Yerevan, 25.April.2018,
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Economy

Not raising electricity tariff to cause turning off electricity every day
At the beginning of cabinet sitting today Armenia’s PM Hovik Abrahamyan referred to the protest for electricity tariff rise. “No government in the world, including Armenia’s wants raise of tariffs but the executive power has to come to terms with reality,” he said. He did not exclude that there were abuses in the Armenian Electricity Networks company but such expenses are not counted while setting price. Speaking about the reasons he said, “The first reason is shortage of water, while elec...
In 2020 Armenia’s state debt to make 62 percent of GDP - economist
According to the forecasts of International Monetary Fund in 2020 Armenia’s state debt will make 62 percent of GDP, economist Vilen Khachatryan told the reporters today. In his words Armenia’s debt is the biggest in the region. One of the causes of the debt was the crisis. In 2008 our debt made 14.6% of our GDP but it rose by 20% in a year. “We are taking loans to save the economy in critical situations which shows that the Armenian economy is notable to survive in extreme situations and the ...
Electric Networks of Armenia company's bid partly satisfied
The Public Services Regulatory Commission has partly satisfied a bid for revision of electricity tariffs by the Electric Networks of Armenia company. The electricity tariffs will be raised by 7 drams against the 17 requested by the Electric Networks of Armenia company. The Commission unanimously approved a relevant decision.
Armenia’s PM to complain of Bibin in Moscow
Armenian Prime Minister Hovik Abrahamyan departed for Moscow yesterday. The official reason of the departure is private visit. According to Nyut.am source the authorities have decided to inform the official Moscow about Bibin’s [Armenian Electricity Networks CEO] wrongdoings on PM’s level. The Armenian side has undeniable facts against AEN leadership. The Armenian PM is also going to present Armenia’s social-economic situation to prove the Russians that the hike of electricity tariff will ...
NA approves 2014 budget implementation
The NA put to voting today the issue on approving the 2014 state budget implementation. The budget implementation was approved with 66 for, 17 against and 15 abstained votes. The NA chairman registered the results and congratulated the government.
Australia's economy grows faster than expected
Australia's economy grew at a better-than-expected 0.9% in the first quarter of 2015, compared to the previous quarter, boosted by mining together with financial and insurance services. Forecasts were for quarterly growth of between 0.5% and 0.7%. Official statistics also showed that household consumption expenditure boosted the quarterly growth numbers. But economist Shane Oliver told the BBC the numbers were "well below potential". On an annual basis the economy expanded 2.3%, beatin...
Greece debt crisis talks held as deadline nears
The heads of both the International Monetary Fund and the European Central Bank have attended talks in Berlin in an attempt to reach a deal with Athens. They joined German Chancellor Angela Merkel, French President Francois Hollande and European Commission head Jean-Claude Juncker at the meeting. The aim was to come up with "a final proposal" to present to Athens, according to reports. A €300m (£215m) payment to the IMF is due on Friday. There are fears Greece does not have the necessa...
India cuts interest rates for a third time this year
The Reserve Bank of India has cut interest rates for the third time this year to help boost growth in Asia's third largest economy. The central bank cut its key repo rate by 25 basis points to 7.25%, as widely expected, after taking similar moves in January and March this year. The repo rate is the level at which the central bank lends to commercial banks. The cut comes despite India becoming the world's fastest-growing major economy, beating China recently. The Indian economy grew by ...
Philippines growth slows sharply in first quarter
Growth in the Philippine economy slowed in the first quarter of the year to its weakest annual pace since 2011, official figures showed. The economy expanded 5.2% in the first three months from a year ago, which is the slowest rate since the last quarter of 2011, when growth was 3.8%. The figure was also well below market forecasts for 6.6% growth. The economy was hit by weak growth in the agriculture and manufacturing sectors, the government said. Growth on a quarterly basis was the l...
Japan shares hit 15-year high on trade data
Japan's shares closed at a 15-year high after data showed the country's trade account fell into a deficit in April, but was still better than expected. The deficit was 53.4bn yen ($440m; £283m) - lower than 825.5bn yen a year ago, and below expectations of 318.9bn yen. There was a surplus in March. Exports in the world's third largest economy rose 8% from a year ago - up for the eighth month - but imports fell by 4.2%, well above the 1.5% forecast. The Nikkei was up 0.7% to 20,413.77. ...
China cuts import taxes to boost consumer demand
China will cut import taxes on consumer goods by more than 50% on average in a bid to boost consumer spending. High tariffs for imported goods have prompted some Chinese consumers to shop abroad or through agents. By lowering the fees, China may hope to bring some of that consumer spending home. The government is particularly keen to promote domestic demand as the country is growing at its slowest rate since 2009. The tariff reduction is an "important measure to create stable growth an...
Tax order must be raised - minister
The mobile operator and trade spheres are the most shadowy ones, Finance Minister Gagik Khachatryan told the reporters today, stressing though that it is not the function of the ministry to assess the shadow in the economy. The minister did not agree with reporter’s observation that as a result of government’s activity the small enterprises are closing. The minister stressed that they are mostly closing because of credit or other problems. “We are conducting the same policy against all, th...
Greek debt negotiations weigh on European stocks
European stocks fell in early trading after a Greek minister said that Athens would struggle to meet its upcoming debt payments. Interior Minister Nikos Voutsis made his comments during a weekend TV programme. Stocks on Greece's ATG index are trading 1.6% lower on the day at 826.91. Greece needs to strike a deal with its creditors in order to release €7.2bn in remaining assistance. The IBEX is down 1.89% to 218.6 after Spain's voters punished the ruling Popular Party (PP) in local and ...
Armenian Electricity Networks to go bankrupt unless debts are compensated
Prosperous Armenia Party MP Michael Melkumyan speaking at the parliament briefing today stated that he had met with the members of the Public Services Regulatorty Committee. "Our discussions lasted for 2.5 hours. I have sent proposals to the PM and the committee regarding electricity tariff hike. I think the situation can be changed if the circle taking from producer to consumer is healed," he said, adding that soon hearings will be held and as a result of discussions it will be possible to f...
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