SEPT. 29 2014 (The Conway Bulletin) – Kazakhstan’s grain harvest is likely to top 17m tonne this year, media quoted the Kazakh agriculture ministry as saying. This is slightly down on 2013 but is more or less in line with early predictions. Grain has become an important commodity for Kazakhstan.
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(News report from Issue No. 202, published on Oct. 1 2014)
SEPT. 29 2014 (The Conway Bulletin) – The European Bank for Reconstruction and Development (EBRD) has agreed to lend Kazakhstan’s railway company $165m as part of its upgrade plan, media reported. This is important because it shows that Kazakhstan continues to attract investment despite declining economic growth rate predictions.
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(News report from Issue No. 202, published on Oct. 1 2014)
SEPT. 30 2014 (The Conway Bulletin) – Doctors and nurses are being forced to work in fields picking the cotton harvest this year, various media have reported quoting human rights workers. Uzbekistan has come under increased criticism for using forced labour to pick its cotton harvest each year. The Uzbek government has not responded.
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(News report from Issue No. 202, published on Oct. 1 2014)
SEPT. 30 2014 (The Conway Bulletin) – On a trip to Yerevan, Greece’s president Karolos Papoulias and Armenia’s president Serzh Sargsyan agreed to expand economic relations.
The statement was short on detail and mainly forgettable, if it wasn’t for the timing. The visit by President Papoulias to Armenia comes less than a month after Greece’s parliament agreed to make denial of the alleged genocide by Ottoman Turks against the Armenians a crime.
For Armenia, persuading Greece to take this line was a major success. Some countries, such as France, do formally recognise the Armenian genocide but Greece is only the third country to make it illegal to deny that the genocide took place.
Switzerland and Slovakia have also made it illegal to deny the Armenian genocide. France is considering a similar law.
Turkey denies genocide and says instead that Armenians died in fighting between the two sides towards the end of the First World War.
Relations between Armenia and Turkey and are still strained and the border between the two neighbours is closed.
Of course, relations between Turkey and Greece are also strained making a deal between Armenia and Greece natural.
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Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 202, published on Oct. 1 2014)
SEPT. 24 2014 (The Conway Bulletin) – The closure of the US airbase at Manas outside Bishkek earlier this year is already having a knock-on effect on the local economy, the eurasianet.org website reported. It its story, eurasianet.org reported that around 2,000 Kyrgyz truck drivers were now out of a job because of the closure.
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Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 202, published on Oct. 1 2014)
SEPT. 24 2014 (The Conway Bulletin) – On a trip to Ashgabat, the head of the Azerbaijani state energy company SOCAR Rovnag Abdullayev met with Turkmen president Kurbanguly Berdymukhamedov, media reported. The visit was rare for a senior Azerbaijani official and, perhaps, indicates the improved relations between the two Caspian Sea states.
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(News report from Issue No. 202, published on Oct. 1 2014)
SEPT. 29 2014 (The Conway Bulletin) – Attending a meeting of the heads of the five Caspian Sea littoral stares, Azerbaijani President Ilham Aliyev called on the military balance around the sea to be balanced, media reported. The Caspian Sea has been the focus of heated arguments over ownership.
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Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 202, published on Oct. 1 2014)
SEPT. 29 2014 (The Conway Bulletin) – Tajik president Emomalii Rakhmon will visit the city of Khorog in the east of the country for the first time since fighting between local forces and government soldiers in 2012, officials said.
The visit is, officially, part of countrywide tour by Mr Rakhmon but his trip to Khorog will also be seen as a show of strength in the troublesome area. Few would have been surprised if Mr Rakhmon had chalked the city off his tour. It remains a bastion of anti-government opposition where armed groups opposed to the regime in Dushanbe enjoy support from the local population, mostly ethnic Pamiris that have felt shortchanged ever since Mr Rakhmon’s political faction claimed victory in a five year civil war.
For much of the country’s first two decades of independence, Khorog was relatively stable. But a military operation launched by the government against local powerbrokers in July 2012 shattered the calm in the city. Both government and opposition forces suffered heavy losses.
In May this year, another smaller scale operation saw government agents kill three Khorog residents suspected of drug-smuggling, triggering two days of rioting.
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Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 202, published on Oct. 1 2014)
SEPT. 29 2014 (The Conway Bulletin) – Despite a World Bank report tentatively giving backing to Tajikistan’s Rogun Dam, Uzbekistan foreign minister Abdulaziz Kamilov used a speech at the UN to underline his country’s continued opposition to the project. Increased tension between Uzbekistan and Tajikistan over the dam is an important issue to monitor.
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Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 202, published on Oct. 1 2014)
SEPT. 30 2014 (The Conway Bulletin) – Shares in Kazkommertzbank have nose-dived since it bought a stake in BTA Bank from the Kazakh government.
By the end of September, shares in KazKom, as the bank is commonly known, traded at $1.65 on the Kazakh Stock Exchange, down by 37.5% since July when it completed buying nearly half of BTA.
Analysts said the drop highlighted the toxic nature of BTA’s bad debt portfolio and a drop in profit. KazKom said profit for the first half of 2014 was down by 6%.
A source from the banking industry said: “Most bad loans are with BTA which is unable to recover them from its debtors. This entails a huge cost.”
Mountains of bad debt still holds back Kazakhstan’s financial sector, a legacy of the Global Financial Crisis of 2008/9 when the government had to buy up a handful of banks. One of these was BTA Bank.
At the end of last year, the Kazakh government said it wanted to sell its shares in government-owned banks.
Kenes Rakishev, a young Kazakh businessman with strong links to the elite and KazKom, controlled by the London- based businessman Nurzhan Subkhanberdin agreed in February to buy the bank. At the time, sources with knowledge of the Kazakh finance centre said buying BTA Bank made no business sense for KazKom. Instead, they said, it was a political move by Mr Subkhanberdin to win favour.
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Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 202, published on Oct. 1 2014)
