Hong Kong-based Chinese company Jiaxin International Resources reported a profit of $40 million, reversing a $22.5 million loss in 2024. The turnaround follows the launch of a tungsten ore processing plant at the Boguty deposit in southern Kazakhstan — the world’s fourth-largest tungsten reserve — according to Interfax, citing the…
Abu Dhabi Commercial Bank (ADCB), a full-service commercial bank from the United Arab Emirates (UAE), has received permission from Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) to establish a subsidiary bank in the country. ADCB is one of the largest banks in the UAE and holds…
The long-promised wave of AI-driven filmmaking — cheaper and faster than productions involving human crews — has yet to materialize. Expectations surrounding tools like Sora have not translated into a meaningful shift in how movies are made or consumed, according to 404 Media. Disney’s ambitious plan unravels Just a few…
The government of Kazakhstan has approved a 7.5 trillion tenge (about $16 billion) national program to develop coal-fired power generation, including incentives such as preferential mortgages for plant employees, the cabinet said. Plan aims to expand capacity and meet demand Prime Minister Olzhas Bektenov signed the program, which runs through…
Authorities in Astana have placed a blogger known as Ilyarchik (andersonchik1) on an international wanted list on suspicion of involvement in illegal online gambling, the Financial Monitoring Agency of Kazakhstan said. Allegations of illegal gambling activity The blogger, identified as Ilyar Yuvashev, born in 1998, has about 62,000 followers on…
Kazakhstan’s Minister of Energy Yerlan Akkenzhenov held talks with U.S. Secretary of Energy Christopher Wright at the CERAWeek international conference in Houston. The two sides discussed global energy security, the development of alternative export routes and the expansion of investment cooperation. The officials emphasized the strategic nature of their more…
Kazakhstan is no longer considering the construction of a natural gas processing plant (NGPP) at Karachaganak under the final production sharing agreement (FPSA), according to PSA, the country’s authorized body overseeing the project. According to PSA, construction of the NGPP by the project operator is impractical from a technical, commercial…
Domestic manufacturers in Kazakhstan are facing a sharp decline in demand as Chinese online marketplaces gain market share, according to Inna Apenko, founder of local brands Mimioriki and Global Nomads. Read also: Chinese e-commerce giants Temu and Pinduoduo expanding partnerships with Kazakhstan. Speaking during a discussion on the impact of…
Halyk Bank, Kazakhstan’s largest bank by assets, has not completed its planned acquisition of a 49% stake in Uzbek payment service Click within the expected timeframe, according to materials prepared for the bank’s upcoming annual general meeting of shareholders scheduled for April 23. Deal terms and timeline The bank announced…
History shows that economists and researchers have struggled to accurately predict how new technologies will affect jobs and workers. Even experts currently studying artificial intelligence in the workplace acknowledge that their projections are informed but uncertain, according to a recent report by The Washington Post. Shift from blue-collar to white-collar…
China’s National Oil and Gas Exploration and Development Corporation (CNODC) has continued filing lawsuits in Kazakh courts seeking to invalidate an April 8, 2025, order by the Ministry of Energy that revised tariffs for transporting Russian oil through Kazakhstan to China. The development was disclosed in financial statements from KazTransOil,…
International ride-hailing service inDrive acquired Pakistani quick-commerce startup Krave Mart in an all-stock deal, TechCrunch reported. TechCrunch said the deal was agreed to in 2025 and approved by Pakistan’s Competition Commission. Financial terms were not disclosed. The acquisition supports inDrive’s strategy to become a SuperApp as it expands beyond ride-hailing…
In September 2025, Kaspi.kz sold Portmone Group, the owner of the payment service of the same name in Ukraine, which Kaspi had acquired in 2021. Although no details of the deal were disclosed, it is known that the Kazakh fintech company did not earn much from the sale. This information…
Kazakhstan is experiencing a dynamic surge in food and beverage production. Government forecasts anticipate food production volume to hit a remarkable 4.7 trillion tenge (approx. $9.7 billion) by the end of 2026. Beverage sector expansion Coca-Cola Almaty Bottlers is poised to drive growth in the beverage sector. The company plans…
InDrive CEO Arsen Tomsky said the company’s revenue grew by 31% last year compared with 2024, reaching $601.6 million. In an interview with Reuters, Tomsky said profitability per ride has improved after several years of rapid expansion. The privately held U.S.-based company is now seeking to expand its business in…
Kazakh economist Rassul Rysmambetov said the tenge could remain in the range of 490-510 per U.S. dollar if global oil prices stay above $100 per barrel amid the ongoing conflict involving Iran. Read also: How $100 oil could pay for Kazakhstan’s nuclear future. According to Rysmambetov, Iran has previously signaled…
The Chinese company Xiamen Tungsten Co., Ltd. has established a subsidiary in the Astana International Financial Centre (AIFC) — Xiamen Tungsten Hanyuan Resources Co., Ltd. — according to Finmentor.kz author Arman Batayev. Previously, Xiamen Tungsten sought to gain control of the largest tungsten deposit in Kazakhstan’s Karaganda region. Operations and…
To curb rising oil prices amid escalating tensions in the Middle East, the U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve, US Energy Secretary Chris Wright announced. Coordinated release with IEA partners In a statement, Wright said that 32 member countries of the International Energy…
An unprecedented joint Israeli-U.S. military campaign against Iran has delivered a severe blow to China’s broader strategy in the Middle East. The crisis threatens Beijing’s energy security, undermines its defense export ambitions and disrupts key elements of its Belt and Road Initiative, according to reporting by Chinaobservers.eu. Energy network under…
U.S.-based Cove Capital and Kazakhstan’s Tau-Ken Samruk are set to develop tungsten deposits in Kazakhstan. Investors from the U.S. plan to establish two processing plants and a metallurgical plant worth $1.1 billion. Kazakhstan’s Minister of Industry and Construction Yersayin Nagaspayev held talks with Cove Kaz Capital Group LLC CEO Dominic…
During the second Nuclear Energy Summit in Paris, Emmanuel Macron called on Kazakhstan to increase uranium exports to the European Union. The French president said additional supplies would help Europe meet its goal of expanding nuclear fuel production as part of its long-term energy strategy. Read also: Kazakhstan holds enough…
Yerlan Akkenzhenov, Kazakhstan’s energy minister, said he expects global oil prices to remain around $80 per barrel but noted that a significant increase could bring major additional revenue to the country. Speaking about possible market scenarios, Akkenzhenov said that if oil prices reach $100 per barrel, Kazakhstan could receive about…
Organizers of a financial pyramid scheme allegedly posed as representatives of a company called Sirius Energy, which they claimed was involved in solar power generation projects in Chile. The suspects persuaded residents of Kazakhstan to invest in what they described as high-return renewable energy ventures. Read also: How Kazakhstanis lost…
Islamic mortgage products could be introduced in Kazakhstan as early as this year, according to Lyazzat Ibragimova, CEO of Otbasy Bank, the sole bank implementing housing construction savings system. Read also: Islamic finance booms in Kazakhstan, but a key piece is missing: mortgages. Ibragimova announced the plan during a briefing following a recent…
