Category Archives: Uncategorised

Azerbaijan’s minister urges AZAL to pay depts

MAY 31 2016 (The Conway Bulletin) — Azerbaijan’s ministry of finance urged AZAL, the national airline, to start paying back its debts and cut costs. Finance minister Samir Sharifov said that in order to buy new aircrafts AZAL has accumulated over 650m manat ($450m) in state-guaranteed loans, which could become a burden to the state budget if AZAL becomes insolvent. Several state-owned and private companies in Azerbaijan have increased their borrowings as an economic downturn hits profits.

ENDS

(News report from Issue No. 283, published on June 3 2016)

Kazakhstan’s stock lists Magnum’s bond

MAY 27 2016 (The Conway Bulletin) — KASE, Kazakhstan’s stock exchange, said it listed 10-year bonds issued by Magnum Cash & Carry, a chain of discount stores in Kazakhstan. The total issue amounted to 33b tenge (around $100m), one-third of the amount that Magnum plans to issue in the short term to finance its expansion in the country. In May 2014, Kenes Rakishev, son-in-law of Kazakhstan’s defence minister and closely-linked to the elite, bought a minority share in the company.

ENDS

(News report from Issue No. 283, published on June 3 2016)

Georgian breakaway region hosts football tournament for unrecognised states

MAY 28 2016 (The Conway Bulletin) — The breakaway Georgian region of Abkhazia is hosting a football tournament for regions which are not recognised as countries, a move that some critics have said is provocative.

The 10-day tournament will centre on Sukhumi, the capital of Abkhazia which lies on the Black Sea coast.

Only a handful of countries, including Russia, have recognised Abkhazia as an independent state. Abkhazia and South Ossetia split from Georgia in the early 1990s after the break-up of the Soviet Union, and declared full independence after a Georgia-Russia war in 2008.

And it’s an eclectic bunch of 12 ethnic groups, pseudo-states, wannabe-countries and historical-throwbacks that are competing at the so-called alternative World Cup.

Teams playing in the tournament include Raetia, a former province of the Roman Empire in central Europe, Iraqi Kurdistan and Somaliland.

Abkhazia, which opened with a 9-0 win over the Chagos Islands, is one of the favourites.

ENDS

(News report from Issue No. 283, published on June 3 2016)

KazKom buys back bonds

JUNE 2 2016 (The Conway Bulletin) — Kazkommertsbank, Kazakhstan’s largest lender, said it had bought back part of its outstanding bonds, spending around $35m in total. In May, CEO Kenes Rakishev had said the bank was ready to repurchase as much as $500m in outstanding bonds. After the latest transaction, KazKom has to pay back around $522m from two bond issues due later this year and €392m ($437m) due in February 2017.

ENDS

(News report from Issue No. 283, published on June 3 2016)

Georgia’s city develops

MAY 20 2016 (The Conway Bulletin) — House in Alley, a local development company, said it will build a new hotel in Batumi, a resort town on Georgia’s Black Sea coast. The company said the new hotel, which will cost 18m lari ($8.4m), will hold 105 rooms. The new hotel is part of the government-supported project to improve the area around the Heroes Alley in central Batumi. Batumi is Georgia’s top resort town.

ENDS

(News report from Issue No. 282, published on May 27 2016)

Rakhmon tightens grip over Tajikistan

DUSHANBE, MAY 22 2016 (The Conway Bulletin) — Tajik President Emomali Rakhmon can now rule over Tajikistan for his entire life after people voted in a referendum to scrap limits on presidential terms.

The referendum also lowered the age that a person can run for president to 30 from 35, potentially allowing Mr Rakhmon’s son to run for office in 2020 if he was needed, and also banned political parties linked to a religion. The main opposition party in Tajikistan had been the Islamic Renaissance Party of Tajikistan until it was outlawed last year and its leaders chased into exile or arrested.

At its core, the referendum gives Mr Rakhmon almost total control over Tajikistan.

Officially, the Central Elections Committee said that turnout was 92% and that 96.6% of people had voted for the changes.

But while, at least openly, few people in Tajikistan are prepared to express any dissatisfaction with Mr Rakhmon, some were critical of the referendum.

Malika, a 52-year-old teacher, said people had voted for the changes because they think that Mr Rakhmon is a guarantor of peace and stability.

“It’s simple and depressing. People do not want war and accept whatever the government does. We all saw how our people died,” she said referring to a civil war in the mid-1990s. “We just want stability and do not care who runs the country and for how long.”

ENDS

(News report from Issue No. 282, published on May 27 2016)

Turkmenistan to import S Korean buses

MAY 20 2016 (The Conway Bulletin) — Turkmenistan will import South Korea-made passenger buses, in an effort to boost economic cooperation. President Kurbanguly Berdymukhamedov and Kim Wee- Chul, CEO Hyundai Engineering, signed the agreement in Ashgabat. In 2013, Hyundai Engineering had completed construction work at a processing plant near Galkynysh, the largest gas field in the country.

ENDS

(News report from Issue No. 282, published on May 27 2016)

Kazakh electricity company eyes up CASA-1000

MAY 20 2016 (The Conway Bulletin) — KEGOC, a state-owned electricity distributor in Kazakhstan, said it would be open to exporting electricity to Afghanistan and Pakistan through the CASA-1000 line. The CASA-1000 project is scheduled for completion by 2020.

ENDS

(News report from Issue No. 282, published on May 27 2016)

Kyrgyzstan to transfer Chinese factories

MAY 22 2016 (The Conway Bulletin) — Kyrgyzstan’s foreign minister Yerlan Abdyldayev said he is negotiating the transfer of several Chinese factories to the Central Asian country over the next few years. Mr Abyldayev sees this development as a potential boost for Kyrgyzstan’s industrialisation. Kyrgyzstan’s economy is heavily reliant on remittances from abroad, which have shrunk in the past 18 months due to a recession in Russia.

ENDS

(News report from Issue No. 282, published on May 27 2016)

Editorial: Georgia’s election

MAY 27 2016 (The Conway Bulletin) — Fighting broke out outside a polling station in rural Georgia this week as people prepared to vote in local government by-elections. The fighting was direct and brutal and was also captured by onlookers on their mobile phones.

Videos from the fighting give a clear insight into the vicious divide in Georgian society between those people supporting the Georgian Dream Coalition, bankrolled by billionaire Bidzina Ivanishvili, and those supporting the United National Movement, the party of former president Mikheil Saakashvili.

Just as Mr Ivanishvili and Mr Saakashvili hate each other, so do supporters of either party. If the parliamentary election of 2012 was considered nasty, it’ll be nothing compared to this year’s issue.

And it is expected to be close. Opinion polls haven’t been able to give any side a clear advantage. They have also introduced the possibility of third party muscling in on the two main rivals.

Expect a bumpy, passionate ride through to October.

ENDS

(News report from Issue No. 282, published on May 27 2016)