Tuesday, 27, September, 2022

Business

Alisher Usmanov's company sold shares of Kapitalbank, with commercial terms not disclosed. According to the bank, the USM holding, which is owned by Russian billionaire Alisher Usmanov, has entered into a deal to sell 100% stake in Telecominvest LLC (RF) and FINANCE TCI LLC (Uzbekistan), jointly owning 61.54% stake in Kapitalbank.

Businessman Rauf Kamiljanov purchased another 45.73% stake in Savdogar Bank on the stock exchange on February 24. In six transactions, Rauf Kamiljanov bought 594.53 million securities of the bank against 71.3 billion soums, or US$ 6.8 million - 120 soums per share.

Portfolio Manager at Fusion Wealth Management (Hong Kong) Michael McGoughy called the deal on the privatization of Kyzylkumcement listed on the Republican Stock Exchange as non-transparent. He wrote about this on his page in Linkedin.

The Ministry of Investments and Foreign Trade (MIFT) and the Russian biotechnology company Geropharm signed an agreement in Moscow on February 1 to start developing an insulin production unit project, the press service of the MIFT reported.

The President signed the Additional Measures To Develop the Service Sector Decree which identified priority areas for the development of the services sector.

Akkermann Cement Central Asia, a subsidiary of Russia's Akkermann Cement, has become the owner of a 98.6% stake in the Akhangarancement cement plant, the press service of the company said.

On January 20, the U.S. Agency for International Development (USAID) marked the successful completion of its five-year, regional Competitiveness, Trade, and Jobs Activity. The activity facilitated Central Asian exports and increased employment in horticulture, transport and logistics services, and tourism industries. The activity successfully increased competitiveness and expanded trade in these sectors within the region and beyond.

Uzbekistan Airways will increase the number of flights to Russian cities, the company said on Tuesday. Reportedly, starting from January 30, as part of the Eastern hub project, Uzbekistan Airways Express will start operating regular Namangan to Ufa flights on Sundays.

The Business Ombudsman is now entitled not only to consider some administrative offenses affecting the rights of business entities, but also to apply fines for violation of their rights.

The government issued a resolution cutting the business registration fee by 80%. According to the Ministry of Justice, the fee of 54,000 soums, or 20% of the Basic value (BV) will be charged for business registration. Previously, one would have to pay 1 BV (270 thousand soums).

The European Bank for Reconstruction and Development (EBRD) is stimulating the local production of pharmaceuticals in Central Asia’s most populous country, Uzbekistan, by extending a senior loan of up to US$ 5 million to local producer Nika Pharm.

The augmented reality mobile app developed by a team from Uzbekistan came in second in the list of the most popular AppStore apps in its category, downloaded in Iceland, the Ministry of Innovative Development said.

On December 18, in Seoul, the President Shavkat Mirziyoyev met with the chiefs of major companies and financial institutions in the Republic of Korea, the presidential press service said.

Draft of president’s Measures to remove barriers that negatively affect competition and to further expand business areas Decree has been published for input.

Tashkent hosted an international forum of European and Asian Business Ombudsmen entitled "Interregional cooperation for protection of business rights".

Uzbekistan exported 714 trucks in 10 months, the State Statistics Committee said in a report. According to the committee, in January-October 2021, Uzbekistan exported 714 trucks worth $ 11.5 million to 8 foreign countries.

QIWI Uzbekistan electronic money system was registered by the Central Bank, bringing the total number of e-wallets allowed to operate in Uzbekistan to 8.

On October 26, the Tashkent deputy mayor Sharof Rakhmanov hosted Ivan Demchenko, chairman of the board and director general of the Russian Novostal-M.

The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) are promoting increased private-sector participation in Uzbekistan’s banking sector by acquiring stakes in TBC Bank Uzbekistan (TBC UZ), a subsidiary of TBC Bank Group, the largest banking group in Georgia and listed on the London Stock Exchange. The investment is aimed at strengthening digital finance in Uzbekistan, and thereby boosting financial inclusion in the country.

On September 28, 2021, American Chamber of Commerce in Uzbekistan with support from USAID’s Future Growth Initiative are organizing a working seminar on “How to do business in Uzbekistan”, which is going to be held at 1.30 pm in hybrid format – with location in Hyatt Regency Tashkent for offline participants and Zoom conference room for online participants.