At the May 18 general meeting of shareholders of OJSC Uni Bank a deal of special significance was approved. It is a term loan agreement with ING Bank N.V. (Netherlands) in the amount of 15 million USD, signed on November 13, 2014. By the decision of the shareholders, permission was given for extension of the agreement until November 15 of this year.
According to Article 99.3 of the Civil Code, deals of special significance (such deals are in excess of 25% of the company's own assets) are subject to approval by the shareholders, as well as published.
This legal provision has been in force since 2004. But the majority of joint-stock companies do not adhere to it.
From this year corporate information subject to disclosure should be posted in the electronic disclosure system (https://disclosure.az/) controlled by the Financial Market Control House. ----08D
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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