JAN. 19 2015 (The Conway Bulletin) — The drop in the price of gas and oil will hit Turkmenistan’s economy, although it will still grow by nearly 10% in 2015, the European Bank for Reconstruction and Development (EBRD) said in its updated growth forecasts. Turkmenistan’s economy is protected somewhat by contracts with China.
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(News report from Issue No. 215, published on Jan. 21 2015)
JAN. 19 2015 (The Conway Bulletin) — Centerra Gold, the Toronto-based mining company, said it will produce around 10% less gold from its Kumtor gold mine in eastern Kyrgyzstan this year. The company didn’t specify why gold production at Kumtor would drop this year. This is significant, though, as Kumtor is Kyrgyzstan’s single biggest industrial asset.
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(News report from Issue No. 215, published on Jan. 21 2015)
JAN. 20 2015 (The Conway Bulletin) — Kazatomprom, Kazakhstan’s
nuclear agency, has agreed a $450m debt deal with Western banks.
The deal, and its size, show that despite an economic downturn some
Kazakh companies are still considered a relatively good bet.
Kazakhstan owns 15% of the world’s uranium supplies.
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(News report from Issue No. 215, published on Jan. 21 2015)
JAN. 13 2015 (The Conway Bulletin) — Turkmenistan may increase its gas production by 9% this year, media reported quoting the state information service. Already one of the biggest regional gas producers, Turkmenistan boosted gas exports by 11% last year, mainly to China. The drop in global energy prices will impact the Turkmen government budget.
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(News report from Issue No. 214, published on Jan. 14 2015)
JAN. 13 2015 (The Conway Bulletin) — Tajikistan has given the go-ahead for Turkish Coca-Cola Icecek, which produces and distributes Coca-Cola products across Central Asia, to build its first bottling plant in Dushanbe, media reported. The project will cost $50m and generate up to 500 new jobs.
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(News report from Issue No. 214, published on Jan. 14 2015)
>>Currency devaluation inflated early data>>
JAN. 13 2015 (The Conway Bulletin) — The number of property deals in Kazakhstan dropped by over 13% last year, the State Statistics Committee data showed, more evidence of a downturn in the economy.
The biggest drops in the number of property transactions were in North Kazakhstan — a fall of 25% in the number of property deals in 2014 compared to 2013 — and the Akmola, Almaty and Karaganda regions which all had a fall of around 20%.
Only some of the western regions, experiencing something of an oil boom, enjoyed a small increase in the property market in 2014.
This is all bad news for Kazakhstan which is trying to keep its tenge currency strong despite a fall in the price of oil and a drop in the value of the Russian rouble.
Earlier, the shrink in Kazakhstan’s property market had been disguised by figures which showed that the value of the deals had actually increased by over 10% in 2014. A currency devaluation of 20% in February 2014 inflated the value of transactions in the Kazakh market.
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(News report from Issue No. 214, published on Jan. 14 2015)
JAN. 13 2015 (The Conway Bulletin) — Car imports to Kazakhstan from Russia have jumped in the past two months to 2,859 from 2,005 during the same period in 2013, Kazakh media reported quoting government officials. The upturn is linked to the currency discrepancies. The rouble has nose-dived but the Kazakh Central Bank has kept the tenge strong.
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(News report from Issue No. 214, published on Jan. 14 2015)
>>Laws important in country with little formal health education>>
JAN. 9 2015 (The Conway Bulletin) — The World Health Organisation (WHO) is lauding a move by Kyrgyzstan to increase tax on cigarettes and to make it law to publish garish images of the damage smoking can to people’s health on packets.
Kyrgyzstan’s parliament ratified the news laws at the end of last year, WHO said. The laws will equalise the tax on cigarettes with neighbouring Kazakhstan.
“Tobacco taxes for different types of tobacco will increase as of 2015 and are expected to increase to the level of tobacco taxes in the neighbouring Kazakhstan,” WHO said in its statement.
“As of 2014, tobacco taxes in Kyrgyzstan are 2-1/2 to 12 times lower than in Kazakhstan.”
The pictures that will be carried on cigarette boxes from 2016 show how smoking gives people cancer and other diseases.
This is an important step. Tightening regulations on smoking and educating the general public on the dangers of smoking is seen as a civilising step and a marker of a country’s development.
For Kyrgyzstan, where cigarettes appear to be clamped to the lips of men walking down a street and the purple fog of tobacco smoke fugs many bars, this is a big step indeed. Public health is often overlooked in Kyrgyzstan.
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(News report from Issue No. 214, published on Jan. 14 2015)
JAN. 13 2015 (The Conway Bulletin) — Georgians are now able to buy Dunkin’ Donuts in Tbilisi. One of the United States’ biggest fast food franchises opened its first two stores in Tbilisi, giving the economy a major PR scoop.
Other than Russia, Georgia is the only country in the former Soviet Union that Dunkin’ Donuts has opened a franchise.
“Opening Dunkin’ Donuts in Georgia proves that there is an attractive business climate in this country and it is easy to do business here,” US ambassador Richard Norland said at the opening of the stores.
Georgia’s economy has rebounded strongly from 2008 when it collapsed after a brief war with Russia. Since then foreign investment and exports, mainly to Russia, have picked up pace.
The Wissol conglomerate, which has close connections with the Georgian business and political elite, brought Dunkin’ Donuts to Georgia. Last year it also brought Wendy’s, another US fast food chain to Georgia.
The vice-president of Dunkin’ Donuts in Europe, Carlos Vidal, said that Wissol had the experience to launch a brand successfully in Georgia.
“Wissol Group owns knowledge of establishment of retail business and management,” he said.
“Together with Wissol Group we have ambitious plans in Georgia because we know that the population of the country is ready to receive the unique experience of Dunkin’ Donuts and to become everyday customer of sandwiches, donuts, bakery and a variety coffee products.”
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(News report from Issue No. 214, published on Jan. 14 2015
JAN. 13 2015 (The Conway Bulletin) — Armenia is bracing itself for a major celebrity visit when Kim Kardashian, a Los Angeles-based reality TV star, and her sisters travel to Yerevan later this year. US media announced that the sisters were planning a visit to their ancestral homeland.
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(News report from Issue No. 214, published on Jan. 14 2015)