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AZERBAIJAN
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BAKU - The State Oil Company of Azerbaijan (SOCAR) is ready to re-consider schedule of implementation of large investment projects.
Yesterday SOCAR president Rovnag Abdullayev stated that specification of the schedule will touch initiation of new projects.
“Realization of new projects can be postponed by one or two years. Specification of investment program does not relate to the valid projects and commitments on the latter will be fulfilled,” Abdullayev said.
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BAKU - Azerbaijan is ready to pay for 3% of the Black Sea Trade & Development Bank (BSTDB) shares in time.
Azerbaijani Government informed Fineko/abc.az that the payment of 3% of BSTDB shares will be transferred till the end of 2009.
“The country has no delays with paying an acquired stake. The payment will be transferred under the arranged schedule till the end of 2009,” the Government informed.
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BAKU - Despite the global economic downturn German bank KfW is not refusing from participation in the State Railway Development Program for 2008-12 of Azerbaijan.
KfW Baku-based office informed that the Bank is still interested in financing renewal of the Azerbaijan State Railway Company (ADDY).
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Greece is always ready to help Azerbaijan in military sector, Greek Ambassador to Azerbaijan Ioannis Metaxas told journalists on Feb. 25.
Draft agreement on military cooperation between the two countries is being developed, he said.
Greece is ready to expand cooperation with Azerbaijan in proposed fields, Metaxas said.
Azerbaijan and Greece cooperation as part of the NATO Partnership for Peace program to run successfully. Azerbaijani officers attend different refresher courses.
Azerbaijan signed military-and-technical cooperation agreements with over 20 countries and cooperates in this field with over 50 countries.
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Azerbaijani President Ilham Aliyev issued an order to approve a plan of measures on 2009 “Children’s Year”, APA reports.
The President approved the plan of measures to provide an execution of the President’s order on 2009 “Children’s Year” signed on December 22, 2008.
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WORLD BUSINESS
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Emergency measure designed to correct trade and monetary imbalance, but may spark inflation.
Last week’s devaluation of the Kazakstan currency was too sudden and too late, and is fuelling inflation as a result, according to critics of the way the measure was introduced.
The devaluation was announced on February 4 by Grigory Marchenko, who had been appointed as chairman of the National Bank of Kazakstan, NBK, only the week before. The tenge immediately tumbled from an exchange rate of about 120 to the dollar to around 150, the NBK’s new target rate.
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WORLD NEWS
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Big reduction in defence budget means military unlikely to be restored to pre-war strength for some time.
Georgia’s government has set aside barely enough money to repair damage caused to the army by its August war against Russia, let alone fulfil its promise to modernise the force, say experts.
According to David Kezerashvili, who was defence minister during the disastrous five-day war, Georgia lost equipment worth 400 million US dollars. President Mikheil Saakashvili said in August that the country would need 18 months to restore its military forces.
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FEAUTERS
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RIO DE JANEIRO (Reuters) - For 18-year-old Raissa de Oliveira, there are only two seasons in a year -- Carnival, and the rest.
For most of the year, the pretty, diminutive teen-ager is a journalism student from a rough part of town. In the weeks leading up Brazil's annual festival of Bacchanalia, she becomes a cross between a pin-up girl and a star athlete as the drum queen of one of Rio's top Samba schools.
The schedule is exhausting -- gym workouts, endless media demands, and late-night "ensaios," or rehearsals, for the big competition parade through the Sambadrome -- and it shows as Oliveira enters the room in her family's small apartment.
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