World

European luxury consumers plan to spend over €9,000 during the festive period, according to Deloitte

The FINANCIAL -- Luxury consumers across Europe plan to spend over €9,000 (US $11,190) on gifts during the festive period, according to the inaugural Luxury consumption among European high earners 2014 report published today by Deloitte Touche Tohmatsu Limited (DTTL). They will spend an average of €4,400 (US$5,470) on others and €4,700 (US$5,840) on ...

EBRD further reduces stake in Poland’s Bank Zachodni WBK

The FINANCIAL -- The EBRD has further reduced its equity stake in Bank Zachodni WBK S.A. (BZ WBK), one of the three leading banks in Poland. The Bank sold 467,725 shares or 50 per cent of its ...

Visa: “Georgian Cardholders Embrace Payment Innovations”

The FINANCIAL -- Visa payment volume in Georgia increased by 15% in Q2 2014 over the same period last year. Georgia continues to lead the Caucasus region in terms of Visa cards issued by the ...

Off-Season Batumi Requires More MICE Events

The FINANCIAL -- With USD 13 million, one of the leading Azerbaijani investment groups - Gemikaya Holding - has brought the hotel Divan Suites Batumi to the Georgian market. Batumi will become the ...

Bosch Opening A Warehouse in Tbilisi

The FINANCIAL -- Due to increased construction activities in Georgia, in particular in Tbilisi, Bosch has decided to start operation of a new warehouse in Georgia. The new 1,600 sq.m Bosch warehouse ...

Visa Inc. “Georgia Has One of the Lowest Fraud Levels Globally”

The FINANCIAL -- With less than one cent per every USD 100, Georgia has one of the lowest fraud levels on Visa. According to Visa globally more than 50% of fraud transactions nowadays are from ...

Eurozone’s reliance on Germany for economic growth looks shaky

The FINANCIAL -- Eurozone growth is stuck in neutral, with Germany unlikely to ride to the rescue according to PwC economists in their latest monthly Global Economy Watch ...

Eurozone GDP growth to pick up to 1.2% in 2015 from 0.8% in 2014

The FINANCIAL -- Although the second half of 2014 saw a continued slow pace of recovery and a revival of fears about the eurozone’s long-term future in the final months of 2014, GDP growth is ...

New World Bank Report Looks at Turkey’s Rise to the Threshold of High-Income Status and the Challenges Remaining

The FINANCIAL -- Steady growth over the past decades has brought Turkey to the threshold of becoming a high-income economy; prosperity has been broadly shared across income groups in the society, and ...

Warsaw Stock Exchange to Become Exchange of First Choice

The FINANCIAL -- The Warsaw Stock Exchange wants to be the exchange of first choice for investors and issuers in Central and Eastern Europe, including Georgia, according to the new strategy of WSE ...

Creative and cultural industries play key role in European recovery

The FINANCIAL -- Creative and cultural industries are undeniably part of the solution to the economic crisis that has had the European continent in its grip for years according to the new EY study ...

EBRD connects Macedonian Railway Corridor to Turkey

The FINANCIAL -- The EBRD is making a loan of up to €145 million to finance the modernisation of railway infrastructure in FYR Macedonia and to strengthen the country’s regional transport ...

ACWA Power’s US$ 1 billion power plant in Turkey wins EBRD support

The FINANCIAL -- A US$ 1 billion combined-cycle gas turbine power plant will be built in Turkey near the city of Kirikkale in Central Anatolia, some 50 km east of Ankara, with a comprehensive ...