Archive for September 30th, 2008
Kazakhstan Daily News Roundup - September 30, 2008
ENERGY:
Kazakhstan’s Ceyhan refinery put on hold
(New Europe) - Kazakhstan will have to put on hold its idea to build a 20 million tonne refinery in Ceyhan due to unresolved differences between Kazakhstan’s national company KazMunaiGas and Azerbaijan’s SOCAR.
Roxi still looking for funds, shares slump
(Reuters) - Kazakhstan-based oil explorer Roxi Petroleum Plc said it had yet to secure the medium-term funding it requires to develop its existing assets, sending its shares down by more than 21 percent on Monday.
Transmeridian Exploration receives notice of failure to satisfy AMEX continued listing standards (Globe Newswire - MarketWatch)
MINERAL RESOURCES:
Polyus Gold makes an offer for KazakhGold
(SRI) - Polyus Gold, Russia’s largest gold miner, has made an offer to KazakhGold to acquire a 50.1 percent stake in the company for $390 million in cash and shares.
Sunkar Resources posts 8-month pretax loss, gets final approval for sub-soil use contract (Thomson Financial - Hemscott)
BUSINESS AND ECONOMY:
Tighter banking regulation will lead to further consolidation of the sector
(SRI) - A tightening of capital requirements for Kazakhstan’s banks that will come into effect on July 1, 2009 is likely to lead to further consolidation of the banking sector.
Eurasia Insurance bid for AIG Kazakhstan
(SRI) - Kazakhstan’s Eurasia Insurance Company, the country’s No.1 insurer, made a formal offer to buy the local subsidiary of AIG, the troubled insurer bailed out by the U.S. Federal Reserve earlier this month.
Kazkommertsbank keeps to 2008 profit guidance
(Reuters) - Kazakhstan’s No.2 bank Kazkommertsbank said on Monday it has kept its 2008 net profit growth target unchanged despite worsening conditions on the global financial markets.
Kazakhstan’s bank remain under pressure - IMF
(SRI) - Kazakhstan’s banks remain under considerable pressure as profitability is declining and the asset quality deteriorating, according to the International Monetary Fund (IMF).
IMF expects 11.5 percent inflation in Kazakhstan in 2008
(Interfax) - “Inflation appears to have peaked, and we anticipate that it will decline to around 11.5 percent by year-end as food price inflation eases and slower growth affects the pricing power of companies.”
Asset stabilization fund may help Kazakhstan overcome difficulties in the banking sector – IMF
(Interfax) - The creation of an ASF could be a useful tool for helping deal with ongoing difficulties in the banking sector, according to the International Monetary Fund (IMF).
Kazakhstan not to order wheat export ban (AgriMarket.Info)
Price for bread during autumn-winter period should be stable - PM (Kazakhstan Today)
Fitch Ratings analysts to discuss Kazakhstan’s economic development (Kazinform)
National Bank of Kazakhstan: Exchange rates September 30, 2008 (Kazinform)
Indicators - September 29, 2008 (Reuters)
POLITICS:
Kazakhstan offers a helping hand with energy supply and food crisis
(Interfax) - Kazakhstan feels ready to provide its resources to supply the world community with energy resources and food products, Marat Tazhin, Minister for Foreign Affairs said at the sixty-third session of the United Nations General Assembly.
Astana calls member states for seeking closer ties between ethnic groups
(Interfax) - azakhstan is pursuing a consistent policy aimed at ethnic and religious accord, Marat Tazhin, Minister for Foreign Affairs said at the sixty-third session of the United Nations General Assembly.
Richard E. Hoagland - new U.S. Ambassador to RK arrived in Astana - MFA (Kazakhstan Today)
REGIONAL:
Business confidence returning to the South Caucasus transport corridor
(Eurasia Daily Monitor) - The two-pronged corridor, running from Azerbaijan to the Georgian Black Sea coast and via Georgia to the Turkish Mediterranean coast, is now functioning at nearly the same overall capacity as it did prior to the conflict.
ANALYSIS: Tighter banking regulation will lead to further consolidation of the sector
(SRI) - A tightening of capital requirements for Kazakhstan’s banks that will come into effect on July 1, 2009 is likely to lead to further consolidation of the banking sector.
Kazakhstan Regional News Roundup - September 30, 2008
Business confidence returning to the South Caucasus transport corridor
(Eurasia Daily Monitor) - The two-pronged corridor, running from Azerbaijan to the Georgian Black Sea coast and via Georgia to the Turkish Mediterranean coast, is now functioning at nearly the same overall capacity as it did prior to the conflict.
Kazakhstan Politics Roundup - September 30, 2008
Kazakhstan offers a helping hand with energy supply and food crisis
(Interfax) - Kazakhstan feels ready to provide its resources to supply the world community with energy resources and food products, Marat Tazhin, Minister for Foreign Affairs said at the sixty-third session of the United Nations General Assembly.
Astana calls member states for seeking closer ties between ethnic groups
(Interfax) - azakhstan is pursuing a consistent policy aimed at ethnic and religious accord, Marat Tazhin, Minister for Foreign Affairs said at the sixty-third session of the United Nations General Assembly.
Richard E. Hoagland - new U.S. Ambassador to RK arrived in Astana - MFA (Kazakhstan Today)
Kazakhstan Business and Economy Roundup - September 30, 2008
Tighter banking regulation will lead to further consolidation of the sector (SRI)
Eurasia Insurance bid for AIG Kazakhstan (SRI)
Kazkommertsbank keeps to 2008 profit guidance
(Reuters) - Kazakhstan’s No.2 bank Kazkommertsbank said on Monday it has kept its 2008 net profit growth target unchanged despite worsening conditions on the global financial markets.
Kazakhstan’s bank remain under pressure - IMF (SRI)
IMF expects 11.5 percent inflation in Kazakhstan in 2008
(Interfax) - “Inflation appears to have peaked, and we anticipate that it will decline to around 11.5 percent by year-end as food price inflation eases and slower growth affects the pricing power of companies.”
Asset stabilization fund may help Kazakhstan overcome difficulties in the banking sector – IMF
(Interfax) - The creation of an ASF could be a useful tool for helping deal with ongoing difficulties in the banking sector, according to the International Monetary Fund (IMF).
Kazakhstan not to order wheat export ban (AgriMarket.Info)
Price for bread during autumn-winter period should be stable - PM (Kazakhstan Today)
Fitch Ratings analysts to discuss Kazakhstan’s economic development (Kazinform)
National Bank of Kazakhstan: Exchange rates September 30, 2008 (Kazinform)
Indicators - September 29, 2008 (Reuters)
Kazakhstan Mineral Resources Roundup - September 30, 2008
Polyus Gold makes an offer for KazakhGold
(SRI) - Polyus Gold, Russia’s largest gold miner, has made an offer to KazakhGold to acquire a 50.1 percent stake in the company for $390 million in cash and shares.
Sunkar Resources posts 8-month pretax loss, gets final approval for sub-soil use contract (Thomson Financial - Hemscott)
Kazakhstan Energy Roundup - September 30, 2008
Kazakhstan’s Ceyhan refinery put on hold
(New Europe) - Kazakhstan will have to put on hold its idea to build a 20 million tonne refinery in Ceyhan due to unresolved differences between Kazakhstan’s national company KazMunaiGas and Azerbaijan’s SOCAR.
Roxi still looking for funds, shares slump
(Reuters) - Kazakhstan-based oil explorer Roxi Petroleum Plc said it had yet to secure the medium-term funding it requires to develop its existing assets, sending its shares down by more than 21 percent on Monday.
Transmeridian Exploration receives notice of failure to satisfy AMEX continued listing standards (Globe Newswire - MarketWatch)
Polyus Gold makes an offer for KazakhGold
(SRI) - Polyus Gold, Russia’s largest gold miner, has made an offer to KazakhGold to acquire a 50.1 percent stake in the company for $390 million in cash and shares, the Kazakh miner announced on Monday.
Kazakhstan’s banks remain under pressure - IMF
(SRI) - Kazakhstan’s banks remain under considerable pressure as profitability is declining and the asset quality deteriorating, according to the International Monetary Fund (IMF).
Eurasia Insurance bid for AIG Kazakhstan
(SRI) - Kazakhstan’s Eurasia Insurance Company, the country’s No.1 insurer, made a formal offer to buy the local subsidiary of AIG, the troubled insurer bailed out by the U.S. Federal Reserve earlier this month, the company said on Monday.
