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Kazakhstan
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Kazakhstan's ecology ministry has appealed after a court failed to uphold its $5 billion lawsuit against the operator of the giant Kashagan oilfield, Ecology and Natural Resources Minister Yerlan Nysanbayev said on Monday, Reuters reported. The ministry in March sued the field's operator - a group which includes Shell, Eni, TotalEnergies and Exxon Mobil, over what it said were excessive deposits of sulphur and other environmental issues.
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A Taliban delegation discussed facilitating international financial transactions with private banks on a recent trip to Kazakhstan in a bid to ease the Afghan banking sector's isolation, the acting commerce minister said, Reuters reported. Nooruddin Azizi, acting Minister of Commerce and Industry, led a business delegation to Kazakhstan last week. In addition to banking he discussed the possibility of preferential trade tariffs, telecommunications projects and transit routes, including for possible shipments of Russian oil to South Asia, he told Reuters in an interview on Wednesday.
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A major Kazakh financial lobby group thwarted an effort to set a much lower cap on unsecured loans popular with the vast majority of the workforce, all but undoing one of the signature initiatives in the country after last year’s deadly riots, Bloomberg News reported. Shaken by the unrest that’s been blamed on corruption and inequality, President Kassym-Jomart Tokayev tried to claw back popularity with such measures as legislation on individual bankruptcy filings.
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A London judge has told Kazakh mining company ENRC, its former legal adviser Dechert and the UK Serious Fraud Office (SFO) to consider mediation to end bitter litigation over events that led to a near 10-year criminal investigation, Reuters reported. Despite ruling in May that former veteran Dechert partner Neil Gerrard had grossly betrayed his own client and former senior SFO officers had behaved with bad faith, High Court Judge David Waksman suggested all sides call a truce. "Notwithstanding what's happened in the past and the serious allegations ...
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OneWeb Ltd., a U.K.-backed satellite company, has been sued in the U.S. by a former Donald Trump business partner who claims he wasn’t paid for helping to secure rocket-launch rights in Kazakhstan, Bloomberg News reported. Giorgi Rtskhiladze, a Georgian-American businessman, said he played a role in helping OneWeb connect with business and government figures in Kazakstan, who paved the way for the company to launch satellites from the Baikonur Cosmodrome and to operate a ground station for its internet network, according to the lawsuit.
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Violent protests against the government in Kazakhstan led to intermittent internet shutdowns for a second day, as troops from a Russia-led military alliance arrived in the country to restore order. The lack of connectivity disrupted huge cryptocurrency mining operations in the country, which has become one of the world’s largest hubs for this activity, the New York Times reported. Creating, or mining, Bitcoin and other cryptocurrencies is a power-hungry process in which vast computer networks compete online for newly created crypto tokens.
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Mass protests in Kazakhstan over an increase in fuel prices have prompted the country’s authoritarian government to resign and the president to impose a state of emergency in a crisis that threatens to destabilize the oil-rich former Soviet republic, the Wall Street Journal reported. Kazakh President Kassym-Jomart Tokayev has declared a two-week curfew in Kazakhstan’s western Mangistau region and in Almaty, the country’s largest city. The restrictions include a ban on mass gatherings and limitations on movement. Mr.
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Kazakhstan’s cryptomining industry was initially boosted by China’s tightening grip on digital asset regulation, but some seven months down the line, it’s emerging that Kazakh-based miners are fed-up with electricity shortages, cryptoslate.com reported. Some miners report nearing bankruptcy due to the national grid’s inability to supply consistent power. Just as the country was emerging as a significant global cryptomining hub, it seems as though things have gone south as miners begin to leave. China had banned financial institutions from dealing with crypto transactions this past May.