estimated at US$ 47 growth to US$ 54 billion. Brazil in 2013, bringing total receipts billion (euro 36 bn) and in Africa entered the top ten by expenditure generated by international tour- (3% share) at US$ 34 billion (euro at tenth place, on the back of a 13% ism to US$ 1.4 trillion, or US$ 3.8 26 bn). increase to US$ 25 billion. billion a day, on average. In relative terms, Asia and the The performance of key ad- International tourism (travel Pacific (+8%) recorded the largest vanced economy source markets and passenger transport) accounts increase in receipts, followed by was comparatively more mod- for 29% of the world’s exports of the Americas (+6%) and Europe est, with the exception of Austra- services and 6% of overall exports (+4%). lia which spent 9% more. France of goods and services. As a world- Among the top ten tourism des- (+5%) recovered from a weak wide export category, tourism tinations by receipts, Asian desti- 2012, whereas the United States, ranks fifth after fuels, chemicals, nations Thailand (+23%), Hong Germany, the United Kingdom, food and automotive products, Kong (China) and Macao (China) and Canada all increased expendi- while ranking first in many devel- (both +18%) saw strong growth, ture by between 2% and 4%. Businesses Demand More of Legal Teams

The FINANCIAL

rising level of threats to business and in- creasing numbers of regulatory require- ments are combining toA ensure in-house General Coun- sel are no longer dedicated to com- pany legal matters. Instead, in- house lawyers’ work is dominated by commercial decision making as boardrooms seek validation of their business and operational plans, a new report from KPMG cording to KPMG. For example, Many respondents also indicated reveals. where General Counsel involve- that their lawyers are more likely Study reveals that senior in- ment once stopped after a contract to find solutions to common busi- house lawyers have adopted six had been drafted, many in-house ness problems than colleagues in new core functional responsi- lawyers are now gaining greater other business departments, ac- bilities in addition to their roles influence with respect to how re- cording to KPMG. as legal advisers. Chief among lationships are managed, how they The report suggests that busi- these is a focus on cyber security, are evaluated and whether they are ness expertise and numeracy are as concerns rise about the risk renewed. fast becoming the basic ingredi- of data breaches brought about Senior executives are turning ents of successful in-house legal by human error and intentional to their legal teams in recognition career s and argues that growth of sabotage. that their professional training en- regulatory compliance will mean Some areas of responsibility sures General Counsel can ‘take that lawyers with public service are also evolving as organizations on complex issues, distil them and experience will be the ones widely look to avoid costly disputes, ac- arrive at a sensible conclusion’. sought after. Advertiser: Sheraton Batumi Hotel. Contact FINANCIAL Ad Dep at [email protected] Advertiser: Sheraton Batumi Hotel. Contact FINANCIAL C M Y K 10 HEADLINE NEWS & ANALYSIS FINANCIAL interview 26 May, 2014 | finchannel.com ProCredit Bank Georgia to Achieve 10% Loan Portfolio Increase in 2014 student. I studied Georgian Passat, Reno Megan or other no. For sure, any entrepre- “We can for one year at Tbilisi State EUR 20,000 cars. For me it neur will always tell you that University. The first time I was particularly strange as I the interest rates on their help the best came here to work was in had never seen that in Geor- loans are high, no matter entrepreneurs, 2002 when I joined ProCred- gia or even in my own coun- what they are paying. it Bank. I then worked here try, in Denmark. Cheap money helps to with good till 2007. In Denmark when you are facilitate the economy. If There have been many 25, you ride a bicycle. And money is cheap, people are ideas, that changes since that time. For maybe when you are 35, you more willing to invest. I will one we can mention this buy your first used car. And be happy if the interest rates are able to beautiful building, currently then if you are successful in continue to go down. We the head office of ProCredit your job when you’re 45 you want to facilitate this pro- manage their Bank. This building has been buy brand new cars. How- cess. That is why we are try- dramatically changed and ever, in Romania everybody ing to become more efficient business and I think it also symbolizes in needed to have one. in the way we operate. a very nice way who we are. Of course, Romanians did We always tried to see can create This is a German bank. The not really buy these cars, they how each of our employees head office is built with Ger- took them on leases, took can service more and more economic man standards, the quality is out mortgage loans for nice clients. This is the only way no less than you would ex- apartments, took a vacation that we can continue to make development pect from any bank in Ger- loan to finance their holidays loans and other services in the many. As for the changes and some credit cards on top cheaper for our clients. inside the country, it has of that. Everybody was tak- Q. How do you man- country,” developed quite dramatically ing on enormous amounts age to compete on the over the years. It was al- of debt. When the boom Georgian market? Asmus ready developing quickly in stopped Romania crashed A. Our main advantage 2006-2007 when I was last very hard. Many people lost is who we are. Our reputa- Rotne, newly here. You can see that a lot a lot of money. They had to tion is appreciated. This is of money has been invested, spend many years slowly, the bank which you feel safe appointed both in the public and pri- gradually repaying all their putting your money in. It is a vate sectors. debts. bank where business people General A lot of businesses have This was the most strik- feel safe to share their infor- developed in a financial ing difference between these mation, because they know Director sense, they have more prof- Asmus Rotne, General Director of ProCredit Bank Georgia countries and an experience that it will be kept confiden- its, they have invested a lot, that I also took with me; tial. This kind of trust that The FINANCIAL you see beautiful buildings, simply attract the client and mains less developed in that economic development people have in us is one of then they would have to go our country. What are By Madona Gasanova you see nice restaurants, is good but one has to be our key competitive advan- and you also see production to the credit analyst and its main obstacles? extremely careful how and tages. equipment and facilities hand the application over to A. When I compare Geor- why we lend to people, for We also have good ser- n 2013 ProCredit Bank that were not here before. them. Now we have changed gia to some other countries what purposes people take vice. We have nice branches, Georgia had USD 11 Their professionalism has that. We invested a lot of it becomes quite clear that out loans. Banks should as well as friendly, compe- million net profits, also improved. A lot of busi- time last year in training the SME sector is relatively proceed in a very respon- tent people working in the more than was origi- nesses when you looked at these people to make them developed, dynamic and vi- sible way. Otherwise they branches. We have good re- nally forecasted. Af- them ten years ago had peo- competent in credit analy- brant. It accounts for a rea- can do lots of damage to the mote banking services, such Iter two years of decreased ple who were just amateurs, sis. We will now benefit sonably large share of the economies where they oper- as internet banking, SMS customer activity due to the they started something and from this year of knowledge economy and banking loans ate. Sometimes people are service, pay boxes and etc. recent political changes, the they tried, and maybe it that they have. They will as well. I think it is not un- irrational, especially young So the facilities are already Bank is again witnessing a worked out, maybe it didn’t. provide a faster, more com- derdeveloped. There are a lot people, who do not have any there to get a very good and high demand for lending. A lot of these people have fortable and more profes- of good small entrepreneurs experience of going through competent service. This year the Bank plans to developed over the last ten sional service for the clients. here and it is very important the bad times as well as the Q. Recently many increase its loan portfolio by years. They have gained But, as always, if you take for the country. good. experts and even com- 10%. Asmus Rotne, newly significant experience and your best people out for two During the past two years As for Armenia, business mercial banks have appointed General Director professionalism in doing weeks or a month of train- the growth of SME business development there has been started demanding of ProCredit Bank Georgia, their business, also in the ing will have positive effect has dropped slightly due to much slower than in Geor- non-profile actives from talked about the comparative small business area. Here in long run. the political changes but in gia. In Armenia the economy banks. What is your po- advantages of Georgia in re- in the Bank I can see a simi- Q. Which are the most the current year it has re- is much more concentrated sition in this regard? gard to Romania and Arme- lar change. Ten years ago popular credit products sumed its previous level of on a few large corporations A. ProCredit Bank does nia, where he worked before. we had a lot of very young at ProCredit Bank? activity. However, demands and not very much on small not try to do twenty different Rotne received a Bach- people. Now I see the same A. The most popular ones from the outside world are business. The Armenian businesses at the same time. elor’s degree in political sci- people here. And with ten are on the credit side. The constantly increasing. A few economy could do well with We are focused on what we ence from Aarhus Universi- years of experience behind demand is increasing and is years ago, to open a hair- the kind of liberalization that are really good and excel at. ty, Denmark, and a Master’s them, it has turned into a quite high at the moment. dresser salon it was enough has happened in the Geor- When you try to run twenty degree in regional studies very strong team. Stabilization of the political to simply purchase a chair, gian economy since 2004. different businesses you lose (Russia, Eastern Europe and Q. How would you as- and economic situations en- a mirror and pair of scissors, Q. Do you think that your orientation. Actually, Central Asia) from Harvard sess the year 2013 for couraged this demand. The so just USD 50 would be banks should be the NBG has it under control University. your bank? (net profit; macroeconomic situation of enough. Nobody goes to such main drivers of the and they are able to manage “Even when I was studying, credit and deposit port- the country’s economy di- hairdresser salons anymore economy? the kind of conflict of inter- my interest lay very much in folio growth in compari- rectly reflects the list of the though. Today you need to A. Fundamentally it is est that could appear in this economic development,” he son with the previous most demanded loan prod- invest thousands, as you companies and entrepre- process. told The FINANCIAL. “The year) ucts. 40-55% of our clients need to make something that neurs that have to be the en- Q. ProCredit Bank reasons why some countries A. In 2013 we had good are made up by entrepre- looks fancy, elegant and at- gines for economic growth. recently implemented develop and the reasons why results on profitability. Net neurs involved in trade. This tractive before anybody will What banks can do, is to ‘electronic signature’. In some of them do not develop profit was around USD 11- is followed by service, pro- come in as your client. That help them. We can help the line with the AA Georgia was an area of interest to 12 million. It was ahead of duction and education. is a big challenge for SME right ones, with good ideas, is trying to switch to e- me. Political science was a schedule. It has been a nice Currently agriculture has business. What they did 5-10 that are able to manage their governance. What are big part of it, as both politi- result for us. The deposit the bigger growth potential. years ago is not adequate business and can create eco- the risks in terms of se- cal and economic factors are portfolio grew a little bit, not Agriculture is a strategically anymore. So, they also have nomic development in the curity measures in this reasons behind it. I studied a very strongly but it was more important sector both for us to continue to develop. This country. That is what we regard? lot of economics as well, as our own initiative, because and for Georgia as a country. is one of the main changes want to do as a responsible A. There are always risks during those programmes we had more deposuits than Georgia has potential in this that has been happening bank. in life. But I think that it will you could always choose we need for our loan portfo- sector but it really needs a lot over the years. We are fol- Q. High interest rates be more difficult to fake an economic classes, politics lio. of further investment. The lowing those clients. We are on credits still remain electronic signature than one or language classes. That is During the beginning of sector requires not only ma- concerned about the eco- the main problem of the that is paper-based. Elec- how I came to ProCredit. I the year the loan portfolio terial investments but also nomic development and are Georgian banking sec- tronic signature adds some felt that this was a company was going down and at the educational, in order to im- focused on financing those tor. How can that be features to this process, adds that was genuinely interest- end of the year it started in- plement new technologies, to manage to supply these solved? a checking mechanism. I ed in economic development creasing again. There were new crops etc. It is an ongo- demands. A. A reduction of credit think it is overall a very good and it has a mission with the different reasons behind ing process but there is still a Q. You have worked interest rates is already hap- step. It will help the Bank type of banking activities it this reduction. One was the long way to go. This is a pro- at ProCredit Bank in pening. It has been happen- and people to become more does, which is that we want economic situation in the cess we would like to facili- Romania, Moldova and ing for several years. Rates efficient, to have less paper- to increase the economic de- country. During the first tate by providing the finan- Armenia. How does con- are going down. So, there is work that they then need to velopment in the countries nine months of the year ev- cial services to our clients. sumer behaviour differ a very strong tendency of re- sort out. where we work. And we also erybody wanted to wait and We currently have a USD by country? duction of interest rates on Q. What are your have this kind of impact in see, because of the political 27 million loan portfolio for A. What was striking when loans. plans for the current Georgia,” he said. situation nobody wanted to preferential agro credit. I left Georgia in 2007 for In different sectors in the year? Q. You were Deputy invest and this affected us. ProCredit Bank is the larg- Romania was that the coun- economy the more devel- A. We definitely have to General Director of Pro- Last year we spent a lot of est financer of agro credit in try was having an economic oped businesses are defi- be more efficient in the way Credit Bank in Georgia time in investing, training Georgia. In total we have a boom. The country had just nitely getting more and more we operate this year. Offer- in 2002. What are the and restructuring the Bank USD 43 million agro credit joined the EU and it seemed attractive interest rates. This ing attractive conditions for main changes that you to prepare ourselves to work line which is 25-30% of the that money was everywhere. has happened partly because our clients will be our goal. have discovered on your in a new and more efficient total agro sector loan portfo- Seeing Maserati or Rolls deposit rates came down We want to finish the reno- return after more than way. For example, with lio in the country. Royce cars in the street was significantly and partly be- vating and adjusting of our 10 years? small business we used to Q. ProCredit Bank not out of the ordinary. For cause the banks are earning a branches. We still have a few A. I had been in Georgia have business client advis- in Georgia has always me, what was more striking smaller margin than before. branches left to be reopened. many times before. The first ers. They did not know how been focused on SME was to see young people, 25 So, if you ask me whether This attractive design will time I came to Georgia was in to analyze loan applications business loans. Mean- years old, in their first jobs, rates on loans are a big prob- help in providing a good ser- 1995. I came as an exchange however. So they would while the sector still re- driving new Volkswagen lem, I would respond yes and vice to our customers. C M Y K FINANCIAL HEADLINE NEWS & ANALYSIS 11 26 May, 2014 | finchannel.com publicity

Advertiser: ProCredit Bank. Contact FINANCIAL Ad Dep at [email protected] C M Y K 12 HEADLINE NEWS & ANALYSIS FINANCIAL FactCheck 26 May, 2014 | finchannel.com U.K. Seen joining U.S., China, as top tech Davit Narmania: revenue growth markets “… We were not exactly indulged with domestically produced agricultural goods and so, consequently, the share of agriculture in the GDP amounted to solely 8%. In 2013, however, owing to state funded projects, the indicator rose to 12%. This is a tendency of increase which is maintained in 2014.”

Archil Rostomashvili the GDP amounted to solely lion in absolute numbers and ture, would have retained the 8%. In 2013, however, owing which represents the highest same share in the GDP as in FactCheck to state funded projects, the indicator recorded over the the previous year. indicator rose to 12%. This is last four years. The growth of As for the share of agricul- n 10 April 2014 a tendency of increase which the percentage share of agri- ture in the real GDP, over the present Tbilisi is maintained in 2014. More culture in the GDP indicates span of the years 2003-2012 mayoral candi- projects are expected to be that in 2013 agriculture grew this indicator was character- date and Minister funded this year which will in respect to certain other ised with a decreasing trend of Infrastructure have a greater impact upon sectors. It follows, therefore, and took a slight upturn in Oat the time summarised the the economic development of that if all the sectors of the 2013 reaching 10.6%. outcomes of the Preferential the country.” economy had grown equally, Agro-credits project and stat- FactCheck took interest in all of them, including agricul- ed: “…These projects are of Davit Narmania’s statement The FINANCIAL Technology executives special importance in terms and verified its accuracy. believe the U.S., India, and of regional development as Throughout the years 2003- China will be the leading well as considering that they 2010 the share of agriculture echnology industry markets for tech employment create jobs, increase the in- in the nominal GDP of Geor- leaders are most growth between now and come of Georgian families gia was characterised with a bullish on revenue 2016. Other countries with and, most importantly, en- tendency of decrease. In 2011- growth in the U.S., higher tech company expecta- courage the national produc- 2013, however, the indicators China, and the tions for employment growth tion of goods. We were not saw an upturn as compared to TUnited Kingdom, according are Canada, at 30 percent up exactly indulged with domes- 2010. In line with the prelimi- to the results of the annual from 23 percent, the U.K. 28 tically produced agricultural nary data of 2013, the share Technology Business Outlook percent up from 21 percent, goods and so,consequently, of agriculture reached 9.3% survey. The U.K. ranking is and Germany 15 percent up the share of agriculture in which equals GEL 2.17 bil- one of the biggest surprises in from 7 percent. this year’s survey with 42 per- t is also to be noted in the GDP is mainly charac- cent of the technology leaders that the extent of any teristic for underdeveloped projecting that market as their California top particular sector’s countries and for some de- first, second or third highest choice for U.S. share in the GDP indi- veloping countries. As forde- revenue growth rate for their cates what part of the veloped countries,the share companies in the next 12 to 24 investment Icountry’s income is accu- of agriculture in their GDP months, compared to only 18 mulated in the given sector. is fairly low although the ab- percent in last year’s survey. Looking at where tech com- The higher the indicator the solute indicator of the agri- The U.S. remains the number panies plan to increase invest- larger the share of revenues cultural sector is quite large. one market, selected among ment and jobs in the U.S. over accumulated in this sec- The large share of the GDP in the top three by 81 percent the next two years, California tor and the more important developed countries is occu- of the respondents – higher led the list (28 percent), fol- the role of this sector in the pied by capital intensive in- than results in the prior three lowed by Texas at 17 percent economy. dustries whereas agriculture annual surveys – followed by and the Southeast at 14 per- A large share of agriculture belongs to labour intensive fields characterised with a di- minishing return to scale. China at 47 percent. The ex- cent and the Midwest at 10 ecutives were each asked to percent. Additional locations select their top three markets. included Washington D.C. (9 s the subsidies and its share in the real GDP – velopment of capital intensive agriculture, which currently percent), Other West (9 per- and taxes are not 10.6%. Evenupon the basis of fields persons employed in accounts for over half of the cent), New York (8 percent), divided accord- these indicators only it can be agriculture will move to other total employment in Georgia, Pullback in Massachusetts (7 percent) ing to the sectors safely said that a large share of fieldsin pursuance of higher will decline markedly. and Other Southwest (7 per- of the economy, agriculture in the GDP may not incomes. Consequently, the Expectations for cent). GeoStatA calculates the ratio of be a favourable indicator for a share of people employed in Category: Agriculture

the absolute indicator of agri- country’s economy. Brazil, Mexico, culture and the GDP at basic As Georgia advances eco- and South Korea Tech prices. If we compare the in- nomically the share of agri- dicators of the real GDP re- culture in the country’s GDP Unlike a year ago when manufacturing: corded in 2003 and 2012 (cal- is expected to shrink. Obvi- Brazil, Mexico, and South culated at prices of 2003) we ously, this does not imply a Korea appeared on the rise, offshoring observe that in 2003 the real decrease in the absolute indi- fewer survey respondents see outgaining GDP totalled GEL 8.04 billion, cator of agriculture. Georgia’s these three countries as their agriculture – GEL 1.65 billion economic development will be biggest revenue and employ- onshoring and its share in the real GDP accompanied by an increase ment growth markets. – 20.6%.The real GDP of 2012 in the absolute indicator of Brazil’s position as a rev- While the majority (58 per- amounted to GEL 14.15 billion, agriculture. After the eco- enue growth market declined cent) do not plan to make any agriculture – GEL 1.5 billion nomic expansion and the de- 10 percentage points to 23 changes in how they deploy percent and as an employ- their manufacturing in the ment growth market 5 per- next two years, 24 percent are Conclusion centage points to 21 percent. either moving more manu- Tech executives’ expectations facturing offshore or incre- The share of agriculture in the nominal GDP amounted to 9.3% in 2013 which undoubtedly is the highest indicator registered for their company’s revenue mentally adding new offshore over the course of the last four years. In the case of the real GDP (expressed at prices of 2003), the share of agriculture equals growth in South Korea de- manufacturing. Eleven per- 10.6%. Consequently, the number indicated by the former Minister – 12%, is not entirely accurate. Throughout the years 2010- clined from 14 percent in cent are either moving manu- 2012 the share of agriculture in the GDP varied at around 8%; therefore, Davit Narmania is correct in this part of his statement. 2013 to 7 percent in this year’s facturing back or adding new FactCheck considers it necessary to point out that the increase of the share of agriculture in the GDP hardly qualifies as a fa- survey, and for employment manufacturing operations in vourable factor seeing that if all sectors of the economy developed at an equal pace their shares in the country’s GDP would remain growth it slipped two percent- the U.S. unchanged. It is of greater importance to Georgia to develop capital intensive industries which are characterised with increasing age points to 10 percent. The At the same time, 61 per- returns and will significantly increase employment in the country. outlook for Mexico dipped six cent of the technology execu- Taking into consideration the circumstances elaborated above, we conclude that Davit Narmania’s statement, “…These projects percentage points to 9 per- tives say their companies are are of special importance in terms of regional development as well as considering that they create jobs, increase the income of cent for revenue growth, and not planning to re-shore non- Georgian families and, most importantly, encourage the national production of goods. We were not exactly indulged with domesti- fell six percentage points to manufacturing functions. Six- cally produced agricultural goods and so, consequently, the share of agriculture in the GDP amounted to solely 8%. In 2013, how- 15 percent for employment teen percent say they will, and ever, owing to state funded projects, the indicator rose to 12%. This is a tendency of increase which is maintained in 2014. More growth. 23 percent say maybe. projects are expected to be funded this year which will have a greater impact upon the economic development of the country,” is HALF TRUE.

half true

The views expressed in this website are those of FactCheck.ge and do not reflect the views of The FINANCIAL or the supporting organisations C M Y K FINANCIAL HEADLINE NEWS & ANALYSIS 13 26 May, 2014 | finchannel.com FactCheck External Trade of Georgia Raises Ketevan Natriashvili: “International recommendations and by 14 Percent tendencies, as well as local experts The FINANCIAL the CIS countries totaled USD 1169 million (higher by 18 and specialists, urge that the minimal percent compared to January- n January-April 2014 April 2013). Exports stood at age of a child should be six (or more) external merchandise USD 510 million (19 percent trade (excluding non-or- higher). while imports equaled ganized trade) in Georgia USD 659 million (17 percent when starting the learning process.” amounted to USD 3441 higher). The share of the CIS Imillion (preliminary data). 14 countries in the external trade The main motivation for par- ration, finds it difficult to cover and coordination. The major- Natalia Vakhtangashvili percent higher year-on-year. of Georgia constituted 34 per- ents to send a five-year old to the programme and, thus, loses ity of children confuse directions The exports equaled USD 933 cent. 55 percent in exports FactCheck school is the intellectual readi- motivation. (left, right, upwards, downwards) million (19 percent higher). and 26 percent in imports (In ness of the child. However, the The abovementioned study and so it is vital to include re- while the imports stood at USD January-April 2013 33. 55 and mendments to the research showed the influence reports that the educational spective games in the pre-school 2508 million (13 percent high- 25 percent. respectively). In Law of Georgia on of the following factors as well: system of Georgia is not well educational curriculum targeting er). The negative trade balance January-April 2014. compared General Education the poor system of pre-school prepared for having five-year developing these areas. was USD 1576 million in Janu- to the corresponding period of were discussed at education, a division of teachers olds at schools. Their involve- Further, children in the study found it particularly difficult ary-April 2014 and its share in the previous year. CIS countries the plenary session as ‘good’ and ‘bad,’ the parents’ ment in the learning process was to demonstrate fine and visual ofA the Parliament of Georgia on 3 busy schedule, the influence followed by a number of prob- motor skills (like drawing and General data on external trade of Georgia in January-April April 2014. The Ministry of Edu- of the behaviour of others, etc. lems. However, this does not 2010-2014 Additionally, the level of par- necessarily mean that five-year writing) while this is directly (Million US Dollars) cation and Science of Georgia proposed defining the age of six ent awareness concerning the old children cannot be taught; connected with the development 3000 upbringing of a child is rather rather, it means that the educa- of speech and logical reasoning. 2508 years as the minimal threshold 2500 2416 low and in the case of the infor- tion of children in this age group Thus, pre-school and school fa- 2221 for accepting a child at school. In 1990 mal threshold of the school age requires a different approach. cilities should pay enhanced at- 2000 respect to the abovementioned issue, the First Deputy Minister remaining at five years, parents Before any respective prepara- tention to the development of 1500 1455 of Education and Science, Kete- will not be able to make a proper tory measures are taken, engag- these particular skills and, main- decision and overcome the prob- ing five-year olds in the learning ly, to drawing, modelling and 1000 933 785 van Natriashvili, declared: “In- 657 724 lems connected with the learn- process is not recommended. writing skills. Also further, the 467 ternational recommendations 500 and tendencies, as well as local ing process. Provided the Law The other research pointed development of the following on General Education remains out by the Ministry of Education functions should be supported 0 experts and specialists, urge and Science of Georgia is the as well: lacing up shoes, putting 2010 2011 2012 2013* 2014* that the minimal age of a child unchanged, it will be necessary -500 should be six (or more) when to take certain measures to in- Assessment Report on School on clothes, being able to but- crease the awareness of parents Readiness. The study was con- ton clothing and so on; in other -1000 starting the learning process.” -988 regarding a child’s upbringing. ducted with the support of the words, all functions developing -1333 According to Natriashvili, even -1500 -1436 The study also reports about United Nations Children’s Fund fine motor skills. Classification -1576 two or three months are of vital -1692 the significant systemic barriers (UNICEF) in 2011 and aimed is of utter importance as well: -2000 Share of external trade indicators in turnover January-April importance at this age and pro- 2010-2014 (%) vided that a child does not meet concerning the learning process at producing a nationwide as- grouping similar objects, playing 120 Exports Imports Balance with construction sets, etc. the age criteria before starting of five-year olds. The majority of sessment of the readiness of elementary school teachers are first-grade children for school Based upon the research Share of external trade indicators in turnover January-April the learning process, he/she will 76 75 77 education. The research com- findings, counting and mathe- 80 2010-2014 (%) have to get registered and start not sufficiently trained and there 120 prised 1,500 first-graders and matical operations were accom- 74 73 the process of elementary edu- is a lack of willingness among those who are trained towards their parents from all Georgian- plished by 76% of first-grade 40 cation in the next year. 77 26 27 using different approaches for language public schools. students. Including tasks based 76 75 FactCheck took interest in 80 upon activities as well as visual 24 25 teaching five-year olds. This is The study’s research ques- 23 74 73 the aforementioned recommen- 0 dations and decided to research caused not solely by the lack of tionnaire addressed the fol- materials in the curricula is also 40 2010 2011 2012 2013* 2014* the teachers’ motivation but also lowing areas: healthcare and needed. 26 27 the issue. by the extensive number of chil- physical development, cogni- An analysis of the research -40 In order to verify which ex- 24 25-50 23 dren in classes, mixed classes tive development and general findings revealed that one of the 0 -48 -46 perts and recommendations -51 -54 and a limited infrastructure as knowledge, attitude towards main difficulties for the five- to 2010 2011 2012 2013* 2014* were meant by Ketevan Natri- -80 well. In addition, the assessment learning, socio-emotional devel- six-year old age groups is sound Export Import Balance ashvili, FactCheck addressed -40 of the readiness of a child for opment and speech. The study synthesis and analysis. On the -50 the Ministry of Education and -48 -46 school education is also impor- deployed a quantitative research other hand this is an absolute -51 -54 Science of Georgia with an offi- tant for the proper management method. The 479 children inter- pre-requisite for children to -80 cial request to withdraw the rel- Export Import Balance of the learning process at schools. viewed within the study’s frame- learn how to read and write at evant information. The response from the Ministry reports that The knowledge of a child’s back- work belonged to the age group school. Consequently, focusing Percentage changes in January-April 2014 compared to the same period of the previous years (%) while working on the project of ground/history will enable ele- of five years while 1,019 children upon the aforementioned issues mentary school teachers to better were from the age group of six and planning games and activi- 60 the abovementioned draft bill, work in the right direction. years. In terms of residence, ties in a systematic manner that Exports the Ministry of Education and While discussing a child’s respondents were divided as will enable the development of Percentage changes42 in January-April 2014 compared to the same period of the previous yearsImports (%) Science considered the advice 40 readiness for school education, follows: 805 – from cities, 170 these skills is of further crucial Turnover and recommendations of the fol- 60 30 psychologists, paediatricians – from mountainous regions, importance. 29 lowing studies: 26 Exports Study on Learning Problems and other experts focus upon the 524 – from villages. In terms of In addition, the difference 19 20 42 Imports social, psycho-emotional and in- gender, 524 were girls and 741 between five- and six-year olds 14 among School Children Aged 40 13 – boys. Among the interviewed was observed in accomplishing 10 Turnover Five Years tellectual readiness alongside 30 29 4 considering their academic skills children a total of 1,073 went to the following research tasks: 26 Assessment Report on School 0 Readiness as well. As a rule, five-year olds kindergarten prior to going to counting, mathematics, opera- 20 19 are far behind six-year olds in school while 426 did not attend tions, remembering texts and 13 14 The Study on Learning Prob- 10 lems among School Children terms of these abovementioned day care centres. reproduction, analysis based 4 Aged Five Years was conducted indicators. Therefore, there is The study draws the following upon visual materials, synthesis 0 a need for reforms concerning conclusions: and generalisation. Since these in 2012 by the Institute of So- Exports and imports dynamics by months, 2013-2014 education of children at the age A child’s health condition skills are significant components (Million US Dollars) cial Studies and Analysis at the 900 request of the National Centre of five years. In addition, there affects his/her readiness for for a child’s mental readiness, for Teacher Professional Devel- is difference between those chil- school and development and so considering the capacity of five- dren who attended kindergar- a timely immunisation against year olds in the school curricula opment. The research aimed at tens before going to school and illnesses is recommended before and preparing a methodological 600 identifying the difficulties as- sociated with children starting those who never went to day sending him/her to school. Ad- guidebook for teachers in re- general education at the age of care centres. Having never gone ditionally, the introduction of a spect to the specifics of teaching through pre-school education healthy lifestyle in a child’s life is five-year old children is neces- 300 five years and elaborating rec- ommendations for overcoming puts them in an unequal situa- also essential. The study reports sary. the abovementioned problems. tion. Even a skilled child suffers that one-third of the children has The target group of the re- from not having proper prepa- problems with physical balance Category: Education 0 I II III IV V VI VII VIII IX X XI XII I II III IV search consisted of first- and second-grade school teachers 2013* 2014* Conclusion Exports Imports having experience of working with five-year olds, parents of FactCheck analysed two studies referred to by the Ministry of Education and Science of Georgia while elementary school students who researching the issue of the school readiness of children at the age of five years. One of the studies (Study external trade turnover consti- accounted for 9 percent of the sent their children to school at on Learning Problems among School Children Aged Five Years) did not recommend accepting children

tuted 46 percent. overall trade deficit (9 percent the age of five years, psycholo- for school at the age of five years due to the lack of a relevant environment at general education facilities. In January-April 2014 the in January-April 2013). gists, paediatricians and educa- The other study (Assessment Report on School Readiness) focuses only upon the recommendations about external trade of Georgia with In January-April 2014 the tion experts. The research de- including the capacity of five-year old children in the school curricula and preparing a methodological guide- the EU countries amounted share of top ten trading part- ployed the focus group as its book for teachers considering the specifics of teaching the children from this particular age group. to USD 897 million. up by 14 ners in the total external trade method. The following focus Therefore, FactCheck concludes that Ketevan Natriashvili’s statement: “International recommenda- percent compared to the corre- turnover of Georgia amounted groups were conducted within tions and tendencies, as well as local experts and specialists, urge that the minimal age of a child should be sponding indicator of the previ- to 68 percent. The top trading the framework of the abovemen- six (or more) when starting the learning process,” is HALF TRUE. ous year. Exports amounted to partners were Turkey (USD tioned study: USD 194 million (50 percent 520 million). Azerbaijan (USD Parents who sent their chil- higher). while import amount- 392 million) and Russia (USD dren to school at the age of five years – three focus groups (in ed to USD 703 million (7 per- 252 million). cent higher). The share of these Tbilisi, Gori and Batumi) The top import commod- Teachers teaching/taught countries in the external trade ity in January-April 2014 was five-year old school children – half true of Georgia amounted to 26 Petroleum and petroleum oils. three focus groups (in Tbilisi, percent. 21 percent in exports imports of which amounted to Gori and Batumi) and 28 percent in imports (in USD 241 million and 10 percent Two focus groups with ex- January-April 2013 26. 16 and of the total imports. Motor cars perts consisting of psycholo- 30 percent correspondingly). commodity group followed in gists, paediatricians and person- 32 percent of the trade deficit the list with USD 200 million. nel involved with the education came to the EU countries (37 or 8 percent of imports. Petro- reform processes percent in January-April 2013). leum gases and other gaseous The following tendencies In January-April 2014 the came third with USD 149 mil- were identified as a result of the The views expressed in this website are those of FactCheck.ge and study: external trade of Georgia with lion (6 percent of imports). do not reflect the views of The FINANCIAL or the supporting organisations C M Y K 14 HEADLINE NEWS & ANALYSIS FINANCIAL publicity 26 May, 2014 | finchannel.com

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Advertiser: PSP. Contact FINANCIAL Ad Dep at [email protected] C M Y K FINANCIAL HEADLINE NEWS & ANALYSIS 15 26 May, 2014 | finchannel.com energy prices in europe Fuel prices EIB invests EUR 1.37bn Electricity households in France in five days Fuel Taxes

The FINANCIAL Fue Actual prlice sp pericr one liteesr of fuel. Download fuel prices per EU country, from January 2000 onwards. January 5, 2013 Unleaded (Superbleifrei, Euro sans plomb, Euro95) Diesel (Gazole, Gasóleo) he EIB invested an Country Retail Price Price (Excluding VAT) Retail Price Price (Excluding VAT) unprecedented EUR Austria € 1.390 € 1.158 € 1.359 € 1.133 1.37bn in France be- Belgium € 1.636 € 1.352 € 1.492 € 1.233 tween 12 and 16 May. Bulgaria € 1.265 2.49 лв. € 1.054 2.08 лв. € 1.304 2.55 лв. € 1.087 2.13 лв. Projects supported Cyprus € 1.348 € 1.152 € 1.407 € 1.203 Tinclude the refurbishment of Czech Republic € 1.393 35.00 Kč € 1.151 28.93 Kč € 1.433 36.00 Kč € 1.184 29.75 Kč schools, investment in France’s Denmark € 1.607 11.99 kr € 1.286 9.59 kr € 1.460 10.89 kr € 1.168 8.71 kr small businesses, a motorway Estonia € 1.239 € 1.033 € 1.293 € 1.078 and sustainable public transport Finland € 1.603 € 1.293 € 1.521 € 1.227 initiatives. These will all contrib- France € 1.650 € 1.380 € 1.493 € 1.248 ute to employment, social cohe- Germany € 1.577 € 1.325 € 1.453 € 1.221 sion and economic development Greece € 1.681 € 1.367 € 1.411 € 1.147 for the future, according to Euro- Hungary € 1.387 407 Ft € 1.092 320 Ft € 1.424 418 Ft € 1.121 329 Ft pean Investment Bank. EUR 300m with BPCE Group and ropean Transport Networks. Ireland € 1.590 € 1.293 € 1.531 € 1.245 EIB Vice-President Philippe a further EUR 100m with Crédit In the South of France, mean- Italy € 1.752 € 1.448 € 1.697 € 1.402 de Fontaine Vive signed loans Coopératif Group, according to while, EIB loans of EUR 130m Latvia € 1.319 Ls 0.922 € 1.090 Ls 0.762 € 1.321 Ls 0.923 € 1.092 Ls 0.763 worth EUR 700m for the refur- European Investment Bank. and EUR 44m will go towards Lithuania € 1.360 Lt 4.70 € 1.124 Lt 3.88 € 1.299 Lt 4.49 € 1.074 Lt 3.71 bishment and modernisation of In the region of Champagne- improving rail capacity in Luxembourg € 1.317 € 1.145 € 1.218 € 1.059 schools and regional training Ardenne, the Vice-President Provence-Alpes-Côte d’Azur, and Malta € 1.500 € 1.271 € 1.380 € 1.169 facilities in Midi-Pyrénées, for signed a EUR 100m loan to sup- the metro and public transport Netherlands € 1.782 € 1.473 € 1.491 € 1.232 EUR 200m, and Rhône-Alpes, port the construction of the A304 services in Marseille respective- Poland € 1.347 5.49 zł € 1.095 4.46 zł € 1.364 5.56 zł € 1.109 4.52 zł for EUR 500m. motorway, which will eventually ly. The latter is part of a larger Portugal € 1.749 € 1.422 € 1.489 € 1.211 Credit lines to support small form part of the system linking transport programme in the city, Romania € 1.271 5.66 lei € 1.025 4.56 lei € 1.309 5.83 lei € 1.056 4.70 lei and medium enterprises in Reims with Charleroi in Belgium, according to European Invest- Slovakia € 1.504 € 1.253 € 1.431 € 1.193 France were also formally signed, itself part of the vital Trans-Eu- ment Bank. Slovenia € 1.486 € 1.238 € 1.385 € 1.154 Spain € 1.372 € 1.134 € 1.343 € 1.110 Sweden € 1.646 14.18 kr € 1.317 11.34 kr € 1.642 14.14 kr € 1.314 11.31 kr United Kingdom € 1.624 £ 1.321 € 1.353 £ 1.101 € 1.714 £ 1.394 € 1.428 £ 1.162 EU AVERAGE € 1.496 € 1.234 € 1.432 € 1.181 Retail (end-user) energy prices for households. Will Korea be the next Japan?Two consumption levels are identified. Research methodology. Price Eldatae mctricitentioned may noyt re fhlectouse the latest inhsigohts ldfounds in the commercial editions. to-GDP ratio is 29 per cent, only see domestic demand plunge on Written by Ronald Man Retail (end-user) energy prices for households. slightly below the 32 per cent Ja- the back of a popping asset bubR- eference month: May 2012. Economist, HSBC HistoricTawl opr cicoen dsautma gpotioinng lbeaveckls t oa rtehe id yenatri f2ie0d0.0 R, veisiet aErUch E mneertghyo Hdiosltoogry.. pan reported in 1990. But high ble, prolonged deflation, and fall- Price data mentioned may not reflect the latest insights found in the commercial editions. investment has been accompanied ing exports as manufacturers lose Consumption: 3,500 kWh/year (± 25%) Consumption: 7,500 kWh/year (± 30%) outh Korea has come a by lower productivity and Korea’s competitiveness. RCoeufenrterynce month: May 2012€. per kWh Electricity Country € per kWh Electricity long way since the early productivity growth has trended We think Korea is unlikely to be- HAuissttoriraical price data going b€a 0c.k1 9to8 8the year 2000, visit EU EneArugsyt rHiaistory. € 0.1798 down over the past two decades, come “the next Japan”. There are 1960s, when its GDP was BelgiumConsumption: 3,500 kW€h /0ye.2a1r 3(±4 25%) Belgium Consumption: 7,500 €kW 0h.1/y9e4ar0 (± 30%) less than USD100 a head. raising concern over the sustain- no signs of asset bubbles forming: Bulgaria € 0.0829 Bulgaria € 0.0823 It created the chaebol ability of its growth model. indeed, officials have been trying Country € per kWh Electricity Country € per kWh Electricity Sgrowth model, industrialised and Between 1985 and 1999 Japan’s to revitalise the stagnant housing Cyprus Austria € 0.2850€ 0.1988 Cyprus Austria € 0.2800 € 0.1798 introduced democracy in 1987. potential growth rate fell from 4.6 market. And deflation risks are Czech RBeeplguibulmic € 0.1480€ 0.2134 Czech ReBpueblgliicum € 0.1276 € 0.1940 per cent to 1.1 per cent. Since 2000, low with inflation below target last But there are numerous parallels DenmaBrkulgaria € 0.2982€ 0.0829 DenmarkBulgaria € 0.2562 € 0.0823 between its economic history and Korea’s rate has also declined. year, reflecting weak global de- EstoniaCyprus € 0.0989€ 0.2850 Estonia Cyprus € 0.0948 € 0.2800 Japan’s. Industrialisation in both coun- mand. Meanwhile, increased com- Both countries were rebuilt rap- tries was driven by large conglomer- petitiveness means manufacturers FinlandCzech Republic € 0.1566€ 0.1480 Finland Czech Republic € 0.1369 € 0.1276 idly from the devastation of war ates – chaebol – that still have great have gained a higher share of the France € 0.1412 France € 0.1279 through export-oriented growth economic influence. And like Japan, global export market. Germany € 0.2541 Germany € 0.2406 rather than the US, key industries But there is no room for compla- and are now among the world’s Greece € 0.1265 Greece € 0.1553 most advanced economies. How- dominate stock market indices. cency. Korea needs to return the ever, concerns over South Korea’s Korea, like Japan, has rigid la- economy’s potential growth from Hungary € 0.1708 Hungary € 0.1616 economic prospects have grown bour laws and strong trade unions. 3.4 per cent to around 4 per cent. It Ireland € 0.1920 Ireland € 0.1604 since Japan’s asset-bubble burst The cost of dismissing full-time must learn from Japan’s mistakes Italy € 0.2031 Italy € 0.2485 staff has created a two-tier jobs and implement reforms, includ- in the late 1980s. Five major struc- Latvia € 0.1187 Latvia € 0.1193 tural similarities between the two market with high numbers of part- ing raising financial transparency, economies suggest to some that time workers, temporary staff or normalising the policy rate when Lithuania € 0.1200 Lithuania € 0.1201 they may share the same fate. contract employees with lower growth conditions warrant, and Luxembourg € 0.1707 Luxembourg € 0.1587 A shrinking labour force reduces skills who, on average, earn half attracting more foreign workers. Malta € 0.1695 Malta € 0.1829 an economy’s productive capac- the pay of full-time workers. Ko- outh Korea’s economy has grown Netherlands € 0.2208 Netherlands € 0.2439 ity unless there is capital or pro- rea’s female participation rate of 1,800 per cent since 1980 – more ductivity growth. Japan’s working around 50 per cent is below the than three times the global growth Poland € 0.1488 Poland € 0.1419 population has contracted since Organisation for Economic Co-op- rate. It has become the world’s Portugal € 0.1689 Portugal € 0.1547 1996 and Korea’s is projected to eration and Development average 15th largest economy. Yet is its Romania € 0.1095 Romania € 0.1074 decline from 2017. Over the me- of 66 per cent. growth model too similar to that Slovakia € 0.1677 Slovakia € 0.1501 dium term, their demographic But despite these structural of Japan, which has experienced Slovenia € 0.1447 Slovenia € 0.1335 trends will converge. similarities, for Korea to become two decades of deflation and weak Korea’s current investment- a replica of Japan it would have to growth? Spain € 0.1959 Spain € 0.1777 Sweden € 0.2098 Sweden € 0.1821 United Kingdom € 0.1419 United Kingdom EU Blue C€a 0r.d1 2- 6C5onnect to EU Jobs

Notes: - Amount is in euro (€) per kiloWatthour (kWh). Economic Upswing Also Means T- hPer ipcreic dea ctao mfopr onnoenn-etsu trhoazto mnea kceo uunpt rtihees raertea iiln p eriucero f.o Tr hoen ea vlieterar goef fueexcl.hange rate valid for the referenced month is applied. - Prices include: market price, transmission through main and local networks, administrative charges and all taxes. Crude - Purchase price of one liter of crude. Stronger Growth in Insurance Markets Margin - Refining, transportation, insurance, stockpiling, distribution and sale to consumers. FueExcise dlu tieTsax and VAesT - Taxes levied by local governments. May include environment related taxes. The FINANCIAL casualty insurance rose by 2.8%, 2020 and will then be the third- January 5, 2013 Unleaded (Superbleifrei, Euro sans plomb, Euro95) Diesel (Gazole, Gasóleo) the life insurance segment grew largest market worldwide, accord- Country Crude Margin Excise duties VAT Retail price Crude Margin Excise duties VAT Retail price by only 1.8%, due to a number ing to Munich Re . Austria € 0.512 € 0.164 € 0.482 € 0.232 € 1.390 € 0.512 € 0.224 € 0.397 € 0.227 € 1.359 he economic recovery of regulatory one-off effects and The USA is still the largest in- Belgium € 0.512 € 0.226 € 0.614 € 0.284 € 1.636 € 0.512 € 0.293 € 0.428 € 0.259 € 1.492 in many industrial na- subdued growth in many indus- surance market and its premium Bulgaria € 0.512 € 0.179 € 0.363 € 0.211 € 1.265 € 0.512 € 0.253 € 0.322 € 0.217 € 1.304 tions means that global trial countries. Overall growth in volume will increase to more than Cyprus € 0.512 € 0.281 € 0.359 € 0.196 € 1.348 € 0.512 € 0.361 € 0.330 € 0.204 € 1.407 insurance markets are primary insurance is expected to €1,200bn by 2020. This will make Czech Republic € 0.512 € 0.123 € 0.516 € 0.242 € 1.393 € 0.512 € 0.232 € 0.440 € 0.249 € 1.433 also seeing stronger show an increase in real terms of the US market more than twice as Denmark € 0.512 € 0.187 € 0.587 € 0.321 € 1.607 € 0.512 € 0.212 € 0.444 € 0.292 € 1.460 Tgrowth. In many emerging coun- 2.8% (nominal in euros: 3.9%) large as the second-largest market, Estonia € 0.512 € 0.098 € 0.423 € 0.207 € 1.239 € 0.512 € 0.173 € 0.393 € 0.216 € 1.293 tries, growth rates will remain very in 2014, and by 3.2% (nominal: Japan, and more than two and a high in the medium to long term. 4.6%) in 2015. This development half times the size of the Chinese Finland € 0.512 € 0.131 € 0.650 € 0.310 € 1.603 € 0.512 € 0.245 € 0.470 € 0.294 € 1.521 However, decelerating dynamics will be mainly influenced by stron- market. According to the analy- France € 0.512 € 0.261 € 0.607 € 0.270 € 1.650 € 0.512 € 0.308 € 0.428 € 0.245 € 1.493 in those countries will impact the ger growth again in life insurance. sis, by 2020 the largest absolute Germany € 0.512 € 0.159 € 0.654 € 0.252 € 1.577 € 0.512 € 0.239 € 0.470 € 0.232 € 1.453 high level of growth somewhat in The analysis by the Munich Re growth in premiums in property- Greece € 0.512 € 0.185 € 0.670 € 0.314 € 1.681 € 0.512 € 0.223 € 0.412 € 0.264 € 1.411 the short term, according to Mu- economic research team estimates casualty insurance will be in the Hungary € 0.512 € 0.161 € 0.419 € 0.295 € 1.387 € 0.512 € 0.223 € 0.386 € 0.303 € 1.424 nich Re . that global insurance markets will USA, followed by China. Con- Ireland € 0.512 € 0.193 € 0.588 € 0.297 € 1.590 € 0.512 € 0.254 € 0.479 € 0.286 € 1.531 Many emerging countries are grow at the same pace as the global versely, China will see the largest Italy € 0.512 € 0.232 € 0.704 € 0.304 € 1.752 € 0.512 € 0.298 € 0.593 € 0.295 € 1.697 currently experiencing a cooling of economy in the medium term. absolute growth in life insurance their economies. Growth prospects The Munich Re economists premiums, ahead of the USA. Latvia € 0.512 € 0.170 € 0.408 € 0.229 € 1.319 € 0.512 € 0.250 € 0.330 € 0.229 € 1.321 in China are muted, Russia’s econ- think that emerging countries will The reinsurance sector will also Lithuania € 0.512 € 0.178 € 0.434 € 0.236 € 1.360 € 0.512 € 0.260 € 0.302 € 0.225 € 1.299 omy is suffering from the Ukraine have a much greater weight in the profit from the growth in primary Luxembourg € 0.512 € 0.171 € 0.462 € 0.172 € 1.317 € 0.512 € 0.217 € 0.330 € 0.159 € 1.218 crisis, and countries like Brazil insurance market by 2020. The insurance markets. Despite the Malta € 0.512 € 0.290 € 0.469 € 0.229 € 1.500 € 0.512 € 0.276 € 0.382 € 0.211 € 1.380 and India are also struggling with share of the emerging Asian coun- current cyclical price pressures Netherlands € 0.512 € 0.231 € 0.730 € 0.309 € 1.782 € 0.512 € 0.289 € 0.431 € 0.259 € 1.491 comparatively weaker economic tries in global premium income is in the property-casualty sec- Poland € 0.512 € 0.203 € 0.380 € 0.252 € 1.347 € 0.512 € 0.267 € 0.330 € 0.255 € 1.364 dynamics. This also has an effect anticipated to increase from 9% tor, which are curbing premium Portugal € 0.512 € 0.326 € 0.584 € 0.327 € 1.749 € 0.512 € 0.333 € 0.366 € 0.278 € 1.489 on the insurance sector, according over the past year to 14% in 2020. growth, by 2020 there should be Romania € 0.512 € 0.153 € 0.360 € 0.246 € 1.271 € 0.512 € 0.228 € 0.316 € 0.253 € 1.309 to Munich Re . The Chinese market – which average growth in reinsurance Slovakia € 0.512 € 0.227 € 0.515 € 0.251 € 1.504 € 0.512 € 0.295 € 0.386 € 0.239 € 1.431 In 2013, global insurance mar- with premium volume of around markets in real terms of slightly Slovenia € 0.512 € 0.235 € 0.491 € 0.248 € 1.486 € 0.512 € 0.281 € 0.361 € 0.231 € 1.385 kets saw restrained growth of 2.1% €210bn in 2013 was already the above 2% per year (nominally Spain € 0.512 € 0.197 € 0.425 € 0.238 € 1.372 € 0.512 € 0.267 € 0.331 € 0.233 € 1.343 in real terms. Whilst primary in- fourth-largest primary insurance around 4% p.a. on a euro basis), Sweden € 0.512 € 0.185 € 0.620 € 0.329 € 1.646 € 0.512 € 0.248 € 0.554 € 0.328 € 1.642 surance premiums in property- market – will more than double by according to Munich Re . United Kingdom € 0.512 € 0.167 € 0.674 € 0.271 € 1.624 € 0.512 € 0.242 € 0.674 € 0.286 € 1.714

oman a . oman a . C M Y K 16 HEADLINE NEWS & ANALYSIS FINANCIAL publicity 26 May, 2014 | finchannel.com

Advertiser: KSB Bank. Contact FINANCIAL Ad Dep at [email protected] C M Y K FINANCIAL HEADLINE NEWS & ANALYSIS 17 26 May, 2014 | finchannel.com georgian banking services

Humana Pharmacy 3 Vagzali Str. 86/90 Agmashenebeli Avenue 32 Br/Zubalashvili St. Gldani - branch 10a, Akhmeteli St. 6, Iadze St. 16, Marjanishvili St. Gldani-Nadzaladevi 15 Tamar Mepe Avenue 20 Rustaveli St. 15, Khizanishvili str. 13, Bakhtrioni St. Akhmeta TBC Bank TBC Bank branch Gladni 1 Vekua Str., Block “a” 10 Tamar Mepe Avenue 10 Pushkini St. Freedom sq. - branch 6, Budapeshti St. 2, Kazgebi St. Tbilisi Branches 4, Chubinashvili St. 38 Guramishvili Ave. 20 General Kvinetadze Street 8 Erekle II 4, Freedom sq. Zhvania Square Batumi Aversi Pharmacy 5 marjanishvili street 2, Leonidze St. Publich Television 2, Gamsakhurdia Avenue 63, Gorgiladze St. Didube Marjanishvili 4 – 9aprili St. 68, Kostava ave. 2/4, Godziashvili St. 2, Sulkhan-Saba St. Tbilisi #9 Service Center in Zahesi 73a, Tsereteli Ave. ATM’s 83/23 Agmashenebeli street 24 Gorgasali St. Ministry of Justice Public Service Hall Block 3, Didi Dighomi 46-48, Vazha-Pshavela Avenue (Customs Terminal) At #2 Didube Branch Tbilisi 1 Chitaia Street 24 Gorgasali St. General Office of Public 2, Sanapiro str. Building 11, Dolidze St. 0125, 105 A, Mshvidoba St. 114, A. Tsereteli Ave. Khimshiashvili St. 19 Tsabadze Street, pasage Prosecutor 1, Vazha-Pshavela Avenue Vake Branch #1 «Coca-Cola» Vake Mtatsminda-Krtsanisi, Revenue Service 11, Tbel Abuseridze St. 2 Chkheidze Street 37 Gorgasali St. 10-12, Vazha-Pshavela Avenue 0179, 41, Abashidze St. 117, Tsereteli Ave. 8 Mtskheta Street 16, Gorgasali str. 80, Javakhishvili St. Tbilisi central 8 Gulua St. 27, Vazha-Pshavela Avenue Central Branch At Didube Branch 12 eristavi street Mtatsminda-Krtsanisi, Revenue Service 11, Pirosmani St. Tsereteli Saburtalo (near subway station “Sameditsino”) 0179, 11, Chavchavadze Ave. 82, Tamar Mepe Ave. 72/12 Abashidze Street 4, General Gulua str. 10-12, Chavchavadze St. Vagzlis moedani 2 75 Kostava Ave. 76b, Vazha-Pshavela Avenue Chavchavadze Branch #1 “MedService” Pharmacy 48 Chavchavadze Avenue Georgian railway 20a, Agmashenebeli Avenue Vagzlis Moedani 1 16 Kazbegi Ave. Block 2, Vazha-Pshavela Avenue 0179, 29/31/33, Chavchavazde Ave 1, Tsereteli Ave. 22/23 Chavchavadze Avenue 15, Tamar Mepe ave. 9, King Parnavaz St. Trading Center “Panda” Vagzlis Moedani 2 47 Kazbegi Ave. Trade center Panda (near Vazha-Pshavela monument) Vera Branch 22/23 Chavchavadze Avenue 62-64-66, King parnavaz St. 7, Tamar Mepe Ave. 19 Agladze Street 2 Gamsakhurdia Ave. 1, Tsereteli Ave. 46-48, Vazha-Pshavela Avenue 0179, 31, Melikishvili St. 62 Chavchavadze Avenue 36, Gorgiladze St. TBC Bank branch 2 Vagzlis Moedani 23-25 Gamsakhurdia Ave. Agmashenebeli Avenue (near metro station “Delisi”) Parliament Service Center 50 Chavchavadze Avenue 20, Khimshiashvili St. 138, Agmashenebeli Ave. 95 Tsinamdzgvrishvili Street 28 Gamsakhurdia Ave. 96, Agmashenebeli ave. 55, Vazha-Pshavela Avenue 0118, 8, Rustaveli Ave 52 Chavchavadze Avenue 102, Melikishvili St. TBC Bank branch 137 Tsinamdzgvrishvili Street 45 Gamsakhurdia Ave. Old Tbilisi Block 7, Vazha-Pshavela Avenue Mtatsminda Branch 12, Kereselidze St. 22 Chavchavadze Avenue 11/5, King Tamar settlement Mtkvari Left Riverside (mushtaedi) 6 Shartava St. 5, Virsaladze str. Vashlijvari highway 0105, 1, Rustaveli Ave. “Megaline” Trading Center 78 Chavchavadze Avenue 75, Chavchavadze St. 1 chaladze street 19 Nutsubidze St. Church store 10a, Tamarashvili St. Rustaveli Service-Center Digomi 7 Kipshidze Street 16, Tavdadebuli St. Digomi 179 Nutsubidze St. 67, Vazha-Pshavela ave. 15a, Tamarashvili St. 0108, Marriot hotel Digomi District 3/2 9a nafareuli street 8 chachava street 5 Sandro Euli St. Kostava St. (near the Sports Palace) 23, Mayakovski St. Rustaveli Branch #1 Digomi District II BLK. Building 7 13 Kipshidze Street Book store Military Base (vashlijvari) Nutsubidze Plato 3rd , 5 Dzotsenidze St. 24, Kostava St. Baghdati 0108, 44, Rustaveli Ave. Digomi District, 3rd blk. 2 Berdzenishvili Street 14, Vazha-Pshavela ave. Digomi II kv. 5 Block 13 Bakhtrioni St. 64, Kostava St. 12, Tsereteli St. Mtatsminda Branch #2 D. Agmashenebeli Alley 41 abashidze street Dighomi district Digomi Block V, I a Building 11 Dolidze St. Building 4/5 Marshal Gelovani Avenue Bolnisi 0105, 22, Leselidze St. “Lukoil” Gas station 81/9 Abashidze Street 2nd block, building 6a. 11 George Balanchini Street 34 Vaja Pshavela Ave. 10, Mitskevitchi St. Settlement Kazreti Rustaveli Branch #2 Didi Digomi 3 Tamarashvili Street Airport customs clearance zone Agmashenebeli alley II km Nodar Bokhua St. 106, Sulkhan-Saba St. 0105, 52, Rustaveli Ave. Entrance of Didi Digomi Tamarashvili Street Vaja Pshavela Ave. Old airport Trade center GOODWILL Agmashenebeli alley 9 km. 183, Nutsubidze St. 107, Sulkhan-Saba St. Avlabari Branch #1 16 Phaliashvili Street 48 Vaja Pshavela Ave. Lilo customs clearance zone 12th Km, Agmashenebeli Alley. Agmashenebeli alley Didi Digomi way. (II-IV plateau turn) Borjomi 0103, 2, Ketevan Tsamebuli Ave. Tskneti 71 Vaja Pshavela Ave. Martkopi,Gardabani Region Shop “Chemi Sakhli” Digomi village way (vashlijvari) III m/d, Nutsubidze plateau 7, Meskhishvili St. Varketili Branch #1 3 Rustaveli Street 72 Vaja Pshavela Ave. Nadzaladevi 8 Petritsi Street 14, Gamsakhurdia St. 147, Rustaveli St. Javakheti St. 2 Rustaveli Street Building 1, Block of flats 7, Vaja Pshavela 106, Ts. Dadiani Ave. 7 Petritsi Street Ave. 15, Gamsakhurdia Avenue 6, Tavisupleba St. Isani Branch Nadzaledevi Branch Saburtalo 10/12 Godziashvili Street Vashlijvari Kavtaradze St. Liberty 34, Gamsakhurdia ave. Gardabani 0120, 67, K. Tsamebuli Ave. 321, Ts. Dadiani Ave. 67 Vazha-Pshavela Avenue Agmashenebeli alley 13 km Digomi 9, I. Petritsi St. 71, David Agmashenebeli St. Vazha-Pshavela Branch #2 Aversi Pharmacy 41 Vazha-Pshavela Avenue 6 gelovani avenue 1st Block, 1 Micro District, Dighomi Masivi 28, Saburtalo St. 89, David Agmashenebeli St. 0186, 73, Vazha-Pshavela Ave. 144, Ts. Dadiani Ave. 41 Vazha-Pshavela Avenue Bank 5 Lubliana Street 9 Mikeladze St. 3rd Block, Dighomi Masivi 2, University St. Vazha-Pshavela Branch #1 Supermarket 2 Vazha-Pshavela Avenue Gori 36, Phaliashvili St. 0160, 11, Vazha-Pshavela Ave Temka 27b Vazha-pshavela avenue Isani-Samgori Aghmashenebeli alley 6 th km. Branches in Tbilisi 16, Stalini St. 5, Kavtaradze St. Saakadze Branch Temka, 10th Block, BLD. 2. 27a Vazha-Pshavela Avenue Isani Aghmashenebeli alley 40, Sukhiahsvili St. Vake-Saburtalo 21, Kavtaradze St. 0160, 6, Shartava St. (Saakadze Sq.) Gldani 17 Vazha-Pshavela Avenue Samgori 1 2/6 Lubliana St. 56, Chavchavadze St. Central Branch 74, I. Chavchavadze Ave. 2, Kazbegi Avenue Saburtalo Branch Gldani District 1st blk. 27 Vazha-Pshavela Avenue Samgori 2 5 Lubliana St. 26, Stalini St. Central Branch’s s/c #1 2, Sanapiro St. 15, Kazbegi Avenue. 0160, 12, Al. Kazbegi Ave. Supermarket “Bingo” 72 Vazha-Pshavela Avenue Varketili 13 Petritse St. Didi Digomi 5, Guramishvili St. Akhmeteli Metro Didi Dighomi s/c #1 9, I. Petritsi St. Kazbegi Avenue (near the school #60) Tbilisi Central Service Center Vazha-Pshavela Avenue, II Block Varketili 3, IVm/r, near by 410 Building Didube-Chugureti 43, Ertoba St. Trading Center “Mariami” Pavilion #1 10-12, Vazha-Pshavla Ave. 26, Kazbegi Avenue 0112, Vagzali Sq. 2 35/37 Shartava Street 1 Khomleli street 1 Khetagurovi St. 39, Stalini St. Mukhiani Settlement, Plot 1/6 64 Javakheti street 2 Tsereteli Ave. Pavilion #2 Kostava St. (Near Sports Palace) (Vake-Saburtalo crossroads) Agmashenebeli Branch #1 7 Shartava Street Gudauri TBC Bank branch Pavilion #4 33-35, I. Tchavtchavadze St. 7, Shartava St. 0102, 138, Agmashenebeli Ave. 21 Dolidze Street Vazisubani IV m/r I block, petefi str. Tsereteli Ave. Building 10 Hotel “Marco Polo” Mukhiani Vazisubani IV m/r I block 67 a Tsereteli Ave. (Near Hospital 9) Block 1, IV m/d, shandor Petofi St. Marjanishvili Branch #2 Mukhiani III MKR, Dumbadze Ave., vakhushti bridge Gurjaani 2 Landia street 144 Tsereteli Ave. Pavilion #9 48-66, Vazha-Pshavela Ave. 10, Tchavtchavadze St. 0102, 16, Marjanishvili St. BLK.5a Saakadze square 10, Noneshvili St. 300 Aragveli 10 Tamar Mephe Ave. Pavilion 13 13 Km. Aghmashenebeli 34, Tchavtchavadze St. Tamar Mepe Branch Mukhiani II M/R, Noneshvili St., BLk. 5 Samedicino King Tamar St. Kakheti Highway 21km Near Railway Station Highway 74, Tchavtchavadze Avenue 0112, 7, Tamar Mepe Ave. “Red A” Pharmacy Vazha-Pshavela Village Shashiani Saburtalo s/c #1 34, Pekini St. Tchavtchavadze Avenue Head Office & Marjanishvili Branch Avchala Politeqnikuri 1 60 Kakheti Highway 44 Aghmashenebeli Ave. Saburtalo s/c #2 7, Shartava St. (near to Hospital No. 9) Dedoplistskaro 0102, 7, Marjanishvili St. 3, Sarajishvili St. Politeknikuri 2 Military Base (alekseevka) 4 Chubinashvili St. Saburtalo s/c #7 2g, B. Zhgenti St. 84, Tchavtchavadze Avenue (Legal 1, Alazani St. Tsereteli Branch #2 “Alfa Express” 17a Saburtalo Street Military Base (alekseevka) AIR 19 Vakhtang Bagrationi Ave. (Nutsubidze District) expertise) 23, Rustaveli St. 0119, 73a, Tsereteli Ave. Ortachala 37 Saburtalo Street 3a Khomleti Street 19 Tsabadze St. Saburtalo s/c #8 6, Budapeshti St. Tchavtchavadze Avenue Dmanisi Didube Branch 39, V. Gorgasali St. 70 Kostava Street 10 Ketevan Tsamebuli Avenue Isani-Samgori Saburtalo s/c #9 5, Kavtaradze St. (near to school #55) 41, St. Nino Street (Municipality) 0119, 117, Tsereteli Ave. 28, Gorgasali St. 70 Kostava Street 80 Ketevan Tsamebuli Avenue International Airport of Tbilisi, Airport Saburtalo s/c #11 10 Km. Aghmashenebeli Didube-Chugureti 29, Street St. Nino blind alley Digomi Branch in shop («My House») 26 maisi street 51a Ketevan Tsamebuli Avenue „Sakaeronavigatsia“ Tbilisi International Airport Highway 96, Aghmashenebeli Avenue Dusheti 0131, Agmashenebeli Alley, 12th km, 1 26 May square 4 Kiziki Street International Airport of Tbilisi, Airport Sopeli Dighomi s/c #1 Village Dighomi, 153, Aghmashenebeli Avenue 21, Dadiani St. furniture shop «My House» Kostava Street Airport Service Center B. 7b 10th km, Aghmashenebeli Alley 27, Rustaveli St. Digomi Branch in “Goodwill” 44 Khazbegi Avenue Airport Kakheti highway Saburtalo s/c #15 2, Gamsakhurdia St. 1, Beliashvili St. Vani 0131, 1, Parnavaz Mepe Ave. (Hypermarket 10 Khazbegi Avenue Airport 112 Kakheti highway CONSTANTA s/c #332 70, Tchavtchavadze Ave. Dighomi, near to Mayakovsky monument 3, Solomon II St. Goodwill) 13 Khazbegi Avenue Military Base (vaziani2) 6/2 Navtlughi St. Saburtalo s/c #13 3, Micro-District Tevdore Mghvdeli St. (near to the Railway Zestaponi Nadzaladevi Branch 14 Khazbegi Avenue 7 Kalaubani Street 23 “Ghvinis Aghmarti” Nutsubidze Station) 61, Agmashenebeli Avenue 0180, 109, Dadiani Ave. Bank 12 Khazbegi Avenue 7 Kalaubani Street Varketili Subway Territory Saburtalo s/c #14 46, Dolidze St. / 41, 27, King Tamar Avenue 11, Tsereteli St. Gldani Branch bagteriofagi 14 Kalaubani Street 7 Varketili, Kaloubnis St. Branches and ATMs Balanchivadze St. 7, Robakidze St. 0172, Mukhiani Settlement, Plot 1/6 8 a mitschkevichi street 39 Moscow Avenue 9 Tsinandali St. Village Shorapani Tskneti s/c #1 3a, Rustaveli St. 8, Tsabadze St. Tbilisi Airport Service Center 19 Gamrekeli Street 17 chichinadze street 91 Ketevan Tsamebuli Ave. Opposite side Zugdidi Vake-Saburtalo Branch 2, Marijani St. 2, Tsereteli Avenue 0158, Tbilisi National Airport Tbilisi 23 kandelakis street 44 Moscow Avenue 2 Ketevan Tsamebuli square 45, Gamsakhurdia St. Vake s/c #2 1, Mosashvili St. Tsereteli Avenue (nearto subway station 43 Gamsakhurdia Avenue. gagarini 10 Telavi Street 44 Moscow Ave. 90, Rustaveli St. Vake s/c #3 84, Tchavtchavadze Ave. “Tsereteli”) Sadguri Branch 16 Gamsakhurdia Avenue Avlabari Vazisubani III Mik. II Block #15 73, Sokhumi St. Tbilisi ATMs (National Agency Bureau) 126, Tsereteli Avenue 137, Tsinamdzgvrishvili Street 2 Gamsakhurdia Avenue Avlabari Metro Square Gldani-Nadzaladevi 7, Paris Commune St. 8/10 Chekhov Street 34 Dadiani St. Vake s/c #4 38, Paliashvili St. 143, Tsereteli Avenue Vazisubani Varketili Branch 14 Gamsakhurdia Avenue 32, Gamsakhurdia St. 23 Shuamta Street 39 Dadiani St. Vake s/c #12 14, Kipshidze St. 144, Tsereteli Avenue Vazisubani III dstr., II Blk. 20, Vazisubani turn 1a Bulachauri Street 15, Tsotne Dadiani St. Mtatsminda-Krtsanisi 69, Tsereteli Avenue (corner of Vani St.) Sanzona Isani Branch 3 mk.2 kv. Nucubidze 155 bogdan khmelnitski street 263 Dadiani St. Tetritskaro Krtsanisi s/c #1 10, Kikodze St. 7-7a-7b, Tsereteli Avenue 50, Guramishvili Ave. 84/86, Ketevan Tsamebuli Avenue 175 Nutsubidze Street 6/4 Naftlukhi Street 20 Khizanishvili St. 12, King tamar Avenue Krtsanisi s/c #2 2a, Sanapiro St. 60, Tsereteli Avenue Nikora Store Gldani Branch 221 Nutsubidze Street Atskuri, isnis metros mimdebare Mukhiani 2nd , Block #5 (Noneshvili St.) Telavi Mtatsminda-Krtsanisi Branch 37, 5/12, Ketevan Tsamebuli Avenue Vake The right side of the Akhmeteli Subway 25 nutsubidze street Kairo & Javakheti Street Mukhiani, Building 8, 4a m/d 43, Alazani Avenue Gorgasali St. 39, Chitaia St. 11, Chavchavadze Ave. Didube Branch Nutsubidze plato III mr. II kv 64 Melaani Street Temka District, Building 10, 2 m/d, Block 95, Alazani Avenue Vake Branch of flats: 25 Mtatsminda s/c #1 24, Kostava St. 17, Tc hitchinadze St. 117, Tsereteli Ave 1 Sandro Euli Street 1 Abdushelishvili street 16, Erekle the Second St. 1, Tamarashvili St. 122 Kakheti Highway 34 Guramishvili Ave. Mtatsminda s/c #4 3, Kostava St. Turn 2 Gldani-Nadzaladevi Lilo Branch 13 Bakhtrioni Street 3, Erekle the Second Square Pharmacy “36.6” Ponitchala s/c #1 19, Rustavi Road, B. 4 2, Botchorishvili St. 2, Chirankhuli Str. 22 Bakhtrioni Street market lilo 36 Guramishvili Ave. 34, Chavchavadze Ave. Ponitchala s/c #2 3, Micro-District Gldani, M/D 3. 12, Erekle the Second St. Saburtalo branch 6 Phanaskerteli Street 113 gakhokidze street Subway Sadguri, Akhmeteli Theatre Trading Center “Pixel” Ponichala, B. 2 Gldani, M/D 3 Building 86, Terjola 28, Vaja-Pshavela Str. 16 Chikovani Street 38 Kakheti Highway Territory , 7, Kipshidze St. 2, Chanturidze St. Baratashvili Branch Krtsanisi Didube-Chughureti Near to building 22, Gldani M/D 6 41, Abashidze St. 25 Kavtaradze Street Tianeti 2, Baratashvili Str. 41 Gorgasali Street Chughureti s/c #2 153, Aghmashenebeli Ave. Gldani, M/D 7 (Gldani prison # 8) Vake Service Center #1 4 Gabashvili Street 11, Rustaveli St. 39 Gorgasali Street Chughureti s/c #3 3, Abashidze St. 12a, Guramishvili Avenue 29, Chavchavazde Ave. 5 Jikia Street Military Base (krtsanisi)2 VTB Bank Chughureti s/c #4 21, Chitaia St. 36, Guramishvili Avenue Kaspi TBC Bank Branch Mtatsminda Digomi s/c #2 7, Robakidze St. Guramishvili Avenue (near the subway 88, Stalini St. 59, Paliashvili St. 2 Freedom Square Military Base (krtsanisi) Tbilisi Bank of Didube Branch 126, Tsereteli Ave. station “Grmagele”) 11, Rustaveli St. “Simba” Supermarket mtawminda square 16 Gorgasali Street 37, Uznadze Str. Didube s/c #1 60, Tsereteli Ave. Guramishvili Avenue (near the subway 18, Kostava St. 50, Chavchavadze Ave. 3 Pushkin Street 16 Gorgasali Street 14, Chanturia Str. Pavilion #5 A. Tsereteli St. (near Tsereteli station “Sarajishvili”) Koda, village house 15, Phaliashvili St. Aversi Pharmacy Georgia 3 Pushkin Street 6 Gorgasali Street 5, Jikia Str. Underground) 34, Dadiani St. Lagodekhi Vera 3/1 Pushkin Street 77 Gorgasali Street 3, Gotua Str. Pavilion #10 Dighomi (Near Mayakovsky 34, Dadiani St. 23, Kiziki St. 7, Kostava St. Tbilisi 3 Pushkin Street 117 Gorgasali Street 6, Gorgasali Str. 36, Kostava St. Monument) 261, Dadiani St. Lanchkhuti Tavisuplebis Moedani 37 Gorgasali Street 16/18, Rustaveli Ave. Cinema “Amirani” Pavilion #15 Didube (near the railway Building 2, 2nd m/d, Dadiani St. 10, Ninoshvili St. Mtatsminda-Krtsanisi 7 Pushkin Street 19/2 Rustavi Highway 54, Chavchavadze Ave. 8/1, Akhvlediani Ave square) 22, Dumbadze St. (Mukhiani settlement) 24 King tamar St., Settlement Lentekhi 3 Pushkin Str. 4 Freedom Square 7 a krtsanisi street 10, Chavchavadze Ave. 18, Melikishvili St. Gldani-Nadzaladevi 1a, Chichinadze St., Village house in settlement Manglisi 4 Leselidze Str. 12 Chanturia Street 10 Gulua Street 21, Vazha Pshavela Ave. 60, Barnovi St. Avtchala s/c #1 1, Libani St. ZAHESI, near the building 41, block 3, 38 Tabukashvili Str. Rustaveli Kodjori Village Nigoeti “Fresh Market” I tr. 33, Kostava Ave. military base Avtchala s/c #2 7, Libani St. 3rd m/d, Marneuli 31, Melikishvili St. 7 Pushkin Str. 16 Rustaveli Avenue 16/18, Tamar Mepe Ave. Mtskheta Avtchala s/c #3 5, Sarajishvili Ave. Temka near maternity house No. 5, block 1, Rustaveli St. TBC Bank branch 1 Vekua Str. 8 Rustaveli Avenue 4, Leselidze Str. 23 arsukidze street Gldani Branch 3, Block Gldani 1, 11th Mtatsminda 3 Pushkin Str. 19 Rustaveli Avenue 15, Tamar Mepe Ave. 72, Rustaveli St. Gldani s/c #2 Mukhiani (Near Akhmeteli m/d, Temka 13, Rustaveli Ave. Hotel «Tbilisi Marriot» Vake-Saburtalo 37 Rustaveli Avenue Bebriscixis mimdebared 76, Tsereteli Ave. 73, Rustaveli St. Subway Station) Kakheti 2nd turn 11, Rkinis Rigi 24 Kostava Str. 2 Leonidze Street 12 samxedro street 3, Vani Ave. Martvili Gldani s/c #4 3, Block Gldani, B. 86 1, Liban St. Acura Billiard Room 29 Vazha-Pshavela Ave. 22 Leselidze Street 147, D. Aghmashebeli Ave. 14, Tavisupleba St. Gldani s/c #5 7, Micro-District Gldani Mukhiani turn near the subway station 5, Rustaveli Ave. 7 Kipshidze Str. 4, Leselidze Street 5, Khizanishvili Str. Mestia (Prison Gldani) “Akhmeteli” Rustaveli Cinema 14 Gamsakhurdia Ave. 38 Tabukashvili Street 12, Ketevan Tsamebuli Ave. 52, King tamar St. 4, Freedom Square Bank Gldani s/c #6 2, Botchorishvili St. 1, Sarajishvili St. 22 Bakhtrioni Str. 2 Baratashvili Street 20, Telavi Str. 1, Seti St. 22, Leselidze St. Gldani s/c #7 6, Micro-District Gldani, 11 8, Kerchi St. 72/12 I.Abashidze Str. 7 Ingorokva Street 42, Al. Kazbegi Ave. Mtskheta TBC Bank branch Tiulenevi St. 146, Tseronisi St. 70 Kostava Str. GTC Republic 8, Tsabadze Str. Building of regional governor’s office 52, Rustaveli Ave. TBC Bank branch Gldani s/c #9 8, Micro-District Gldani, 4, Khetagurov St. Sheraton Metheki Palace 8 Erekle II Street 6/2, Navtlughi Str. 17, Kostava St. 44, Rustaveli Ave. TBC Bank branch B. 23 6, Khizanishvili St. 10 Melikishvili Ave. 13 Savteli Streer TBILISI BRANCHES AND 9, Tsinandali Str. (near to the Svetitskhoveli Cathedral) 1, Rustaveli Ave. Gldani s/c #10 2, Micro-District Gldani, Isani-Samgori 62 Chavchavadze Ave. 20 Akhvlediani street 48a, Bogdan Khmelnitsky Str. 11a, Samkhedro St. TBC Bank branch SERVICE CENTERS B. 24b 1, Abdushelishvili St. Mtatsminda-Krtsanisi 1 Vekua Street 19, Gamrekeli Str. Mtskheta highway Avlabari Gldanula s/c #1 Gldani Khevi (Ravine), Airport settlement 84, K. Tsamebuli Ave. 8 Rustaveli Ave. (Parliament) 40 Khetagurovi street 143, Tsereteli Ave. 73a, Agmashenebeli St. Head Office and Central Near B. 6a 10, Akhalubani St. 2, K. Tsamebuli Ave. 38 Tabukashvili Str. rose squire 78, Nutsubidze Str. Gldani s/c #11 18, Gombori St. 151, Bohdan Khmelnytsky St. 65, Mamulashvili St. TBC Bank branch 19 Rustaveli Ave. rose squire Branch Aghmashenebeli Alley Lotkini s/c #1 164, Tseronisi St. 6, Gulia St. Village Tserovani Navtlugi 4 Freedom Square (Courtyard Marriott) Vera 60, Barnov Str. Mukhiani s/c #2 2, Micro-District Building C, block 10, 3rd massif, Varketili Ninotsminda 2, Cholokashvili St. Metro Station “Tavisuplebis Moedani” 28 petriashvili street 2 Gr. Abashidze St. Building 310, 3rd m/d, Varketili 3 22, Tavisupleba square “36.6” Pharmacy Metro Station “Rustaveli” 25 Kostava Street Tel: (995 32) 292.55.55 Mukhiani, B. 5 Tbilisi International Airport Ozurgeti Varketili 3 Vekua Str. (Populi City) 24 Kostava Street Fax: (995 32) 292.55.44 Mukhiani s/c #3 3, Micro-District Kakheti highway KM 38. 5, Gabriel the episcope St. 34a, Kakheti Highway 37 Gorgasali Str. Ortachala 44 Kostava Street Vake KSB Bank Mukhiani, B. 5 112, Kakheti highway Village Ozurgeti 44, Javakheti St. Radisson SAS Iveria Hotel 1 Khorava Street 13 Chavchavadze Ave. (24 hour) Nadzaladevi Branch 36, Guramishvili Ave. 37, Moscow Avenue Tavisupleba Square (Varketili Metro) Isani-Samgori 10 Kekelidze Street 33a Paliashvili St. Tbilisi Branches Nadzaladevi s/c #1 34, Dadiani St. 8, Navtlughi St. Varketili 3, 4th m/r. 10 Ketevan Tsamebuli Ave. 8 Kuchishvili Street Freedom Square Nadzaladevi s/c #3 261, Dadiani St. Oni Javakheti St. Orkhevi settlement (near to Customs 16, Rustaveli St. 80 Ketevan Tsamebuli Ave. 50 Gogebashvili Street 2, Leonidze St. Vake (09.30-21.00) Nadzaladevi s/c #4 12a, Guramishvili Ave. TBC Bank branch Department) 7 Kalaubani Str. 13 Melikishvili Street Airport 43, Chavchavadze ave. Nadzaladevi s/c #6 30, Guramishvili Rustavi Isani-Samgori Saknavti settlement (Kakheti highway) Airport 10 Melikishvili Street International Airport (24 hour) Avlabari Ave. B. 1 21, Kostava St., near to the Municipality 39a, Moscow Ave. 24 hours, except Christmas and Easter 3, Ketevan Tsamebuli str. Temka s/c #1 11, Micro-District Temka, Building 8, block 2, Saksopmankana 14, Kostrava St. 169, Khmelnitski St. Metro Station “Avlabari” 10 Melikishvili Street Didube Vera Block 1 settlement Megobroba Avenue Supermaket Metro Station “300 Aragveli” Gldani-Nadzaledevi 10 Building, Tsereteli Ave. 8/2, Melikishvili str. Temka s/c #2 3, Micro-District Temka, 103, Kvareli St. (Metromsheni settlement) 3, Megobroba Avenue “Isani” subway station Metro Station “Samgori 1” 2 gudamakhari street Sadguri Didube Block 3, Near B. 41 22, Javakheti St. 67, K.Tsamebuli Ave. Metro Station “Samgori 2” Gldani V m/r Block14 11, Megobroba Avenue Zahesi s/c #1 1a, Tchitchinadze St. Javakheti St. Second turn TBC Bank branch Metro Station “Varketili” Gldani III m/r 10, Tamar Mephe Ave. 60, Tsereteli ave. 21st km, Red Bridge Highway Saburtalo Metro Station “Isani” 2 Khizanishvili Street Sadguri Agmashenebeli Isani-Samgori Mtatsminda-Krtsanisi 5, Tashkent St. Afrika s/c #1 27, Tchitchinadze St. 23, A. Tchavtchavadze St. 40, Vazha Pshavela Ave. Temqa Block 10, Bulding 25 2 Dadiani Street Near the Railway Station 147, Agmashenebeli ave. Village Sartichala 37, Vakhtang Gorgasali St. ESM Tbilisi 44 Moskovi Ave. 7 Dadiani street Sanzona Varketili Afrika s/c #2 17, Tchitchinadze St. Sagarejo 93, Vakhtang Gorgasali St. 67, Vazha Pshavela Ave. Vazis ubani block 4 (“Populi”) 34 Dadiani Street 34 Guramishvili Ave. 7, Kaloubani str. Isani-Samgori Branch Kakheti Alley 2 2, Agmashenebeli Avenue Isani s/c #1 51/2, Ketevan Tsamebuli Ave. 155, Vakhtang Gorgasali St. «Nikora» Shop Vake-Saburtalo 151 Dadani Street Nadzaladevi Krtsanisi Samtredia Isani s/c #4 22, Metekhi St. 48, Zubalashvili St. 68, Kostava St. 41 Vazha-Pshavela Ave. 21 Sarajishvili Street 34 Dadiani Ave. 37, Gorgasali str. 11, Stalini St. Public Television Building Pekini (09.30-20.30) Isani s/c #6 30 Km. Kakheti Highway 1, Leonidze St. 23 Chavchavadze Ave. Sarajishvili Saburtalo Sachkhere 22, Bakhtrioni St. Isani s/c #7 Moscow Ave, Block 2, B. 1 10, Leonidze St. 70 Kostava Str. Grmagele 28 Pekini Ave. 24a, Pekini ave. 92, Kostava St. 53, Saburtalo St. Didi Digomi Isani s/c #9 90, Ketevan Tsamebuli Ave. 22, Metekhi St. 16 Gamsakhurdia Ave. Guramishvili 71 Vazha-Pshavela Ave. 17, Gomarteli St. Nikora store 9, Pushkini St. 7 Petritsi Str. 38 Guramishvili Avenue 47 A. Kazbegi Ave. 8, Ioane Petritse str. Lilo s/c #1 Lilo Settlement, Block 2, B. 8 12, Al. Kazbegi Ave. Senaki Melikishvili Str. 10 33a GuramiSvili avenue Isani Gldani Pavilion #6 4, Abzianidze St., Orkhevi 3, Rustaveli Avenue At Saburtalo Branch 2a, Sanapiro St. 14, St. Nino St. Gldani-Nadzaladevi 84 Guramishvili Avenue 6/2 Navtlughi St. 15, Khizanishvili str. Settlement (Near Customs Department) 74, Kostava st. 10, Kikodze St. 20, Ninoshvili St. 7 Guramishvili Avenue Gldani Freedom sq. branch (24 hour) Pavilion #8 10 b, Airport Settlement Shop “Caesar” 39 Tsotne Dadiani Str. Signagi 20 Khizanishvili St. 4, Freedom sq. Pavilion #11 103, Kvareli St.(Metromsheni 5, Chachava St. Z. Zhvania Sq., 45, Gamsakhurdia Ave. 5 Tornike Eristavi Str. (“Electroplast”) 84 Guramishvili Avenue 2, Rustaveli St. Mukhiani Service centre - Gudushauri hospital Settlement) 37/4, Tsintsadze St. “PSP” Pharmacy Shopping Mall “Mariami”, Gldani Peikrebi street 2, Dadiani St. 1, Nutsubidze St. Metro Station “Akhmeteli” Mukhiani, IV m/r, 4 block 8b Block, IVa micro district (24 hour) Pavilion #12 10, Akhalubani St. Ponitchala Rustavi highway, KM 30 18, Gelati St. 52, Vazha-Pshavela Ave. Metro Station “Grmagele” Dumbadze str IV m/r, Block 5 Iashvili Clinic 18/20, Lubliana str. Ponitchala s/c #3 Rustavi highway, KM 30 Building 2, 3rd m/d, Ponichala settlement Poti Mobi Shop Metro Station “Nadzaladevi” Nadzaladevi 2/6 Lubliana St. Samgori s/c #1 37, Moskovi Ave. 12, D. Agmashenebeli St. Riverside named after H. Aliev Metro Station “Sarajishvili” Nadzaladevi metro Square Police Office ATM’s Samgori s/c #2 36a, Trialeti St. Old Tbilisi 12, Kaloubani St. 146, Chavchavadze St. At Wissol gas station Metro Station “Guramishvili” 15 Khizanishvili Street 8 Gulua St. Samgori s/c #4 151, Bogdan Khmelnitski St. Tbilisi 57, Agmashenebeli St. Turn at 4th Plateau of Nutsubidze Mukhiani, Block 4, Bulding 4 31 Khizanishvili Street Dighomi Varketili s/c #1 Javakheti St. Second Blind- Didgori 179, Nutsubidze St. Plot 516, block 97, village Shindisi, Didgori Village Poka 34 Tsotne Dadiani Str., Bulding 8 metro axmetelis mimdebare. mariami 1b Block, 1 micro district, Dighomi Vake – branch Alley (Near Varketili Subway Station) “PSP” Pharmacy Metro Station “Elektrodepo” metro axmetelis mimdebared Building of City Court of Tbilisi 43, Chavchavadze ave. Varketili s/c #2 3, Micro-District Varketili, Kareli 26, Kazbegi Ave. 3, Ninoshvili St. Vake-Saburtalo 1 Vekua Street David Aghmashenebeli Alley VI km. Vake - Fashion house B. 310 ATM’s in Shop “Planeta Z” 1 Vekua Street Ortachala 24, Chavchavadze ave. Varketili s/c #3 Varketili Block 10, B. g 1, Mgaloblishvili St. Vazha-Pshavela V Blk, 4 Bld. 1a Bulachauri Str. Regions 37 Gorgasali St. Varketili s/c #5 Tbilisi International Airport Settlement Ruisi 29, Gamsakhurdia Ave. Metro Station “Politeknikuri Instituti 1” Akhmeteli Avlabari - branch Varketili Varketili s/c #6 3, Micro-District Varketili Keda Shop “Okaidi” Metro Station “Politeknikuri Instituti 2” Temka 10 Kv, Block 25 3, Ketevan Tsamebuli str. Abasha Varketili s/c #7 12, Shuamta St. 11, Tbel Abuseridze St. 6, Shartava St. Metro Station “Vazha-Pshavela” Temka samshobiaro saxli # 5 mimd Aerodrome Settlement. St N 29-31 Vera - branch 6, Jorjikia St. Varketili s/c #9 1, Micro-district varketili 4, Gamsakhurdia Ave. Metro Station “Sameditsino Instituti 1” 34 Khosharauli Street 8/2, Melikishvili str. Adigeni 1, M. Kostava St. 11, Vazha-Pshavela Ave Metro Station “Sameditsino Instituti 2” Didube-Chugureti ATM Didube - branch 3, Near B. 25 24, Tornike Eristavi St. Kobuleti Varketili s/c #10 Kaloubani St. 9 TBC Bank Branch Didube-Chugureti 8 tsabadze street 60, Tsereteli ave. Ambrolauri 153, Agmashenebeli St. 11, Mitskevichi St. Supermarket 99 Tsereteli Ave. 17 Uznadze Street Tbilisi Agmashenebeli Avenue - branch Vazisubani s/c #1 4 Micro-District 18, Agmashenebeli St. 4, Memed Abashidze St. 29b, Kazbegi Ave. 18 Tamar mefis Ave. 1 Tsereteli avenue 147, Agmashenebeli ave. Vazisubani 1B,Shandor Petofi St. Settlement Anaklia 141, Agmashenebeli St. Vazisubani s/c #2 2, Micro-District 73, Vazha-Pshavela Ave. 60 Tsereteli Ave. 60 Tsereteli Avenue Vake Varketili - branch Aspindza 478, Agmashenebeli St. TBC Bank branch 83/23 Davit Agmashenebeli Ave. 55 Tsereteli Avenue 2 Gr.Abashidze St. 7, Kaloubani str. Vazisubani (Super Market “Smart”) 31, Vardzia St. 79, King tamar St., Village Chakvi 11/5, Dolidze St. Vazisubani s/c #3 1, Shandor Petofi St 142 Davit Agmashenebeli Ave. 95 Tsereteli Avenue 13 Chavchavadze Ave. Krtsanisi - branch Akhalkalaki Supermartket “Mango” 19 Tsabadze Str. (“Pasazhi”) 110 Tsereteli Avenue 33 A Paliashvili St. 37, Gorgasali str. Didgori 82, King Tamar Avenue Chugureti Didgori s/c #1 97, Block Tabakhmela, 12 Kereselidze Str. 1st turn (“Megaline”) 99 Tsereteli Avenue 1 Chavchavadze Ave. Pekini - branch 11, Charenta St. 39, Chitaia St. plot 516 137 Tsinamdzgvrishvili Str. 118 Tsereteli Avenue 49b Chavchavadze Ave. 24a, Pekini ave. 71, Tavisupleba St. Pasha Aversi Pharmacy 7, Marjanishvili St. Marjanishvili branch 127 Davit Agmashenebeli Ave. 118 Agmashenebeli Avenue 50 Chavchavadze Ave. Didi Digomi - branch Akhaltsikhe 19 Tsabadze St. Metro Station “Vagzlis Moedani” 127 Agmashenebeli Avenue 2 Mosashvili St. 8, Ioane Petritse str. ATM’s in 1, Tamarashvili St. Bank Trade center «Pasazhi» Metro Station “Vagzlis Moedani 3” 80 Agmashenebeli Avenue Mrgvali Bagi Agmashenebeli Alley - Prosecutor Tbilisi 98, Rustaveli St. +995 322 265 000 8, Tsabadze St. Metro Station “Tsereteli” 96 Agmashenebeli Avenue 7 Kibshidze St. 12 km, Agmashenebeli Alley 11, King Tamar St. 15, Rustaveli Avenue, Tbilisi, 0108 , Georgia Trade center «Kidobani» Metro Station “Didube” 1 Agmashenebeli Avenue Mtatsminda Gudushauri Hospital 1, Aleksidze St. 2, Shalva Akhaltsikheli St. [email protected] 4, Khetagurov St. Metro Station “Marjanishvili” 89/24 Agmashenebeli Avenue 27 Kostava St. 18/20, Lubliana str. Agmashenebeli Alley, KM 11. 1, Kharischirashvili St. www.pashabank.ge C M Y K 18 HEADLINE NEWS & ANALYSIS FINANCIAL publicity 26 May, 2014 | finchannel.com

Advertiser: Bank Constanta. Contact FINANCIAL Ad Dep at [email protected] C M Y K FINANCIAL HEADLINE NEWS & ANALYSIS 19 26 May, 2014 | finchannel.com | places we strongly reccommend to visit | dining

Ice cream, coffee, blended drinks, La Brioche pastry, salads… Open 20 Telavi Str. 8am-2am (May-October) Addr: Batumi, Tel: 277 20 20 8am-1am AeroSvit Representative office in Georgia (November-April) Georgia, Parnavaz Fax: 277 21 20 Address: 25 st.Leselidze Office 205 Mepe №25 Addr: 12 Eristavi Str. (at the round garden) Tbilisi 0160, Georgia 34 Leselidze Str. 7a Pekini Str. Tel: 243 96 93 Phone: 299 03 99; 574 74 69 69 Tel.: 260 15 36 Fax: 243 96 93 [email protected], www.piazza.ge www.sheraton.com/tbilisi [email protected] www.lucapolare.com [email protected]

Betsy’s Hotel 15 Lubliana Str. 1 Brother Kakabadze Str. 32-34 Makashvili Street, Tel: 251 00 01 0108, Tbilisi, Georgia Fax: 253 00 44 Tel: 292 29 45; [email protected] Fax: 292 29 46; 37 Chavchavadze Ave. Tel.: 293 14 04, Fax: 299 93 11 www.zarapxana.ge [email protected] Tel.: 291 30 26; 291 30 76 [email protected] www.betsyshotel.com

4 Freedom Square, Tel: +995 32 254 70 30 Fax: +995 32 254 70 40 [email protected] 5 Chavchavadze Ave.

13, Rustaveli Avenue.; 4, Freedom Square, Tel.: 2 779 200 Tel: 2 779 100 Tel.: 222 44 17 www.TbilisiMarriott.com www.CourtyardTbilisi.com 577 22 99 22 [email protected] [email protected] plasticsurgerygeo.com Because life is about living

Hotel “O. Galogre”

The tickets are available at tbilisi 36 Al. Kazbegi ave. Tbilisi, 0177, Georgia 8, Vakhtang Gorgasali Str. Batumi, Georgia international airport freedom square 4 Tel/Fax: 229 43 43 Tel: +995 422 27 48 45 courtyard marriott hotel, 1st floor [email protected] Tel: 888 222 2900 [email protected] Tel: 2400 400; 2400 040 www.intercontinental.ge www.sheraton.com/tbilisi www.hotelgalogre.com

Le Marais Village Anaklia, Zugdidi, Georgia

Tel: 2 60 99 90 2 60 99 91 Literary cafe “Monsieur Jordan” 50 Chavchavadze Ave. V. Gorgasali st.,17 Tel: 2 91 52 42 Tel.: 275-02-07 32 Abashidze Str. Tel: 222 40 83 www.hotelanaklia.com

Tel: 31 99 99 13 Shavteli Str. Radisson Blu Iveria Hotel 26 May Square [email protected] Rose Revolution Square 1 Tel: 2300099 addr: Tel: 2439494 Tel.: 240 22 00; Fax: 240 22 01 E-mail: [email protected] #9 Grishashvili [email protected] [email protected] www.hi-tbilisi.com Str. www.ambasadori.ge radissonblu.com/hotel-tbilisi

Fragola

6 Kavsadze Str. 3 Tabidze Str. Tel: 2 25 15 45 2 Kazbegi Ave. 2 55 44 55 Tel: 570 10 33 19 www.lottravel.ge Erekle II str. Tel: 555 00 44 46 [email protected]

275 Agmashenebeli Ave., Kobuleti, Georgia Tel: 2242400 Fax: 2242403 GEORGIA PALACE HOTEL 4 Freedom Square For advertising Tel: 2988 988, Fax: 2988 910 E-mail: [email protected], www.gph.ge E-mail:[email protected], www.gmt.ge please contact:

Georgian Real Estate Management 577 741 700 The Green Building, 6 Marjanishvili Street, [email protected] 0102 Tbilisi 4 Kargareteli str. BusinessTravelCom Tel; 2236278 Hotel and Airticket Booking: Tel: 243 30 77, Fax: 243 30 79 www.kenari.ge 2 999 662 | SKY.ge www.firstbrokerage.ge [email protected] E-mail: [email protected] C M Y K 20 HEADLINE NEWS & ANALYSIS FINANCIAL publicity 26 May, 2014 | finchannel.com

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Gabelaia, Vano Dugladze, Levan Katsiashvili Tel: 254 05 56; Mob: 599 56 60 72 Duration: 155 minutes Duration: 150 minutes Live music, New Voice participant: Giorgi Date: May 30 Time: 20:00 Price: 7 GEL May 26, 2013 Date: May 27 Hall: Big Stage Time: 15:00 Price: Modzmanashvili, every day different show Gabriadze Theatre 7, 10 GEL programs, famous faces, tam tams, dancers 13,Shavteli Str. (Georgian and ball dances)/Different programs on The Battle of Stalingrad Saturday-Sundays Marionette Theatre Every Friday, inextinguishable star of show Author and Director: Rezo Gabriadze Gallery business, singer - Gia Suramelashvili In Russian 4 Restaurant «Dzveli Sakhli» +10 years Georgian National Museum and Goethe Institute 3, Sanapiro Str. Tel: 2 365-365 Date: May 30 Time: 20:00 Price: 10, 15, 20 GEL in Georgia invite you to the Dmitry Shevardnadze 20:00-23:00 - Georgian songs with live performance Tbilisi Nodar Dumbadze State Central Children’s National Gallery at the opening of the exhibition Café «Kala» Theatre «RE: Museum». The exposition is carried out in 8/10 Erekle II Str. Mob: 599 79-97-37 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 the framework of the Georgian National Museum’s Clubs, Pubs… 21:00 - Guliko Chanturia The Three Musketeers special week dedicated to the International 1 Gallery Pub «Dublin» Director: Giorgi Qantaria Museum’s Day. Pub Nali 4 8 Akhvlediani Str, Tel: 298-44-67 Cast: David Khakhidze, Nino Archaia, Khatia Melkadze, D. Shevardnadze National Gallery 4/1 Kiacheli St. Tel: 243 04 20 Georgian National Museum and Goethe Institute 21:00-24:00 - Band «Good Company» Nino Shushiashvili, Tamara Chanukvadze, Kakha 11, Rustaveli Ave. Tel: 299-80-22 21:00-00:30 - Band Zarebi in Georgia invite you to the Dmitry Shevardnadze Gabelaia, Vano Dugladze, Levan Katsiashvili Gallery’s working hours: Saturday-Sunday 10:00-18:00 SkyyBar National Gallery at the opening of the exhibition Duration: 150 minutes till - July 15 22 Metekhi Str. Mob: 592 32-32-32 «RE: Museum». The exposition is carried out in Date: May 30 Hall: Big Stage Time: 12:00 Price: The personal exhibition of the national artist of 21:00 - Band “Wheels”, DJ Datuna the framework of the Georgian National Museum’s 7, 10 GEL Georgia Radish Tordia. The exhibition will be special week dedicated to the International Slammiпg Doors opened within the Georgian National Museum’s City Time Director: Maya Chartolani special week dedicated to the International Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 Museum’s Day. Cast: Nino Lezhava, Nino Archaia, Khatia Melkadze, Museums Day. 20:00-24:00 - Live Band D. Shevardnadze National Gallery Berta Khapava, Ioseb Molodinashvili, Paata Kikvadze Sh. Amiranashvili Art Museum Plaza Hall 11, Rustaveli Ave. Tel: 299-80-22 Duration: 90 minutes 1, Gudiashvili Str. Tel: 299-71-76 Beliashvili and Mikeladze streets territory. Gallery’s working hours: Saturday-Sunday 10:00-18:00 Date: May 30 Hall: Small Stage Time: 19:00 Price: Museum is working every day except Monday. From Tel: 254 05 56; Mob: 599 56 60 72 till - July 15 Cinema 7, 10 GEL 11:00 till 17:00 Live music, New Voice participant: Giorgi In the framework of the special week dedicated to 2 7 + 1 till - June 19 Modzmanashvili, every day different show the International Museums Day Georgian National «Rustaveli» Cinema Director: Giorgi Kachibaia programs, famous faces, tam tams, dancers Museum Tbilisi History Museum invites you at the 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 Cast: Nino Lezhava, Tamar Lortkipanidze, Khatia (Georgian and ball dances)/Different programs on exhibition of «Travel deary» by Hungarian artist «X-Men: Days of Future Past» 3D; Melkadze, Giorgi Katchakhidze, Paata Mkheidze, Nino Saturday-Sundays from Iran- Gizella Varga Sinai. «Godzilla» 3D; Lortkifanidze, Kakha Tcholadze, Salome Tsurtsumia, Every Friday, inextinguishable star of show Tbilisi Museum of History (Karvasla) «Heroes of Shindisi»; Lasha Grdzelidze Duration: 90 minutes business, singer - Gia Suramelashvili 8 Sioni Str. Tel: 292-32-27 «The Nut Job» 3D; «The Other Woman»; Date: May 30 Hall: Experimental Restaurant “Dzveli Sakhli” (Museum is working every day except Monday. From Stage Time: 20:00 Price: 10 GEL June 1, 20131 3, Sanapiro Str. Tel: 2 365-365 11:00 till 17:00) «The Amazing Spider-Man 2» 3D 20:00-23:00 - Georgian songs with live performance till - May 28 «Full Speed Westward»; Restaurant “Bermukha” The personal exhibition of the national artist of «Rio 2» 3D Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: Georgia Radish Tordia. The exhibition will be (Ticket Price: 7,50 - 12,50 GEL) 598 59 69 69 opened within the Georgian National Museum’s «Amirani» Cinema Everyday from 17:00 restaurant Bermukha is special week dedicated to the International 36 Kostava Str. Tel: 299-99-55 awaiting you with renovated hall and colorful show Museums Day. «X-Men: Days of Future Past» 3D; program. Music program starts from 19:00: Dato Sh. Amiranashvili Art Museum «Godzilla» 3D; Archvadze’s quartet “Taoba”: Georgian folk and 1, Gudiashvili Str. Tel: 299-71-76 «The Nut Job 3D»; city songs. Estrada singers: Giorgi Tsiklauri, Nina Museum is working every day except Monday. From «The Other Woman»; Gallery 1Clubs, Pubs… Tel: 2 999 662 Okroashvili, Giorgi Kakutia 11:00 till 17:00 «Rio 2» 3D 4 till - June 19 (Ticket Price: 7,50 - 12,50 GEL) Georgian National Museum and Goethe Institute Pub Nali Café “Kala” 4/1 Kiacheli St. Tel: 243 04 20 8/10 Erekle II Str. Mob: 599 79-97-37 in Georgia invite you to the Dmitry Shevardnadze 21:00-00:30 - Nali Band 21:00 - Rezo Kiknadze - saxophonist National Gallery at the opening of the exhibition «RE: Museum». The exposition is carried out in SkyyBar Pub «Dublin» 22 Metekhi Str. Mob: 592 32-32-32 8 Akhvlediani Str, Tel: 298-44-67 the framework of the Georgian National Museum’s 21:00 - Agora Live Band, DJ Datuna SPECIAL OFFER FROM BUSINESSTRAVELCOM TO 21:00-24:00 - Band «Goblins» (Covers) special week dedicated to the International Museum’s Day. City Time D. Shevardnadze National Gallery Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 May 28, 2013 11, Rustaveli Ave. Tel: 299-80-22 20:00-24:00 - Live Band & Maka Durglishvili; Theatre Gallery’s working hours: Saturday-Sunday 10:00-18:00 Karaoke, DJ Vako 3 till - July 15 Plaza Hall Rustaveli Theatre The personal exhibition of the national artist of Beliashvili and Mikeladze streets territory. 17, Rustaveli Ave. Tel: 272-68-68 Tel: 254 05 56; Mob: 599 56 60 72 Psychosis 4:48 Georgia Radish Tordia. The exhibition will be opened within the Georgian National Museum’s Live music, New Voice participant: Giorgi Director: Kita Rokva Modzmanashvili, every day different show WARSAW!!! Cast: Beso Zanguri special week dedicated to the International Museums Day. programs, famous faces, tam tams, dancers Cinema Duration: 60 minutes (Georgian and ball dances)/Different programs on 2 Date: May 29 Hall: Grand Stage Time: 19:00 Price: Sh. Amiranashvili Art Museum «Rustaveli» Cinema 8 GEL 1, Gudiashvili Str. Tel: 299-71-76 Saturday-Sundays 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 Clubs, Pubs… Marjanishvili Theatre Museum is working every day except Monday. From Every Friday, inextinguishable star of show 1 business, singer - Gia Suramelashvili «X-Men: Days of Future Past» 3D; 8 Marjanishvili Str. Tel: 2 955-966 11:00 till 17:00

TICKETS FROM 69 EUR «Godzilla» 3D; Pub Nali Hadji Murad till - June 19 Restaurant «Bermukha» «Heroes of Shindisi»; 4/1 Kiacheli St. Tel: 243 04 20 Director: Gizo Jordania Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: «The Nut Job» 3D; 21:00-00:30 - Band Zarebi Cast: Givi Chuguashvili, Paata Inauri, Rati Goguadze, 598 59 69 69 «The Other Woman»; SkyyBar Giorgi Shavgulidze, Gaga Shishinashvili, Zaza Every day from 17:00 restaurant Bermukha is «The Amazing Spider-Man 2» 3D 22 Metekhi Str. Mob: 592 32-32-32 Iakashvili, awaiting you with renovated hall and colorful show «Full Speed Westward»; 21:00 - Band «Wheels», DJ Datuna Temur Kiladze, Marlen Egutia program. Music program starts from 19:00: (TAXES INCLUDED) «Rio 2» 3D City Time Date: May 29 Hall: Big Stage Time: 20:00 Price: Dato Archvadze’s quartet «Taoba»: Georgian folk (Ticket Price: 7,50 - 12,50 GEL) Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 6 - 16 GEL and city songs. «Amirani» Cinema 20:00-24:00 - Live Band Marjanishvili Theatre (New Stage) May 31, 2013 Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, 36 Kostava Str. Tel: 299-99-55 Plaza Hall 8 Marjanishvili Str. Tel: 2 955-966 «X-Men: Days of Future Past» 3D; Recipe of Inspiration Giorgi Kakutia «Godzilla» 3D; Beliashvili and Mikeladze streets territory. Director: Nino Akhvlediani Restaurant «Dzveli Sakhli» 5* HOTELS FROM 30 EUR (BREAKFAST INCLUDED) «The Nut Job 3D»; Tel: 254 05 56; Mob: 599 56 60 72 Cast: Ketevan Tskhakaia, Manana Kozakova, Davit 3, Sanapiro Str. Tel: 2 365-365 «The Other Woman»; Live music, New Voice participant: Giorgi Khurtsilava 20:00-23:00 - Georgian songs with live performance «Rio 2» 3D Modzmanashvili, every day different show Duration: 95 minutes Café «Kala” (Ticket Price: 7,50 - 12,50 GEL) programs, famous faces, tam tams, dancers Date: May 29 Time: 20:00 Price: 14 GEL 8/10 Erekle II Str. Mob: 599 79-97-37 (Georgian and ball dances)/Different programs on Liberty Theatre 21:00 - Live Band Saturday-Sundays 2 Rustaveli Ave. Tel: 298-58-21 Pub «Dublin» Every Friday, inextinguishable star of show A Clockwork Orange Clubs, Pubs… 8 Akhvlediani Str, Tel: 298-44-67 CALL: 2 999 662; 592 07 53 53 business, singer - Gia Suramelashvili Director: Avto Varsimashvili 1 21:00-24:00 - Band «Rustavi 2» (Covers) MacLaren’s Irish Pub Cast: Jaba Kiladze, Apolon Kublashvili, Slava Pub Nali 5 Rkinis Rigi (Chardin) Natenadze, Sandro Margalitashvili, Misha Arjevanidze, Ani Aladashvili, Masho Melkadze, Lasha Gurgenidze 4/1 Kiacheli St. Tel: 243 04 20 Mob: 599 57 85 49 +16 year 21:00-00:30 - Nali Zarebi 21:30 - Enjoy a unique ambiance of 60s-70s hits and Duration: 135 minutes SkyyBar Theatre improvisations by David Gabidzashvili and David Date: May 29 Time: 19:00 Price: 6, 13, 15 GEL 22 Metekhi Str. Mob: 592 32-32-32 3 Barnabishvili. Great mood is guaranteed! Spend Iliauni Theatre 21:00 - Veriko Turashvili & Live Band, DJ Datuna Tbilisi Nodar Dumbadze State Central Children’s evening at the warmest pub in the city! 32, I. Chavchavadze Ave. Tel: 229-47-15 City Time Theatre Restaurant «Dzveli Sakhli» Bird Died in the Floodplain Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Director: David Andghuladze The Royal Cow (in Russian) 3, Sanapiro Str. Tel: 2 365-365 20:00-24:00 - Live Band & Nata Kurdovanidze; 20:00-23:00 - Georgian Dances Cast: Tornike Babukhadia, Mariam Amashukeli, DJ Vako Director: Guram Bregadze Tornike Chekurishvili, Kakha Losaberidze, Khatia Cinema Cast: Nino Kikatheishvili, Edmond Gabedava, Restaurant «Bermukha» Plaza Hall 2 Brachuli, Mirian Gotsiridze, Natia Ibishvili Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: Beliashvili and Mikeladze streets territory. «Rustaveli» Cinema 598 59 69 69 Duration: 75 minutes 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Date: May 29 Time: 20:00 Price: 5 GEL Tel: 254 05 56; Mob: 599 56 60 72 Ana Lezhava Everyday from 17:00 restaurant Bermukha is Tbilisi Nodar Dumbadze State Central Children’s Live music, New Voice participant: Giorgi «X-Men: Days of Future Past» 3D; Duration: 90 minutes awaiting you with renovated hall and colorful show Theatre Modzmanashvili, every day different show «Godzilla» 3D; Date: May 26 Hall: Small Stage Time: 13:00 Price: program. Music program starts from 19:00: Dato 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 programs, famous faces, tam tams, dancers «Heroes of Shindisi»; 7, 10 GEL Archvadze’s quartet «Taoba»: Georgian folk and Clownery (Georgian and ball dances)/Different programs on «The Nut Job» 3D; Natsarkekia city songs. Estrada singers: Giorgi Tsiklauri, Nina Director: Nikoloz Sabashvili «The Other Woman»; Director: Dimitri Khvtisiashvili Saturday-Sundays Okroashvili, Giorgi Kakutia Cast: Nino Archaia, Khatia Melkadze, Nino Papiashvili, Every Friday, inextinguishable star of show «The Amazing Spider-Man 2» 3D Cast: Khatia Melkadze, Badri Gvazava, Levan Levan Katsiashvili, Vakhtang Nozadze, Salome Katsiashvili, Giorgi Katchakhidze, Paata Mkheidze, Café «Kala» business, singer - Gia Suramelashvili «Full Speed Westward»; From 8/10 Erekle II Str. Mob: 599 79-97-37 Tsurtsumia MacLaren’s Irish Pub «Rio 2» 3D Tbilisi Vakhtang Nozadze, Nino Lortkifanidze, Paata Kikvadze, Duration: 60 minutes 21:00 - Live Band 5 Rkinis Rigi (Chardin) (Ticket Price: 7,50 - 12,50 GEL) Kakha Tcholadze Date: May 29 Hall: Small Stage Time: 12:00 Price: Duration: 90 minutes Pub «Dublin» Mob: 599 57 85 49 «Amirani» Cinema 8 Akhvlediani Str, Tel: 298-44-67 7, 10 GEL 36 Kostava Str. Tel: 299-99-55 Date: May 26 Hall: Small Stage Time: 16:00 Price: Snow White and the Seven Dwarfs 21:30 - Enjoy a unique ambiance of 60s-70s hits and 7, 10 GEL 21:00-24:00 - Band «The Jumping General» Director: Dimitri Khvtisiashvili improvisations by David Gabidzashvili and David «X-Men: Days of Future Past» 3D; Cast: Nino Lezhava, Tamar Lortkipanidze, Nino Barnabishvili. Great mood is guaranteed! Spend «Godzilla» 3D; Shushiashvili, Tamara Chanuyvadze, Kakha Gabelaia, evening at the warmest pub in the city! «The Nut Job 3D»; TO Day Depart Arrive Flight# Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Restaurant «Bermukha» «The Other Woman»; Nanitashvili, Gaga Shishinashvili Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: «Rio 2» 3D Duration: 120 minutes 598 59 69 69 (Ticket Price: 7,50 - 12,50 GEL) Date: May 29 Hall: Big Stage Time: 12:00 Price: Every day from 17:00 restaurant Bermukha is 7, 10 GEL awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Aktau 5.7 00:50 02:40 DV 842 Dato Archvadze’s quartet «Taoba»: Georgian folk Gallery Cinema and city songs. 4 2 Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Georgian National Museum and Goethe Institute «Rustaveli» Cinema Giorgi Kakutia in Georgia invite you to the Dmitry Shevardnadze 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 Restaurant «Dzveli Sakhli» National Gallery at the opening of the exhibition «X-Men: Days of Future Past» 3D; 3, Sanapiro Str. Tel: 2 365-365 Concert «RE: Museum». The exposition is carried out in 5 Amsterdam 1.6 06:10 07:55 A9 651 «Godzilla» 3D; the framework of the Georgian National Museum’s 20:00-23:00 - Georgian Dances «Heroes of Shindisi»; Circus special week dedicated to the International Café «Kala» 1, The Heroes Square Tel: 298 30 35 «The Nut Job» 3D; Gallery 8/10 Erekle II Str. Mob: 599 79-97-37 Museum’s Day. «The Other Woman»; 4 13:00, 17:00 - Laser Show and Animal World 21:00 - D. Shevardnadze National Gallery Keti Paresashvili (Ticket Price - 10, 15, 20, 25 GEL) 11, Rustaveli Ave. Tel: 299-80-22 «The Amazing Spider-Man 2» 3D Georgian National Museum and Goethe Institute Pub «Dublin» Gallery’s working hours: Saturday-Sunday 10:00-18:00 «Full Speed Westward»; in Georgia invite you to the Dmitry Shevardnadze 8 Akhvlediani Str, Tel: 298-44-67 Almaty 1.2.5.7 22:45;08:55 04:25+1;14:35 KC E90 till - July 15 «Rio 2» 3D National Gallery at the opening of the exhibition 21:00-24:00 - Band «Rustavi 2» (Covers) In the framework of the special week dedicated to (Ticket Price: 7,50 - 12,50 GEL) «RE: Museum». The exposition is carried out in the International Museums Day Georgian National «Amirani» Cinema the framework of the Georgian National Museum’s Museum Tbilisi History Museum invites you at the 36 Kostava Str. Tel: 299-99-55 special week dedicated to the International exhibition of «Travel deary» by Hungarian artist «X-Men: Days of Future Past» 3D; Museum’s Day. from Iran- Gizella Varga Sinai. «Godzilla» 3D; D. Shevardnadze National Gallery Athens 1 06:15 07:15 A3 983 Tbilisi Museum of History (Karvasla) «The Nut Job 3D»; 11, Rustaveli Ave. Tel: 299-80-22 8 Sioni Str. Tel: 292-32-27 Gallery’s working hours: Saturday-Sunday 10:00-18:00 Theatre (Museum is working every day except Monday. From «The Other Woman»; 3 till - July 15 11:00 till 17:00) «Rio 2» 3D Rustaveli Theatre till - May 28 (Ticket Price: 7,50 - 12,50 GEL) The personal exhibition of the national artist of 17, Rustaveli Ave. Tel: 272-68-68 The personal exhibition of the national artist of Georgia Radish Tordia. The exhibition will be Cinema The Prince and the Papuper Georgia Radish Tordia. The exhibition will be opened within the Georgian National Museum’s 2 Director: Nikoloz Heine-Shvelidze Baku X 2.4 01:30;12:10 02:30;13:10 J2 224/226 opened within the Georgian National Museum’s special week dedicated to the International Cast: Lela Akhalaia, Zaal Baratashvili, Levan «Rustaveli» Cinema Berikashvili, Manana Gamtsemlidze, Davit Gotsiridze, special week dedicated to the International Museums Day. 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 Andria Tavberidze Museums Day. Sh. Amiranashvili Art Museum «X-Men: Days of Future Past» 3D; 1, Gudiashvili Str. Tel: 299-71-76 Duration: 80 minutes Sh. Amiranashvili Art Museum «Godzilla» 3D; 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From Date: June 1 Hall: Big Stage Time: 15:00 Price: 6, «Heroes of Shindisi»; 8, 9, 10, 12 GEL Museum is working every day except Monday. From 11:00 till 17:00 «The Nut Job» 3D; Rustaveli Theatre Baku DAILY 14:50;19:50 16:05;21:05 QR 975/977 11:00 till 17:00 till - June 19 till - June 19 Theatre «The Other Woman»; 17, Rustaveli Ave. Tel: 272-68-68 3 Old Jokers «The Amazing Spider-Man 2» 3D Rustaveli Theatre Director: Gocha Kapanadze 17, Rustaveli Ave. Tel: 272-68-68 «Full Speed Westward»; Cast: Kakhi Kavsadze, Darejan Kharshiladze, Zaza Host and Guest «Rio 2» 3D Lebanidze, Jemal Ghaghanidze, Manana Gamcemlidze, Director: Valerian Gorgoshadze (Ticket Price: 7,50 - 12,50 GEL) Marina Janashia Batumi 2.5.7 10:00;14:45 10:40;15:20 CRJ Cast: Bacho Chachibaia, Manana Abramishvili, Ia «Amirani» Cinema Duration: 140 minutes Sukhitashvili, Levan Khurtsia, Gela Lezhava 36 Kostava Str. Tel: 299-99-55 Date: June 1 Hall: Small Stage Time: 19:00 Price: Duration: 135 minutes May 30, 2013 «X-Men: Days of Future Past» 3D; 10, 15, 20 GEL May 27, 2013 Date: May 28 Hall: Small Stage Time: 19:00 Price: «Godzilla» 3D; Marjanishvili Theatre 8, 10 GEL «The Nut Job 3D»; 8 Marjanishvili Str. Tel: 2 955-966 Rustaveli Theatre «The Other Woman»; Extravagansa Doha DAILY 19:50;14:05 23:59;19:00 QR 975/977 17, Rustaveli Ave. Tel: 272-68-68 Finger Theatre Where is Another Georgia?! - Premiere «Rio 2» 3D Director: Beso Kupreishvili K. Gamsakhurdia State Sokhumi Drama Theatre (Ticket Price: 7,50 - 12,50 GEL) Cast: Zaal Kakabadze, Teona Maghalashvili, Director: Merab Kolbaia Giorgi Mebaghishvili, Elene Pirtskhalava, Tinatin Cast: Merab Kolbaia, Paata Vakhtangishvili, Ramaz Tsuladze Khomasuridze, Nino Shavgulidze, Mariam Kolbaia Duration: 55 minutes Date: May 28 Hall: Experimental Date: June 1 Hall: Theatre in Attic Time: 20:00 Price: Dubai 2.4.6.7 06:50 10:00 FZ 714 Stage Time: 19:00 Price: 10 GEL Clubs, Pubs… 6 GEL 1 Marjanishvili Theatre Clubs, Pubs… Marjanishvili Theatre 1 8 Marjanishvili Str. Tel: 2 955-966 Pub Nali 8 Marjanishvili Str. Tel: 2 955-966 Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 The ART Teibele and her Demon 21:00-00:30 - 4/1 Kiacheli St. Tel: 243 04 20 Director: Goga Tavadze Nali Band Director: Temur Chkheidze 21:00-00:30 - Nali Band SkyyBar Concert Cast: Zura Kipshidze, Mikheil Gomiashvili, Aleko Cast: Ana Vasadze, Malkhaz Abuladze, Natia Gubenko, 22 Metekhi Str. Mob: 592 32-32-32 5 Makharoblishvili Istanbul DAILY 06:20 06:40 PC/463 SkyyBar Paata Papuashvili, Marlen Egutia, Giga Gogichadze 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Agora Live Band, DJ Datuna Tbilisi Concert Hall Duration: 105 minutes Date: May 28 Hall: Big Stage Time: 20:00 Price: 1, Meliqishvilii Str. Tel: 299-05-99 June 1 Big Stage 20:00 21:00 - Band «Wheels», DJ Datuna 6 - 16 GEL City Time Date: Hall: Time: Price: City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00 - Patricia Kaas «Kaas chante Piaf» 4 - 10.50 GEL Marjanishvili Theatre (New Stage) 20:00-24:00 - Marjanishvili Theatre (New Stage) Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 5 Marjanishvili Str. Tel: 2 955-966 Live Band & Maka Durglishvili; (Ticket Price: 50, 90, 150, 190 GEL) 20:00-24:00 - Live Band DJ Paata Circus 5 Marjanishvili Str. Tel: 2 955-966 Borders Plaza Hall Drunk Cherry Restaurant «Bermukha» Director and Choreographer: Giorgi Osepashvili 1, The Heroes Square Tel: 298 30 35 Autor and Director: Levan Tsuladze, Alexander Eloshvili Istanbul DAILY 05:15;18:15 05:45; 18:45 TK 387/383 Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: Beliashvili and Mikeladze streets territory. 13:00, 17:00 - Cast: Ketevan Kitiashvili, Beka Goderdzishvili, Giorgi Tel: 254 05 56; Mob: 599 56 60 72 Laser Show and Animal World Cast: Eka Chkheidze, Malkhaz Abuladze, Manana 598 59 69 69 Osepashvili (Ticket Price - 10, 15, 20, 25 GEL) Kozakova, Barbare Dvalishvili, Dato Khurtsilava, Keti Everyday from 17:00 restaurant Bermukha is Live music, New Voice participant: Giorgi Duration: 140 minutes Modzmanashvili, every day different show Tskhakaia, Onise Oniani awaiting you with renovated hall and colorful show Date: May 28 Time: 20:00 Price: 14 GEL Date: June 1 Time: 20:00 Price: 14 GEL program. Music program starts from 19:00: Dato programs, famous faces, tam tams, dancers Liberty Theatre (Georgian and ball dances)/Different programs on Liberty Theatre Archvadze’s quartet «Taoba»: Georgian folk and 2 Rustaveli Ave. Tel: 298-58-21 2 Rustaveli Ave. Tel: 298-58-21 Istanbul DAILY 06:20 06:50 KK 320 city songs. Estrada singers: Giorgi Tsiklauri, Nina Tomorrow is Christmas Saturday-Sundays The Caucasian Chalk Circle Okroashvili, Giorgi Kakutia Director: Giorgi Sikharulidze Every Friday, inextinguishable star of show Director: Avto Varsimashvili Plaza Hall business, singer - Gia Suramelashvili Cast: Gia Abesalashvili, Tamuna Nikoladze, Giorgi Cast: Sandro Margalitashvili, Jaba Kiladze, Giorgi Jikia, Beliashvili and Mikeladze streets territory. Zanguri, Giorgi Shanidze, Guga Kakhiani, Ana MacLaren’s Irish Pub Tamuna Nikoladze, Mariam Jologua, Tiko Kordzadze, Tel: 254 05 56; Mob: 599 56 60 72 5 Rkinis Rigi (Chardin) Apolon Kublashvili, Goga Barbakadze Nikolaishvili, Kakha Shartava Mob: 599 57 85 49 Live music, New Voice participant: Giorgi Date: May 28 Time: 19:00 Price: 6, 12 GEL Theatre Duration: 240 minutes Modzmanashvili, every day different show 21:30 - Enjoy a unique ambiance of 60s-70s hits and 3 Date: June 1 Time: 19:00 Price: 6, 13, 15 GEL Kiev X3,5 07:50;17:30 08:20;17:55 PS 728 Royal District Theatre programs, famous faces, tam tams, dancers 10 Abesadze Str. Tel: 299-61-71 improvisations by David Gabidzashvili and David Rustaveli Theatre Tumanishvili Film Actors Theatre (Georgian and ball dances)/Different programs on Miss Julie Barnabishvili. Great mood is guaranteed! Spend 17, Rustaveli Ave. Tel: 272-68-68 164 Agmashenebeli Ave. Tel: 234-28-99 Saturday-Sundays evening at the warmest pub in the city! Soldier, Love, Bodyguard and... the President Spring Will Still Come Director: Data Tavadze Every Friday, inextinguishable star of show Cast: Kato Kalatozishvili, Keta Shatirishvili, Girogi Restaurant «Bermukha» Director: Robert Sturua Director: Nugzar Bagrationi-Gruzinski business, singer - Gia Suramelashvili Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: Cast: Nino Arsenishvili, Goga Barbakadze, Paata Cast: Beka Jumutia, Ana Matuashvili Sharvashidze, Paata Inauri, Iako Chilaia, Salome 598 59 69 69 Restaurant «Dzveli Sakhli» Maisashvili, Magda Lebanidze, Ana Tsereteli, Natuka Guliashvili, Beso Zanguri, Nino Tarkhan-Mouravi, Gagi Duration: 70 minutes Minsk DAILY 03:50 06:00 B2 736 3, Sanapiro Str. Tel: 2 365-365 Every day from 17:00 restaurant Bermukha is Svanidze, Ia Sukhitashvili, Nika Katsaridze Date: June 1 Time: 19:00 Price: 7 GEL Kakhidze awaiting you with renovated hall and colorful show 20:00-23:00 - Georgian songs with live performance Duration: 135 minutes Duration: 170 minutes V. Abashidze State Music and Drama Theatre Café «Kala» program. Music program starts from 19:00: Date: May 31 Hall: Grand Stage Time: 19:00 Price: 182 Agmashenebeli Ave. Tel: 234-80-90 Date: May 28 Time: 20:00 Price: 10 GEL Dato Archvadze’s quartet «Taoba»: Georgian folk Mary Poppins 8/10 Erekle II Str. Mob: 599 79-97-37 Tbilisi Nodar Dumbadze State Central Children’s 6 - 12 GEL 21:00 - Maia Kankava and city songs. Marjanishvili Theatre Director: David Doiashvili Theatre Cast: Buba Gogorishvili, Giorgi Kvelashvili, Salome Pub «Dublin» 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, 8 Marjanishvili Str. Tel: 2 955-966 8 Akhvlediani Str, Tel: 298-44-67 Giorgi Kakutia The Gronholm Method Kipiani, Archil Sologhashvili, Nino Mitaishvili Munich DAILY 05:10 06:20 LH 2557 The Three Musketeers Duration: 80 minutes 21:00-24:00 - Band «Goblins» (Covers) Director: Giorgi Qantaria Restaurant «Dzveli Sakhli» Director: Temur Chkheidze 3, Sanapiro Str. Tel: 2 365-365 Cast: Eka Chkheidze, Nika Tavadze, Apolon Kublashvili, Date: June 1 Time: 19:00 Price: 8, 10 GEL Cast: David Khakhidze, Nino Archaia, Khatia Melkadze, 20:00-23:00 - Iliauni Theatre Nino Shushiashvili, Tamara Chanukvadze, Kakha Georgian Dances Aleko Makharoblishvili Café «Kala» Duration: 150 minutes 32, I. Chavchavadze Ave. Tel: 229-47-15 Gabelaia, Vano Dugladze, Levan Katsiashvili 8/10 Erekle II Str. Mob: 599 79-97-37 God of Carnage Duration: 150 minutes Date: May 31 Hall: Big Stage Time: 20:00 Price: 21:00 - Maia Baratashvili 6 - 16 GEL Director: David Chabashvili Riga 1.3.6 07:00 08:35 BT 723 Date: May 28 Hall: Big Stage Time: 12:00 Price: Pub «Dublin» Cast: Giorgi Bakhutashvili, Nata Berezhiani, Giorgi 7, 10 GEL Marjanishvili Theatre Bochorishvili, Maya Khornauli 8 Akhvlediani Str, Tel: 298-44-67 8 Marjanishvili Str. Tel: 2 955-966 The Man Who Loved Literature Very Much 21:00-24:00 - Band «Rustavi 2» (Covers) Duration: Black Comedy in 1 Act Director: Zurab Kandelaki Sand Woman Date: June 1 Time: 20:00 Price: 10 GEL Cast: Giorgi Katchakhidze, Vakhtang Nozadze, Lika Director: Davit Danelia Gabriadze Theatre Shukakidze, Eka Tvauri, Giorgi Shavgulidze, Giorgi Cast: Nino Gachechiladze, Beka Goderdzishvili, 13,Shavteli Str. Cinema Jikuridze Valeri Korshia Tel: 8 790 98-65-91 (MagtiFix), 298-65-90 Rome 7 05:25 06:40 AZ 551 2 Duration: 90 minutes Date: May 31 Hall: Theatre in Attic Time: 20:00 Price: Autumn of my Springtime «Rustaveli» Cinema Date: May 28 Hall: Small Stage Time: 15:00 Price: 11 GEL Marionette Theatre 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 7, 10 GEL Marjanishvili Theatre (New Stage) Author and Director: Rezo Gabriadze «X-Men: Days of Future Past» 3D; 5 Marjanishvili Str. Tel: 2 955-966 +10 years «Godzilla» 3D; Tartuffe Date: June 1 Time: 20:00 Price: 10, 15, 20 GEL Director: Levan Tsuladze Tbilisi Nodar Dumbadze State Central Children’s Tel-Aviv 2.3.4.7 17:25 18:10 A9 695 «Heroes of Shindisi»; Cinema Cast: Nika Kuchava, Zviad Skhirtladze. Manana Theatre «The Nut Job» 3D; 2 Kozakova, Barbare Dvalishvili, Tamar Bukhnikashvili, 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 «The Other Woman»; «Rustaveli» Cinema Zaza Iakashvili Chinchraka «The Amazing Spider-Man 2» 3D 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 Duration: 140 minutes Director: Goga Kachibaia Full Speed Westward Cast: Vameh Jangidze, Nino Archaia, Badri Gvazava, « »; «X-Men: Days of Future Past» 3D; Date: May 31 Time: 20:00 Price: 5, 14 GEL «Rio 2» 3D Vakhtang Nozadze, Nikoloz Kvantaliani, Salome «Godzilla» 3D; Liberty Theatre (Ticket Price: 7,50 - 12,50 GEL) 2 Rustaveli Ave. Tel: 298-58-21 Tsurtsumia, Maia Khornauli, Shalva Antelava, Ana «Heroes of Shindisi»; Vienna 4.7 08:55 09:25 A9 681 «Amirani» Cinema Rain Saller Mghebrishvili Gallery «The Nut Job» 3D; 36 Kostava Str. Tel: 299-99-55 4 Director: Nugzar Lortkipanidze Duration: 90 minutes «The Other Woman»; Date: June 1 Hall: Big Stage Time: 12:00 Price: «X-Men: Days of Future Past» 3D; Georgian National Museum and Goethe Institute Cast: Keta Lortkipanidze, Sandro Margalitashvili, «The Amazing Spider-Man 2» 3D Jaba Kiladze, Giorgi Jikia, Mamuka Mumladze, Lasha 7, 10 GEL «Godzilla» 3D; in Georgia invite you to the Dmitry Shevardnadze The Royal Cow National Gallery at the opening of the exhibition «Full Speed Westward»; Gurgenidze, Shako Mirianashvili «The Nut Job 3D»; «Rio 2» 3D May 31 19:00 6, 13, 15 GEL Director: Guram Bregadze «The Other Woman»; «RE: Museum». The exposition is carried out in Date: Time: Price: Cast: Nino Kikatheishvili, Edmond Gabedava, Urumqi 2.6 22:40 07:30+1 CZ 6040 the framework of the Georgian National Museum’s (Ticket Price: 7,50 - 12,50 GEL) Tumanishvili Film Actors Theatre Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, «Rio 2» 3D «Amirani» Cinema 164 Agmashenebeli Ave. Tel: 234-28-99 (Ticket Price: 7,50 - 12,50 GEL) special week dedicated to the International Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Museum’s Day. 36 Kostava Str. Tel: 299-99-55 Supper Ana Lezhava D. Shevardnadze National Gallery «X-Men: Days of Future Past» 3D; Director: Keti Dolidze Duration: 90 minutes 11, Rustaveli Ave. Tel: 299-80-22 «Godzilla» 3D; Cast: Gia Abesalashvili, Malkhaz Abuladze, Imeda Date: June 1 Hall: Small Stage Time: 12:00 Price: Gallery’s working hours: Saturday-Sunday 10:00-18:00 «The Nut Job 3D»; Arabuli, Mzia Arabuli, Gia Burjanadze, Rezo 7, 10 GEL Warsaw 2.3.5.7 05:40 06:15 LO 724 till - July 15 «The Other Woman»; Tavartkiladze, Ramaz Ioseliani, Guga Kakhiani, Denis Snow White and the Seven Dwarfs In the framework of the special week dedicated to «Rio 2» 3D Khlibovi, Zaza Vashakmadze Director: Dimitri Khvtisiashvili the International Museums Day Georgian National (Ticket Price: 7,50 - 12,50 GEL) Duration: 100 minutes Cast: Nino Lezhava, Tamar Lortkipanidze, Nino Museum Tbilisi History Museum invites you at the Date: May 31 Time: 19:00 Price: 10 GEL Shushiashvili, Tamara Chanuyvadze, Kakha Gabelaia, exhibition of «Travel deary» by Hungarian artist Iliauni Theatre Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Theatre from Iran- Gizella Varga Sinai. 32, I. Chavchavadze Ave. Tel: 229-47-15 Nanitashvili, Gaga Shishinashvili 3 Tbilisi Museum of History (Karvasla) The Dinner of Fools Duration: 120 minutes Rustaveli Theatre 8 Sioni Str. Tel: 292-32-27 Director: Otar Egadze Date: June 1 Hall: Big Stage Time: 15:00 Price: Days=( 1-Monday., 2-Tuesday., 3-Wedsday., 4-Thursday., 17, Rustaveli Ave. Tel: 272-68-68 (Museum is working every day except Monday. From Cast: Zuka Papuashvili, Datuna Gotsiridze, Sophie 7, 10 GEL Where is Another Georgia?! - Premiere 11:00 till 17:00) Gvritishvili, Levan Mamniashvili, David Gigolashvili, Natsarkekia K. Gamsakhurdia State Sokhumi Drama Theatre till - May 28 Director: Dimitri Khvtisiashvili David Velijanashvili, Temo Kvaratskhelia, Maka Cast: Khatia Melkadze, Badri Gvazava, Levan 5-Friday., 6-Saturday., 7-Sunday. D-Daily; X-except off) Director: Merab Kolbaia The personal exhibition of the national artist of Dzagania Cast: Merab Kolbaia, Paata Vakhtangishvili, Ramaz Georgia Radish Tordia. The exhibition will be Katsiashvili, Giorgi Katchakhidze, Paata Mkheidze, Theatre Duration: Comedy in 2 Acts Vakhtang Nozadze, Nino Lortkifanidze, Paata Kikvadze, Khomasuridze, Nino Shavgulidze, Mariam Kolbaia opened within the Georgian National Museum’s 3 May 31 20:00 10 GEL Date: Time: Price: special week dedicated to the International Kakha Tcholadze Date: May 27 Hall: Experimental Rustaveli Theatre Gabriadze Theatre Stage Time: 19:00 Price: 10 GEL Museums Day. 17, Rustaveli Ave. Tel: 272-68-68 Duration: 90 minutes 13,Shavteli Str. Date: June 1 Hall: Small Stage Time: 16:00 Price: Marjanishvili Theatre Sh. Amiranashvili Art Museum The Hunting Season Tel: 8 790 98-65-91 (MagtiFix), 298-65-90 7, 10 GEL 8 Marjanishvili Str. Tel: 2 955-966 1, Gudiashvili Str. Tel: 299-71-76 Director: Robert Sturua Museum is working every day except Monday. From Ramona Romeo & Juliet Uriel Akosta Cast: Ia Sukhitashvili, Goga Barbakadze, Director: Levan Tsuladze Director: Levan Tsuladze 11:00 till 17:00 Levan Berikashvili, Zuka Papuashvili, Zaza Baratashvili Marionette Theatre till - June 19 Author and Director: Rezo Gabriadze Cast: Vameh Jangidze, David Khakhidze, Kote Cast: Davit Dvalishvili, Valeri Korshia, Dimitri Tatishvili, Duration: 95 minutes +10 years Tolordava, Nino Papiashvili, Kakha Gabelaia, Vano Leo Antadze, Onise Oniani, Marlen Egutia, Nino Date: May 30 Hall: Grand Stage Time: 19:00 Price: Date: May 31 Time: 20:00 Price: 10, 15, 20 GEL Dugladze, Beso Megrelishvili, Mariam Chukhrukidze, Dumbadze, Nika Tavadze, Nato Murvanidze, Givi 6 - 12 GEL Kakha Tcholadze Chuguashvili Marjanishvili Theatre Tbilisi Nodar Dumbadze State Central Children’s Theatre Duration: 160 minutes Duration: 180 minutes 8 Marjanishvili Str. Tel: 2 955-966 Date: June 1 Hall: Big Stage Time: 19:00 Price: SPECIAL OFFER FROM BUSINESSTRAVELCOM Date: May 27 Hall: Big Stage Time: 20:00 Price: The Government Inspector 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 7, 10 GEL 4 - 10.50 GEL Director: Gizo Jordania The Royal Cow Marjanishvili Theatre (New Stage) Cast: Davit Dvalishvili, Manana Kozakova, Nata Director: Guram Bregadze 5 Marjanishvili Str. Tel: 2 955-966 May 29, 2013 Berejiani, Onise Oniani, Roland Okropiridze, Avtandil Cast: Nino Kikatheishvili, Edmond Gabedava, Tartuffe Mikadze, Zura Berikashvili, Davit Khurtsilava, Nodar Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, Director: Levan Tsuladze Doghonadze, Zviad Skhirtladze, Ioseb Gogichaishvili, Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Cast: Nika Kuchava, Zviad Skhirtladze. Manana Ia Chilaia Ana Lezhava Kozakova, Barbare Dvalishvili, Tamar Bukhnikashvili, Date: May 30 Hall: Big Stage Time: 20:00 Price: Duration: 90 minutes Zaza Iakashvili 4 - 10.50 GEL Date: May 31 Hall: Small Stage Time: 12:00 Price: TO SPAIN FROM 220 EUR Duration: 140 minutes Marjanishvili Theatre (New Stage) 7, 10 GEL Date: May 27 Time: 20:00 Price: 14 GEL 5 Marjanishvili Str. Tel: 2 955-966 Emily’s Adventures Liberty Theatre Woman with Dog Director: Levan Koblianidze Gallery 2 Rustaveli Ave. Tel: 298-58-21 Director: Levan Tsuladze Cast: Khatia Melkadze, Nino Shushiashvili, Shalva 4 Jeans Generation Clubs, Pubs… Cast: Nika Tavadze, Nanka Kalatozishvili, Nata Antelava, Maka Bardavelidze, Tsotne Saghinadze, Vasil Georgian National Museum and Goethe Institute Director: Davit Doiashvili 1 Kakhidze, Beso Baratashvili Amurvelashvili, Sophia Achuashvili, Irine Kukuladze in Georgia invite you to the Dmitry Shevardnadze TO GERMANY FROM 225 EUR Cast: Marina Janashia, Nana Darchiashvili, Goga Pub Nali Duration: 120 minutes Duration: 60 minutes National Gallery at the opening of the exhibition Chkheidze, Dima Merabishvili, Merab Kolbaia, Lela 4/1 Kiacheli St. Tel: 243 04 20 Date: May 30 Time: 20:00 Price: 14 GEL Date: May 31 Hall: Big Stage Time: 13:00 Price: «RE: Museum». The exposition is carried out in Metreveli, Jaba Kiladze, Mariam Nadiradze, Apolon 21:00-00:30 - Nali Band Liberty Theatre 7, 10 GEL the framework of the Georgian National Museum’s Kublashvili, Sandro Margalitashvili SkyyBar 2 Rustaveli Ave. Tel: 298-58-21 The Royal Cow (in Russian) Duration: 165 minutes 22 Metekhi Str. Mob: 592 32-32-32 God! Save us and People special week dedicated to the International Director: Guram Bregadze TO ITALY FROM 230 EUR Date: May 27 Time: 19:00 Price: 6, 12, 14 GEL 21:00 - Band «Band’a’roll», DJ Datuna Director: Avto Varsimashvili Cast: Nino Kikatheishvili, Edmond Gabedava, Museum’s Day. Georgian State Pantomime Theatre City Time Cast: Kakha Mikiashvili, Apolon Kublashvili, Dima Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, D. Shevardnadze National Gallery 37 Rustaveli Ave. Tel: 299-63-14 Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 Merabishvili, Tiko Kordzadze, Mariam Nadiradze, Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, 11, Rustaveli Ave. Tel: 299-80-22 Christ 20:00-24:00 - Live Band Salome Chulikhadze Ana Lezhava Gallery’s working hours: Saturday-Sunday 10:00-18:00 Director: Amiran Shalikashvili MacLaren’s Irish Pub Date: May 30 Time: 19:00 Price: 6, 12 GEL till - July 15 5 Rkinis Rigi (Chardin) Duration: 90 minutes TO FRANCE FROM 236 EUR Duration: 50 minutes Tumanishvili Film Actors Theatre Date: May 31 Hall: Small Stage Time: 15:00 Price: The personal exhibition of the national artist of Date: May 27 Time: 19:00 Price: 10 GEL Mob: 599 57 85 49 164 Agmashenebeli Ave. Tel: 234-28-99 Georgia Radish Tordia. The exhibition will be 21:30 - Supper 7, 10 GEL Tbilisi Nodar Dumbadze State Central Children’s Enjoy a unique ambiance of 60s-70s hits and Mousetrap opened within the Georgian National Museum’s Theatre improvisations by David Gabidzashvili and David Director: Keti Dolidze special week dedicated to the International 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Barnabishvili. Great mood is guaranteed! Cast: Gia Abesalashvili, Malkhaz Abuladze, Imeda Director: Otar Baghaturia Clownery Spend evening at the warmest pub in the city! Arabuli, Mzia Arabuli, Gia Burjanadze, Rezo Cast: David Khakhidze, Khatia Melkadze, Badri Museums Day. TO UK FROM 269 EUR Director: Nikoloz Sabashvili Restaurant «Bermukha» Tavartkiladze, Ramaz Ioseliani, Guga Kakhiani, Denis Gvazava, Sh. Amiranashvili Art Museum Cast: Nino Archaia, Khatia Melkadze, Nino Papiashvili, Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: Khlibovi, Zaza Vashakmadze Paata Kikvadze, Salome Tsurtsumia, Giorgi Gogishvili, 1, Gudiashvili Str. Tel: 299-71-76 Levan Katsiashvili, Vakhtang Nozadze, Salome 598 59 69 69 Duration: 100 minutes Merab Sharikadze, Khatuna Berdzenishvili Museum is working every day except Monday. From Tsurtsumia Everyday from 17:00 restaurant Bermukha is Date: May 30 Time: 19:00 Price: 10 GEL Duration: 80 minutes 11:00 till 17:00 ALL TAXES INCLUDES Duration: 60 minutes awaiting you with renovated hall and colorful show Iliauni Theatre Date: May 31 Hall: Big Stage Time: 16:00 Price: till - June 19 Date: May 27 Hall: Small Stage Time: 12:00 Price: program. Music program starts from 19:00: Dato 32, I. Chavchavadze Ave. Tel: 229-47-15 7, 10 GEL 7, 10 GEL Archvadze’s quartet «Taoba»: Georgian folk and Eurydice Paper Rain The Three Musketeers city songs. Estrada singers: Giorgi Tsiklauri, Nina Director: Otar Egadze, Milene Egiazarova Director: Nikoloz Sabashvili For more information, please, visit the Director: Giorgi Qantaria Okroashvili, Giorgi Kakutia Cast: Andrea Vachridze, Merab Chkheidze, Levan Duration: 60 minutes Cast: David Khakhidze, Nino Archaia, Khatia Melkadze, Plaza Hall Mamniashvili, David Gigolashvili, Tatia Gabedava, Date: May 31 Hall: Experimental following website: www.info-tbilisi.com CALL: 2999 662; 592 07 53 53 Nino Shushiashvili, Tamara Chanukvadze, Kakha Beliashvili and Mikeladze streets territory. Annie Talakvadze Stage Time: 20:00 Price: 10 GEL E-mail: [email protected] C M Y K 22 HEADLINE NEWS & ANALYSIS FINANCIAL 26 May, 2014 | finchannel.com publicity

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