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US Senators want Trump Azerbaijan deal probe

MARCH 30 2017 (The Conway Bulletin) — US Senators asked for an official investigation into a hotel deal US President Donald Trump made in Azerbaijan which they suspect may have exposed him, indirectly, to illegal contact with the Iranian Revolutionary Guard.

The deal, made before Mr Trump became US President earlier this year, involved Anar Mammadov, son of Ziya Mammadov. Ziya Mammadov used to be Azerbaijan’s transport minister and one of the most powerful people in the country. He had a reputation, though, for corruption and also for being linked to the Iranian Revolutionary Guard.

As well as possibly being tarnished by association with corruption allegations linked to the Mammadovs, Mr Trump may also have indirectly exposed himself to dealing with the Iran Revolutionary Guard, an organisation still covered by US sanctions. The Senators requested the investigation via the Senate’s Foreign Relations, Banking, and Judiciary committees which then sent on the request to the Attorney General, Jeff Sessions, the Treasury Secretary, Steven Mnuchin, and FBI director, James Comey. They have yet to respond.

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(News report from Issue No. 323, published on April 6 2017)

Housing scheme kicks off boom in Kazakhstan

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MARCH 28 2017 (The Conway Bulletin) — In the first two months of the year, 18,000 new apartments were built in Kazakhstan, a 23% increase on the same period in 2016, media reported quoting official statistics. The increase is driven by the government housing building scheme unveiled last year called Nurly Zher. The scheme is part- political, part-economic in its aims which are to build homes for 1.5m families over the next 15 years and also to lift the country’s flatlining economy.

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(News report from Issue No. 323, published on April 6 2017)

Uzbek government spies on exiles

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MARCH 31 2017 (The Conway Bulletin) — Uzbekistan’s security forces are spying on exiled Uzbeks across Europe in order to intimidate and create a climate of fear, the London- based human rights organisation Amnesty International said in a new report. It accused the Uzbek government of creating a Soviet-like atmosphere of fear and repression inside and outside Uzbekistan.

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(News report from Issue No. 323, published on April 6 2017)

China wants to invest in cement production in Uzbekistan

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MARCH 28 2017 (The Conway Bulletin) — China’s Anhui Conch Cement Co. said that it wanted to invest in a 2m tonne/year cement plant in Uzbekistan because of the improve economic conditions in the country. Cement production has become big business in Uzbekistan with Chinese, Turkish and Russian companies all setting up production there, but if Anhui Conch did build a 2m tonne capacity plant it would be one of the biggest, if not the biggest, in the country.

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(News report from Issue No. 323, published on April 6 2017)

Armenian investors set up IT projects

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MARCH 29 2017 (The Conway Bulletin) — A group of Armenian investors have set up a fund to help kick-start IT projects, media reported, boosting Armenia’s reputation as the IT hub of the South Caucasus/Central Asia region. Reports said that the fund was looking to sponsor 10 start-ups with $200,000 each. Armenia’s government has been encouraging the development of an IT sector. It has made deals with Microsoft and an Armenian-US company produces smartphones and tablets in the country.

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(News report from Issue No. 323, published on April 6 2017)

Stock Market: Nostrum

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MARCH 27 2017 (The Conway Bulletin) — Nostrum, the London-listed oil company with assets in Kazakhstan, saw its share price fall 11% to 416p, its lowest price since the start of the year, after full year results for 2016 showed a sharp fall in revenues.

It said that revenue was down by $100m to $348m because of sustained low oil prices. Its chairman, Frank Monstrey, said that 2016 had been one of the most difficult years on record although cost cutting had reduced losses.

“Nostrum has not wavered during one of the most challenging years for the oil and gas industry in over a decade,” he was quoted as saying by media. “We have navigated 2016 with caution and great care to ensure our vision remains intact.”

Nostrum has been one of the best performing Central Asia/South Caucasus stocks this year, surging to an 18-month high of 518p at the start of March.

A drop in oil prices and the tough trading figures from 2016 put a dampener on this buy analysts are still backing it.

Brokerage Credit Suisse gave the Nostrum stock an ‘outperform’ rating with a target price of 535p for this year.

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(News report from Issue No. 322, published on March 27 2017)

Condor restarts oil wells in Kazakhstan

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MARCH 22 2017 (The Conway Bulletin) — Canada-based Condor Petroleum resumed production at its oil wells in Kazakhstan in the second half of last year, it said in a full-year trading update, around 15 months after it cut production because oil prices had dropped too low to make it economical. Combined output from these two fields, Shoba and Taskuduk, is tiny at 588 barrels per day but it does indicate a renewed confidence in the Kazakh oil sector. Also in Kazakhstan, Condor has applied to extend its exploration licence over the Zharkamys exploration area which officially expired at the end of last year.

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(News report from Issue No. 322, published on March 27 2017)

Georgian parliament overrides presidential veto

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MARCH 23 2017 (The Conway Bulletin) — Georgia’s president overrode a veto by President Giorgi Margvelashvili over a bill that will give the government far reaching surveillance powers. Mr Margvelashvili had objected to the bill because he said it was too expensive to create an agency solely to increase surveillance of people suspected of aiding and abetting terrorism and also of criminals. He also said, and this was possibly his main point, that it was unclear if the new agency would be independent. Relations between Mr Margvelashvili and the Georgian Dream government are strained.

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(News report from Issue No. 322, published on March 27 2017)

Turkmen president changes Ashgabat Games logo

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MARCH 26 2017 (The Conway Bulletin) — Turkmenistan’s President Kurbanguly Berdymukhamedov apparently ordered a redesign of the official mascot of the Asian Indoor and Martial Arts Games, a shepherd’s dog named Wepaly, that Ashgabat is hosting in September after deciding that it gave out the wrong image.

Only two weeks after his official introduction as the mascot of the Games, the green dog with the face tattoo and the slightly confused, baffled look has been replaced by a white eager-looking dog wearing a traditional sheepskin hat.

In a long explanation of the new Wepaly’s attributes released on a state-run website, an official wrote that the alabai dog had been chosen as the Games’ mascot because it had always been man’s best friend, standing guard over flocks of sheep and homes.

“Wepaly is sincere, fair, acts decisively and always overcomes the enemy. He is a brave, strong-willed, fearless character and will be an inspiring example for the triumphs of Turkmen athletes,” the state-run news agency wrote. Wepaly means true in Turkmen. Wepaly is then shown playing a series of sports from chess to Thai boxing to football.

The Asian Indoor and Martial Arts Games is the opportunity that President Berdymukhamedov has been looking for to showcase Turkmenistan. Sports events are increasingly used by leaders in Central Asia and the South Caucasus. Azerbaijan has hosted the inaugural European Games, will stage its second F1 Grand Prix later this year and has been chosen to hold matches for the 2020 European football championships.

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(News report from Issue No. 322, published on March 27 2017)

Economic activity picks up in Armenia but deflation lingers

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YEREVAN, MARCH 27 2017 (The Conway Bulletin) — Armenia’s economic activity barometer, considered to be a key indicator of future growth, increased by 6.2% in the first two months of the year compared to the same period in 2016, the National Statistics Agency said (March 20).

The data comes at just the right time for the ruling Republican Party which is looking to increase it support among voters ahead of a parliamentary election on April 2.

The growth in economic activity, though, was uneven. The growth came in industry and services. Agri- culture was stagnant and the important construction sector fell by 13.8%.

Armenia’s economy has been limping along since 2015 and deflationary pressure has become a major concern for policy makers. Over January and February, the statistics agency said that deflation had measured 0.4%.

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(News report from Issue No. 322, published on March 27 2017)