The licenses of another 15 individuals providing services as insurance agents have been canceled. According to the decision of the Ministry of Finance on the basis of the submission of AR State Insurance Supervision Service, perpetual licenses were canceled for Ulvi Bagirov, Elchin Efendiyev, Farhad Akberov, Vyusal Farzaliyev, Alim Hasanov, Miryahya Huseynov, Nigar Guliyeva, Altay Mammadov, Eldar Mammadov, Mardan Mammadov, Tahir Mammadov, Julia Milevskaya, Afgan Safarli, Parvin Sharif and Farid Teymurov.
The reasons for this distrust by the Ministry of Finance were not listed. Since November last year, they decided to revoke the licenses of more than 40 individuals to provide services as insurance agents.
According to the ministry, in 2014 licenses to operate as insurance agents were received by 109 individuals. --17D-
Economics
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The labor market in Azerbaijan in 2024 presents a mixed picture: a slight decrease in the unemployment rate alongside growing challenges in addressing youth employment issues. Despite significant progress in formalizing employment and creating jobs, the mismatch between labor force growth and job availability remains a pressing issue.
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SOCAR Turkey, the largest foreign investor in Turkey, held a press conference in Istanbul to review its 2024 operational results. The event, attended by Azerbaijani media representatives, featured insights from SOCAR Turkey CEO Elchin Ibadov and Refining and Petrochemical Business Unit Head Kenan Mirzayev.
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Azerbaijan’s energy sector remains the backbone of its economy, contributing nearly half of government revenues, buoyed by elevated oil prices. Despite a gradual decline in oil production, the rate of decrease has slowed, reflecting a stabilized approach to managing the country’s hydrocarbon resources.
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Azerbaijan navigated a turbulent economic period in 2024, characterized by inflationary pressures, persistent fears of devaluation, and limited structural reforms. While official data pointed to moderate inflation, deeper vulnerabilities and growing public dissatisfaction cast a shadow over the country's financial stability, economist Gubad Ibadoglu noted.
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