One of the major holdings of Azerbaijan, PASHA Holding, set up another subsidiary in June. The authorized capital of Pasha Development was paid in the amount of 16 million manat. This information is posted on the website of the Ministry of Taxes.
The investment holding was founded in November 2006. It consists of two banks, an insurance company, a tourism company, a construction company and an entertainment company. At the holding's corporate website it is noted that it is the holder of small stakes in some companies. Probably, they mean companies abroad.
PASHA Holding belongs to one of the most influential clans in Azerbaijan - the Pashayevs family. -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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