BDO (Binder Dijker Otte & Co), the fifth largest audit firm worldwide, launches a new local member firm. The company bought Ameria Audit CJSC, an Armenian audit firm, with full consent of the owner. This is the first investment of BDO in Armenia but it has ambitious plans to grow up local business by further acquisitions.

Armenia’s national air carrier, Armavia, is still at odds with the country’s only international airport, Zvartnots, over terms of payment for its services despite government-mediated talks that ended in no deal on Tuesday.

The Head Department of Civil Aviation announced early on March 13 that after five hours of negotiations the Zvartnots administration had agreed to make concessions to Armavia, providing conditions for the airline’s normal operation. However, in the evening Armavia issued an official statement, saying that Zvartnots had gone back on its promise and called off the deal.

One of Armenia leading factories has announced an upgrade to its production.

The Armenal aluminum plant, owned by Russia-based Rusal, plans a $6 million modernization over the next two years, according to a company press release.

During the past year or so a number of Diaspora investors have expressed their concerns regarding obstacles and discrimination that they face in doing business in Armenia. While politicians and officials in Armenia do not deny the existence of certain difficulties, they are mostly inclined to think that the situation reflects the general vulnerability of the country’s business environment.

Ameriabank’s Trade Finance Division specialists have completed the on-line program held by European Bank for Reconstruction and Develoment (EBRD) with highest scores. With 100% performance, Ameriabank’s employees received two of the four major prizes available: a two-week training programme in Frankfurt, courtesy of Commerzbank, and free subscription to 2,500 euro-worth DC-PRO (a fully searchable online library used in trade finance).

Since January 1, 2012, the insurance compensation limits in the mandatory car insurance sector have been raised for drivers in Armenia. It is noteworthy that the rise in the insurance compensation limits will not cause rise in car insurance tariffs paid by drivers.

A number of tax law amendments that went into effect at the beginning of this year are believed to prove beneficial to medium-sized entrepreneurship in terms of discouraging large companies from concentrating businesses in their hands.

A deal has been reached between Israeli Eshet Tours and Armenia’s national air carrier Armavia to begin service between the two countries.

Ameriabank representatives state that part of the premises belonging to the Hayastan (Armenia) Trade Center was given to the bank against a loan debt, as required by law.

One of the major shopping centers of Yerevan, a part of the trade center was closed earlier this week and merchants have been issued documents explaining conditions of continued occupation under the bank’s ownership.

The Government of Armenia on Thursday approved a program of government assistance to small and medium-sized businesses (SME) in 2012, Arka news reports.