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Sanctions imposed against Russia by Western countries and countersanctions by Russia have made it almost impossible for publicly traded companies to work with Western money in Russia. These companies are now trying to sell their assets in Russian and looking for other options to develop their businesses. Freedom Holding Corp. (FRHC), which is traded on NASDAQ and runs businesses in Russia, Ukraine, Kazakhstan and many other countries, has also found itself trapped in the situation. However, the holding is currently going through a massive restructuring. Evgeniy Ler, CFO of the holding shared some details of that process with the Kursiv...

In July 2022, Kazakhstanis bought 190 apartments in Turkey or 1,607 apartments throughout the year in total, according to the Turkish Land Registry and Cadastre Information System (TAKBIS).

In January, Kazakhstanis bought 132 apartments, 197 apartments in February, 241 in March, 311 in April, 218 in May and 318 in June. The interest of consumers from Kazakhstan has been growing for the last few past years. For example, over the first seven months of this year, they bought 953 apartments in Turkey. This is a 69% increase over the same period last year.

Now, Kazakhstanis are ranked among the most...

Portraits of Ex-President Nursultan Nazarbayev must be removed from public offices all over the country, according to Marat Bashimov, a law professor and head of the Expert Institute of European Law.

While speaking at a briefing devoted to the New Kazakhstan concept, he suggested the Office of the Prosecutor General promote new provisions of the Constitution and monitor public events.

«The Constitution is the highest mandatory legal document in the country. The term Elbasy (Leader of Nation) is no longer in the Constitution. The Office of the Prosecutor General must explain new provisions of the Constitution. There is no longer...

Over the period from January to July 2022 Kazakhstan’s gross domestic product (GDP) rose by 3.3%, the Minister of National Economy Alibek Kuantyrov said. 

The real sector and service sector of the economy show the highest rate of growth. Also, the country is still preserving the positive balance of trade.

«In the real sector of the economy, the growth is about 3.4% and 2.5% in the service sector. Among other sectors that demonstrate positive figures are the construction sector, information and communication sector, trade, transport and warehouse industry, processing industry, agricultural sector and mining industry. We have also seen an...

According to Serik Zhumangarin, acting minister of trade and integration, the sugar issue solution is quite obvious.

The official was appointed just yesterday and is now getting familiar with the ministry and the challenges it faces.

«I think the solution for the sugar deficit is quite obvious as we aren’t living on the Moon and sugar is produced in many countries. Currently, the Ministry of Agriculture is preparing a plan aimed at transforming the entire sugar industry in our country. I do not know the details as it is not approved yet but I believe this is the right direction...

Over the first seven months of 2022, Uzbekistan imported 18,800 passenger cars for $460.9 million. This is a 56% growth (+6,750) if compared to the same period last year. The increase is based on growing car imports from China and South Korea, while Russia, a traditional source of cars for Uzbekistan in the past has lost its positions in the local market, according to data from the State Committee of the Republic of Uzbekistan on Statistics.

During the reporting period, Uzbekistan imported cars from 25 different states. China accounts for 42% of the country’s market of passenger cars. Over the...

The Women’s Tennis Association (WTA) and Association of Tennis Professionals (ATP) have updated their ranking of the world’s best tennis players.

As a result, Elena Rybakina, a well-known female tennis player and leader of the Kazakhstani tennis team has climbed two notches in the WTA ranking and now holds 25th position in the global rating.

Another female tennis player from Kazakhstan Yuliya Putintseva has climbed to the 38th position in the world’s rating after she got into the quarter-final at the Toronto tournament. There are no other female tennis players from Kazakhstan in the WTA top-100 ranking.

Alexander Bublik, leader...

South Kazakhstan is often used as a place for the cultivation of Indian hemp, which can reach about four meters in height. Drug dealers even use drop irrigation to nurse the best harvest, according to Daniyar Oralov from the interior ministry.

Every year, the government organizes a large-scale operation called Karasora to prevent criminals from harvesting, storing and selling of hashish and marijuana during the period from June to October. As the official noted, Karasora is a tough barrier for any drug dealer who tries to bring unauthorized things into Kazakhstan or cultivate these substances within the country.

«Over the...

Ex-President of Kazakhstan Nursultan Nazarbayev took part in the official ceremony of opening the main mosque in the capital city of Nur-Sultan, according to his spokesperson Aidos Ukibay.

As Nazarbayev highlighted, the mosque has been built at the expense of private investors.

«This huge mosque has been built at the expense of several of our citizens and investors. Over the past 30 years of independence, some of our citizens have reached quite a high level of wealth, so I asked them to support the construction of the mosque. Not a penny of the public funds was spent,» Nazarbayev highlighted.

He...

According to Arman Abdrasilov, head of Zerde and member of the board of the National Information Technologies (NIT), the failures of e-Gov are inevitable unless the proper infrastructure is upgraded. The last massive failure of the system happened on August 3.

As the official noted, the board of directors of the NIT has already discussed the reasons for e-Gov failures.

«The chink in the armor of e-Gov is its infrastructure. This is a long-lasting problem because the equipment is almost worn-out while limited resources are available for the upgrade activities,» he said, citing another official responsible for cloud infrastructure.

Adbrasilov...

The net profit of Freedom Holding Corp. rose by 7.2% and reached $59 million in the first quarter of FY 2023 which ended on June 30, 2022. For comparison, in the same period last year, the company’s net profit was $55 million, according to the Securities and Exchange Commission (SEC).

The report shows that the rate of earning per share has slightly risen, reaching $0.99 (against $0.93 earlier). Other comprehensive income has increased from $59 million to $83 million.

The company’s quarterly revenue has risen by 56% to $227 million. This increase of $81 million was driven by several factors...

Kazakhstan may increase its current share (32.99%) in the Eurasian Development Bank (EDB) and become a controlling shareholder of the development institute, according to Bloomberg.

As the outlet reported, Russia is going to sell its controlling papers in order to lower the risk of the bank being subject to international sanctions. The Kremlin now wants to downgrade its share from 65.97% to less than 50%.

After the full-scale invasion of Ukraine, Russia is struggling against international sanctions and various limitations on the flow of money, imports and technologies into the country. Now the Russian authorities are going to make the...

According to the press service of Kazakhstan’s government, the national info-communication holding Zerde will be dissolved.

In early July, the Accounts Committee for Control over Execution of the Republican Budget criticized the holding for its inefficient work. On July 15, Bagdat Musin, minister of digital development, innovations and aerospace technology, suggested the government dissolve Zerde.

Later, the ministry provided its official and more detailed position on the liquidation of the holding. The agency believes that the holding failed to solve a range of systemic issues and hasn’t succeeded as a development institute in the ICT sphere due to subjective and...

In July the index of business activity in Kazakhstan decreased to 48. In June it was a bit higher at 48.9. Also, the rate of perception of the current business conditions by companies dropped to 6.3 while in June the rate was at 4.0. The National Bank of Kazakhstan believes that this negative balance of responses is a result of a bigger number of respondents who have taken part in the survey.

Nevertheless, when talking about the index of business activity, Kazakhstani businesses point out fewer orders in several industries and the longer time needed to get raw materials from...

After another win, the Kazakhstani female team is now ranked third in the overall ranking at the 44th Chess Olympiad in Chennai, India.

Previously, the female chess players from Kazakhstan held the sixth position in the world tournament’s rating. In the game against Bulgaria, Kazakhstanis Xeniya Balabayeva and Bibisara Assaubayeva played a draw, while another pair Zhansaya Abdumalik and Guliskhan Nakhbayeva won 3:1. As a result, the Kazakhstani team now is ranked third in the Women’s Olympiad.

On the other hand, the men’s team is losing its positions. Kazakhstani chess players dropped from 12th position to 25th as they lost...

According to a document published on the KASE website, Eco Center Bank, earlier known as Alfa-Bank, will be merged with Bank CenterCredit (BCC).

This decision was approved by the shareholder’s general meeting on August 3, 2022.

On May 5, 2022, BCC bought Alfa-Bank Kazakhstan, a subsidiary of the Russian Alfa Group and renamed the bank Eco Center Bank. After the Russian invasion of Ukraine Alfa-Bank became a subject of U.S. sanctions that pushed the bank to search for a deal with potential investors in order to exempt the bank from sanctions. On April 20, Alfa-Bank announced that BCC would buy...

The Qazaqstan Halqyna Fund continues its online meetings with Kazakhstani non-governmental organizations (NGOs). Experts from different fields such as health, social sphere, education, culture and sport have suggested a wide range of projects that might be supported by the fund. So far, the fund has held 27 meetings with 628 experts. Health experts have been the most active participants to take part in such discussions.

Treating children with retinoblastoma

While discussing health issues with the Qazaqstan Halqyna Fund some health experts brought up the question of treating children with rare diseases. The More Life social foundation, which is...

As of early August 2022, there were 9,700 automatic teller machines (ATM) in Uzbekistan. The local central bank is ranked fifth among the biggest owners of ATMs in the country. The Kursiv edition has found out why the regulator is doing so. 

The biggest operator of an ATM network in Uzbekistan is Agrobank. It runs 1,614 machines all over the country. Xalq Banki with 1,418 ATMs holds the second position. Both banks are controlled by the Uzbek government which wants to develop those market niches businesses aren’t interested in so far. For example, in April’s national address President Shavkat Mirziyoyev...

According to Zhandos Nurmagambetov, deputy minister of energy in Kazakhstan, the country may start the construction of its second nuclear power plant (NPP) right after the start of construction of the first one.

The official noted that the agency and experts are actively discussing how many NPP Kazakhstan should have. Given the country’s intention to reach carbon neutrality, there are no other options except NPP.

«The second nuclear power plant in Kazakhstan will likely be built in the vicinity of the town of Kurchatov on the bank of the Irtysh River,» the Interfax news agency cited the official.

Nurmagambetov believes...

On August 2, Special Forces from five member states of the Collective Security Treaty Organization (Armenia, Belarus, Russia, Kazakhstan, Kyrgyzstan and Tajikistan) took part in the military drill Cobalt-2022, according to the organization’s press service.

The special tactical training exercises at the Edelweiss training site in the town of Balykchi are going to end on August 5.

During the drills, the CSTO members will simulate the work of a joint control headquarters that must coordinate different Special Forces from the member states in order to improve their ability to act as a joint unit.

The CSTO military personnel are going...

As different regions of the country report new COVID-19 cases, the Interagency Commission has approved quarantine restrictions that might be applied if the situation worsens.

According to new rules, health officials in those regions in the green and yellow zones should make everything needed to prevent the infection from spreading. For example, the commission has recommended wearing face masks and keeping social distancing in such regions. No restrictions for businesses are Implied though.

«If a region falls into the red zone, we will put a group of restrictive measures. At the first stage, if we have 25-50 COVID-19 patients out...

According to the Ministry of Industry and Infrastructural Development of Kazakhstan, the agency launched criminal cases against people responsible for the repair of roads. The inspection of repaired roads across the country showed the poor quality of repair works in many regions. Almost 2,800 samples out of 9,000 turned out to be lower than the standard.

Among regions with the worst roads are the city of Shymkent (71%), the region of Mangystau (61%), the city of Almaty (56%), the East-Kazakhstan region (49%), the West-Kazakhstan region (43%) and the city of Turkestan (40%).

«Despite having a punch list of items those...

The market of commercial property in Nur-Sultan and Almaty is about to stall as developers prefer warehouses and retail property in regions, according to analysts of Property Management Grоup.

The biggest segment of commercial property in the country – class B, which accounts for 70% of all commercial real estate, is losing clients. Those tenants who have suffered from the war in Ukraine have cut their activity and are moving to C-class offices, while other, more successful companies are moving to A-class offices. Owners of B-class property are decreasing rental charges in a push to make their offices more attractive...

In July 2022, food prices in Kazakhstan grew by 19.7% on a year-to-year basis. Non-food prices and paid services have risen by 14.2% and 9.2% respectively. The inflation rate has reached 15% in Kazakhstan, according to the Bureau of National Statistics.

As the agency reported, prices for private goods have risen by 26.3% this year in Kazakhstan; washing and cleaning products by 23.5%, home appliances by 22.6%, construction materials by 20.5%, furniture and home goods by 19.1%, cars by 15.2%, kitchenware by 14.8%, textiles by 11.5% and pharmaceutical products by 9.7%.

The price increase has also hit the leisure industry...