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Tuesday, 07 January 2014 11:33

We will be more active in business support – Roman Molchanov Featured

We will be more active in business support – Roman Molchanov

“In future we would like to expand our analytical work and make market surveys of other economic sectors in addition to ranking of the banking system. It should not cover only certain segments of the financial market. It may involve retail and real estate”, Director of Fineko analytical news agency Roman Molchanov said in his exclusive interview with Caspian Energy Investor.


Caspian Energy Investor (CEI): Mr. Molchanov, since when has the news agency headed by you been operating in Azerbaijan?

Roman Molchanov, Director of Fineko analytical news agency: Fineko analytical news agency was registered as a legal entity late in 2005. However, its practical operation has begun since April 6, 2006 after solution of certain organizational formalities. It was the day when the news line of the main product ( business information portal) that Fineko analytical news agency promotes went on the air.

Since then the agency tried to expand its work not only in gathering and distribution of commercial information but also in preparation or sale of a number of analytical products. For instance, since 2006 the agency has been releasing a permanently updated bulletin which we call “Ranking of banks of the Republic of Azerbaijan”. These rankings are based on their prudential reports and made on basis of the special agreement signed between the agency and banks of the country. It may not be a popular product as it bears a specific character and aims directly at banks which are its end users. However, it is very important for the market. Some banks use this bulletin as a base for their internal systems, mainly for risk management systems. There are about two or three of them. We certainly would be proud if all banks did it but we do understand that their analytical services work as well. Therefore, the fact that 2-3 medium-sized banks apply our ranking as a base for risk management is a very good indicator. I may honestly say that no other news or analytical agency of Azerbaijan may boast of it. It is what we consider to be a visit card of our agency wherever we represent ourselves.

News line is standard and popular enough in Azerbaijan. There is nothing special to say about it as it is better to view it regularly. Since the past year the agency mastered a relatively new line of activity that envisages provision of support to business for its entry into a certain market as well as public relations programs. Several events (press conferences, presentations, etc) were held in particular. We think of supporting and expanding this line of activity due to the plans of further development of the agency which will gradually head from standard news agency toward an information-analytical system for commercial use. When we say business support we mean not only a present business support but also a support to business which is getting ready for entry into the market. I understand that it sounds ambitious a little. However, success gained on the base of the Caspian Energy journal which used to be a specialized journal that later turned into a completely different multipronged organization serves as an example to us. Of course we have been operating not that long but we aspire to move on. 



CEI: Could you please tell about history of creation of Fineko?

Roman Molchanov: Fineko agency was created in prosaic manner. As it is sometimes said in America “a few good guys” arrived at an idea to create a specialized news agency engaged in economy and finance since there had been no such body in Azerbaijan at that period. Besides, it did not take us long to give it a name. We simply merged two words Finance-Economy together and got Fineko. This is where AzerbaijanBusinessCenter ( arose from. I would say that everything was very simple and even common.



CEI: Which sphere is priority for your news agency?

Roman Molchanov: As far as you know, of course if you looked through our news line, encouragement of the economic development of AzerbaijanRepublic as best we can is the priority activity line of our agency for now. We are not a bank and an investor, we provide no financing and consulting but we do lend an information support for this development. We have never doubted about the appropriateness of chosen direction and development strategy over the years of agency’s operation. We may have own doubts regarding the tactics of our actions but we have no doubts about our strategic basis.


CEI: Is there any ratings in which your agency gained high positions?

Roman Molchanov: Speaking about recognition of our work by external observers we were very pleased that our portal was found to be the best by the Caspian-European Integration Business Club (CEIBC) for several years in a row. We remember and appreciate it. As far as ratings, contests and other activities are concerned, our agency does not aspire to participate in them. We think that the agency which ranks Azerbaijani banks should not participate in ratings. We always thought and will keep thinking that the Mass Media should not abuse its office and highlight certain aspects of its professional activity. Journalists should not write only about their counterparts, the news agency should not write about the information agency. Therefore, over the years of operation we have written nothing bad or good about achievements or failures of the Azerbaijani press. This is the reason why we do not strive for participation in any contests and ratings. It is our principal position. 



CEI: What do you think about prospects of development of

Roman Molchanov: Speaking about prospects of business that we have been engaged in for the past years here we should speak not only about development of but also about development of the network that Fineko agency would like to create. The range of information support we lend to business now is small. We really would like to expand it. In particular, we would like to create (I don’t know whether it will be the first or not) a specialized information system for different goods and service consumers in Azerbaijan. Our several attempts of creation of search systems in Azerbaijan were fairly successful but no information systems have been created in our country yet. Of course we do not impinge on authorities or functions of ASAN centers which start operating in our country or the State Agency for Civil Services and Social Innovations. But we would like Azerbaijan’s commercial sector to have its own information systems. These systems do exist in the world. However, they bypassed Azerbaijan for some reasons. In future we would like to expand our analytical work and make market surveys of other economic sectors in addition to ranking of the banking system. It should not cover only certain segments of the financial market. It may involve retail and real estate. We by the way did hold talks about creation of such systems. However, the talks were preliminary and did not end up with a concrete result. The negotiations with the Azerbaijani association of realtors were held in particular. But we postponed this project as the association’s plans changed a little. To all appearances their plans changed because the sector goes through restructuring process after a relatively recent growth and decline. Expansion of the language range is a major step we wish to take for our own business development.

Unfortunately, neither nor Fineko agency have been operating in Azeri language today. The reason is not only the lack of professional journalists or resources but also an insufficient updating of economic terms in the Azerbaijani language. In this regard we welcome, lend overall support and wait for results of those tasks that were assigned by Azerbaijan’s President in his order “About development of language science and Azerbaijani language in conditions of globalization” (especially the part which envisages terminology base of the modern Azerbaijani language). We wait for the breakthrough from the terminology commission which shall work under the Cabinet of Ministers. We would not like to open an Azerbaijani version of website or release bulletins of Fineko news agency and then find out that our terms do not conform to official ones. We will wait as much as we can for establishment of official economic terminology so that to communicate with our own users in the real Azerbaijani-economic language.



CEI: How do you evaluate the activity of the Caspian-European Integration Business Club (CEIBC)?

Roman Molchanov: We have a tight cooperation with the Caspian-European Integration Business Club. Our relationship is broad enough. We have been cooperating with the Club on a personal level since the period when it simply was a Caspian Energy journal. We used to work with your management representatives at different organizations. We assume that CEIBC does an important work for Azerbaijan and will become a main information megaphone of the Republic of Azerbaijan on a global scale. As Fineko analytical news agency, we see the necessity for creation of such megaphone. With all due respect to state and non state Mass Media, Azerbaijan still does not have a permanent, popular and active channel which would deliver true information about the country to an end user worldwide.



CEI: Which themes and articles do you like in journals of the Caspian Energy International Media Group?

Roman Molchanov: Regarding the products that Club structures provide, we always valued, value and will keep valuing people who established the Club as good specialists in the field of sociology and FEC analysis. 

Therefore, Fineko and personally I always attended and will attend to the work of the Club especially in the energy sector. We assume that the energy sector is not simply a visit card but also a base of the Republic of Azerbaijan and we are pleased that Caspian Energy keeps maintaining its high positions.


CEI: What is your position toward charity? Do you think companies and their owners should take an active part in this issue or the matter of the poor is a problem of the state?

Roman Molchanov: Nowadays my agency is not able to be engaged in charity or implement an active social liability policy. Meanwhile, we are not beneficiaries. But we certainly do support and welcome a sound philanthropy. 


CEI: How many hours a day do you work?

Roman Molchanov: I always thought and still keep thinking that the work requires sacrifice. Therefore we have to work hard as much as it is needed. In the meantime, the working schedule of Fineko agency fully meets the labor legislation.   


CEI: Which feature of your character do you dislike?

Roman Molchanov: I dislike the classical feature of my character. I have a hot temper that I can not struggle with.  I did not manage to handle it over 43 years of my life. Though, the years made me flexible.


CEI: Which feature do you value in men and women?

Roman Molchanov: I value the same thing both in men and women: a wish and ability to work. My answer makes it clear that I am a December Capricorn: everybody should work and keep working. The work comes before money.


CEI: Which cuisine do you like and what are your favorite dishes?

Roman Molchanov: Actually I have no certain tastes. Though, I have hated two products since my childhood. It is a fish oil and black caviar which is used even for medical purpose. Coming out of the family that has many children I attach big importance to its deliciousness and big amount.   


CEI: How do you spend your free time?

Roman Molchanov: I prefer spending my free time at home in my garden. We have had a land within the boundaries of Baku city since the Stalin’s period. Sometimes I manage to grow good harvest and fruit. So it is getting clear that I prefer spending my free time with my family.

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