News

Umut Shayakhmetova, CEO of Halyk Bank, and Daniyar Abulgazin, a mogul on the Forbes Kazakhstan list, may have been on a yacht called Persefoni I, from where fireworks were launched, causing a massive fire on the Greek island of Hydra, according to local authorities. The news came out when the Organized Crime and Corruption Reporting Project (OCCRP) obtained a list of passengers on the boat. Representatives of both Shayakhmetova and Abulgazin refused to respond to a request from Kursiv.media to comment on the news.

The OCCRP investigators reported that apart from the aforementioned individuals, there were Shayakhmetova’s husband and their...

Kazakhstan, China and Russia are going to create a single digital platform (SDP) for container shipping on the route stretching across Kazakhstan from the Selyatino railway station near Moscow to Chinese Xian, according to Kazakhstan Railways (KTZ).

The SDP agreement is expected to be signed during a Kazakh-Chinese Business Council meeting in early July. Once the system is implemented it will offer processes designed for customs clearance and e-commerce, for example, not for just these three states but for some other countries.

«This system will simplify logistics, promote the development of e-commerce, improve customs procedures, decrease...

Against the backdrop of sanctions, the U.S. imposed on the Moscow Exchange (MOEX), the Kazakhstan Stock Exchange (KASE) has asked the Russian exchange, which still controls a 13.1% stake in KASE, to sell it back, according to Frank Media, a Russian media outlet, citing sources close to the Russian exchange.

«In the past, MOEX pursued a strategic goal of keeping KASE under Russian influence and provided it with capital and technologies. In the current situation, however, MOEX may give its consent to the deal with KASE, which can receive necessary technologies from American Nasdaq, while Koreans...

Over the period from January to May 2024, Kazakhstan Railways exported 125,000 tons of oil to China compared to 45,000 tons over the same period last year (a 2.8-time increase), the company said.

«There was a positive dynamic in cargo shipping between Kazakhstan and China over the period from January to May 2024. The volume of cargo shipping by railway transport has risen by 12.4% compared to the same period last year and reached 12.8 million tons. Kazakhstani exports to China rose by 1 million tons, reaching 5.7 million tons,» the company said in a statement.

According to the EU Ambassador to Kazakhstan Kestutis Jankauskas, the EU would like to boost trade turnover with Kazakhstan even though it is not an easy task.

«On June 25, several companies from the EU and representatives of Kazakhstani agriculture and foreign ministries discussed what exactly European businesses should do to expand their presence in Kazakhstan, a part of the Eurasian Economic Union. Even though this is not an easy task, I think we are trying to find a win-win solution,» he said during an EU-Central Asia summit on investment, competitiveness and trade.”

Jankauskas pointed...

Investors interested in small-cap companies should take a look at four stocks, writes investment author John Navin in a Forbes column. These companies share common traits: a low P/E ratio (price-to-earnings ratio: the lower it is, the higher the potential), dividend payments, and inclusion in the Russell 2000 index.

Civitas Resources

Civitas Resources is engaged in the exploration and production of oil and gas in the DJ Basin in Colorado, as well as in the Permian Basin in West Texas and New Mexico. The company calls itself the first carbon-neutral producer of these fossil fuels in Colorado.

Its...

Kazakhstani company DA GROUP 22 has been added to the 14th package of EU sanctions for assisting Russia. Apart from the Kazakhstani company, the EU has also imposed restrictions against 61 other entities from Kyrgyzstan, China, Turkey and the UAE.

What do we know about DA GROUP 22?

DA GROUP 22, LLC was established in 2022. This small company is involved in wholesale trade with electronic and telecommunication equipment and components. According to eGov.kz, there is only one employee.

Kazakhstani authorities said they knew about the intentions of the EU and the U.S. to impose secondary sanctions against two...

According to Prime Minister of Kazakhstan Olzhas Bektenov, the country is going to open access to fields of indium, scandium, vanadium, thallium, gallium and other rare earth elements (REEs) and rare metals (RMs) that were classified back in the Soviet times.

«In December 2023, we declassified some data on REE and RM reserves in Kazakhstan. Currently, we are excluding some reserves of REEs and RMs (indium, scandium, vanadium, thallium, strontium, gallium and rare earth elements) from the list of state secrets under the Ministry of Industry and Construction,» the prime minister reported in response to an...

Solidcore Resources plc (formerly known as Polymetal), the biggest producer of gold and silver in Kazakhstan, has applied for delisting from the Moscow Exchange (MOEX), the company announced in a statement.

Shareholders who meet specific requirements will be able to exchange their MOEX shares for shares traded on the Astana International Exchange (AIX).

«Regarding recent U.S. sanctions against the Moscow Exchange, the board of directors of the company has decided to quit the exchange. Under the delisting application, the company asked MOEX to set the final trading day for September 30, 2024. If the...

Long-term shareholders of Gilat Satellite Networks, a provider of satellite-based broadband communications, have had some bad luck: the company’s stock prices have fallen in recent years and continue to decline, write analysts at Simply Wall St. Although even good stocks depreciate at times, they believe that it is necessary to wait for an improvement in financial performance before showing interest in the company’s shares.

Details

Before taking an interest in Gilat’s shares, it’s important to see improvements in the company’s fundamental business metrics, warn analysts at Simply Wall St. On Saturday, June 22, they published a report on...

Freedom Bank has the potential to grow fourfold in Kazakhstan, according to the CEO of Freedom Holding Corp., Timur Turlov, who presented the holding’s results for the 2024 fiscal year.

«We have launched many interesting projects that are now soaring. All of them have great potential for further growth. We are reviewing the profiles of our competitors serving 15 to 16 million people. Freedom has one million clients in the bank and about five million customers in its entire ecosystem. So, our potential in cross-selling is tremendous. In Kazakhstan alone, we can grow fourfold to catch...

Freedom Holding Corp. is set to cooperate with British Vodafone, one of the largest mobile operators in the world. This news was revealed by Timur Turlov, CEO of the holding, during the presentation of the company’s results for the 2024 fiscal year.

«We have signed a contract with Vodafone. They are assisting us in network development. We are utilizing all their technologies to build a new fixed and virtual mobile operator in Kazakhstan, with the potential to become a full-fledged operator in the future. We’re going to rely on their brand and all their suppliers to...

The government of Kazakhstan plans to implement over 200 projects worth $86 billion within its National Infrastructural Plan by 2029. In an interview with Premierminister.kz, Minister of National Economy Nurlan Baibazarov shared details of the plan.

«Over the period from this year through 2029, more than 200 projects are expected to be implemented under the plan. The total amount of investment is more than $86 billion. This is quite a big figure and we understand that we have to do a lot to raise these funds,» Baibazarov said.

According to the national economy minister, the...

Fitch Ratings expects that Kazakhstan will continue to rely on Russia as the main export route for its oil.

«In 2023, almost all Kazakhstani oil exports were through Russia, as Kazakhstan is a landlocked country. Kazakhstan can export limited volumes through the Kazakhstan-China pipeline, via sea transportation through Azerbaijan, Georgia, and Turkey or by railway. However, these options are significantly more expensive and could require further investments in infrastructure. We assume that Kazakhstan will continue to be able to export oil through Russia and our forecast incorporates no sizeable politically-motivated interruptions to export flows,» said...

Japan has imposed sanctions against Kazakhstani Elem Group, accusing it of breaching anti-Russian sanctions. Elem Group has been on the U.S. and the EU sanction lists since February 2024.

Along with Elem Group, Japan has also put on its sanction list ten companies from China, the UAE, India and Uzbekistan.

According to Chief Cabinet Secretary Yoshimasa Hayashi, Japan is freezing assets of those companies and banning any exports to them, the Russian Izvestiya newspaper reported.

What do we know about the sanctioned Kazakhstani company?

In February 2024, Elem Group was sanctioned by the European Union and the U.S. At the...

Freedom QJ League, promoting youth football in Kazakhstan, has signed an agreement with Red Bull, making the well-known global brand the league’s partner.

«As a league, we are going to cooperate with new partners whose names are well-known worldwide. We have already signed such an agreement with Mastercard. This company is one of the sponsors of the UEFA Champions League and now, they are supporting youth football as well. Today, we are proud to announce our partnership with Red Bull. We’re delighted that these global brands are paying attention to the development of youth football in...

The stock of Canadian eyewear and lens retailer KITS Eyecare rose by more than 6% on the Toronto Stock Exchange. The company announced the launch of a new line of daily contact lenses under its own brand.

Details

KITS Eyecare shares increased by 6.11% on the Toronto Stock Exchange on Wednesday, reaching CAD8.33. The company announced the launch of a line of daily silicone hydrogel contact lenses under its own brand, which will be priced “significantly lower” than comparable products.

In Canada, glasses and lenses can be obtained with a prescription, either with a co-payment or without...

The Ministry of Education and Freedom Holding Corp. have officially agreed to combine their efforts to create an educational marketplace to develop talents among children with the help of the «gentle encouragement method.» Within the framework of a memorandum the two sides have signed, they are going to promote the development of educational resources, the press service of the ministry said.

«We know that our educational system needs a single digital ecosystem to automate all the processes in the sphere of education. This is why the Ministry of Education with the support of Freedom Holding Corp...

Revolut, a British fintech startup founded by Nik Storonsky and Vlad Yatsenko, has decided to stop providing most of its services in Kazakhstan starting from July 20, 2024. This decision will affect Revolut Lite, the only product available in Kazakhstan.

«This wasn’t an easy decision to make and we want to thank you for your support and loyalty as a customer. We’ve made a strategic decision to focus on offering our full suite of services when launching a product in new markets. So, when we’re back, expect even more of what Revolut has to offer,» the...

National Information Technologies, JSC is going to export three program units of eGov to the Togolese Republic. The company has announced the move after signing licensing agreements with the Togo Digital Agency (Agence Togo Digital or ATD).

As the company clarified, under the contract it will transfer the showcase for services (Smart Bridge), the single platform of internet resources for public agencies and the information and analytical system Smart Data Ukimet. All of these will allow the ATD to boost the development of digital public services and promote public governance based on big data. The two sides have also agreed...

Kazakhstan plans to make a profit from processing and exporting the locusts to get rid of the insects and create an additional source of income, the APK Novosti news agency reported.

The media outlet cited research done by the Kazakh Research Institute for the Protection and Quarantine of Plants and scientists from Germany, who have proven that the locusts can be collected and paralyzed.

«More than two billion people in the world eat locusts. This means that the export of locusts as a food product has the potential for us,» said Chair of the National Agrarian...

Fintech company DeFi Technologies has raised concerns about potential market manipulation following the release of a report that caused its stock prices to plummet. The report, published earlier this week, claimed that DeFi Technologies’ stock price increases were solely due to marketing efforts. Following its publication, the company lost nearly 20% of its market value.

Details

DeFi Technologies announced that it has informed regulators in both the US and Canada about the potential manipulation of its shares. The report, published on June 18 by CoinSnacks.com—a site aimed at helping investors understand the crypto market—alleged that DeFi Technologies...

Eastern Europe and Uzbekistan have the potential for further expansion of Kaspi.kz, Mikhail Lomtadze, CEO and co-owner of the fintech company told Miguel Armaza, fintech investor and podcast host during New York Fintech Week.

«We are thinking about entering markets bigger than Kazakhstan. These include Eastern Europe; this region is very interesting for us; Asian markets are also attractive and Uzbekistan. This is a big market and it is very close to Kazakhstan, which is also very attractive,» Lomtadze said.

In Kazakhstan, roughly 15 million people use Kaspi.kz out of a population of 20 million...

David O’Sullivan, the International Special Envoy for the Implementation of EU Sanctions, said the European Commission is satisfied with the current level of cooperation and interaction with Kazakhstan, the Interfax news agency reported.

«As you know, this is my third visit [to Kazakhstan]. Our key concern is that Kazakhstan may become a source of re-export of sanctioned goods to Russia. We’ve noticed a significant increase in imports to Kazakhstan and are worrying that some of these goods might be redirected to Russia,» O’Sullivan said during a press conference in Astana.

Nevertheless, the EU envoy noted...