Category: Business

Shares of ITC Ltd., the cigarettes-to-hotels conglomerate, opened 2.5% lower on Tuesday, reflecting investor concerns over proposed tax changes on tobacco products. The Group of Ministers (GoM) is reportedly considering a “special rate” of 35% on tobacco and aerated beverages. The potential tax adjustments could have varying impacts on ITC, depending on their implementation. Investors Brace for Impact: Three Scenarios to Watch The market is grappling with three key scenarios…

Shashi Ruia, the co-founder of the Essar Group and a towering figure in Indian business, has passed away at the age of 81. His contributions to shaping India’s industrial landscape over several decades leave a lasting legacy. A Visionary Leader in Industry Shashi Ruia, along with his brother Ravi Ruia, co-founded Essar Group in 1969, initially focusing on construction. Over time, the company expanded into sectors like steel, energy, shipping,…

A Boost for Georgian Entrepreneurs The EU4Digital Facility, a flagship initiative funded by the European Union, has introduced a free online course titled “eCommerce in EU Marketplaces” under its new EU4Digital Academy program. This course aims to empower individuals and small to medium-sized enterprises (SMEs) in Georgia by equipping them with essential skills to navigate EU eCommerce platforms successfully. Available in Georgian and English, the course is self-paced and promises…

On June 17, 2024, the Government of Georgia implemented significant amendments to Resolution N556, enhancing the Support Scheme for the Production and Use of Energy from Renewable Sources. This initiative aims to bolster the country’s renewable energy sector, aligning with the objectives outlined in the Law of Georgia on “Promoting the Generation and Consumption of Energy from Renewable Sources.” Overview of the Support Scheme Originally adopted on December 7, 2024,…

In a significant development for Georgia’s coastal landscape, the Technical and Construction Supervision Agency has issued a construction permit for two artificial peninsulas and one artificial island, collectively known as “Ambassadori Batumi Island.” This ambitious project will cover a total of 102 hectares along the picturesque Black Sea coast, marking a new chapter in the region’s urban development. Comprehensive Assessments Underpin the Project The decision to grant this construction permit…

The latest trading session in the U.S. stock market wrapped up with a blend of outcomes, reflecting a complex economic landscape. While the S&P 500 and Nasdaq showed positive movements, the Dow Jones faced a slight decline. This mixed performance comes as investors navigate various economic indicators and global market trends. U.S. Market Performance: A Closer Look In the most recent session, the S&P 500 rose by 0.21%, signaling a…

Food safety is a pressing concern in Georgia, with official data indicating around 40,000 cases of food poisoning or related diseases reported annually. However, the actual figures are likely much higher, as many foodborne illnesses go unreported. The European Union (EU) has been instrumental in supporting Georgia’s efforts to implement robust food safety reforms, ensuring that the country adheres to international standards. The “From Farm to Fork” Approach The foundation…

In a landmark announcement, Georgian Prime Minister Irakli Kobakhidze unveiled plans for the Kulevi Oil Refinery, a $700 million project poised to become the largest private investment in the nation’s history. Located on the picturesque Black Sea coast, this ambitious venture is spearheaded by Black Sea Petroleum, a Tbilisi-based company, and is expected to significantly impact Georgia’s economy. A Game-Changer for the Local Economy The Kulevi Oil Refinery is not…

In an exciting announcement for the region, Georgia’s First Vice Prime Minister Levan Davitashvili revealed plans for a new hotel and residence complex in Tsikhisdziri, Adjara. This project, developed by the Pullman brand under the Accor Group, is set to create a significant number of jobs and enhance the area’s appeal as a tourist destination. Investment and Economic Impact The ambitious project has already secured $80 million in investments, signaling…

Georgia’s National Statistics Service has revealed concerning figures regarding youth unemployment, indicating that 26.7% of the 576,400 individuals aged 15 to 29 are currently without jobs. This statistic highlights the challenges faced by young people in the labor market and underscores the need for targeted interventions. Labor Force Breakdown The report provides a detailed breakdown of the employment status among the youth demographic: Total Youth in Labor Force: 261.6 thousand Employed…