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TURKEY EXEMPTS NAKHCHIVAN GOODS FROM IMPORT TAX

The Azeri Times

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Azerbaijan’s investments in the Turkish economy have reached $ 10.1 billion, according to Economy Minister Shahin Mustafayev participating at the Azerbaijani-Turkish business forum in Igdir on October 29 as part of his visit to Turkey.

The minister said some 2,000 companies with Azerbaijani capital operating in Turkey, while the number of companies with Turkish capital accommodating in Azerbaijan reaches 3,000.

Saying that Turkish investments in Azerbaijan amounted to $11.7 billion, the minister drew attention to the fact that there is a great potential for the development of the relations in different spheres of the economy.

He stressed that the joint Azerbaijan and Turkey efforts will allow expand the economic cooperation and contribute to the wellbeing of the nations.

Speaking of the economic ties, Mustafayev reminded that the High-Level Strategic Cooperation Council is operating between the countries. The minister stressed that Azerbaijan implements its strategic projects jointly with fraternal Turkey, among such projects are the Southern Gas Corridor, the Baku-Tbilisi-Ceyhan-Kars, the STAR refinery and others.

Mustafayev also reminded that Turkey and Azerbaijan are currently negotiating the Agreement on preferential trade.

During his speech at the forum, Turkish Economy Minister Nihat Zeybekci talked about various trade privileges that Turkey grants to Nakhchivan Autonomous Republic, a landlocked exclave of Azerbaijan borders with three countries including Turkey, Iran and Armenia.

“We have provided Nakhchivan with unilateral opportunities and privileges, and we want Nakhchivan to be regarded as an area of benefit and focus in the economic sense.”

He said that Turkey freed the import of goods from Nakhchivan from customs duties and now products will be imported into Turkey without import duties and on preferential terms.

“We will make one-sided generosity to allow Nakhchivan to sell more products to Turkey,” he said.

The decision taken by the Cabinet of Ministers of Turkey will affect 43 products (13 agricultural products, 30 industrial products). According to the decision of the Turkish government, goods produced annually in Nakhchivan worth $120 million will be imported to Turkey without paying import duties and the trade will be done in Turkish liras.

In accordance with an agreement reached between Turkey, Azerbaijan and Nakhchivan Autonomous Republic, trade volume worth $200 million will be created in the region.

“This decision will bring a significant contribution to the development of the region and trade relations between Azerbaijan and Turkey,” said the Turkish minister.

This privilege given to Nakhchivan Autonomous Republic by Turkey is not given to any country in the world, which is a more convenient and privileged trade environment than the one provided for Cyprus, said Zeybekchi.

The Nakhchivan Autonomous Republic, which forms the sole link between Turkey and Azerbaijan, has a specific place in terms of the bilateral relations of the two countries. Nakhchivan is physically separate from Azerbaijan can be described as “Turkish Gate”, which forms the point of direct connection between Azerbaijan and Turkey.

Data of the State Customs Committee of Azerbaijan shows that the trade turnover with Turkey in January-September 2017 amounted to almost $1.96 billion. According to the results of the reporting period, Turkey is the second trade partner of Azerbaijan in terms of commodity turnover.

The contractual base of bilateral Turkish-Azerbaijani trade and economic relations includes more than 40 documents aimed at expanding economic cooperation between states. The two countries are successfully cooperating in the political, economic, scientific, technical, and cultural spheres.

Azerbaijan and Turkey have good and developing economic ties, especially in terms of huge energy projects envisaging the transportation of Azerbaijan’s hydrocarbon resources to the European and world markets through the Turkey’s territory.

Today, the two brotherly states are the beneficiaries of all the major projects in the region, in particular the Southern Gas Corridor, which comprises TANAP and TAP projects, as well as the Baku-Tbilisi-Kars railway.

Turkey primarily exports iron and steel products, various finished products, electronics, furniture, plastic products to Azerbaijan.

Natural gas accounts for 85 percent of Turkey’s import from Azerbaijan. Aside from the natural gas, Turkey imports non-ferrous metals, chemical industry products, plastic products from Azerbaijan.

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Fintech start-up TransferWise reports second year of profit, revenue almost doubles

The Azeri Times

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Fintech start-up TransferWise reports second year of profit, revenue almost doubles
Kristo Kaarmann, Co-Founder & CEO, TransferWise, on Centre Stage during day one of MoneyConf 2018 at the RDS Arena in Dublin. (Photo By Eóin Noonan/Sportsfile via Getty Images)

TransferWise, one of Europe’s largest financial technology (fintech) start-ups, said Monday it was profitable for the second year in a row.

 

The London-headquartered money transfer firm reported an annual post-tax net profit of £6.2 million ($8 million) for the fiscal year ending March 2018.

Annual revenue nearly doubled to £117 million during the period, from £66 million the previous year, TransferWise said. Operating profit came in at £9.5 million following a loss of £519,000 last year.

The company’s accounts entered into the black for the first time in March 2017, six years after the firm was founded by Estonian entrepreneurs Taavet Hinrikus and Kristo Kaarman.

“We’ve proven that fintech can offer consumers an unbelievable experience at a low price, all whilst creating a solid business that can be trusted long-term,” Kaarman, TransferWise’s chief executive, said in a statement Monday.

“Looking forward, sustained growth and our healthy financial position means we can continue to drive down costs whilst investing in developing our product.”

TransferWise is counted among Europe’s “unicorn” start-ups — firms valued at $1 billion or more — with a reported valuation of $1.6 billion.

It has raised a total of $397 million since it was founded in 2011. Backers include asset management giant Old Mutual, Silicon Valley venture capital firms Institutional Venture Partners and Andreessen Horowitz, and British billionaire Richard Branson.

The firm says that £3 billion worth of transactions are moved around each month on the TransferWise app by its more than 4 million users.

The company makes money through fees charged on international transfers, which it boasts are up to eight times lower than those charged by banks.

Last year, it introduced its traveler-friendly borderless account to European customers, which lets users hold over 40 currencies and switch between currencies instantly. TransferWise plans to roll out the product to U.S. users later this year.

And in July, TransferWise tied up with French bank Groupe BPCE, in its first major bank partnership, to provide the lender’s customers access to its money transfer service. It has also struck deals with rival fintech firms Monzo and N26.

Monday’s earnings news could signal a changing landscape for fintech firms like TransferWise when it comes to profitability. Many start-ups in the sector have struggled to break even due to the cost of investing in their products and scaling their business while offering cheaper services than large banks.

Rival currency exchange and banking app Revolut for instance said earlier this year that it had broken even for the first time in December 2017. Meanwhile, another competitor, WorldRemit, expects to turn a profit by 2019.

The money transfer industry is a competitive one, with established giants like Western Union and MoneyGram, both of which have been investing heavily in the digital segments of their businesses.

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Business

Moonves speaks after CBS shakeup, says he’s ‘deeply saddened’

The Azeri Times

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Moonves speaks after CBS shakeup, says he’s ‘deeply saddened’

The two words that keep coming to mind are “stunning downfall.” Sunday night’s announcement by CBS is five stories in one.,

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Business

Watch Elon Musk’s boring machine being operated by an Xbox controller

The Azeri Times

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Watch Elon Musk’s boring machine being operated by an Xbox controller
boring-company-flamethrower-ashley-esqueda-cnet-4

Captura de pantalla: Laura Martínez/CNET

Elon Musk founded The Boring Company in order to drill holes beneath the earth and build tunnels that could possibly reinvent public transport. Most recently the company pitched a “loop” system that would connect Los Angeles suburbs to the Dodgers stadium in four minutes.

It was a company famously founded after Elon Musk got annoyed with LA traffic.

Traffic is driving me nuts. Am going to build a tunnel boring machine and just start digging…

— Elon Musk (@elonmusk) December 17, 2016

Currently The Boring Company has three machines capable of digging the tunnels required to make the “loop” systems work.

Here is the second machine, being controlled with an Xbox One controller, which The Boring Company tweeted about on the weekend:

Best video game ever indeed. This is literally the machine being used to burrow into the ground, most likely at Hawthorne, where Elon Musk’s test tunnel is currently being worked on.

Elon Musk recently appeared on the Joe Rogan podcast where he smoked weed and discussed the impending threat of AI.

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