Tag Archives: economy

Workers strike in west Kazakhstan

JUNE 19 2014 (The Conway Bulletin) – Workers at an oil services company that supplies equipment to the Kashagan oil project in the Kazakh sector of the Caspian Sea have gone on strike, media reported.

Since a strike by oil workers in west Kazakhstan ended in 2011 in clashes with police and 15 people being killed, the authorities have been ultra-sensitive to industrial action, so news that workers have walked out of Tuplar Energy Serves Company (TESCO) complaining of late salary payments will frustrate them.

TESCO have responded that their main client, the Australian company WorleyParsons hasn’t paid their invoices on time. WorleyParsons hasn’t commented.

The importance of this latest strike action in west Kazakhstan is not who is ultimately responsibly, no doubt lawyers will thrash this out, but the impact on the local community. If people aren’t working and aren’t being paid that means less cash in the local economy, increasing frustration and resentment of the increasingly rich political elite.

One disgruntled worker told the lada.kz news website: “I came here to work and establish a family, now I can’t find another job, the company hasn’t paid me for six months and the banks are pressuring me about my mortgage.”

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 190, published on June 25 2014)

 

 

Bread price rises in Kazakh city

JUNE 20 2014 (The Conway Bulletin) – The price of a loaf of bread has increased in Pavlodar, north Kazakhstan, to 60 tenge from 47 tenge, media reported. The price rise is just the latest in Kazakhstan. Creeping inflation, triggered by supply line problems and utility price rises, threaten to cause social tension.

ENDS

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(News report from Issue No. 190, published on June 25 2014)

 

Kyrgyzstan OKs Kumtor plan

JUNE 13 2014 (The Conway Bulletin) – After a six month delay, Kyrgyzstan approved a business plan for Centerra Gold’s Kumtor mine in the east of the country. The approval narrowly beat a deadline set by Toronto-listed Centerra Gold which had threatened to close the mine for the year. Kumtor is Kyrgyzstan’s single biggest industrial operation.

ENDS

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(News report from Issue No. 189, published on June 18 2014)

 

Inflation rising in Kyrgyzstan

JUNE 16 2014 (The Conway Bulletin) – Inflation in Kyrgyzstan will almost certainly double this year to around 8%, Tolkun Abdygulov, head of the Central Bank, said. Increasing inflation could agitate people in Kyrgyzstan. Mr Abdygulov also said that the Central Bank had spent $198m trying to prop up the Kyrgyz national currency.

ENDS

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(News report from Issue No. 189, published on June 18 2014)

 

Azerbaijan to buy reminbi

JUNE 10 2014 (The Conway Bulletin) – Azerbaijan’s sovereign wealth fund (Sofaz) will buy $1.8b of renminbi, China’s currency, this year, Shahmar Movsumov, Sofaz CEO, told the FT. Mr Movsumov’s statement underlines both the rise of the renminbi and the growing status of Sofaz as an investor.

ENDS

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(News report from Issue No. 189, published on June 18 2014)

Potato prices rise in Kazakhstan

JUNE 14 2014 (The Conway Bulletin) – The price of potatoes in Kazakhstan has roughly doubled because of a shortage, media reported.This is important because food price spikes can generate discontent. Earlier this month, bread price increased in south Kazakhstan.

ENDS

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(News report from Issue No. 189, published on June 18 2014)

Transport price rises in Uzbek city

JUNE 16 2014 (The Conway Bulletin) – The price of tickets on Tashkent’s bus, tram, trolleybus and metro systems increased by 20% on June 15 because of a rise in petrol prices, media reported. Petrol prices have been rising across Uzbekistan, frustrating locals. The Uzbek government sets petrol prices.

ENDS

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(News report from Issue No. 189, published on June 18 2014)

 

Tajik and Kyrgyz migrant worker flow to Russia falls

JUNE 17 2014 (The Conway Bulletin) – The number of migrants entering Russia for work has fallen by 20% this year because of strict new rules, Konstantin Romodanovsky, head of the Russian Federal Migration Service, said. This is important to Tajikistan and Kyrgyzstan whose economies rely most heavily on remittances from Russia.

ENDS

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(News report from Issue No. 189, published on June 18 2014)

Tajik police target prostitutes

JUNE 13 2014 (The Conway Bulletin) – The authorities in Dushanbe arrested 505 women for prostitution, AFP reported, a move that highlighted Tajikistan’s illegal sex industry. Radio Free Europe/Radio Liberty (RFE/RL) reported a 25% increase in women working as prostitutes this year. Most of these women, RFE/RL said, were driven to prostitution by poverty.

ENDS

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(News report from Issue No. 189, published on June 18 2014)

Kazakhstan drops tax on FDI

JUNE 15 2014 (The Conway Bulletin) – Kazakhstan will waive corporation and land tax for 10 years for foreign investors outside its energy industry, Kazakh President Nursultan Nazarbayev said.The initiative is part of a drive to try and attract investors back to Kazakhstan. Rampant corruption and a flatlining economy have deterred some investors.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 189, published on June 18 2014)