Page 9 - bne_newspaper_February_02_2018

The Regions This Week
February 2, 2018 www.intellinews.com I Page 9
Eurasia
Tehran came to a standstill as a heavy snowfall forced schools, universities and businesses
to close. The record sudden inundation failed, however, to make up for worryingly low water stocks caused by Iran's driest winter for 30 years. Precipitation was still down 39% y/y.
The dry weather has caused economic losses by intensifying smog outbreaks that have disrupted economic activity by, for instance, forcing parents to miss work due to school closures and causing illness.
The cold snap also affected Central Asia. Lawmakers demanded Kyrgyz PM Sapar Isakov come to the legislature and resign over a
Bishkek Thermal Power Plant accident that left thousands in the capital without heating with the temperature at minus 30 degrees Celsius. The plant underwent a costly modernisation less than a year ago.
Aluminium of Kazakhstan JSC, owned by Eurasian Resources Group (ERG), launched production at two new bauxite mines in the Krasno-Oktyabr- skoye Mining Unit in Kazakhstan. The construction costs for the mines in Kostanay Region amounted to $21.5mn. They are to supply raw materials to ERG's Pavlodar Aluminium Smelter. Output is expected to be a combined 1.3 Mt/y.
Georgian GDP grew 4.7% y/y in December and in the last quarter of 2017. Full-year 2017 growth was 4.8%. Georgia's economy appears to have recovered from slow growth across 2015-2016, when depressed regional economies and low oil prices indirectly impacted its performance.
The Kazakh central bank reaffirmed that inflation in Kazakhstan is projected to stay between 5-7% in 2018. Annual inflation stood at 7.1% in December, easing from 7.3% in November. The central bank cut its key policy rate by 0.5pp to 9.75% on January 15. Last year, the tenge hit
its lowest level in 11 months on October 6, reaching KZT345 against the greenback, but it had recovered to KZT320.66 as of January 26.
Google Pixel, Blackberry and Motorola phones illegally imported into Iran since December are to be disconnected from mobile networks, Iran’s Communication Regulatory Authority said. It is driving to completely halt the import of smuggled “suitcase imports”. December saw some 25,000 smuggled Apple iPhones disconnected. A final disconnection phase will target LG, Samsung and Huawei handsets.
Luxembourg-registered Vallex Group, the operator of an open-pit copper mine in Teghut, Armenia, placed employees on administrative leave while it deals with allegations of toxic waste polluting a river. Local farmers say the pollution has affected their orchards.
Tajikistan's GDP rose 7.1% y/y in 2017 compared to 6.9% y/y in 2016. Growth was mostly driven by a recovery in remittances from workers in Russia. Remittances account for over 40% of Tajik GDP.
Uzbekistan earned its first big football title in many years at the Asian U-23 Championship in Hong Kong, beating Vietnam in a snow-affected final.
Iran's central bank revoked the licences of eight small credit cooperatives that offer usury-free loans to club members. Numbering 263, the cooperatives are largely outside the watchful gaze of the regulator.
Ratings agency Standard & Poor's reaffirmed Azerbaijan's sovereign rating at 'BB+/B' but up- graded its outlook from negative to stable thanks to the oil price recovery and its impact on the coun- try's balance of payments and currency reserves.