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India wants to boost cotton imports from Kazakhstan

APRIL 20/21 2017 (The Conway Bulletin) — At a meeting in the south Kazakh city of Shymkent, Kazakh and Indian officials pledged to increase cooperation in the cotton trade. Indian businessmen said that they wanted to increase the supply of cotton from Kazakhstan. Kazakhstan has been trying to develop its cotton sector over the past few years in a drive to move away from rely too heavily on the oil and gas sector.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 326, published on April 28 2017)

Kazatomprom not impacted by bankruptcy, says agency

APRIL 26 2017 (The Conway Bulletin) — Kazatomprom, Kazakhstan’s nuclear agency, said that it wouldn’t be affected by the bankruptcy last month of Toshiba’s US unit Westinghouse Electric because it had organised an option to sell its 10% stake back to Toshiba at the price it bought it for. Kazatomprom, the world’s biggest uranium miner, bought a 10% stake in Westinghouse in 2007 for $540m. Westinghouse filed for bankruptcy last month after cost overruns at four nuclear reactors it was building in the US.

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(News report from Issue No. 326, published on April 28 2017)

ADB loans $80m for rail upgrade in Uzbekistan

APRIL 24 2017 (The Conway Bulletin) — The Asian Development Bank (ADB) approved an $80m loan earmarked for the electrification of a 145km stretch of railway in Uzbekistan’s Ferghana Valley. Uzbekistan has been attracting more lending and investment from international financial institutions since Shavkat Mirziyoyev took over as president in September last year.

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(News report from Issue No. 326, published on April 28 2017)

Currencies: Kazakh tenge and Azerbaijani manat

APRIL 28 2017 (The Conway Bulletin) — Softer oil prices have pushed down the value of the Kazakh tenge and the Azerbaijani manat. The tenge is now trading at 313.8/$1, its lowest value since March and the manat is trading at 1.665/$1, a two week low.

Oil has come off a high on April 11 of $56.23/barrel to be trading at around the $51/barrel mark. The main driver of the dip in oil prices is geopolitical concerns over US intervention in Syria and the spike in tension around the Korean peninsular. Both Azerbaijan and Kazakhstan are price takers and will have to settle for whatever the geopolitical machinations hand them.

On the equities front, it has been a very good fortnight for TBC Bank. It has ragreed a $100m loan from the EBRD to implement the so- called Deep and Comprehensive Trade Agreement with the EU. This is designed to boost trade between Georgia and the EU. TBC Bank’s share price has risen by around 20% this year and analysts are positive.

“Looking ahead, TBC Bank is expected to record a rise in its bottom line of 8% this year, followed by further growth of 14% next year,” said share analyst The Motley Fool. “When combined with its relatively low P/E ratio, this puts it on a PEG ratio of only 0.8. This suggests that more share price growth could be ahead for the company.”

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(News report from Issue No. 326, published on April 28 2017)

Wizz Air numbers to Georgia rocket

APRIL 24 2017 (The Conway Bulletin) — Wizz Air, the Budapest-based low- cost airline, said that it had carried 100,000 people to Georgia in the first six months it operated flights to the Georgian city of Kutaisi. It also said that passenger numbers had risen by 200% in the first quarter of 2017. Wizz Air open its route from Kutaisi to Warsaw in September 2016 . This year it also expects to start operating a route between Kutaisi and London Luton airport. Air passenger numbers travelling to and from Georgia have rocketed leading international airlines to increase flights or set up new routes to either Kutaisi or Tbilisi.

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(News report from Issue No. 326, published on April 28 2017)

Uzbek authorities close internet cafes

APRIL 21 2017 (The Conway Bulletin) — Uzbekistan’s security services raided internet cafes across the country in an apparent attempt to clampdown on extremist networks, the Eurasianet website reported. Eyewitnesses said that it looked as if the security services were searching through log books and databases looking for signs that extremists had been using internet cafes to spread propaganda. Central Asian governments are under pressure to do more to hit extremist networks after an Uzbek and a Kyrgyz were accused of attacks in Istanbul and St Petersburg this year.

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(News report from Issue No. 326, published on April 28 2017)

Kazakhstan to close Radiotochka

APRIL 19 2017 (The Conway Bulletin) — Radiotochka, one of the few remaining independent media outlets in Kazakhstan, will close because of a combination of financial and political pressure. Last year its editor, Bigeldy Gabdullin, was arrested for extorting bribes from officials. His deputy editor fled the country shortly afterwards.

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(News report from Issue No. 325, published on April 17 2017)f

 

Armenian boosts cheese-making

APRIL 19 2017 (The Conway Bulletin) — Spayka, an Armenian industrial and transport conglomerate with strong links to the elite, said that it intends to boost its food manufacturing department with a $70m investment in cheese-making. Specifically, Spayka said that it planned to create 300 jobs and export cheese to other countries in the South Caucasus and to Russia. Armenia is looking for ways to boost its economy after a sharp downturn in 2014-16.

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(News report from Issue No. 325, published on April 17 2017)

China agrees to buy 51% of car maker in Kazakhstan

APRIL 12 2017 (The Conway Bulletin) — Chinese investment company SMS agreed to buy a 51% stake in Kazakh car-maker Allur, the company said in a press release. The press release didn’t say how much SMS was going to pay for its stake or when the transaction would take place. Allur is one of the biggest car- makers in Kazakhstan and owns stakes in the SaryarkaAvtoProm and Agromash factories. Kazakhstan’s car manufacturing sector has been hard hit by the economic slowdown.

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(News report from Issue No. 325, published on April 17 2017)f

Armenia and Turkey’s version of century-old killings face-off in rival films

YEREVAN, APRIL 17 2017 (The Conway Bulletin)  — It has been billed as the Battle of the Big Screen.

Two films, one produced with Armenian backing and the other with Turkish money, are going head-to- head to deliver the propaganda results asked for by their paymasters over fighting and killings in eastern Turkey 100 years ago.

Armenia accuses Turkey of genocide and the systematic murder of hundreds of thousands of Armenians at the end of the First World War. Turkey has always refuted the charges and said that the deaths of the Armenians were linked to general fighting and chaos as the Ottoman Empire collapsed.

Armenia’s government has been on a mission to persuade various governments to recognise the killings as a genocide. Many have, possibly motivating Armenia to switch its focus to foreign audiences.

This appears to be the driving motivation behind ‘The Promise’ which is released worldwide on April 28. And it’s been heavily-backed with a cast including Christian Bale, Charlotte Le Bon and Oscar Isaac. The story starts off in Istanbul in 1915 with the arrest of Armenian intellectuals. Bale plays an American reporter who is swept up in the action, heading out to eastern Turkey, witnessing murders by Turkish soldiers.

Despite its powerful cast and $100m budget, ‘The Promise’ has received mixed reviews, although perhaps the message that its backers were aiming to project gets through.

Peters Travers from Rolling Stone wrote: “Director Terry George delivers a scalding dramatization of the Ottoman Empire’s 1915 genocidal annihilation of its Armenian citizens, and then dulls it with a soapy, invented love triangle.”

But it’s the audience reaction which has been more telling and triggered more controversy.

Media reported that in October 2016, after only three small pre-re- lease screenings, the IMDb website said that around 86,000 people had rated the film with heavily polarised results. IMDb said that 55,126 voters had given the film a one star and 30,639 had given the film 10 stars.

In an interview with the Sunday Times Mr George, director of ‘The Promise’ said that he thought that the Turkey-funded ‘The Ottoman Lieu- tenant’ had been commissioned and produced to derail the impact of his film. It focuses on the same historical era and also features a strong cast, including Ben Kingsley and Michiel Huisman. It painted the killings of Armenians as the accidental consequence of war.

Like its rival film ‘The Promise’, ‘The Ottoman Lieutenant’ also attracted equal measures of praise and disgust from online audience reviewers.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 325, published on April 17 2017)