In the first half of this year Azerbaijan State Caspian Shipping Company earned 58 million manat from cargo operations. This is 13.2% more than in the comparable period of 2011. In this case, during the period the volume of traffic (6 million 483.7 thousand tons) increased by only 5.3%.
The State Statistics Committee told Turan the costs of water transportation were 5.4 million or 7% more than in the first half of last year. Thus, the balance of profit of the shipping company was 6.6 million manat.
For seven months of the year the company's ships transported 7,585.4 thousand tons (+5.2%). The share of oil accounted for 61.4% of the trafficked goods. - 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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