Tag Archives: Kazakhstan

Kazakh President scraps land reforms after protests spread

MAY 5 2016, ALMATY (The Conway Bulletin) — Kazakh President Nursultan Nazarbayev bowed to public pressure and agreed to scrap unpopular land reforms which had sparked protests across the country.

Four days earlier, in a speech broadcast on national television, Mr Nazarbayev appeared determined to see off protests which had spread from Atyrau in west Kazakhstan, to Semey in the east and Kyzylorda in the south. He described the protesters as saboteurs who risked wrecking the country.

But with more protests planned, a clearly shaken Mr Nazarbayev told his government on Thursday that the plans would be delayed from their initial introduction on July 1 until the start of next year and, even then, only if the public agreed with the plans.

“The mechanisms and rules of the adopted law were not widely discussed with the public. The anxiety and concerns of the people are justified in many ways,” he said, according to a video posted on Facebook by his press office.

Analysts will either interpret this climb down as a humiliation for the 75-year-old leader who some say is increasingly out of touch with ordinary Kazakhs as they grapple with the frustrations of an economic downturn, or they will describe it as a masterstroke by an experienced leader able to paint himself as The- Father-of-the-People.

Certainly, Mr Nazarbayev was quick to blame others for the debacle.

He specifically said that economy minister Yerbolat Dossayev and agriculture minister Asylzhan Mamytbekov had failed to fulfil their brief.

“It should have been explained to the population that didn’t understand that there was no talk of any sale of our agricultural lands,” he said. “This means we failed to explain this point and to target those parts of the population which were concerned.”

Mr Dossayev resigned immediately and Mr Mamytbekov, the following day.

On the streets of Almaty it was easy to find people who were against the prospect of land reforms. “Renting land is wrong. Just wrong. It is the blood and sweat of our ancestors,” said Daniyar, a student.

By contrast, it wasn’t possible to find anybody who supported the proposed land reforms.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 279, published on May 6 2016)

 

Kazakhstan’s PVC imports fall

APRIL 29 2016 (The Conway Bulletin) – Kazakhstan’s net import of unmixed polyvinyl chloride (PVC), a type of plastic, decreased by 21% in the first quarter of 2016, compared to the previous year. With a 99% market share, China is Kazakhstan’s main supplier of PVC. Declining imports are linked to Kazakhstan’s struggling petroleum-dependent economy.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 279, published on May 6 2016)

 

Kazakhstan’s KMG EP and CEFC finalise JV

APRIL 30 2016 (The Conway Bulletin) – State-owned KMG EP and China’s CEFC energy company finalised their earlier agreement to form a joint venture that will take over the business of KMG International, formerly Rompetrol. In December, CEFC bought a 51% stake in KMG International for $680m, KMG EP revealed this week.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 279, published on  May 6 2016)

 

Ex-Kazakh CBank chief buys bank stake

APRIL 29 2016 (The Conway Bulletin) – Grigory Marchenko, former chief of Kazakhstan’s Central Bank, bought an 8.3% stake in AGBank, a private bank in Azerbaijan. Chingiz Asadullayev, the bank’s chairman, increased his stake to 31.7%, up from 23.3%. The World Bank’s International Financial Corporation decreased its stake from 17.5% to 4.3%. Mr Marchenko left his post at Kazakhstan’s Central Bank in October 2013. Since leaving the role, Mr Marchenko has kept a low profile.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 279, published on  May 6 2016)

 

Kazakhstan not to hold victory parade

APRIL 29 2016 (The Conway Bulletin) – Kazakhstan’s ministry of defence said it will not hold its usual military parade in Astana to celebrate Victory Day on May 9, the anniversary of the defeat of Nazi Germany in 1945. The ministry said parades should only be organised for round anniversaries. Last year, Kazakhstan held its largest-ever parade for the 70th anniversary of the Soviet Union’s victory in World War II. Observers said the decision not to hold a parade is linked to budget constraints.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 279, published on May 6 2016)

 

Kazakhstan’s KEGOC not to pay dividents

MAY 3 2016 (The Conway Bulletin) – KEGOC, a mainly state-owned electricity distributor in Kazakhstan, said it will not pay out dividends for 2015, due to the company’s poor financial performance last year. In 2015, KEGOC posted a loss of 7.8b tenge ($23.4m). KEGOC was one of the best performers in the Kazakh Stock Exchange last year, with its shares gaining 47%. The government sold a chunk of KEGOC at the end of 2014, as part of its so-called People’s IPO.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 279, published on  May 6 2016)

 

Kazakhstan Temir Zholu issues bonds

MAY 2 2016 (The Conway Bulletin) – Kazakhstan Temir Zholy, the country’s railway operator, issued bonds for 50b tenge ($150m) with a 10-year maturity, in what has been described as the largest issue of debt in Kazakhstan in 2016. Halyk Finance, part of Halyk Bank, the second-largest lender in Kazakhstan, brokered the deal in the Kazakh Stock Exchange.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 279, published on  May 6 2016)

 

Kazakh developer produces student app

APRIL 29 2016 (The Conway Bulletin) – A developer in Kazakhstan has produced an app for students to help them study for exams which he said would help to reduce stress and, also, high suicide rates among students. Analysts think that the country’s demanding school system contributes to boosting youth suicide rates among the world’s highest. Recently, the ministry of education announced that students could re-take failed exams.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 279, published on May 6 2016)

 

Cashless payments grow in Kazakhstan

APRIL 29 2016 (The Conway Bulletin) – Compared to the first quarter of last year, cashless payments in Kazakhstan grew by 26%, media reported. As of February 2016, cashless payments make up 15% of the total payments in the country, highlighting cash’s dominant position. The number of terminals used to take debit or credit cards in shops grew on a year-on-year basis by 24%.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 279, published on May 6 2016)

 

Kazakhstan’s Air Astana delays Iran flight

MAY 3 2016 (The Conway Bulletin) – Kazakhstan’s flagship carrier Air Astana said it has postponed the launch of its new route to Iran by a month. The company did not give an explanation on why it had delayed the launch of the route, which had been a much heralded link to Iran. Kazakhstan has been keen to welcome Iran back into the international community since the lifting of most sanctions earlier this year. Flights linking Almaty and Tehran should now start on June 30.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 279, published on  May 6 2016)