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Home , Azerbaijani manat, Dimitri Kumsishvili, Islam Karimov

The Conway Bulletin. Nov. 27 2017 QUALITY INDEPENDENT NEWS REPORTING SINCE 2010 Issue no. 352 COMMENT: Looking at CORRO’S NOTEOOK: BUSINESS NEWS: ’s government Prices start to rise in to build $1.6b aluminium reorganisation - P.2 - P.3 plant in –P.5 irks the Kremlin with EU partnership deal >> Kremlin-linked TV station airs programme accusing Armenia of favouring Nazis YEREVAN – Armenia and the European Union signed a deal that will extend their cooperation and pull the Armenian government closer into the West’s sphere of influence (Nov. 24). The Comprehensive and Enhanced Partnership Agreement, an effective substitute for a deal that forced Armenia to pull out of in 2013, boosts dialogue and diplomatic touch points. Importantly, though, it doesn’t include any free trade agreements as Armenia is now part of the Kremlin’s US director David Lynch visits Eurasian Economic Union. David Lynch, the director of Twin Peaks, listens to injured Georgian war Speaking later at the EU’s Eastern veterans in Tbilisi. He was in the Georgian capital to open a new cinema Partnership summit, Armenian school and promote transcendental meditation (Nov. 20). (Pic: Geo min of defence) president Serzh Sargsyan said that For the EU, the agreement should commented on the Comprehensive 2017 was the most significant year for allow it a greater degree of influence and Enhanced Partnership EU-Armenia relations since over civil reforms in Armenia. Agreement but a few days before it independence in 1991. Analysts said Russia scuppered a was signed a TV station linked to the “This Agreement is not merely a more entrenched deal between the Kremlin broadcast a documentary legal document, but a reflection on EU and Armenia in 2013 and instead that said Armenia’s leadership was the wealth of values of human rights forced it to join its fledgling Eurasian favourable to the Nazis. The TV and fundamental freedoms that we Economic Union. Russia is a major programme also made a reference to share,” he said. influence over Armenia. It has not the EU-Armenia deal. Jeenbekov sworn in as Kyrgyz president BISHKEK -- In a low-key ceremony . With a military Mr Jeenbekov won a presidential full of symbolism, Sooronbai band playing in the background, Mr in October with 54% of the Jeenbekov was sworn in as Jeenbekov swore an oath in a hall in vote, easily beating his nearest rival, ’s third post-2010 front of hand-picked dignitaries and but his succession is still seen as revolution president (Nov. 24). ambassadors, kissed the Kyrgyz flag controversial by some people who say Commentators said the inauguration and took a special presidential flag that he is too close to Mr Atambayev, of Mr Jeenbekov was historic as it was from his friend and predecessor president from 2011. the first peaceful transfer of power in a swearing- Mr Atambayev has said that he still between two elected presidents in in ceremony that lasted 15 minutes. wants to be involved in politics.

The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Nov. 27 2017 | page 2 CommentGeorgia’s big Brainteaser no. 30 This is, possibly, the world’s government shake up only quiz dedicated to Central Asia and the South >> Georgian PM Kvirikashvili has just made major changes to his Caucasus. Win a highly- government set up, writes Paul Scott. coveted Bulletin branded Parker jotter pen by On Nov. 13, the Georgian PM announced one of the biggest reorganisations of the government and its ministries in recent years. answering these questions: The cabinet has been reduced in size, from 16 members down to 13, by merging several ministries. The ministry of economic development is A) Explain the list order? Why does strengthened, absorbing the ministry of energy. This integration is seen as a Tajikistan top the table and Turk- sensible step, as energy issues are inseparable from Georgia’s overall menistan come in bottom? economic development, especially in country with significant energy imports and, simultaneously, major potential in hydropower. Tajikistan There is less enthusiasm in the country about the dissolution of the Kyrgyzstan ministry of environment, which will be split between the ministries of economic development and agriculture. Critics, among them a former Georgia environment minister, point out that Georgia has major gaps in environmental protection and that these concerns deserve full Armenia representation in the cabinet. Uzbekistan The absorption of the ministry for -Atlantic integration into the ministry of foreign affairs is also controversial. Several civic society organisations have protested against this dissolution because they say it was B) Where was this flag, briefly, pushed through without proper consultation. flown in the region? That said, in many ways the broader Euro-Atlantic path for Georgia is now charted by the EU Association Agreement. At least some ministries seem to be making reasonable progress with its implementation. Arguably, no separate state ministry is needed to drive an agenda that by now is fully integrated into government policy. The re-organisation has also fueled speculation about personalities. , previously minister for economic development, and widely (All answers for Brainteaser no. 30 seen as close to oligarch-in-chief to [email protected]) , has shifted to be interior minister (the MIA). Many Georgians had grumbled about the MIA, which has come across as draconian in the handling of youth, drivers, and some tourists. The answers to Brainteaser no. 29 are: The MIA may be a stepping stone to the post of Prime Minister, with a chance of building a base in a power ministry. Other figures to watch are A) Karaganda in central Kazakhstan, the new minister of finance, Giorgi Bakhtadze, as well as the new economic where Pres. Nazarbayev grew up. development minister, Dimitri Kumsishvili. He has held the post before. The other focus of political attention is the new mayor of Tbilisi, former B) This is a statue of Alexander footballer , now considered the strongest figure in the ruling Tamanian, planner of modern party, after Bidzina Ivanishvili. Yerevan, outside the modern art >> Paul Scott is an analyst based in Georgia museum.

The Conway Bulletin. — Independence, integrity, brevity” Editor – James Kilner Reporting coverage in Central Asia and the South Caucasus: The Bulletin has correspondents on retainers in Almaty, Bishkek, Dushanbe and Tbilisi and part-time correspondent in Yerevan. For Azerbaijan, Uzbekistan and Turkmenistan, The Bulletin employs local reporters now based outside their home country to help with coverage. Cross Fell ltd owns The Conway Bulletin. It is registered in England and Wales as company no. 0755115. Our ISSN is 2397-6624.

The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Nov. 27 2017 | page 3 Correspondent’s notebook Fuel prices jump 50% Hundreds of students demonstrated in Yerevan outside the National Assembly after parliamentarians in Uzbekistan approved a law that will tighten conscription rules, making it near- impossible to duck out of (Nov. 15). Currently some students are able to indefinitely defer the country’s two- year mandatory military service. Critics of the conscription tightening said that the new rules show the increasing militarisation of the country while the bill’s supporters said that war with Azerbaijan over the disputed region of Nagorno- is a real possibility after nearly a quarter of a century of peace. Of Armenia’s 105 MPs, 86 voted in support of the changes. >> The usually busy Bek-Baraka Centre is almost empty other than the traders >>The Bulletin >> Economic liberalisation triggers price rises in Uzbekistan -- in said one Tashkent resident with more One Georgian security service agent Uzbekistan is rising steeply, a conse- than a hint of sarcasm. “There is more and three gunmen died in a shoot- quence of policies that have started and more money in the pocket, and out at an apartment block on the to unlock its previously tightly there are fewer products on the table.” edge of Tbilisi during what officials leashed economy. And he was not alone. People in described as an anti-terrorist A Conway Bulletin correspondent Tashkent are genuinely excited about operation (Nov. 22). Reports said in Tashkent said that prices for petrol the promise of more freedom and that the operation last more than 20 rose by 50% virtually overnight on personal liberties, although many are hours and that four other policemen Nov. 15, increases that have been fed reserving judgement on whether were injured and another gunman into the cost of fruit, vegetables and will really deliver arrested. Later Georgian media said other foods. on pledges. He took over in Septem- that one of the killed gunmen was The fuel price rises appear to bet ber last year after Islam Karimov, who Ahmed Chatayev, the alleged the result of poor planning and spec- ruled Uzbekistan as his personal mastermind behind the 2016 ulators trying to make a quick profit, fiefdom from 1991, died from a heart Istanbul airport attack. There has triggering shortages and panic-buy- attack. been no official confirmation that ing across the country. But they also “Tashkent City is being rebuilt Chatayev was among the dead. reflect a new era of less economic with billions of dollars,” said one certainty and sharp price fluctuations resident. "But in some areas people in Uzbekistan. are living without hot water, there is This year Uzbekistan scraped a no gas. Water is fed for two hours a A fire in the Georgian Black Sea series of economic and con- day in most regions. In the capital, resort town of Batumi killed 11 trols to open up the country and, the heating season is delayed for a people at an upmarket hotel, one of commentators have said, help it shift month.” the worst fire-related accidents in back towards the economic centre of The government appears sensitive the country in the past few years Central Asia. First, though, there to how its reforms are being received (Nov. 23). It is not clear how the fire appears to be a dose of economic pain by ordinary people. It has announced started but reports online said that that people living in the region’s most a plan to spend an extra $250m it spread quickly through the hotel. populous country need to grit their buying up fuel to ease the shortage The hotel had been due to host the way through. (Nov. 17) and a few days later it said Miss Georgia beauty pageant later “In my opinion, some kind of that it would raise state salaries by that weekend. miracle is happening in our country,” 15% too (Nov. 20). The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Nov. 27 2017 | page 4 72 Javelin Command Launch Units from the US, media reported (Nov. Possibly breaking new ground, 21). The Javelin missile is a rocket Uzbek minister of defence Major launcher designed to destroy enemy General Abdusalom Azizov met his Three Central Banks in the South tanks. Georgia has pledged to Azerbaijani counterpart Colonel Caucasus and Central Asia region modernise its military and wants to General Zakir Hasanov in for left their key interest rate join NATO. It lost a brief war in talks over developing military unchanged as inflation started to August 2008 against Russia. contacts and ties (Nov. 16). There slow (Nov. 16/17/27). Economies in doesn't appear to have been much, if the region have been recovering any, military cooperation between from a slowdown triggered by a Uzbekistan and Azerbaijan under 2014 fall in oil prices. Armenia’s kept Islam Karimov and the meeting its key interest rate is at 6%, British comedian Sacha Baron highlights the new attitude of Azerbaijan kept its steady at 15% and Cohen who invented Borat the regional cooperation and openness Kazakhstan at 10.25%. fictional Kazakh character that has so irked officials in Kazakhstan said in Uzbekistan since Shavkat that he would pay any fines handed Mirziyoyev took over as president in out to men wearing the so-called September 2016. mankini (Nov. 23). Mr Baron Cohen Tbilisi City Court upheld a decision made the statement after a group of by Georgia’s interior ministry not to Czech tourists, possibly on a stag Russian foreign minister Sergei grant Turkish school employee party, wearing mankinis and wigs in Lavrov visited both Baku and Mustafa Cabuk asylum (Nov. 23). Astana were handed a 22,500 tenge Yerevan on a brief tour partly aimed Police detained Mr Cabuk on fine ($68) each for public indecency. at building a consensus over the Turkey’s request earlier this year. continued stand-off surrounding The Turkish authorities accuse him the disputed region of Nagorno- of being part of a network of so- Karabakh (Nov. 19-21). The day after called Gulenists that attempted a he left the region, Armenia-backed coup in 2016. Georgia has tightened Uzbek President Shavkat Mirziyoyev forces reported that three of its its clampdown on Gulenists this flew to for meetings with soldiers had been killed when they year while improving relations with South Korean leader Moon Jae-in set off an anti-tank mine. Turkey. Mr Cabuk’s lawyers said that culminated in $8.9b worth of that he will appeal. deals being concluded across multiple sectors, including the start of car production for Hyundai and a deal for Samsung Engineering to Officials in Uzbekistan said that they had approved 25% more visas in Georgian PM Giorgi Kvirikashvili modernise Uzbekistan’s chemical plants (Nov. 23). Uzbekistan has a the first nine months of the year in reshuffled his ministers and merged 2017 compared to the same period a handful of government agencies close relationship with as it is home to a large Korean in 2016 (Nov. 15). Nearly 224,000 (Nov. 13). The biggest appointments visas were approved in the first nine were shifting deputy PM and diaspora transported to Tashkent by Soviet dictator Josef Stalin. months of the year, including nearly finance minister Dimitri 100,000 tourist visas. Kumsishvili to be economy minister. , the former head of the Georgian Railway company was appointed A few days ahead of a meeting of finance minister. Mr Kvirikashvili heads of government of members of Kazakhstan’s parliament prepared also folded the State Security and the Shanghai Cooperation the way to clamp down further on Crisis Management Council into the Organisation (SCO), a Chinese journalists by passing the second interior ministry's Emergency diplomat once again said that the reading of a bill that will forbid Management Centre. >> See page 2 group could morph into a free trade news websites and newspaper from for comment. zone (Nov. 21). China has been publishing allegations of corruption pushing for the group, focused on or money laundering without Central Asia, Russia and China, but permission from the subject of their now also including Pakistan and reports (Nov. 23). MPs argued that Georgia’s military has agreed a $75m , to move beyond military and they needed to strengthen people’s deal to buy 410 Javelin Missiles, and bilateral cooperation. privacy. The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 BUSINESS NEWS The Conway Bulletin. | Nov. 27 2017 | page 5 Germany signs multi- Kazakhstan’s Kashagan Markets: million euro pledges for oil field is delayed once falls, Uzbekistan - P.7 again – P.7 threatens action – P.8 China to build $1.6b Tajik aluminium factory >> The new factory will supplement Talco and be central to the country’s economy DUSHANBE -- China unveiled a $1.6b plan to build a new aluminium factory in Tajikistan, a plan that will cement its hold over the Tajik economy (Nov. 17). The factory would supplement Talco, the Soviet-built aluminium smelter near the town of Tursunzoda, west of Dushanbe, that is the backbone of the country’s fragile economy. It is also the biggest aluminium smelter in the former Soviet Union although it has been operating far below its 500,000 tonnes per year capacity. The Tajik economy is limping >> The Talco aluminium plant is Tajikistan’s single biggest economic asset >>Wiki along, barely recovering from an Construction Engineering will build a concerted effort to extend its economic downturn triggered by a the smelter which will also have a influence into Central Asia. collapse in oil prices and a recession capacity of 500,000 tonnes of The announcement that a second in Russia in 2014. The government aluminium a year and employ 1,200 aluminium factory was to be built in has bailed out its biggest banks and people. Tajikistan come only one day after GDP growth has stagnated. China has already built tunnels, the Tajik government said that it A spokesman for Talco said roads and refineries in Tajikistan, in wanted to borrow another $850m, Chinese constructor Yunnan possibly through another bond

Tashir to invest $1b in Armenia economy YEREVAN -- Tashir, the conglomer- “The production of nearly 80% of investor in Armenia over the past few ate owned by Armenia’s richest man devices in Armenia will be used as years. In 2015, after a series of pro- Samvel Karapetian, said that it part of the investment programme. tests against potential price rises, planned to invest around $1b into the According to preliminary data, we are Tashir bought a power station, Armenian economy (Nov. 13). talking about 2,500 new jobs,” he said Hrazdan, and the Armenian electric- Karen Darbinyan, Tashir vice at a press conference. Armenia's ity distribution network off Russia's president, said that the group wanted economy has rebounded after a tur- Inter RAO. Last year it also opened a to manufacture and install energy bulent few years. Tashir, which is high-profile shopping mall in Yer- measuring devices. based in Russia, has been a major evan.

The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Nov. 27 2017 | page 6 strategy to increase its lending to previously little-known Ms Azerbaijani businesses (Nov. 23). Nagornaya was proving complicated The bank, which specialises in and controversial. Critics said that giving favourable loans to industry, the government’s new $200m Central Asia Metals, which is currently operates from two offices valuation was too low. Instead, the Kazakhstan-focused and London- in Baku. This year it opened a new government said it was looking for a listed, will consider buying more Baku HQ. new buyer for Alfa Telecom. companies but not for another six months, chairman Nick Clarke told (Nov. 13). This year Central TBC Bank, Georgia’s largest lender, Asia Metals bought Lynx Resources, said that profits had risen by 29% in a zinc mine in Macedonia, for just the third quarter compared to the over $400m. It was one of the Police in Israel have started same period last year, more biggest mining deals of the year. investigating Aeronautics Defense evidence of a major economic Lynx said it made the deal because it Systems, which supplies weapons to rebound (Nov. 16). Specifically, TBC needed to diversify away from Azerbaijan, for allegedly firing on Bank said that it had recorded profit processing slag heaps for . Armenian-backed forces in the of 88m lari ($33m) in Q3, mainly disputed territory of Nagorno- pushed up by increased lending. Karabakh earlier this year during a demonstration (Nov. 14). The Kazakh airline SCAT Airlines agreed allegations focus on Aeronautics a deal with US aircraft maker Defense Systems showing off its Uzbekistan's state-owned National Boeing to buy six of its 737 Max 8 Kamikaze drone to potential Bank for Foreign Economic Activity passenger jets for $674m (Nov. 17). Azerbaijani buyers. It has not said that it had been given The deal shows that confidence is commented on the news. permission to set up branch offices growing both in Kazakhstan’s overseas for the first time, another economy and the tourism sector. indicator that the country if The Boeing 737 Max 8 is a medium opening up to foreign investors sized aircraft. SCAT Airlines, which (Nov. 20). The bank's main role is to is based in Shymkent, said the new facilitate trade into and out of Uzbekistan has gold and foreign aircraft would allow it to fly more Uzbekistan. currency reserves worth $26b its flights to Far East Russia, the Middle Central Bank said, the first time that East and Europe. the country has ever revealed the value of its reserves (Nov. 16). Azerbaijan's Smart Systems Central Bank chief Timur Ishmetov Technology company signed a deal said that it would publish the value French police have interviewed with Chinese telecoms company of these reserves on a semi-regular senior executives at Airbus, ZTE to use its equipment to build basis. including CEO Tom Enders, over a and enhance mobile and telecoms 2010 deal to sell satellites to networks across the country (Nov. Kazakhstan, media reported (Nov. 23). The deal highlights the inroads 23). The investigation is focused on that China has made in the South what reports described as a “suspect Caucasus over the past few years. It Reports from Turkmenistan said payment” made during the deal. Mr sees the region as an important part that Coca-Cola was in short supply, Enders was interviewed in October of its Belt and Road policy which a casualty, perhaps, of the country’s as a witness and not as a suspect. aims to boost East-West trade. worsening economic conditions The investigation again highlights (Nov. 23). An AFP report said that Central Asia and the South there was no Coca-Cola in the shops Caucasus’ reputation for corruption. because the bottling company was The Kyrgyz government has facing a shortage of raw materials, dropped negotiations with Russian but an opposition website went Yelena Nagornaya over the sale of further and said the bottling Alfa Telecom, owner of the company had had to close. Turkey’s state-owned Ziraat Bank Megacom brand, Kyrgyzstan’s Turkmenistan’s economy has said it planned to open three more biggest mobile phone network (Nov. worsened significantly since a branches across Azerbaijan, part of a 16). A potential deal with the collapse in energy prices in 2014. The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Nov. 27 2017 | page 7 German car-maker VW to start production in Uzbekistan >> Uzbekistan has opened up to foreign investment since the death of Karimov in 2016 TASHKENT -- German banks agreed to lend up to 950m euro to business in Uzbekistan, a watershed investment deal from the West that underlines Uzbekistan's re- emergence as a place to do business (Nov. 16). The funds -- 500m from Deutsche Bank, 350m euros from Commerzbank, and 100m euros from by AKA Bank -- will be the single biggest injection of cash by a group of private Western companies. Most of the loans will be for small and medium-sized enterprises. At the German-Uzbek business >> Delegations sign deals at the Uzbek-German business forum >>Uzbek Central Bank forum in Munich, German car-maker GM currently operates a factory sector, energy sectors and industrial Volkswagen also agreed a deal to out of Uzbekistan. Its car conglomerate Siemens. produce its Amarok pickup trucks in manufacturing sector is dependent Since Shavkat Mirziyoyev took from 2019. on the Russian economy where GM over as president in September 2016 VW signed a deal with MAN Auto- sells most of its cars. VW will hope to from Islam Karimov, who ruled from Uzbekistan. “This agreement means both be able to tap into the Russian 1991, Uzbekistan has been opening to the arrival of a new world-famous market from Uzbekistan and also the investors. brand Volkswagen, one of the world's wider Central Asia market. This year, most of the big three leading manufacturers and The Uzbek delegation, lead by PM investment moves have been made by sales of vehicles,” MAN Auto- Abdulla Aripov, also met with senior the institutional banks such as the Uzbekistan said in a statement. officials from Germany’s tourism EBRD.

Kashagan hit by another production delay ALMATY -- Kashagan, the Kazakh and has been dubbed as one of the capacity, and we will study options to oil field, will not hit its most technically challenging fields to accelerate this timing,” NCOC planned optimum output of 370,000 exploit, have already spent $55b on managing director Bruno Jardin said barrels/day until the end of 2018, a the project. in a statement. year later than planned, officials from A source at the company told NCOC is the North Caspian the company leading the project said Reuters the main hold up was the gas Operating Company. It is made up of (Nov. 13). reinjection process which was Kazmunaigas, Eni, ExxonMobil, Royal The great hope of Kazakhstan’s oil making production figures erratic. In Dutch Shell, Total, China's CNPC and industry, Kashagan has been plagued September Kashagan produced 's Inpex. The start of production with hold-ups, frustrating 200,000 barrels/day but this dropped at Kashagan was delayed in 2013 by government officials. The partners to 182,000 barrels/day in October. about a year because of faulty gas developing the field, which lies in the “I expect that we will need 2018 to pipes running between the field and northern section of the Caspian Sea fully accomplish this (370,000 bpd) the mainland. The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Nov. 27 2017 | page 8 MARKET NEWS >> Commodities prices rise >> Georgian lari falls in value pulling down banking stocks >>

CURRENCIES Georgian lari falls again, Central Bank 484/$1 ↑ 0.6% threatens to take action

Azerbaijani manat 1.6988/$1 — Georgia’s Central Bank said that it the economy if buoyant, pushed up would have to tighten monetary by a steep increase in tourism, Georgian lari 2.6951/$1 ↓ 1.7% policy if the lari continued to lose inflation is rising and threatens to Kazakh tenge 330.34/$1 ↑ 0.7% value. The warning came as the lari undermine growth. hit its lowest value since mid- The turbulent state of the Kyrgyz som 69.75/$1 ↓ 0.2% January. At the end of the week it Georgian economy is highlighted in Tajik somoni 8.8144/$1 ↓ 0.1% was trading at 2.6951/$1. This is a the graph which shows the value of fall of 12.6% since mid-August. the lari rising throughout the first Turkmen manat 3.5/$1 — Despite the Central Bank’s half of the year and crashing in the assertions that the economy if past three months. Uzbek soum 8,085/$1 ↓ 0.2% picking up and that only a negative Other in the region consumer mindset was to blame have been steady with the Kazakh for the steep fall in lari’s value, tenge even rising in value. At the people are beginning to lose beginning of October it was valued STOCKS confidence in the currency. at 345/$1 but has since pulled back to Centerra Gold C$7.57 ↓ 0.8% Economists have said that although 330/$1. 2.3 Jan. 2 2017 Central Asia Metals 265.75p ↑ 7.6% 2.35

KAZ Minerals 837p ↑ 3% 2.4 2.45

Tethys Petroleum Delisted — 2.5

Nostrum Oil & Gas 336p ↓ 9.4% 2.55 2.6

Caspian Sunrise 11.25p ↓ 2.17% 2.65

2.7 Bank of Georgia 3,334p ↓ 6.25% 2.75 Nov. 24 2017 Georgia Healthcare 336.75p ↑ 0.82% 2.8

TBC Bank 1,628p ↓ 4.23% >>Georgian lari vs US dollar in 2017 Georgian currency woes pull down COMMODITIES banks; copper prices boost miners Oil (Brent) $63.86/b ↑ 0.5% This was a fortnight in which Central Asia Metals, which Gold (spot) 1,288.37/0z ↑ 1.15% commodities and currency prices processes copper from slag heaps, dominated. Georgia’s two banks and KAZ Minerals, which mines Copper $319.15/lb ↑ 3.75% listed on the London Stock copper, both saw their share prices Exchange – Bank of Georgia and rise by 7% and 3% respectively. Cotton $71.93/lb ↑ 4.1% TBC Bank – both fell because of Nostrum Oil & Gas, which has continued weakness in the Georgian production in west Kazakhstan, was Editor’s note: These tables normally lari. Bank of Georgia fell by over 6% the big loser, though, falling over measure the weekly change in the price of and TBC Bank, despite posting 9% on its Q3 results. It said that stocks, commodities and currencies. In this strong Q3 profit results, fell by 4%. profit was higher than expected instance, the data measures the change for the On the other side of the because of strong oil prices but that fortnight ending Nov. 24 2017. spectrum commodity-orientated its operations were poor because of companies saw their stocks rise. delays to updates.

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