Kazakhstan’s Deputy Prime Minister and Minister of Culture and Information Aida Balayeva announced that a new Tax Code will authorize inspections of organizations that receive foreign funding. Inspections to begin in 2026 Starting Jan. 1, 2026, tax authorities will be permitted to conduct inspections of organizations receiving international funding. The…
The Portuguese company Mota-Engil, whose main shareholders include China Communications Construction Co. (CCCC), is in talks to buy the Brazilian mining company Bamin, which is owned by Kazakhstan’s Eurasian Resources Group (ERG), sources told the Brazilian outlet Valor International. Bamin’s Brazilian concession Bamin holds a concession for a section of…
Kazakhstan’s Minister of Economy Serik Zhumangarin has compared upcoming value-added tax increases in Kazakhstan and Russia, saying the process moved more slowly at home because of extended discussions with businesses and the public. Speaking at a recent press briefing, Zhumangarin was asked about the effectiveness of Kazakhstan’s tax reform. He…
According to Nurdaulet Kilybay, governor of Kazakhstan’s Mangystau region, the Chinese company Zhongyong International plans to begin construction of a new seaport in Aktau next year. The first phase of the project alone is expected to cost $300 million. The agreement follows several years of negotiations with the company that…
In recent years, Kazakhstan has invested about $680 million in Uzbekistan, according to the Eurasian Development Bank (EDB). Companies owned by Kazakhstan’s wealthiest businessmen have accounted for a significant share of that investment, Margarita Bocharova, an author with the Shishkin_like project, wrote in a recent review. EDB analysts say more…
The world’s largest uranium supplier Kazatomprom and one of Japan’s largest electric utilities, Kansai Electric Power Company, have agreed on supplies of Kazakhstani uranium to Japan’s nuclear power plants, Kazatomprom said in a statement. According to the statement, the agreement is important for Japan as the country gradually resumes nuclear…
Jim Beam, owned by Japanese Suntory Global Spirits, will stop production at its main Kentucky distillery for all of next year due to planned upgrades of the site, as reported by the BBC. The company said the decision was made after reviewing production needs based on expected demand for 2026.…
Japanese trading and investment company Sumitomo Corporation, jointly with Kazatomprom, is developing a project in nuclear medicine, aiming to extract medical isotopes from uranium, the Akorda press service reported. President Kassym-Jomart Tokayev met with Shingo Ueno, president and CEO of Sumitomo Corporation, who reported on the joint project with Kazatomprom.…
Sanctions pressure from the EU and the U.S. on Russia continues to intensify, with growing implications for Kazakhstan’s economy. These measures threaten not only asset freezes but also civil and regulatory liability for transactions conducted through Western jurisdictions. Kursiv.media spoke with Andris Ivanovs, an expert at the British law firm…
Singapore-based holding company Food Empire has invested 6.7 billion tenge (about $13 million) in the construction of a tea and coffee production facility in Khorgos, a key gateway city linking Kazakhstan and China. The plant will produce instant coffee under the popular MacCoffee brand. Khorgos emerges as manufacturing hub Speaking…
BAE Systems, the U.K.’s largest multinational aerospace and defense company, has decided to sell half of its stake in Air Astana, Kazakhstan’s national carrier, according to Reuters. Once the deal is completed, the British company’s shareholding will fall from 16.95% to approximately 8%. In 2024, BAE Systems had already reduced…
TotalEnergies has announced that Chinese firms Shanghai Institute of Mechanical and Electrical Engineering and Shanghai Electric Group, along with Kazakhstan-based GCD Partner, have joined a consortium of contractors tasked with designing and building the 1-gigawatt Mirny wind farm in Kazakhstan’s Zhambyl region. Project ownership and partnerships TotalEnergies holds a 60%…
Papa John’s recently announced its withdrawal from Kazakhstan and Kyrgyzstan after losing market share to more flexible regional rivals such as Dodo Pizza, analysts at Teniz Capital Investment Banking said. The U.S.-based pizza chain entered Kazakhstan in 2018, opening 15 restaurants but failing to keep pace with fast-growing local competitors.…
BOE Technology Group Co. Ltd., a China-based manufacturer of display panels, including LCD, OLED and LED screens, is set to establish an LED display and next-generation component factory in Alatau, Almaty region, according to the region’s governor’s office. «A memorandum of cooperation was signed between the region’s Department of Entrepreneurship…
On Dec. 11, South Korea’s Ministry of Trade, Industry and Resources (MOTIR) announced that the Korea-Mongolia Rare Metals Cooperation Center would be officially opened on Dec. 12 in Ulaanbaatar, Yonhap reported. The center, located within the University of Science and Technology will study critical metals, such as tungsten, molybdenum, lithium…
The American restaurant franchise Papa John’s is closing all its locations in Kazakhstan and Kyrgyzstan. Franchisee cites revenue decline, rising costs Restaurateur Daniyar Monolbai announced on social media that his company is ending its role as the master franchisee for Papa John’s in both countries. He said the decision was…
Kazakhstan’s copper-mining giant Kazakhmys is preparing for a change in shareholders, the company announced. Agreement reached between current leaders According to the statement, Kazakhmys President Vladimir Kim and Chairman of the Board of Directors Eduard Ogay have mutually agreed to transfer ownership. The formal sale and purchase agreement is expected…
On Dec. 10, South Korea’s Hyundai Rotem, a subsidiary of Hyundai Motor Group specializing in rail systems and defense solutions, announced the shipment of the first batch of high-speed trains to Uzbekistan, marking the country’s first export of domestically developed high-speed trains, Yonhap reported. The order consists of 42 cars…
Thousands of Kazakhs are in South Korea illegally, seeking what some call “easy money.” Kursiv.media spoke with citizens to learn why so many come and how much they earn. How much do Kazakhs earn in official employment? Kakim Danabayev, a Kazakh citizen who lived and worked in South Korea for…
Kazakhstan’s mortgage market is likely to continue shrinking, as the cost of mortgage loans rises and becomes too high for banks, according to Freedom Holding Corp. CEO and majority shareholder Timur Turlov. He made the statement yesterday during a meeting with journalists in Almaty. No mortgage lending outside state programs…
Gold’s inflation-adjusted returns over time are notoriously hard to predict. Still, gold remains a preferred hedge during periods of inflation and currency instability. In recent years, countries’ gold strategies have diverged sharply, reflecting each nation’s economic priorities. Nurasyl Abdrazakuly, a Kazakh data scientist and a frequent collaborator on our infographics,…
Russian President Vladimir Putin has authorized Rosneft-Shell Caspian Ventures Limited — a joint venture between Russia’s Rosneft and Britain’s Shell, which holds a 7.5% stake in the Caspian Pipeline Consortium (CPC) — to conduct transactions involving its share in the pipeline. The order was published on the Russian government’s official…
According to Freedom Holding Corp. CEO Timur Turlov, it is high time for Kazakhstan to abandon the idea that football is «not our» sport. He believes football is the best way to engage a large number of people in sports and achieve positive results for the entire country, provided the…
According to Freedom Holding Corp. CEO and majority shareholder Timur Turlov, the company is exploring entry into the Turkish market. During a media briefing in Almaty, he said Turkey is a logical next step for the company’s development, though no deals have been signed yet. «I don’t want to spoil…
