The case of bankruptcy of JSC Investment Company Westmark Financial Leasing has been sent for consideration to the Baku Administrative-Economic Court №1.
According to the report of the court, at this stage, the company will be announced bankrupt by the judge Vusala Bahyshova. Paperwork on the suit on bankruptcy and insolvency will begin on November 18 at the preliminary hearing.
Recall the Financial Markets Supervision House on the fact of judicial decisions this year declared bankrupt 10 commercial banks, 3 insurance companies, and the same number of non commercial organizations with the financial sector "pressed down" by about 30%. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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