News

Kazakhtelecom has valued its wholly-owned subsidiary Mobile Telecom Service (which operates the Tele2 and Altel brands) at $1.1 billion of assets, according to the national operator’s statement for the first six months of 2024, posted on the Kazakhstan Stock Exchange (KASE) website. The buyer is Qatar-based Power International Holding (PIH).

The notes to the interim consolidated statement mention the reclassification of Mobile Telecom Service’s assets and liabilities. These are now considered as assets held for sale, along with related liabilities. As of the end of June, the assets were valued at $1.1 billion, while the liabilities totaled $367 million. The...

According to Freedom Holding Corp. CEO Timur Turlov, the world has been dealing with a conundrum over the past several decades: the key interest rate designed to regulate economic activity stopped working. Lending activities were growing moderately amid extremely low rates after the 2008 financial crisis. However, now, when the rates are at their peak, the economy keeps advancing thanks to a securities market increase driven by technological innovation.

«We have never seen such a long period of absolute zero rates in the developed world — an outstanding 15 years. And, overall, we have never had zero-risk income...

Kcell, a Kazakhstani mobile operator that operates the Kcell and Activ brands, has placed three-year bonds with a total nominal value of $62.2 million on the Astana International Exchange (AIX), according to a company statement posted on the Kazakhstan Stock Exchange (KASE) website. The funds raised will be used to «improve the loan portfolio parameters to pursue strategic objectives further and ensure financial stability.»

The coupon rate for the bonds is floating, set at the prime rate of the National Bank plus 0.5 percentage points with maturity in September 2027.

Since February, Kcell has been utilizing a credit facility from...

Armenian-based Invia Investments is set to become the first international broker to provide access to Kazakhstan’s ITS trading platform for its clients. The broker has recently obtained a license from the Astana International Financial Center (AIFC) and completed all necessary procedures to connect to the ITS platform, according to a report presented at the ITS IDEAS 2024 conference during the Astana Finance Days forum.

 «This will soon enable Invia Investments to provide its clients in Armenia with access to trade some of the most liquid global stocks available on ITS. We expect the number of ITS participants from...

Kazakhstani Para powerlifter David Degtyarev won a gold medal at the 2024 Paralympics in Paris, while Para shot putter Dastan Mukashbekov earned a bronze medal, Olympic.kz reported.

«Degtyarev has won his second Paralympic medal, having previously triumphed in Tokyo. He is the first Kazakhstani to win in the Paralympic Games twice,» Olympic.kz said.

Minister of Tourism and Sports Yerbol Myrzabosynov congratulated the athlete, saying that he was proud of him.

«Our athlete once again showed an unbending will, determination and champion attitude. At the Tokyo Paralympics, Degtyarev also won gold and we are very proud...

Arab financial institutions have decided to invest $7 billion in Kazakhstan’s economy, according to the press service of Kazakhstan’s prime minister. The announcement followed a round table discussion by the Arab Consultative Group, which led to the signing of several documents.

The group includes institutions such as the Islamic Development Bank, the Saudi Fund for Development, the OPEC Fund for International Development, the Kuwait Fund for Arab Economic Development, and the Abu Dhabi Fund for Development.

«The total amount of long-term direct investments in Kazakhstan’s economy under these agreements is expected to be around $7 billion in the...

According to a press release by Solidcore Resources (formerly known as Polymetal), a gold mining company that moved from the British island of Jersey to Kazakhstan last year, has recently gotten approval from the Moscow Exchange (MOEX) to delist its shares. Trading will cease on Oct. 15, 2024.

The delisting from MOEX will not affect Solidcore Resources’ share listing status on the Astana International Exchange (AIX). The company emphasized that AIX remains its primary trading platform, allowing investors to continue executing transactions there. The decision to delist from MOEX was made as part of the company’s broader development strategy and...

The International Canine Federation (FCI) has officially recognized the Kazakh Tazy as a distinct breed and confirmed Kazakhstan as the holder of the breed standard, according to the Department of Presidential Affairs of the Republic of Kazakhstan.

«After extensive procedures, the FCI Standards Commission, in collaboration with the FCI Scientific Commission, recommended that the General Committee approve the breed. Congratulations! Now you have ten years of work ahead. This time is meant for data collection required by the FCI Scientific Commission, including various health checks, breed statistics and information on the registered pups,» said FCI President Tamas Jakkel...

Kazakhstan is keeping pace with international film festival trends. Recently, the country launched a festival featuring the latest works by women directors. The organizers even managed to showcase Payal Kapadia’s All We Imagine as Light, an Indian tale of love and sisterhood that won this year’s Grand Prix at the Cannes Film Festival, as well as Molly Manning Walker’s How to Have Sex, a winner of the Cannes’ «Un Certain Regard» competition.

However, the most well-attended screenings were for films by local directors, highlighting Kazakhstan’s growing pool of talented filmmakers. Among these are Tul by Sharipa Urazbayeva, Madina by Aizhan...

According to data from the Bureau of National Statistics, Kazakhstanis consumed less tea in the first six months of 2024. At the same time, the country’s import of coffee increased. 

«Over the first months of the year, Kazakhstan imported 13,400 tons of tea for $40.4 million, which is a 28.1% decline compared to the same period of last year,» the agency said.

Most of Kazakhstan’s tea imports come from Kenya (4,800 tons), India (4,700 tons), China and Russia (1,100 tons each). Other suppliers include Vietnam, Iran, Sri Lanka and Georgia.

Meanwhile, Kazakhstan actively imported coffee during the...

According to Minister of Digital Development Zhaslan Madiyev, Kazakhstan is about to sign an agreement with Amazon Kuiper on satellite internet provision. He believes that introducing a Starlink alternative will boost competition in the market, ultimately providing Kazakhstanis with better services.

«We will sign a number of agreements, including one with Amazon Kuiper, a Starlink-like satellite internet technology. By accelerating the competition in this industry, we may provide our citizens with better services at reasonable prices,» Madiyev explained.

Kuiper Systems LLC, a subsidiary of Amazon established in 2019, specializes in developing satellite broadband internet. The Ministry has...

S&P Global’s research indicates that Kazakhstan’s manufacturing industry has shown the highest growth rate over the past five and a half years. The industry is reporting the highest employment rate, an increase in output and an inflow of new orders.

S&P Global’s Purchase Manager’s Index (PMI) in the manufacturing industry has reached a record-breaking 53.3 points in August, whereas July’s result was 51.7. The previous growth record was reported in June 2022. The analysis shows the industry has been growing for six months in a row.

One of the reasons for the improvement in the manufacturing industry’s climate was...

S&P Global Ratings’ analysts project moderate economic growth for Kazakhstan over the next three years at 3.7% on average, which falls significantly short of the cabinet’s expectations. Experts suggest that the country could enhance its economic position through successful privatization of state assets. However, according to Halyk Finance, citing S&P Global Ratings, the process of denationalization in Kazakhstan is extremely slow.

S&P Global Ratings ranked Kazakhstan at BBB- with stable outlook. The key element to maintaining the country’s positive rating is its oil and gas industry, which accounts for 20% of the national GDP, more than 50% of exports and...

Work is underway to establish a National Center for Artificial Intelligence (AI) in Astana, according to a report presented at a cabinet’s meeting on the implementation of President Kassym-Jomart Tokayev’s address to the nation.

The government said that specialists are currently working on staffing and equipping the new center. At the same time, AI product development for all sectors of the economy and the e-government platform is also in progress. The timeline for the project’s completion has not yet been disclosed. The Ministry of Digital Development’s press office confirmed that a designated committee has been established to create the center.

Jianlong, a Chinese metallurgical company from the Fortune Global 500, intends to build a steel factory in Kazakhstan. The company sees significant potential in Kazakhstan’s heavy industry and hopes to expand its capabilities by opening a new site in the country. Jianlong’s current total steel production capacity is 42 million tons. However, no details about the possible location of the new site have been provided.

With 14 metallurgical plants in China and other countries, Jianlong is one of China’s leading steel producers. In addition to steel production, Jianlong is also involved in logistics, trade and the production of vanadium and...

During an official trip to Beijing, Kazakhstan’s Energy Minister Almasadam Satkaliyev met with the heads of leading Chinese oil and gas companies, China National Petroleum Corporation (CNPC) and State Power Investment Corporation. Together with the Chairman of the Board of Directors of CNPC, Dai Houliang, they discussed the most important issues related to the development of the oil and gas sector in Kazakhstan.

«The two sides discussed the construction of a new line of the Beineu-Bozoy-Shymkent gas pipeline and the signing of a long-term contract for Kazakhstani gas exports. They paid particular attention to expanding the Shymkent refinery’s...

The agency of the Republic of Kazakhstan for Civil Service Affairs (ACSA) has set up a studio within the Academy of Public Administration under the President of the Republic of Kazakhstan. The plan is to improve the communication skills of Kazakhstani officials.

«The state-of-the-art studio will develop technically innovative training methods for officials. The training includes mastering the discussion and interview skills and efficiently implementing them during a speech,» the ACSA said.

The studio features automated video and visual content capture technology by Jalinga, along with a platform for connection to online conferences via YouTube and Zoom...

During today’s national address, President Kassym-Jomart Tokayev suggested building airports in the resort zones. 

«The runways at the Balkhash and Alakol resort zones have already been renovated. Now, it’s time to unlock the potential of the Katon-Karagay, Zaysan and Kendirli resort zones. This will require building passenger terminals and airports along with well-developed road infrastructure. The Industrial Development Fund should also facilitate acquiring small aircraft for these airports,” he proposed.

The president also emphasized the necessity to make all the projects environmentally friendly to avoid any harm to nature. In his national address, Tokayev also claimed that...

During today’s national address, President Kassym-Jomart Tokayev announced that the referendum on nuclear power plant construction will take place on Oct. 6. 

«The nationwide referendum on the issue of nuclear power plant construction will take place on October 6 of this year. I am signing the corresponding decree today,» he said. 

According to the president, the referendum will be another vivid manifestation of a broad nationwide dialogue and implementation of the Listening State concept. By doing so, Kazakhstan is establishing a new sociopolitical culture and setting new standards for crucial state decision-making, President Tokayev added. 

On Sept...

Kyiv will stop the transit of Russian oil and gas to Europe starting from Jan. 1, 2025, but is ready to continue transiting hydrocarbon fuel from other countries such as Kazakhstan and Azerbaijan, according to Novyny.Live, citing Mykhailo Podolyak, the advisor to the head of the Office of the President of Ukraine.

«Yes, it could be any other transit gas coming from Central Asian countries, for example. Europe has already diversified its oil and gas supplies, and exports from Russia do not play the role they did 10 or 15 years ago in Europe. Moreover, let me remind...

Eurasian Resources Group (ERG) would pay up to $350 million annually in a carbon border tax if one is introduced, said Talgat Temirkhanov, chair of the Kazakhstan Electric Power Association Chairman. 

«If a carbon border tax is introduced in the near future, ERG will annually lose from $330 million to $350 million at the border. To give you an idea of what’s exactly worth $350 million, it estimates approximately the wage bill of a large mining and metallurgical company. We realize that if we don’t make the first steps towards the carbon footprint reduction of our export items...

The 2024 Summer Paralympic Games have started in Paris with the Opening Ceremony held at the Place de la Concorde. Berik Izmaganbetov, a sitting volleyball player, and Sevda Aliyeva, a shooter, carried the national flag of Kazakhstan. 

A record-breaking delegation of 44 athletes is representing Kazakhstan this year, 18 more than during the 2020 Tokyo Paralympics. Kazakhstanis will compete in nine sports: Para judo, Para powerlifting, Para taekwondo, Para athletics, shooting Para sport, Para table tennis, Para swimming, Para canoe and sitting volleyball. 

This is the first time athletes from Kazakhstan participated in a table tennis tournament and female Para...

The government of Moldova has approved opening an embassy in Kazakhstan. According to Moldova’s Ministry of Foreign Affairs, this initiative aims to expand the country’s diplomatic reach. The embassy will be based in Astana.

«Kazakhstan is a regional economic power with vast potential and a strong community ,» the Moldovan Foreign Ministry stated in a social media post.

The new embassy will be Moldova’s first diplomatic mission in Central Asia in 20 years.

«Moldova is strengthening its diplomatic presence in Central Asia and will open an embassy in Kazakhstan soon — the first diplomatic mission...

Kazakhstan’s National Bank has commented on the U.S. Department of the Treasury’s recent sanctions against the Center of Financial Technologies, the Russian developer of the Zolotaya Korona (Golden Crown) payment system. In response to Kursiv.media’s inquiry, the National Bank stated that it had not received any warnings from the U.S.

«Zolotaya Korona itself has not been included in the sanctions lists and no recommendations have been received. Second-tier banks, as private business entities, independently assess risks to their activities and decide whether to engage with foreign payment systems based on commercial interest and economic feasibility,» the National Bank...