Tag Archives: Kazakhstan

Currency booths in Kazakh city

JAN. 26 2016 (The Conway Bulletin) – Currency exchange booths in Almaty refused to change US dollars after the price of oil started to rise slightly, highlighting the fears and weaknesses of the Kazakh economy. Like the rest of the region, Kazakhstan’s currency has slumped with the decline in oil price. Unlike some of its neighbours, Kazakhstan hasn’t imposed heavy currency controls.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 265, published on Jan. 29 2016)

Investor buys buses in Kazakh city

JAN. 22 2016 (The Conway Bulletin) — Green Bus Company, a private transport company from Shymkent, has bought a 70% stake in Almatyelectrotrans, the company in charge of public transit in Almaty. Baurzhan Baibek, mayor of Almaty, said the new investor has pledged to buy 200 new buses. Almaty City will retain a 30% share in Almatyelectrotrans. Almaty’s transport network has been mired in controversy after a crash last year injured several people. Dozens of bus drivers have also protested over a new ticketing system.

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(News report from Issue No. 265, published on  Jan. 29 2016)

Kazakhstan sells arms to Jordan

JAN. 26 2016 (The Conway Bulletin) – Kazakhstan has sold military equipment and weapons to Jordan, Kazakh defence minister Imangali Tasmagambetov said in a statement after a delegation returned from the Middle Eastern country. Mr Tasmagambetov said Kazakhstan Paramount Engineering, a joint venture with South African arms manufacturer Paramount, will supply several Arlan armoured vehicles to Jordan. The joint venture started producing the Arlan armoured personnel carriers last year. It set up the partnership in 2014.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 265, published on Jan. 29 2016)

Tethys looks for a new partner as debts mount up in Kazakhstan

ALMATY, JAN. 22 2016 (The Conway Bulletin) — Guernsey-based Tethys Petroleum said it will seek alternative funding after Kazakhstan-based Olisol missed a payment on a share deal agreed last year.

In a press statement, Tethys said it had received just $5m of the $15m promised by Olisol. According to Tethys, privately-owned Olisol missed the Jan. 22 deadline to send a $2m tranche of its commitment to secure a stake in the company.

Olisol has said the delay was due to currency controls in Kazakhstan linked to the sharp depreciation of the Kazakh tenge over the few past months.

And Tethys is still hopeful that it will receive Olisol’s funding.

“Should the overdue funds under the interim facility arrive in a timely manner however, Tethys will continue to work with Olisol to close the wider transaction,” Tethys, which is involved in oil and gas projects across Georgia and Central Asia, said.

Tethys needs cash to meet its debt deadlines. Last year it missed a couple of consecutive cash calls at its project in Tajikistan, the Bokhtar exploration block. Its partners in the project, China’s CNPC and France’s Total, have called on it to drop out. The Tajik government has also said it would be interested in taking a stake in Bokhtar.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 265, published on  Jan. 29 2016)

 

Kazakhstan’s EXPO-2017 cuts budget

JAN. 26 2016 (The Conway Bulletin) -The organisers of Kazakhstan’s flagship EXPO-2017 event have cut its budget by 53b tenge ($140m) to keep pace with demands from the government to slash spending during this period of low oil revenue. Previously, nothing had seemingly been too expensive or too extravagant for EXPO-2017.

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(News report from Issue No. 265, published on Jan. 29 2016)

KAZ Minerals output drop

JAN. 28 2016 (The Conway Bulletin) — Despite increasing copper production by 300% in 2015, KAZ Minerals still posted a 3% reduction in copper cathode, its finished product. The company, focused on Kazakhstan, said the quality of the copper ore it mined was below average. London-listed KAZ Minerals, previously known as Kazakhmys, also said its copper cathode production dropped from 83,500 to 81,100 tonnes.

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(News report from Issue No. 265, published on  Jan. 29 2016)

 

Rights groups criticise Kazakhstan & Azerbaijan

JAN. 27 2016, ALMATY/Kazakhstan (The Conway Bulletin) — Human rights abuses, crackdowns on freedom of speech and endemic corruption still blight Central Asia and the South Caucasus, western watchdogs said in a series of annual reports.

According to New York-based Human Rights Watch (HRW) civil liberties worsened in Kazakhstan and Azerbaijan last year as an economic crisis battered the region.

“Central Asian governments are becoming increasingly intolerant of dissent, criticism, and human rights scrutiny – an alarming trend,” said Hugh Williamson, Europe and Central Asia director at HRW.

Specifically, Mr Williamson said that Kazakhstan had used courts to silence opposition figures and that Azerbaijan’s crackdown on journalists and rights advocates was “unprecedented.”

Freedom House, another US- based civil rights lobby group, also criticised governments in Central

Asia and the South Caucasus for their record on freedom of speech.

“The [November parliamentary in Azerbaijan] elections followed another year of intense suppression of civil society and independent media,” Robert Ruby, Freedom House’s director of communication, said.

Corruption watchdog Transparency International projected a slightly more positive outlook for the region but, while Azerbaijan, Armenia, Georgia, Kyrgyzstan and Tajikistan all improved their rankings in its global index, absolute scores in the region were mostly unchanged or down from 2014.

Transparency International’s director for Europe and Central Asia, Anne Koch said little had improved.

“While a handful of countries in Europe and Central Asia have improved, the general picture across this vast region is one of stagnation,” she said in the report.

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(News report from Issue No. 265, published on Jan. 29 2016)

China invests in Kazakhstan’s agribusiness

JAN. 25 2016 (The Conway Bulletin) — China’s COFCO and Rifa Holding Group were part of a group of Chinese companies to sign a $1.7b investment deal in Kazakhstan’s agribusiness, Gulmira Isayeva the Kazakh deputy minister of agriculture said. Twelve of the 19 projects will focus on the Almaty region. The projects will focus on processing animal and vegetable products for export to China.

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(News report from Issue No. 265, published on  Jan. 29 2016)

Inver House looks to grow in Kazakhstan

JAN. 25 2016 (The Conway Bulletin) — Scottish distiller Inver House, which produces a range of alcoholic drinks from whisky to gin to beer, said it would target Kazakhstan, among other countries, after a 20% increase in production following a £10m ($14.3m) investment in its manufacturing site in Scotland.

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(News report from Issue No. 265, published on  Jan. 29 2016)

Kazakh currency rate rise

JAN. 21 2016 (The Conway Bulletin) – Kazakhstan’s Central Bank increased interest rates on tenge held bank deposits by four percentage points to 14% in an attempt to defend the value of its currency. The Central Bank has maintained different interest rates on tenge and US dollar deposits for several years. US dollar deposits now earn interest of 2%, down from 3%.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 264, published on Jan. 22 2016)