Page 12 - bne IntelliNews Georgia country report November 2017

The Regions This Week
November 11, 2017 www.intellinews.com I Page 12
Eurasia
Saudi Arabia accused Iran of being behind an
attempted Houthi rebel missile attack from Yemen on Riyadh's international airport that could constitute “an act of war”. The missile was shot down but the explosion was heard in the Saudi capital. But Iranian Foreign Minister Mohammad Javad Zarif hit back fiercely, denying any involvement of Iran and accusing the Saudis of “bombing Yemen to smithereens, killing thousands of innocents including babies, spreading cholera and famine, and of course blaming Iran”.
The leaking of the Paradise Papers – confidential law firm records related to offshore finance – revealed inner workings of Meridian Capital, a major Kazakh investment and holding company. Data, presented in a report entitled “Kazakhstan’s Secret Billionaires”, exposed one of the primary causes behind the Kazakh government’s banking sector bailouts this year. Meridian has drawn on Kazkommertsbank deposits to fund project after project around the world.
Azerbaijani President Ilham Aliyev on approved civil code amendments that will effectively decimate the legal profession. Only a tenth of lawyers active in Azerbaijan are members of the bar, which is reportedly heavily politicised. The amendments give the bar ultimate control of the legal profession, meaning that the majority of lawyers will no longer be able to practice. Activists say the changes are aimed at hampering lawyers critical of the government or involved in appeals against Baku to the European Court of Human Rights.
The Kyrgyz Prosecutor-General's Office said it has opened a criminal case against Omurbek Babanov, runner-up in October’s presidential election. Kyrgyz President Almazbek Atambayev publicly accused Kazakhstan of openly supporting ex-PM Babanov in his fight for the presidency with the eventual winner and Atambayev's choice
Sooranbai Jeenbekov. Babanov is accused of "stoking ethnic, racial, and religious hatred" and "publicly calling for the violent change of the constitutional order."
Visiting Washington, EU foreign policy chief Federica Mogherini said US lawmakers had signalled they intend to ensure the US sticks with the Iran nuclear deal despite President Donald Trump's warnings that it must be altered to stand a chance of obtaining his endorsement.
At a conference in Paris, a senior Iranian official, speaking anonymously, said Europe must make clear how it will react if the US pulls out of
the nuclear accord and do more to encourage international banks to return to the Islamic Republic. Tehran expected Europe to be more proactive in explaining what its stance would
be should Trump axe US participation in the deal, he said.
The Iranian customs administration said Iran exported 185,000 tonnes of commodities to Kazakhstan during the first half of the Persian calendar year (started March 21). They were valued at IRR2.5tn ($64.93mn), and translated into 53.2% y/y and 1.6% y/y growth rates in weight and value, respectively. Imports coming the other way substantially declined to 46,769 tonnes worth IRR434.4bn, with weight and value down 82.61% y/y and 76.78% y/y, respectively.
An Iranian parliamentary committee is planning to slash the top three echelons of earners
from the monthly subsidy plan which allows all Iranian adults to apply for a monthly cheque of IRR450,000 ($11).
Iran's Yazd Tire Company agreed to supply tyres to Renault's plants in the Middle East and North Africa. The company produces roughly 3.5mn units per year.