A Swiss asset management company with apparent ties to a Russian-Armenian billionaire looks set buy, through an offshore subsidiary, Armenia’s national power utility from Inter RAO, a state-controlled Russian energy giant.
The Russian energy conglomerate Inter RAO has asked the Armenian government to allow it to sell Armenia’s debt-ridden power distribution network owned by it to a little-known company registered in Cyprus, it was announced on Thursday.
Citing the need to boost the domestic tourism industry, Prime Minister Hovik Abrahamian has instructed the Armenian government to make it even easier for Russians to travel to Armenia.
The Russian-led Eurasian Economic Union (EEU) has accepted an Armenian proposal to explore the possibility of seeking a free trade agreement with Iran, a senior official in Yerevan revealed on Thursday.
Armenia has proposed that the prices of natural gas and other “strategic” commodities traded within the Russian-led Eurasian Economic Union (EEU) be set in Russian rubles, rather than U.S. dollars, the Armenian government confirmed on Wednesday.
A top Armenian army general expressed confidence at the weekend that increased ceasefire violations along Armenia’s border with Azerbaijan, which have killed and wounded several people in recent days, will not escalate further.
Economic growth in Armenia reached 4.4 percent in the first half of 2015 contrary to gloomy forecasts made by international lending institutions earlier this year, Prime Minister Hovik Abrahamian said on Monday.
A Russian-based company that controlled Armenia’s largest sports and concert arena until last year on Friday denounced the Armenian government for selling it to another firm and pledged to challenge the move in court.
A Chinese company has presented the Armenian government with “very good proposals” regarding an ambitious project to build a railway connecting Armenia with neighboring Iran, Transport and Communications Minister Gagik Beglarian said on Thursday.
The U.S. Agency for International Development (USAID) defended on Monday its decision to finance the Armenian government’s latest declared efforts to combat corruption which have prompted skepticism from many civil society figures in Armenia.
Prime Minister Hovik Abrahamian made an estimate when he spoke about a 4.5-percent economic growth in the first half of this year, his deputy Vache Gabrielian explained on Friday.
Armenian foreign trade shrank by a fifth in the first half of 2015, the latest data released by the country’s National Statistical Service shows. This is the first time Armenia’s trade falls after the 2009 recession when its economy declined by more than 14 percent.
Despite assurances from the Armenian government about continuing economic growth in the country the top local taxpayers paid some 15 percent less in taxes in the first half of this year than they did during the same period in 2014.
An Armenian government member has downplayed the impact on the local economy of the recent decisions by a number of leading international companies to wind up their business operations in the South Caucasus country.
A loss-making power distribution company that has sought and achieved an increase in socially sensitive electricity prices thus sparking large-scale street protests in Armenia appears to have made lavish donations to private foundations, including those set up by Armenia’s senior officials.
The upcoming lifting of international sanctions against Iran will speed up the implementation of its joint energy projects with Armenia, a senior Iranian diplomat said on Friday, echoing similar statements by Armenian officials.
The French mobile phone giant Orange on Wednesday confirmed Armenian media reports that it is close to selling its subsidiary in Armenia to another, locally owned telecommunication company.
A “free expression of the will” of Nagorno-Karabakh’s population must be critical in determining the future internationally recognized status of the disputed territory, a senior U.S. negotiator said on Monday.
The upcoming lifting of international sanctions against Iran should up speed the implementation of Armenian-Iranian energy projects and earn Armenia other economic benefits, senior officials in Yerevan said on Friday.
The head of Armenia’s most powerful security agency on Thursday publicly rebuked the government for failing to pay back wages owed to thousands of former and current employees of a troubled chemical plant.
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