Page 8 - bne_newspaper_November_24_2017

The Regions This Week
November 24, 2017 www.intellinews.com I Page 8
Eurasia
France’s Total would lose all its investment to date if under US pressure it ditches its deal with Iran to develop part of the South Pars gas field, Iran's oil minister said. Total CEO Patrick Pouyanne says the project will be reviewed
if Washington decides to place unilateral nuclear sanctions on Tehran, because Total has substantial US assets.
Iranian President Hassan Rouhani declared the end of the so-called Islamic State militant and terrorist group following decisive battles in Iraq and Syria. He thanked all the "warriors of Islam" for help in "putting an end to a group that did not bring anything for us but evil, misery, destruction, murder and savagery". Some 1,000 Iranian and Afghan fighters are believed to be among those who died in the fighting.
Fitch Ratings upgraded International Bank of Azerbaijan's (IBA's) long-term issuer-default rat- ing (IDR) from 'RD' (restricted default) to 'B-' and its viability rating (VR) from 'f' to 'ccc'. The rating action followed IBA's successful restructuring of its foreign obligations. In early May, state-owned IBA defaulted on $3.3bn worth of foreign obligations shocking creditors and holders of its eurobonds.
Iran’s exports to the EU more than doubled
in value across the first nine months of this year, rising 107% y/y to €7.2bn, the European Commission said. Since nuclear sanctions on Tehran were lifted in January 2016, Iran has ramped up oil and petrochemical shipments and made significant inroads with iron and steel.
Indigo Holdings PLC reportedly confirmed it omitted the word “Iran” from a public disclosure briefing for its London NEX Exchange listing fearing it would be caught in an over-zealous
US sanctions net. Indigo, a sister company of Iran’s Turquoise Partners financial services firm, said the omission was based on an “unofficial” agreement with NEX.
BGF Retail Co, operator of South Korea’s largest convenience store chain CU, opened its first store in Iran. Prior to the Tehran opening, Turkey’s hard-discount supermarket chain BIM denied
a media report suggesting it had already committed to expanding into Iran.
Biggest Kazakh bank Halyk Bank raised its
2017 net income guidance to over KZT170bn (€434.7mn) from KZT150bn. The revision followed Halyk taking over Kazkommertsbank (KKB) in tandem with a state bailout and recapitalisation efforts. KKB was the largest lender in the country until Halyk bought 99.71% of it. Together KKB and Halyk account for 37% of Kazakhstan's banking system assets. Halyk said it is considering resuming dividends in 2018.
Kazakhstan’s ninth largest lender RBK Bank was fined for failing to legalise laundered money under the government’s capital amnesty programme. The fine may amount to more than KZT1mn.
Chinese Assistant Foreign Minister Li Huilai said “a [Shanghai Cooperation Organisation] free trade zone (FTZ) will definitely be achieved before long”. The SCO groups China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan. The potential zone has been discussed for years.
Kyrgyzstan’s parliament Water Code amendments permitting Canada-based Centerra Gold Inc.
to conduct mining operations at the Davidov
and Lysyi glaciers.
Mongolia’s trade surplus expanded 73.3% y/y
to $1.7bn in the first 10 months of the year.
Coal consignments were a driver. Sanctions mean Beijing cannot import North Korean coal so it
has turned to Mongolian miners for replacement supplies.