Kazakhstan Chamber of Commerce in the USA

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Halyk appoints new Deputy CEO 0

Posted on October 23, 2011 by Alex

Alia Karpykova has been appointed Deputy CEO of Kazakhstan’s second largest bank, Halyk, the lender said in a statement on Monday.

Karpykova, who will replace Naila Abdulina in the position, will be responsible for finance and accounting, Halyk said.  Prior to her current appointment, Karpykova served as Halyk’s Chief Financial Officer (CFO).

SOURCE: Kazakhstan Daily News Brief, October 18, 2011

Kazakhstan Daily News Roundup – July 11, 2011 0

Posted on July 10, 2011 by KazCham

Kazakhstan Daily News Roundup – January 24, 2011 0

Posted on January 24, 2011 by KazCham

HEADLINES:

Kazakhstan to export 7 million tonnes of grain this year as harvest recovers
(SRI) – Kazakhstan expects to export 7 million tonnes of grains in the current marketing year, based on forecasted harvest of 15-16 million tonnes, Reuters reported last week, citing Sagintai Zhumazhanov, head of the Agriculture Ministry’s agrotechnology policy unit.

Lukoil spends $6 billion in Kazakhstan
(SRI) – Lukoil, Russia’s largest oil company, has spent more than $6 billion in Kazakhstan since it began operating in the country, the presidential press service reported on Friday, citing Lukoil head Vagit Alekperov.

ENRC to invest $7 million in Kazakhstan
(SRI) – Eurasian Natural Resources Corporation (ENRC), the London-listed Kazakh mining group, plans to invest up to $7 billion in projects in Kazakhstan, ENRC’s chief executive Felix Vulis said.

BUSINESS AND ECONOMY:

Halyk issues 10-year, $500-million Eurobond (SRI)

Air Astana doubles pre-tax income in 2010 (SRI)

Mark Mobius: Kazakhstan’s growing importance for investors (Citywire)

Hyundai opened bus and truck assembly plant in Kazakhstan (Kazinform)

Kazakhstan increased agricultural commodities exports by 16.2% in 2010 (AgriMarket.Info)

Kazakhtelecom and Alcatel-Lucent deploy the first GPON network in Astana (The FINANCIAL)

National Bank of Kazakhstan: Exchange rates January 22-24, 2011 (Kazakhstan Today)

Indicators – January 21, 2011 (Reuters)

POLITICS:

Nazarbayev hints at backing for plan to cancel elections (Telegraph)

REGIONAL:

Turkmen leader says open to rival political parties (Reuters)

ADB grants Tajikistan $120 million for vital road (Reuters)

SOURCE: http://silkroadintelligencer.com/2011/01/24/kazakhstan-daily-news-roundup-january-24-2011/

Kazakhstan Daily News Roundup – September 3, 2010 0

Posted on September 03, 2010 by KazCham

HEADLINES:

BTA Bank completes debt restructuring
(SRI) – BTA Bank, Kazakhstan’s third-largest lender, said on Wednesday it had completed the restructuring of its $16.7-billion debt, reducing its liabilities to $4.2 billion.

A bazaar business
(bne) – Border closures after the Kyrgyz revolution and Kazakhstan’s entry into the Customs Union with Russia have presented challenges for Central Asia’s hundreds of thousands of bazaar vendors and shuttle traders this year. But the region’s multi-billion-dollar bazaar trade has always proved to be enormously flexible.

Vale to explore for Kazakh copper, gold with Tau-Ken Samruk
(SRI) – Vale SA, the world’s largest iron ore producer, will search for copper and gold in Kazakhstan together with Tau-Ken Samruk, the state-owned mining holding, Bloomberg reported on Thursday citing a government official.

ENERGY:

Pavlodar refinery net income rises in H1 (SRI)

CPC revises up September crude shipments 5% to 2.7 million tons (Dow Jones – NASDAQ)

Tethys Petroleum up 3.5% on Kazakhstan operations update (Proactive Investors)

Max Petroleum gets extension to Blocks A&E licence exploration period (Oil and Gas Eurasia)

Kazakhstan to develop regulations for operation and safety of oil pipelines – PGO (Interfax)

BUSINESS AND ECONOMY:

Halyk to buy back shares from government by end of 2010 – CEO (SRI)

Tau Capital buys stake in Kazakh pharma distributor (SRI)

Kazakh leader urges restraint in public spending (Reuters)

Kazakh grain looks beyond drought to new markets (Reuters – Forexyard)

Kazakh Ministry of Industry terminated 43 subsoil use contracts since January 2010 (Interfax)

Kazakhstan to double exploration funds in 2011 (Interfax)

Kazakhstan to tighten banking controls (RIA Novosti)

Ulf Wokurka appointed new Head of Deutsche Bank Kazakhstan (The Financial)

METALS AND MINING:

Kazakhstan hopes KazakhGold conflict will be resolved by September (RIA Novosti)

POLITICS:

Kazakhstan to prepare everything for OSCE summit – Nazarbayev (Itar-Tass)

SOURCE: http://silkroadintelligencer.com/2010/09/03/kazakhstan-daily-news-roundup-september-3-2010/

Kazakhstan Daily News Roundup – September 1, 2010 0

Posted on September 01, 2010 by KazCham

HEADLINES:

Kazakhstan to double crude oil export duties in 2011
(AFP) – Energy-rich Kazakhstan will double its crude export duty tax to 40 dollars (31.51 euros) per tonne next year to boost revenue, the country’s finance ministry said on Tuesday.

Halyk quadruples first-half net income
(SRI) – Halyk Bank, Kazakhstan’s second largest lender, almost quadrupled its net income to KZT16.6 billion ($113 million) in the first six months of 2010, the bank said in a statement on Tuesday.

Kazakhstan forecasts 3.1% GDP growth in 2011
(Reuters) – Kazakhstan, the biggest oil producer in Central Asia, forecast on Tuesday that economic growth would slow to 3.1 percent next year from a forecast 4.0 percent in 2010 before picking up over the following two years.

ENERGY:

KMG EP looks beyond Kazakhstan in BG North Sea deal (Reuters)

Uranium One shareholders approve asset swap deal with ARMZ (RIA Novosti)

Kazakhstan may supply crude oil to Belarus, ambassador says (Belarus News)

Kazakh envoy to Baku: Keep pipe dreaming (EurasiaNet)

BUSINESS AND ECONOMY:

Kazkommertsbank net income up 3% in first half (SRI)

National Bank of Kazakhstan: Exchange rates September 1, 2010 (Kazakhstan Today)

SOCIETY:

Beatlemania in Kazakhstan as country hosts first Beatles festival (Telegraph)

SOURCE: http://silkroadintelligencer.com/2010/09/01/kazakhstan-daily-news-roundup-september-1-2010/

Kazakhstan May Restrict Corporate Withdrawals to Protect Banks, S&P Says 0

Posted on May 18, 2010 by KazCham

Kazakhstan is likely to restrict corporate withdrawals to keep banks liquid and allow them to recover as the country’s lenders try to restructure about $20 billion in debt, Standard & Poor’s said.

“During the crisis, the government controlled very actively the largest deposits in banks, including incentives for state companies not to withdraw their money,” Ekaterina Trofimova, a Paris-based S&P bank rating director, said in a May 15 interview in Almaty. The state directly or indirectly controls one-third to half of Kazakh bank deposits, she said.

Companies are now seeing that the crisis is passing, and “they want to get their money back,” Trofimova said. “But banks won’t be allowed to collapse in the interest of major companies, including state-owned ones, so the removal of deposits by companies will be careful and coordinated. Withdrawals won’t break the banking system, but they will limit its growth.”

Banks in the former Soviet republic face continued weak asset quality, unreliable funding conditions, and low capitalization for at least two more years, Standard & Poor’s said on April 19. Kazakhstan’s financial industry is still struggling to recover from the failure of BTA Bank, which defaulted in April last year two months after it was taken over by the state-owned National Wellbeing Fund Samruk-Kazyna.

Bank Defaults

Besides BTA, which was the country’s biggest lender before its collapse, Alliance Bank, AO Astana Finance and Temirbank, then controlled by BTA, have also defaulted, leaving about $20 billion in debt to be restructured.

Samruk-Kazyna controls stakes in state-owned energy company KazMunaiGaz National Co., uranium miner Kazatomprom, railway monopoly Kazakhstan Temir Zholy and phone operator Kazakhtelecom. The fund also owns stakes in Kazkommertsbank and Halyk Savings Bank, the two biggest lenders by assets, and controls BTA, Alliance and Temirbank.

New foreign borrowing by KazMunaiGaz and Kazatomprom “reduce the urgency of the problem of a possible reduction of large deposits in local banks,” Trofimova said.

KazMunaiGaz sold $1.5 billion of 10-year notes last month, while Kazatomprom sold $500 million of five-year notes last week, according to Bloomberg data.

Deposit Growth

“It’s disputable that Kazakh banks can base their development strategy on domestic resources, since people’s incomes and savings are relatively small and companies’ liquidity has been largely exhausted by the crisis,” Trofimova said. Kazakh bank deposits will increase 20-25 percent at best this year, and no more than 30 percent in 2011, she said.

KazMunaiGas Exploration Production, the London-traded unit of KazMunaiGaz, keeps most of its $4 billion in cash at accounts with Kazkommertsbank and Halyk, Alexander Gladyshev, the company’s head of investor relations, said by telephone from the capital Astana today. “The company has no problem in financing its current operations and capital expenditure, including payments of dividends,” he said, adding that KazMunaiGas as yet has no need to make “billions in withdrawals.”

Sholpan Mukasheva, a spokeswoman for Samruk-Kazyna, Galym Tumabayev, a spokesman for KazMunaiGaz National Co., and Sergei Nasyrov, a spokesman for Kazatomprom, all declined to comment.

Kazakhstan’s 39 banks held 7.298 trillion tenge ($49.8 billion) in deposits in the first quarter, down from 8.09 trillion tenge in the same period last year, according to the website of the Agency for Financial Supervision.

‘Free Liquidity’

“Kazakh banks have free liquidity of about $12 billion,” central bank Chairman Grigori Marchenko said on April 21. The country will increase reserve requirements for banks if they don’t “invest their excess liquidity in loans” in the first quarter, he said in January.

According to Trofimova, “Kazakh banks don’t have excess liquidity; liquidity is entirely adequate, taking into account its short-term character, the high concentration of deposits and remaining uncertainty in domestic and foreign markets.”

Kazakh banks’ combined loan portfolio dropped to 9.472 trillion tenge last quarter from 10.255 trillion tenge a year earlier, data from the Agency for Financial Supervision show. Banks’ total assets slumped 15 percent in the period to 11.946 trillion tenge, it said on April 23.

Nonperforming Loans

The combined loan portfolio may grow as much as 10 percent this year, and will rise even more in 2011, Trofimova said. Kazakh banks’ nonperforming loans, including those that have been restructured, account for almost 55 percent of total loans, she said, adding that gradual improvement will be seen in the fourth quarter. Nonperforming loans issued by banks excluding the four that defaulted are at just over 40 percent, she said.

Kazakh lenders raised provisions, cash set aside to cover loan losses, to a combined 3.5 trillion tenge, or 37 percent of their loan portfolios, in the first quarter from 1.56 trillion tenge a year earlier, according to the financial watchdog.

The defaulted lenders may recover more than a half of nonperforming loans, while the rest will get back more than two thirds, but only in the two to four year period, Trofimova said.

The economy of Kazakhstan, which holds 3.2 percent of world oil reserves according to BP Plc, grew an annual 7.1 percent in the first quarter, the country’s State Statistics Agency said on May 14.

Economic growth slowed to 1.2 percent last year from 3.2 percent in 2008. The economy grew 10 percent on average each year between 2000 and 2007 as energy and commodity prices rose.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

SOURCE: http://preview.bloomberg.com/news/2010-05-17/kazakhstan-may-freeze-corporate-deposits-to-protect-bank-funds-s-p-says.html

Five Kazakhs on Forbes billionaires list 0

Posted on April 06, 2010 by KazCham

49-year old head of Kazakh copper giant Kazakhmys Vladimir Kim heads the list with $3.7 billion. Alidzhan Ibragimov, one of the three owners of the Eurasian Natural Resources Corporation, comes second with $3.3 billion.

Dinara Kulibayeva, the second daughter of President Nazarbayev, and Timur Kulibayev, an influential businessman, reportedly each control net worth of $1.1 billion. The couple owns a majority stake in Kazakhstan’s third largest bank, Halyk. In addition, Kulibayev is the deputy CEO of Kazakhstan’s state holding and investment company Samruk-Kazyna.

Nurzhan Subkhanberdin, chairman of Kazakhstan’s largest bank, Kazkommertsbank, concludes the list of Kazakh billionaires with a reported net worth of $1.1 billion.



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