News

ForteBank has postponed its extraordinary general meeting of shareholders from Aug. 14 to Oct. 29. The key issue to discuss will be the bank’s reorganization in the form of Home Credit Bank’s (HCB) accession to ForteBank.

The meeting’s agenda remains unchanged. Shareholders are to approve amendments to the methodology for determining the value of shares and global depositary receipts (GDRs) when acquired by ForteBank and make a decision on the absorption of HCB.

The list of shareholders entitled to participate in the meeting will be compiled on Oct. 3. If a quorum is not present, another meeting will take place...

Central banks around the world purchased 22 tons of gold in June, according to the latest data from the World Gold Council (WGC). The majority of those purchases, more than 70%, were made by Uzbekistan and Kazakhstan.

Uzbekistan added 9 tons to its gold reserves, marking a sharp shift after four consecutive months of net sales. The National Bank of Kazakhstan also made a significant addition, increasing its holdings by 7 tons.

Other central banks made more modest acquisitions: China, the Czech Republic and Turkey each purchased 2 tons, while Qatar, Ghana, the Philippines and Kyrgyzstan each bought...

A farewell ceremony was held Aug. 6 in Almaty for Kazakh cosmonaut and national hero Talgat Musabayev, who died Aug. 4 at age 74.

State officials, colleagues, family and friends gathered at the House of Officers to pay their final respects. A guard of honor stood at the entrance during the ceremony.

On behalf of President Kassym-Jomart Tokayev, State Counselor Yerlan Karin delivered condolences to Musabayev’s family and friends. In his remarks, he highlighted Musabayev’s contributions to Kazakhstan’s space program and scientific development.

«Talgat Amangeldievich is one of the brightest personalities in the...

In today’s business culture, outcomes such as financial success or market dominance often overshadow how they are achieved, even when those means involve aggressive tactics or ethical compromises.

A contrasting perspective, however, emphasizes the integrity of intentions behind actions. As the great 19th-century Kazakh poet and philosopher Abai wrote in his Book of Words, «Judge a man’s qualities by the intentions of his action and not by its outcome.»

As Kazakhstan marks the 180th anniversary of Abai’s birth this year, his philosophy remains strikingly relevant — even in fields where one might not expect it, such as entrepreneurial...

A test launch of satellite internet service by China’s Shanghai SpaceSail has been carried out in the Almaty region.

«The tests were conducted with the participation of the company’s specialists, who arrived in Kazakhstan to showcase the technology. A connection speed of up to 200 megabits per second was recorded during the tests, confirming the technology’s high potential,» Kazakhstan’s Ministry of Digital Development, Innovations and Aerospace Industry reported.

The ministry noted that the Shanghai SpaceSail system is based on low-orbit satellite communications. Such satellites provide stable, high-speed connectivity even in remote areas where deploying fiber-optic...

The ceremony for the commencement of construction of the first nuclear power plant (NPP), led by Russia’s Rosatom, is scheduled for Aug. 8 near the village of Ulken in the Zhambyl district of the Almaty region, according to the company Kazakhstan Nuclear Power Plants (KNPP).

«On Aug. 8, 2025, near the village of Ulken in the Zhambyl district of the Almaty region, an official ceremony will be held to mark the launch of the nuclear power plant construction project in Kazakhstan,» according to a media advisory.

The ceremony will include official speeches and the start...

On Aug. 4, KazMunayGas (KMG, a subsidiary of Samruk-Kazyna) exported its first batch of oil to Hungary via Croatia, according to the company’s press release. The shipment, totaling 85,000 tons of Kazakh oil, was part of a strategic expansion of cooperation between KMG and Hungary’s MOL Group.

Kazakh oil is transported via the Caspian Pipeline Consortium (CPC) to the Port of Novorossiysk in Russia. From there, maritime delivery to Croatia’s Port of Omišalj was handled by national carrier Kazmortransflot — a KMG subsidiary — aboard its tanker Alatau. The oil is scheduled to continue via the Adria oil pipeline...

An administrative court in Astana has overturned a $4.2 billion environmental fine imposed on the North Caspian Operating Company (NCOC), the operator of the Kashagan oil field, citing procedural violations by the regional environmental authority.

The court emphasized that its decision to nullify the order issued by the Atyrau Regional Department of Ecology (ARDE) does not mean environmental violations did not occur. Instead, the court found that the order was issued in violation of Kazakhstan’s Administrative Procedure and Process-Related Code.

«The cancellation of the order due to non-compliance with proper procedure does not imply...

Kazakh schoolchildren are competing in the World Chess Championship, currently underway in the U.S.

The tournament runs from Aug. 3 to 6 on the campus of Episcopal High School in Alexandria, Virginia. This year’s World Schools Team Championship features 286 young players across 55 teams representing 48 countries. Among them are six teams of Kazakhstani students from the Republican School of Physics and Mathematics, the SEED Educational Complex in Astana, Zholdasbekov IT Lyceum No. 9 in Shymkent and Konayev Gymnasium School in Aktobe.

The opening ceremony was attended by FIDE President Arkady Dvorkovich, International School Chess Federation (ISCF) President...

Murat Alikhanov, co-founder of the fitness startup 1Fit — which offers services through a single-membership model across various fitness centers — has stepped down as the company’s CEO, he announced on Instagram.

«After seven years, I’m leaving my role as CEO of 1Fit. I remain a shareholder,» Alikhanov wrote in his Instagram Stories.

The businessman stated that he would take a break to rest and recover before embarking on major new projects.

In recent years, 1Fit has faced multiple setbacks in international markets. In late April, the startup announced it was shutting down...

A corporate conflict is intensifying in Kazakhstan over control of the Eurasian Financial Company (EFCO), which owns Eurasian Bank and Eurasia Insurance Company. Mounissa Chodieva, daughter of Eurasian Resources Group (ERG) co-owner and EFCO shareholder Patokh Chodiev, has joined a growing legal battle involving top figures connected to the firm.

In late July, EFCO filed a counterclaim against two members of its board of directors — Shukhrat Ibragimov, son of the late tycoon Alijan Ibragimov and CEO of ERG, and Andrei Kopov — according to case files published on the Supreme Court’s Office.sud.kz portal.

Banana gross yield in Kazakhstan’s greenhouses from April to June amounted to 70 tons on 52,500 square meters, the Bureau of National Statistics reported. The entire harvest came from the Turkestan region.

The country also reported harvesting 208 tons of strawberries on 87,000 square meters: 158 tons in the Almaty region and 50 tons in the Turkestan region.

From April to June 2025, the gross yield of tomatoes grown under cover in Kazakhstan totaled 50,400 tons. Most of the tomatoes were harvested in greenhouses of the Turkestan region — 36,800 tons. Over the three-month period, 5,700 tons were harvested...

Eight OPEC+ countries — Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria and Oman — have agreed on a quota increase of 547,000 barrels per day (bpd) for September, according to a statement on the organization’s website following the Aug. 3 meeting. In particular, Kazakhstan’s quota will rise to 1.55 million bpd in September, up from 1.532 million bpd in August and 1.514 million bpd in July.

Quotas for other members will be as follows:

Leading Turkish e-commerce platform D-MARKET Electronic Services & Trading (Hepsiburada) has reported a net loss of 1.1 billion Turkish lira (approximately $27 million) over the first six months, up 1.5 times from the same period in 2024 ($17.5 million), according to its financial results.

At the same time, Hepsiburada’s revenue increased by 5.9% year-on-year (YoY), reaching 32 billion Turkish lira ($787 million) compared to 30.2 billion Turkish lira ($742.5 million) in the first six months of 2024.

The number of orders rose by 0.1% to 37.1 million. However, the average order value remained unchanged, with the number of active...

Jennifer Lopez’s first-ever concert in Kazakhstan has ignited a heated debate — not about her performance, but her wardrobe.

Astana city maslikhat (local council) member Saule Samidin criticized the pop star’s revealing stage outfits, suggesting they were not culturally appropriate for a Kazakh audience. The concert, held Aug. 1 at Astana Arena, featured Lopez performing her iconic hits in a high-energy show packed with dancing and special effects.

Samidin commented on social media that her 16-year-old daughter had compared Lopez’s wardrobe choices in Astana to her concerts in the United Arab Emirates, where the singer had opted for more...

Oil majors developing the Kashagan field — Kazakhstan’s largest oil and gas field on the Caspian shelf — have won a $4.2 billion environmental dispute in an Astana appeals court, according to Bloomberg.

Sulfur dispute

The case stemmed from a 2022 fine imposed by Kazakh authorities over excessive sulfur storage at the field. Kashagan’s high-sulfur crude requires safe processing and removal, and Kazakh regulators claimed that open-air sulfur storage violated environmental laws. The penalty against the North Caspian Operating Company (NCOC), the consortium operating the field, was initially 2.3 trillion tenge — about $5.1 billion at 2022 exchange...

On Aug. 3, 2025, Kazakh President Kassym-Jomart Tokayev met with United Nations Secretary-General António Guterres, who arrived in Almaty on a working visit.

Tokayev thanked Guterres for his visit and emphasized its significance ahead of the upcoming 80th session of the UN General Assembly.

Regional SDG hub

The two leaders took part in a signing ceremony of the host country agreement between the government of Kazakhstan and the United Nations, establishing the UN Regional Centre for Sustainable Development Goals (SDGs) for Central Asia and Afghanistan.

In March, the UN General Assembly unanimously adopted a resolution to establish the...

Kazakh agricultural company Altyn Dan, with the participation of international corporation PepsiCo, has started cultivating a potato variety for producing Lay’s chips in the Raiymbek district of the Almaty region, as reported by the regional governor’s office.  

Altyn Dan was established as a service center in 2023. The company is currently cultivating potatoes on 150 hectares using a drip irrigation system. In addition, 1,500 hectares are seeded with cereals this season.

«The company has signed a partnership agreement with the international company PepsiCo and is conducting tests on imported seeds specifically intended for the production...

As global temperatures continue to break records, Central Asia has emerged as one of the fastest-warming regions in the world, according to recent reports from the World Meteorological Organization. In response to life-threatening heatwaves, residents are turning to increasingly inventive, and sometimes unconventional, ways to stay cool.

With traditional methods like fans and air conditioning proving inadequate or inaccessible for many, people across the region are embracing a variety of creative cooling strategies.

A video circulating on social media shows a shop assistant in Shymkent, a city in southern Kazakhstan, climbing into a beverage refrigerator to cool off...

President of Kazakhstan Kassym-Jomart Tokayev believes the country has strong potential to become the leading air hub in the region. To achieve this, he emphasized the need to boost both passenger and cargo transportation.

Speaking at an event dedicated to Transport Workers’ Day, the president highlighted that the most critical task in this sector is the development of air traffic. He noted that in the past year, airports in Almaty, Shymkent and Kyzylorda have significantly expanded their capacity through the launch of new terminals. For example, the Almaty airport increased its capacity from 2.5 million to 14 million passengers per...

Forbes Kazakhstan has updated its ranking of the country’s richest people following a series of bold transactions in the banking sector. ForteBank owner Bulat Utemuratov rose from sixth to third place. The assets of Vyacheslav Kim and Timur Turlov also showed significant increases.

Kim, co-owner of Kazakh fintech giant Kasp.kz, remains first on the list. His net worth has risen from $7.1 to $7.33 billion. The company’s shares gained value after acquiring a controlling interest in the Turkish marketplace Hepsiburada for $1.127 billion. As of July 29, the closing price stood at $85.96. Furthermore, the businessman finalized

Kazakhstan’s First Deputy Prime Minister Roman Sklyar has dismissed claims that the recent sharp depreciation of the tenge was caused by comments made by Prime Minister Olzhas Bektenov regarding the projected exchange rate of the national currency.

On July 15, during a press conference, Bektenov stated that under the cabinet’s baseline forecast for 2026, the exchange rate was projected at 540 tenge per U.S. dollar.

Following his remarks, the dollar began rising in value against the tenge, prompting the Association of Financiers of Kazakhstan to suggest the statement may have influenced market expectations.

«The prime...

The Freedom Holding Corp. Kazakhstan Manufacturing PMI (Purchasing Managers’ Index) ticked up to 49.9 in July from 49.7 in June, but remained just below the 50.0 no-change mark for the second month in a row.

The main positive from the latest survey was continued growth in new orders, which increased for the eighteenth consecutive month in July. That said, there were signs of demand softening, as the pace of expansion in new business eased for the second month running, to the weakest level in a year.

With new order growth slowing and inventory holdings sufficient to satisfy client demand, manufacturers...

Sora Rakhmonova, the three-time hand-to-hand fighting champion and a sibling of prominent UFC fighter Shavkat Rakhmonov, commented on a car accident involving her brother’s close family members. She expressed condolences to the families of the deceased.   

«May the Creator be pleased with those who call and are concerned about the situation in my brother’s family! May no one end up in this situation. Only the Creator knows what will happen tomorrow… May the Creator guard my sister-in-law! She lost two close people at once and was injured herself,» Rakhmonova posted on Instagram Stories.