Дайджест материалов мировых сми о Казахстане

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The National Post (Canada), February 05, 2009, by David PETT, DEVALUED KAZAKH CURRENCY UPS URANIUM ONE MARGINS
International Herald Tribune (France), February 4, 2009, KAZAKHS MAY BE TOP URANIUM PRODUCER IN 2009
International Herald Tribune (France), February 2, 2009, KAZAKHSTAN SET TO NATIONALIZE TOP BANKS
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The National Post (Canada), February 05, 2009, by David PETT, DEVALUED KAZAKH CURRENCY UPS URANIUM ONE MARGINS



ссылка скрыта is expected to get a nice margin boost from the recent devaluation of the Tenge, Kazakhstan's national currency.

On Wednesday, the Kazakh government changed its policy and now supports its currency at around 150 Tenge to the U.S. dollar, which represents a valuer reduction of about 20% from the governments previous FX support at 120 Tenge.

RBC Capital analyst Adam Schatzker increased his Uranium One price target from $3 to $3.50, on his estimate that the devalued Tenge will reduce operating costs by 12.5%. The analyst maintained his "buy" rating on the stock.

This change directly affects Uranium One's Kazakh operations given that 80% of its operating costs are Tenge-based," he said in a note to clients.

"We have modified our model to account for the currency devaluation and, as expected, the company's profit margin increases since its revenues are U.S. Dollar-based."

Shares in Uranium One have climbed 13% so far this week, with the bulk of the increase coming yesterday, following the Kazazh currency change.

International Herald Tribune (France), February 4, 2009, KAZAKHS MAY BE TOP URANIUM PRODUCER IN 2009



Kazakhstan: Kazakhstan's state-owned nuclear energy company could become the world's largest uranium producer by this year, the company said in a statement Wednesday.

Kazatomprom Chairman Mukhtar Dzhakishev announced that the country's uranium output is expected to reach 11,935 tons in 2009, a more than 40 percent increase over the 8,521 tons produced last year, the statement said.

The final figure could vary depending on the situation in global demand, Dzhakishev said.

Uranium prices fell by 40 percent last year amid the global economic downturn, prompting producers to cut output and expenditure on developing new mines.

A number of mines set to start operating later this year will be essential to hitting output targets, Dzhakishev said.

Canada and Australia are also leading producers of uranium, which is used for nuclear power plants.

According to the London-based World Nuclear Association, Canadian uranium production reached 9,477 tons in 2007, the latest full-year figure available, and has been declining recently.

In Australia, uranium output reached 8,603 tons in 2007, but could increase to more than 11,000 tons by 2012-13, according to industry estimates.

Planned production sites in Kazakhstan slated for opening in 2009 include the Khorasan-1 and Khorasan-2 mines, which will eventually have production capacities of 3,000 tons and 2,000 tons of uranium per year respectively, the company said.

"By the middle of 2010, we will be able to complete the creation of the technical foundations necessary for boosting Kazakhstan's uranium output to 27,000 tons per year," he said.

International Herald Tribune (France), February 2, 2009, KAZAKHSTAN SET TO NATIONALIZE TOP BANKS



Kazakhstan is on the verge of nationalizing two major lenders as the banking crisis in Central Asia's largest economy continues to worsen, government officials said Monday.

The government has unveiled plans to acquire a 78-percent share in Kazakhstan's biggest lender, BTA Bank, as it struggles to meet capital adequacy requirements.

Although the $2.1 billion purchase will give the state total control over the lender, which has consolidated assets of $30.6 billion, authorities in the former Soviet republic are keen to diminish concern.

"This measure does not constitute nationalization, it is designed to ensure the smooth functioning of the bank," said Yelena Bakhmutova, head of the national financial services regulator.

Bakhmutova also announced Monday that the regulator has dismissed BTA Bank's chairman, Mukhtar Ablyazov, from his post.

The decision prompted Ablyazov, a former prominent opposition politician, to accuse the government of conducting a sustained campaign to gain control over BTA Bank by "dubious methods."

"The actions taken toward BTA Bank by the government are arbitrary and state theft," Ablyazov said in a statement. "The government's actions are a sign of the economic incompetence and the political shortsightedness of officials."

The Kazakhstan Today news agency cited the deputy chairman of the Samruk-Kazyna state holding company, which owns major state companies and allocates government money for investments, as saying talks are under way with Russia's state-owned Sberbank over sale of a stake in BTA Bank.

Kazakhstan's banks were among the first to be hit by the worldwide liquidity crunch last year because of high reliance on foreign borrowing. Top banks are struggling to survive, in spite of government reassurances that it will lend them its support. The government says lenders will need to pay back around $11 billion this year.

The government has allocated $21 billion to reinvigorate the economy, in part through fiscal stimulus initiatives and recapitalization of the country's leading banks.

Also Monday, Prime Minister Karim Masimov said a major shareholder in the country's fourth-largest lender, Alliance Bank, has offered to sell a 76 percent stake to Samruk-Kazyna for the symbolic sum of 100 tenge (82 cents).

"Samruk-Kazyna is considering the proposal," Masimov told a Cabinet meeting. He said Samruk-Kazyna is pumping $200 million into ailing Alliance Bank as a short-term measure to ensure liquidity at the lender.

The Central Bank is also prepared to provide Alliance Bank with short-term loans to ensure cash supply, he said.

Masimov also stressed that efforts to prop up the bank will only be temporary and that there is no prospect of permanent nationalization.

The government last week deposited US$1 billion into Kazkommertsbank and Halyk Bank, the country's second- and third-largest banks, as part of efforts to restore liquidity. The banks sold stakes of up to 25 percent to Samruk-Kazyna as part of the agreement.