business and economy
Kazakhstan Business and Economy Roundup - November 6, 2008
Azia Avto to ramp up production by 2010
(SRI) - Azia Avto, Kazakh car manufacturer, will significantly ramp up its annual production, from 20 thousand to 120 thousand cars by the end of 2010.
BTA Bank to increase stake in Belarusian subsidiary
(SRI) - BTA, Kazakhstan’s number one bank, said on Tuesday that it planned to increase its stake in BTA Belarus from current 48.94 percent to 99.29 percent.
Turkey’s ItalGold to establish branches in Kazakhstan
(Today’s Zaman) - One of the leading brands in Turkey’s jewelry sector, ItalGold, is opening new wholesale and retail offices in Kazakhstan.
Kazakh economy must develop in spite of the global financial crisis - president (Interfax)
National Bank of Kazakhstan: Exchange rates November 6, 2008 (Kazinform)
Indicators - November 5, 2008 (Reuters)
Azia Avto to ramp up production by 2010
(SRI) - Azia Avto, Kazakh car manufacturer, will significantly ramp up its annual production, from 20 thousand to 120 thousand cars by the end of 2010.
BTA Bank to increase stake in Belarusian subsidiary
(SRI) - BTA, Kazakhstan’s number one bank, said on Tuesday that it planned to increase its stake in BTA Belarus from current 48.94 percent to 99.29 percent, according to Interfax.
According to the bank’s officials, Belarus’ location, healthy economic environment and active consumer market make it one of the most attractive markets for expansion. Furthermore, Belarus has launched a program to open its borders for foreign investment and privatize state owned assets.
This acqusition will allow BTA to consolidate the Belarusian bank as its subsidiary and pursue a strategy of bringing its market share in Belarus to 5 percent.
Kazakhstan Business and Economy Roundup - November 4, 2008
Fitch affirms Kazakhstan Temir Zholy at BBB (Fitch Rating - Morningstar)
Kazakhstan’s pension savings plans cannot further develop – expert (Interfax)
Representatives of civil aviation of Kuwait to open direct flight Al Kuwait - Astana (Kazakhstan Today)
National Bank of Kazakhstan: Exchange rates November 5, 2008 (Kazinform)
Indicators - November 4, 2008 (Reuters)
Kazakhstan Business and Economy Roundup - November 4, 2008
Kazakhstan pushes banks to sell stakes to government
(Reuters) - Kazakhstan will press banks to raise more capital or accept a partial nationalisation offer as it tries to fend off the impact of the global credit crisis.
Kazakhstan to buy up toxic banking assets
(AP) - The government of Kazakhstan says it will buy up assets from distressed banks in an effort to galvanize the Central Asian nation’s lending sector.
Stress Assets Fund to purchase troubled assets from banks: Prime Minister (Kazinform)
SamrukKazyna Fund presents 19 investment projects (Kazinform)
Air Astana starts flying to Kyrgyz capital Bishkek (Interfax)
Kazakhstan and Kuwait to consider bilateral coop in Astana: Kazakh MFA (Kazinform)
National Bank of Kazakhstan: Exchange rates November 4, 2008 (Kazinform)
Indicators - November 3, 2008 (Reuters)
Kazakhstan Business and Economy Roundup - November 3, 2008
Trade between Kazakhstan and China may reach $15 bl in 2008, Nazarbaev (Interfax)
Kazkommertsbank issues a diamond credit card for super-rich (Guardian)
Senate ratified Kazakhstan-WB agreement on USD 13.4 billion loan for Technologies Commercialization projects (Kazinform)
Kazakh Government proposes mechanisms for crediting real economy (Kazinform)
President of Kazakhstan estimates potential of mutual investments between Russia and Kazakhstan in USD 40 billion (Kazakhstan Today)
National Bank of Kazakhstan: Exchange rates November 1-3, 2008 (Kazinform)
Indicators - October 31, 2008 (Reuters)
Kazakhstan Business and Economy Roundup - October 31, 2008
Collapse narrowly averted after clampdown on borrowing
(Financial Times) - Last year’s dire forecasts of a banking sector collapse in Kazakhstan were never realised. Concerns about the quality of banks’ asset remain but the government has been quick to mobilise the country’s oil wealth to support the sector.
Banking M&A: A little less border crossing
(Financial Times) - Kazakhstan boasts arguably the most sophisticated banking sector in the Commonwealth of Independent States (CIS) and, after several years of triple digit growth, are running out of room.
After the boom
(The Economist) - For almost a decade, oil-rich Kazakhstan has been the economic engine of Central Asia but now the global financial crisis is taking its toll and the Kazakhstani motor is spluttering.
Kazakh leader expects surge in investment with Russia (RIA Novosti)
Putin says Russia, Kazakhstan to emerge from crisis unaffected (Itar-Tass)
India offers to set up fertiliser plant in Kazakhstan (IANS - The Hindu)
National Bank of Kazakhstan: Exchange rates October 31, 2008 (Kazinform)
Indicators - October 30, 2008 (Reuters)
BTA Bank to get USD 2.3 billion capital injection from state
(SRI) - Two days after the Kazakh government announced its intention to take stakes in the country’s most important banks, BTA Bank, the country’s largest bank said that it will receive a cash injection of up to USD 2.3 billion from the government.
Kazakhstan Business and Economy Roundup - October 30, 2008
Three largest banks agree to sell stakes to the government
(SRI) - Three of Kazakhstan’s four largest banks have agreed to sell minority stakes to the government, as the country attempts to fight off the global credit crunch and prevent a systemic collapse of its banking sector.
Kazakh banks’ combined profits down 61.5 percent in first nine months of 2008
(SRI) - The combined net profit of all 36 banks operating in Kazakhstan for the first nine months decreased by 61.5 percent to KZT 71.0 billion (USD 592 million) compared to the same period last year.
Kazakhstan does its own bailing
(Asia Times) - Kazakhstan is discovering the benefits of salting away wealth in the good times as it seeks to survive the global downturn without recourse to foreign aid.
Ansher frontier funds up in October
(HedgeCo.net) - Alternative investor Ansher Holding Limited, which is focused on investments in Central Asia and the Caucasus, has reported their equity long/short hedge fund is up 13% YTD.
National Bank of Kazakhstan: Exchange rates October 30, 2008 (Kazinform)
Indicators - October 29, 2008 (Reuters)
Three largest banks agree to sell stakes to the government
(SRI) - Three of Kazakhstan’s four largest banks have agreed to sell minority stakes to the government, as the country attempts to fight off the global credit crunch and prevent a systemic collapse of its banking sector.
