The Future Home of TUMO Studios

  This past spring, five teams of architects started working on competing designs for a very unique new facility. They were asked to imagine the 4,000 square meter future home of TUMO Studios, TUMO’s new initiative focused on the creation of analog products. The architects’ brief was ambitious: Create an iconic facility at the the border of Tumanyan Park, nestled at the foot of the historic Kievyan bridge. Design it to become an efficient learning hub and the home of a bustling community of designers, artisans and master craftspeople working at the leading edge of contemporary design trends. But that wasn’t all. The center, located on the very steep periphery of the p...


Armenia Finance Ministers signs USD 25 million loan agreement in Vienna

Armenia’s Finance Minister Gagik Khachatryan today met with the Director-General of OPEC Fund for International Development (OFID) Suleiman Jasir Al-Herbish in Vienna, Information Department of Armenia’s Ministry of Foreign Affairs reports. Loan agreement on funding the Infrastructure and Rural Finance Support Programme (IRFSP) by USD 25 million was signed at the meeting. “The programme aims to improve water supply and irrigation systems in 7 provinces of Armenia, giving priority to the areas with the highest poverty indicators. The programme intends to raise the productivity of small landowners’ irrigated lands and contribute to the reduction of poverty,” the...

Thailand jeweler: Tax decrease can make Yerevan global jewelry exchange house

Lowering customs duties on jewelry can make Yerevan a worldwide jewelry exchange house for Armenians all over the world, Mr Zohrab Istanboulian, Thai jeweler of Armenian descent, told Armenian News. Istanboulian, who runs his own Bangkok-based production company, Zorab Creation, pointed out to the successful case of Dubai, which became a global trading centre for jewelry, gold, and precious stones. This breakthrough owes much to a business-friendly taxation, Istanboulian added. “We want a success story of that kind in Yerevan too. If the government lowers taxes, Armenian producers will bring their jewelry to Yerevan and make sales from here”, he added. This is likely to boost...

Expert: Summer reduced Armenia monetary issues

YEREVAN. – The summer season reduced the monetary problems in Armenia, and which are due to the fall of the Russian ruble, stated economist Vilen Khachatryan, at a press conference on Tuesday. In his words, the Russian ruble’s decline should have impacted Armenia’s economy, and resulted in a drop in the exchange rate of the Armenian dram. This impact, however, was felt partially, as the reserves of the Central Bank of Armenia reduced in June, albeit they were on the rise since January. In addition, dollar remittances from Russia to Armenia also dropped. “Armenia should feel by 50 percent what is happening in Russia, but this didn’t happen now,” noted Kh...

PM to prove that international organizations rushed in Armenia economic growth assessment

PM to prove that international organizations rushed in Armenia economic growth assessment 15:59, 01.08.2015 Region:Armenia Theme: Economics Prime Minister Hovik Abrahamyan assured that, despite the negative forecasts by international rating agencies, the Government of Armenia will ensure the 4.1-percent economic growth envisioned by the 2015 State Budget. “In the months of January-June, our economic growth made up 4.5 percent,” Abrahamyan on Saturday told reporters in Gyumri city. “All international organizations were giving a negative assessment, and we urged them not to rush. “A 4.1-percent economic growth is put on the basis of the 2015 budget. I&...