Tag Archives: business

Kazakhstan’s stock lists Magnum’s bond

MAY 27 2016 (The Conway Bulletin) — KASE, Kazakhstan’s stock exchange, said it listed 10-year bonds issued by Magnum Cash & Carry, a chain of discount stores in Kazakhstan. The total issue amounted to 33b tenge (around $100m), one-third of the amount that Magnum plans to issue in the short term to finance its expansion in the country. In May 2014, Kenes Rakishev, son-in-law of Kazakhstan’s defence minister and closely-linked to the elite, bought a minority share in the company.

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(News report from Issue No. 283, published on June 3 2016)

KazKom buys back bonds

JUNE 2 2016 (The Conway Bulletin) — Kazkommertsbank, Kazakhstan’s largest lender, said it had bought back part of its outstanding bonds, spending around $35m in total. In May, CEO Kenes Rakishev had said the bank was ready to repurchase as much as $500m in outstanding bonds. After the latest transaction, KazKom has to pay back around $522m from two bond issues due later this year and €392m ($437m) due in February 2017.

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(News report from Issue No. 283, published on June 3 2016)

Georgia’s city develops

MAY 20 2016 (The Conway Bulletin) — House in Alley, a local development company, said it will build a new hotel in Batumi, a resort town on Georgia’s Black Sea coast. The company said the new hotel, which will cost 18m lari ($8.4m), will hold 105 rooms. The new hotel is part of the government-supported project to improve the area around the Heroes Alley in central Batumi. Batumi is Georgia’s top resort town.

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(News report from Issue No. 282, published on May 27 2016)

Turkmenistan to import S Korean buses

MAY 20 2016 (The Conway Bulletin) — Turkmenistan will import South Korea-made passenger buses, in an effort to boost economic cooperation. President Kurbanguly Berdymukhamedov and Kim Wee- Chul, CEO Hyundai Engineering, signed the agreement in Ashgabat. In 2013, Hyundai Engineering had completed construction work at a processing plant near Galkynysh, the largest gas field in the country.

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(News report from Issue No. 282, published on May 27 2016)

Kazakh electricity company eyes up CASA-1000

MAY 20 2016 (The Conway Bulletin) — KEGOC, a state-owned electricity distributor in Kazakhstan, said it would be open to exporting electricity to Afghanistan and Pakistan through the CASA-1000 line. The CASA-1000 project is scheduled for completion by 2020.

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(News report from Issue No. 282, published on May 27 2016)

Kyrgyzstan to transfer Chinese factories

MAY 22 2016 (The Conway Bulletin) — Kyrgyzstan’s foreign minister Yerlan Abdyldayev said he is negotiating the transfer of several Chinese factories to the Central Asian country over the next few years. Mr Abyldayev sees this development as a potential boost for Kyrgyzstan’s industrialisation. Kyrgyzstan’s economy is heavily reliant on remittances from abroad, which have shrunk in the past 18 months due to a recession in Russia.

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(News report from Issue No. 282, published on May 27 2016)

Azerbaijan’s oil company cuts costs

MAY 25 2016 (The Conway Bulletin) — Azerbaijan’s state-owned oil company SOCAR said it had closed three of its representative offices abroad, in an attempt to cut costs during a period of sustained low oil prices. Rovnag Abdullayev, SOCAR’s CEO said the company shut offices in Switzerland, Belgium and Germany. Importantly, these are just the representative offices, the offices of SOCAR’s subsidiaries will remain open. SOCAR is one of Azerbaijan’s biggest brands. For it to close offices means that the government is feeling the pinch economically.

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(News report from Issue No. 282, published on May 27 2016)

Azerbaijan’s oil company to build new refinery

MAY 23 2016 (The Conway Bulletin) — SOCAR, Azerbaijan’s state-owned oil company, said it will build a new oil refinery in Kulevi, on Georgia’s Black Sea coast, near its existing oil terminal. SOCAR said it has agreed with Georgian authorties to build the plant by the end of 2019. The refinery will cost $120m to build and will have a capacity of 2m tonnes/year.

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(News report from Issue No. 282, published on May 27 2016)

Armenia to receive arms from Russia

MAY 22 2016 (The Conway Bulletin) — Hovik Abrahamyan, Armenia’s PM, said Russia had started delivering arms as part of a deal worth $200m. The arms deal was announced a few days after Armenian leader Serzh Sargsyan and Azerbaijani president Ilham Aliyev met for the first time since fighting broke out between the two neighbours around the disputed region of Nagorno-Karabakh in April.

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(News report from Issue No. 282, published on May 27 2016)

Batumi’s other poorer and dislocated side

BATUMI/Georgia, MAY 27 2016 (The Conway Bulletin) — With its palm tree-lined boulevards, this city on the Black Sea coast is Georgia’s best known tourist destination.

It has boomed over the past decade and will soon host the world’s sixth largest hotel in the form of the 45-storey Twin Tower.

But there is a darker side.

On the outskirts of Batumi, several thousand people live in dilapidated barracks. Since October 2012, migrants and socially deprived people have been living in an abandoned Russian military base, now one of the biggest shantytowns in Georgia.

Its dwellers call it Ocnebis Kalaki. In English, this means Dream Town. It is a joke, a dark joke.

Water is available for only a few hours a day, there are frequent power cuts, gas is not provided and a rudimental sewage system increases the risk of infections and diseases.

Most of the families live in very small, poorly-built rooms. A family of eight share a two-room shack made out of wood, cement-asbestos, metal sheets and cardboard.

These people live on the fringe of Georgian society.

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(News report from Issue No. 282, published on May 27 2016)