An extraordinary shareholders' meeting of OJSC International Bank of Azerbaijan has been convened. The only question on the agenda is the elimination of International Insurance Company, a subsidiary of IBA. The general meeting is scheduled for October 12.
OJSC International Insurance Company has operated since 2002. The shares are fully owned by IBA.
In the first half of 2016 the company's loss amounted to about 1.5 million AZN. As of July 1 this year, the unpaid loss of the insurance company reached 3.5 million AZN. Within 6 months from the beginning of the year its assets fell from 31.5 million to 28.2 million AZN. -----08D
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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