Archive for November, 2009
Alliance Bank restructuring deadline extended
(SRI) - The Specialized Financial Court in Almaty has extended the deadline for Alliance Bank’s debt restructuring until March 15, the lender said last week. It was initially due to complete the procedures by December 15.
Russia, Belarus, Kazakhstan agree on customs bloc
(AFP) - The presidents of Russia, Kazakhstan and Belarus reached a deal Friday to create a customs union among their three ex-Soviet states from July 1 next year.
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Central Asia’s electricity system falls apart
(bne) - Four of the five Central Asian countries have muddled along with an often unsatisfactory, yet workable, shared electricity system that was devised after the break-up of the Soviet Union. This year, however, Uzbekistan and Kazakhstan have finally been provoked into announcing their withdrawal from the shared grid.
Kazakhstan Daily News Roundup - November 25, 2009
HEADLINES:
Non-performing loans rise again in October - FSA
(SRI) - The share of non-performing loans in the Kazakh banking sector increased from 34.7 to 35.9 percent in October, according to data released by the Financial Supervision Agency (FSA).
Fitch downgrades Temirbank
(Fitch) - On 23 November, Fitch Ratings has downgraded Kazakhstan-based Temirbank’s Long-term Issuer Default Rating (IDR) to RD (Restricted Default) from CC, thereby resolving the Rating Watch Negative (RWN) on the rating.
Temirbank defaults on debt; seeks restructuring (SRI)
ENERGY:
Ten years to develop Kazakh Block N oil, gas - ConocoPhillips COO (Dow Jones)
BUSINESS AND ECONOMY:
Kazakhstan: Battle over flagship bank illustrates volatile mix of business and politics
(EurasiaNet) - The erstwhile flagship of Kazakhstan’s banking sector, BTA Bank, is wrapping up a turbulent year: embattled by the credit crunch, dogged by allegations of massive fraud, nationalized under duress and forced to default on its debts.
Customs Union with Russia offers access - Deputy Trade Minister (Dow Jones)
Russia, Belarus, Kazakhstan to seal Customs Union deal (RIA Novosti)
Kazakhstan exported nearly 3 mln tonnes of grains (AgriMarket.Info)
National Bank of Kazakhstan: Exchange rates November 24, 2009 (Kazakhstan Today)
Indicators - November 24, 2009 (Reuters)
POLITICS:
30 percent of Kazakh residents unaware of opposition consolidation (Interfax)
Kazakhstan to hold forum of OSCE NGO leaders in Astana (Interfax)
City dwellers still sympathize with the ruling party (Interfax)
Kazakhstan Business and Economy Roundup - November 25, 2009
Non-performing loans rise again in October - FSA (SRI)
Fitch downgrades Temirbank (Fitch)
Kazakhstan: Battle over flagship bank illustrates volatile mix of business and politics (EurasiaNet)
Customs Union with Russia offers access - Deputy Trade Minister (Dow Jones)
Russia, Belarus, Kazakhstan to seal Customs Union deal (RIA Novosti)
Kazakhstan exported nearly 3 mln tonnes of grains (AgriMarket.Info)
National Bank of Kazakhstan: Exchange rates November 24, 2009 (Kazakhstan Today)
Indicators - November 24, 2009 (Reuters)
Kazakhstan Energy Roundup - November 25, 2009
Ten years to develop Kazakh Block N oil, gas - ConocoPhillips COO (Dow Jones)
Kazakhstan Politics Roundup - November 25, 2009
30 percent of Kazakh residents unaware of opposition consolidation (Interfax)
Kazakhstan to hold forum of OSCE NGO leaders in Astana (Interfax)
City dwellers still sympathize with the ruling party (Interfax)
Non-performing loans rise again in October - FSA
(SRI) - The share of non-performing loans in the Kazakh banking sector increased from 34.7 to 35.9 percent in October, according to data released by the Financial Supervision Agency (FSA).
Kazakhstan Daily News Roundup - November 24, 2009
HEADLINES:
Temir bank defaults on debt; seeks restructuring
(SRI) - Temirbank, Kazakhstan’s tenth largest bank, has defaulted on its debt and became the fourth Kazakh lender to seek restructuring this year, the bank said in a statement on Monday.
FSA orders Astana Finance to cut stakes in subsidiaries
(SRI) - Kazakhstan’s Financial Supervision Agency (FSA) has ordered Astana Finance to decrease its stakes in its banking and insurance subsidiaries until it reaches a restructuring deal and boosts its regulatory capital.
Russia and Kazakhstan sign agreements on oil and power transit
(SRI) - Russia and Kazakhstan have concluded agreements on oil transit and the parallel operation of the two countries’ power grids, according to media reports. The deals were signed November 20 by Russian Energy Minister Sergei Shmatko and his Kazakh counterpart Sauat Mynbayev.
ENERGY:
Russia, Kazakhstan in talks on Samsun-Ceyhan oil pipeline (Interfax)
IBC, Kazatomprom advance talks on strategic nuclear energy initiatives (Oil Week)
BUSINESS AND ECONOMY:
BTA Bank seeks early loan payments amid fight with ex-managers
(Bloomberg) - BTA Bank, the largest Kazakh lender to default this year, has asked borrowers to repay billions of dollars ahead of schedule as it struggles to collect on loans made by previous management.
Kazakh central bank to consider rate cuts in Q1 2010 - deputy chairman (Reuters)
Kazakh credit risk drops most in world as oil revives economy (Bloomberg)
Kazakhstan economy may grow 3 percent in 2010 - Minister of Finance (Reuters - Forbes)
Kazakh PM sees GDP growth; seeking foreign investment (Dow Jones)
Kazakhstan, China discussed listing of Kazakhstan companies on Hong Kong Stock Exchange (Kazakhstan Today)
Sturgeon Capital moves to Malta (Malta Independent)
National Bank of Kazakhstan: Exchange rates November 24, 2009 (Kazinform)
Indicators - November 23, 2009 (Reuters)
MINERAL RESOURCES:
SSGPO to ship 6.7 million tons of iron ore to China in 2009 (Interfax)
POLITICS:
Uzbekistan closes border with Kazakhstan (Reuters)
Kazakhstan to allocate $50 million to train Afghan specialists (RIA Novosti)
Kazakh president to visit Belarus (TREND)
SOCIETY:
Kazakhs pledge $22 million for Astana cycling team (AP)
Kazakhstan climbs 25 points in corruption perception ranking - Transparency International (Interfax)
Kazakh special services deny arrest of “uranium case” investigation team (Interfax)
Dialogue between Kazakh authorities and NGOs guarantee of stability - First Vice Prime Minister (Interfax)
REGIONAL:
Untapped energy riches of Uzbekistan (Stockhouse)
Azerbaijan threatens force over Nagorno-Karabakh (AP)
U.S. legislators launch congressional caucus on Central Asia (EurasiaNet)
CALL FOR PAPERS:
Call for papers: OGEL special issue on “Kazakhstan Energy”
Oil, Gas and Energy Law Intelligence (www.ogel.org) invites submissions for a Special issue covering energy issues in Kazakhstan. The guest editor for this special issue is GRATA Law Firm. See http://www.ogel.org/news.asp?key=198 for more details.
