The authorized capital of the state-run CJSC Azerbaijani Railways (ARW) increased by 127 million or 21.1%. The decision (http://www.azerbaijan-news.az/index.php?mod=3&id=40234) was taken by the Cabinet of Ministers of Azerbaijan (№ 148, dated 16 May 2014).
The position and structure of CJSC Azerbaijan Railways were approved February 15, 2010. At the same time the registered capital was set up as 599 million manat. The nominal value of one share is AZN 2. The share capital increases by issuing additional shares.
ARW profit for 2013 was 9.1 million or 4.08 % of revenues.
The government periodically reviews the amount of capital of public joint stock companies, in which it has 100% ownership interest. Last year, the authorized capital of Azerbaijan Airlines was increased by 39 million manat and brought to 829.9 million manat. By the volume of capital among public companies the leadership belongs to AzerEnergy – AZN 1.76 bn. -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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