In Kazakhstan, the most telling sign that investors are bracing for another currency devaluation is their refusal to part with dollars. Exporters and other holders of the greenback are turning to the currency swaps market for contracts that allow them to obtain the local currency they need without having to sell their dollars outright. Volumes in such deals reached a daily average of $2 billion this month, five times more than in all of last year, according to Kazakhstan stock exchange data.
China secured deals worth more than $14 billion to enhance connectivity with Kazakhstan, Central Asia's largest economy, in what is another step forward in efforts to revive the ancient transcontinental Silk Road.
After the OPEC countries decided not to reduce the quota for oil production, a further drop in oil prices can adversely affect the economy of Kazakhstan, the expert of the Institute of Political Solutions of Kazakhstan Sergey Smirnov told Trend.
Russian politician Andrei Zhirinovsky is all mouth, so it would not normally have caused a stir when he suggested earlier this year that Russia should simply annex the parts of neighboring Kazakhstan that have a large Russian population. But the ultra-nationalist leader of the Liberal Democratic Party actually frightened the Kazakhs, because there is a bigger game going on.
Australian Prime Minister Tony Abbott and Canadian Premier Stephen have just landed near the bottom of a ranking of the world's worst climate villains. The 2014 Climate Change Performance Index, published by Germanwatch and the Climate Action Network, called out Abbott and Harper for aggressively dismantling and blocking clean energy policies in their countries. They came in at 57th and 58th in a list of 61 names, and have some illustrious company at the bottom. Let's take a look at the worst five.
Ken Silverstein's 'The Secret World of Oil' explores a murky business on which the west depends. Oil is the world's most important traded commodity. It powers our cars and drives our industry. And surging energy demand in developing countries from China to Brazil means its significance will only grow.
But how much do we really know about the business? Some of its public faces are familiar – the Gulf potentates, the bosses of BP and ExxonMobil, energy ministers in Europe and the US
Developed by Western Oil Companies, Giant Project Off Kazakhstan Is Years Late, More Than $30 Billion Over Budget. Kazakh workers were recuperating from the frigid temperatures of the Caspian Sea over cups of tea when their Italian supervisor interrupted their break, demanding they return to work. The workers restrained the supervisor— a manager working for Eni ENI.MI +0.17% SpA, a company building a giant oil development here—and put a plastic bag over his head. He fled, packed his bags and left Kazakhstan.
On February 11, Kazakhstan's central bank devalued the national currency, the tenge, by 19 percent against the US dollar. It said the gradual decrease of the US Federal Reserve's stimulus program had led to a capital outflow from developing countries to developed ones and the central bank was not able to maintain the exchange rate of the tenge by selling dollars.
Caught in an emerging market storm, some resource-rich states may keep more windfall income in liquid assets, ready to aid their economies, rather than locked up in strategic investment for future generations.
Kazakhstan President Nursultan Nazarbayev said he expects "serious" output from the nation's largest oil deposit this year after waiting almost half his 23 years in office for the $48 billion project to start. The Kashagan field was halted in October, a month after production started, because of defects found in pipes carrying lethal sulfur-laden natural gas from the oil field. The operating company, a venture that includes Exxon Mobil Corp. (XOM) and Royal Dutch Shell Plc (RDSA), is completing tests at the site and hasn't said when output will resume.
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