Azerbaijan prepares a draft law "On Enterprises" announced by the State Securities Committee.
According to the SSC, it has developed a draft law on amendments to the Civil Code, providing for the adoption of advanced standards of corporate governance in joint stock companies. The document after consultation with several state agencies was presented to the Cabinet. Further provisions of this document have been included in the draft law "On Enterprises."
For the first time the law "On Enterprises" was adopted on July 1, 1994. The law lost force on 23 April 2002, after the Civil Code (CC) came into force, regulating the activities and relationships of the various forms of management.
In March 2004, the Civil Code was amended on joint stock companies. Since then, the principles of corporate governance in companies have changed dramatically. In 2012 standards of corporate governance in Azerbaijan were accepted, bearing voluntary character. The bill developed by the State Committee for Securities will include these principles as mandatory. Besides, in compliance with European regulations, a bill on merging companies has been prepared. ----08B
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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