Category Archives: Uncategorised

Tajikistan makes constitutional changes

FEB. 4 2016 (The Conway Bulletin) -Tajikistan’s Constitutional Court approved changes to the country’s constitution that removed a limit on the number of times that a person can be president. The amendments will mean that Pres. Emomali Rakhmon is now eligible to run for president again at the next election in 2020. He has been in power since the mid-1990s. Tajik lawmakers are also looking into changing the constitution to allow people under the age of 35 to run for president. This would allow Mr Rakhmon’s son to stand in 2020. Analysts have said that Mr Rakhmon is hedging his bets before he decides if he wants to run or not.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 266, published on Feb. 5 2016)

 

Georgia to introduce law that punishes blasphemy

FEB. 2 2016, TBILISI  (The Conway Bulletin)– Georgia took a major step towards introducing a law that will fine people for insulting religion after Parliament’s committee for human rights said that it supported a bill that criminalises blasphemy.

The bill has divided the country, pitting conservative religious groups who say the law is needed to dampen an increase in hate speech against liberal groups who argue the bill will limit free speech.

The parliamentary human rights committee decided that a law was needed to protect all religions from abuse.

Eka Beselia, head of the committee, said that many European countries already have a similar law.

On the streets of Tbilisi, young Georgians generally thought that the law was unnecessary. Otar Babukhadia, 23, a student said: “I think it’s just a popularity contest for the upcoming elections. It won’t affect anything, it’s just a formality.”

The Orthodox Church, a powerful institution in Georgia, issued a statement which said that it was not behind the proposed new law but that it did support fining people for insulting religion.

“Although there are frequent cases of insults and use of hate speech against the Church and its leader, the adoption of such a bill has not been our initiative – neither now nor previously,” it said.

The ruling Georgian Dream is close to the Orthodox Church and Salome Minesashvili, a political scientist at the Georgian Institute of Politics in Tbilisi, said that by introducing this law, which will protect the Church from criticism, the party aims to shore up support ahead of a parliamentary election in October.

“When democracy-linked values clash with traditions, Georgians expect the government to prioritise traditions at the expense of freedom.” she said.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 266, published on Feb. 5 2016)

 

Exchange booth volumes in Kazakhstan

JAN. 29 2016 (The Conway Bulletin) – The volume of sales of US dollars at kiosks in Kazakhstan rose by $600m in December to $1.7b, media quoted government data as showing. The data underlines the lack of confidence that Kazakhs have in the tenge. It has lost half its value in the past 12 months, a drop linked to a fall in oil prices. The 52% rise in US dollar sales in December was likely due to a sudden rise in tenge’s value.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 266, published on Feb. 5 2016)

 

Azerbaijan revokes another banking licence

FEB. 2 2016 (The Conway Bulletin) — Azerbaijan’s Central Bank revoked the licence of Texnikabank, one of the country’s largest lenders, and handed back a licence to NBCBank after it said it was looking at a possible merger with a bigger rival.

The moves are part of a wider plan by the Azerbaijani Central Bank to tighten and strengthen Azerbaijan’s commercial banking sector.

The Central Bank said Texnikabank, one of Azerbaijan’s 10 largest banks by assets, did not comply with the minimum capital requirement of 50m manat ($31.3) and the capital adequacy ratio. Texnikabank became the seventh bank in Azerbaijan to lose its licence in the past few weeks.

It later handed NBCBank back its licence after it said that it had entered into negotiations with KredoBank and ParaBank about a possible merger.

Another commercial bank, Caucasus Development Bank, said it intends to merge with Gunay Bank and Atrabank.

Azerbaijan is trying to deal with the fallout from a sharp drop in the price of oil, its main export. This has hit its economy and its currency, the manat, putting increasing pressure on the banking sector.

There are currently 37 commercial banks operating in Azerbaijan.

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(News report from Issue No. 266, published on Feb. 5 2016)

Georgian President walks about in Pankisi George

JAN. 30 2016 (The Conway Bulletin) – In a PR stunt aimed at knocking down Russian allegations that the radical group IS had set up a training camp in the Pankisi Gorge, Georgian president Giorgi Margvelashvili travelled to the region with the US and EU ambassadors for a walk-about and to talk to locals. Russian foreign minister Sergei Lavrov said in January that the Pankisi Gorge was an IS recruiting ground.

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(News report from Issue No. 266, published on Feb. 5 2016)

 

Kyrgyz CBank should cut spending, says IMF

FEB. 4 2016 (The Conway Bulletin) – Kyrgyzstan’s Central Bank needs to slow its interventions in the currency market in order to avoid depleting its reserves, the IMF said at the end of a mission to Bishkek. The IMF had been on a fact-finding mission ahead of a meeting in April when Kyrgyzstan hopes to extend its borrowing. Its Central Bank has been buying som heavily to support its value.

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(News report from Issue No. 266, published on Feb. 5 2016)

 

Grange builds plant in Armenia

FEB. 4 2016 (The Conway Bulletin) — Pakistani firm Grange Power agreed a deal with Armenia over the construction of a 234 MW gas-fired power station near Vanadzor in northern Armenia.

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(News report from Issue No. 266, published on Feb. 5 2016)

 

Tajikistan pays remittances in somoni

FEB. 3 2016 (The Conway Bulletin) – Tajikistan’s Central Bank ordered all remittances sent from Russia to be paid out in the local somoni currency. The Central Bank said the move was designed to support the somoni. It has lost around a third of its value over the past few months. Remittances to Tajikistan, vital to the economy, are down. Russia is the main source of remittances.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 266, published on Feb. 5 2016)

 

ArcelorMittal cancels second pay rise for Kazakh workers

ALMATY, FEB. 1 2016 (The Conway Bulletin) — ArcelorMittal’s steel factory in Kazakhstan scrapped plans to raise workers’ salaries in June because of worries about continued weak market conditions for its products.

In January, ArcelorMittal increased salaries for its 14,000 workers at its steel plant in Temirtau, central Kazakhstan, by 6.8% and had promised another pay rise of 6.8% six months later, but in a letter to employees Vijay Mahadevan, the factory’s CEO, said that this was not now going to happen.

“Unfortunately, we have not fulfilled our plans for 2015, and therefore will not be able to pay the remainder of the wage increase this year,” he said.

“I know that this news will disappoint you, but no-one would benefit from a salary increase which will only put additional pressure on our company.”

A 50% drop in the value of the tenge and rise in inflation has hit workers’ real wages in Kazakhstan and forced many employers to raise salaries.

ArcelorMittal Temirtau is one of the biggest employers in Kazakhstan. It has had, though, tempestuous relations with its workers over salaries in the past few years and had to make thousands of staff redundant. The factory has added symbolic importance as President Nursultan Nazarbayev worked there before moving into politics.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 266, published on Feb. 5 2016)

China expresses interest in Kazakh Mangistau

FEB. 2 2016 (The Conway Bulletin) – Alik Aidarbayev, head of the Mangistau region of western Kazakhstan, said that only China has expressed serious interest in paying for the construction of a new oil refinery. The Mangistau region has been working on plans to build Kazakhstan’s fourth refinery for years. Mr Aidarbayev’s comments are important because they show both the financial power of China and the relative weakness of Russia. Kazakhstan has been looking to boost its refinery capacity for some time. It currently has three refineries.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 266, published on Feb. 5 2016)