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Nilufar Karimova
tafs uz · Economy

Nilufar Karimova

Nilufar Karimova — tafs uz coverage of economy. News, key facts and context in English, Uzbek and Russian.

Editorial pseudonym. These names are tafs uz editorial pseudonyms. Portraits are illustrations; profiles identify the publication’s topic bylines rather than individual journalists’ biographies. The tafs uz editorial desk is responsible for the publications.

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Economy

Negotiations on the new EU seven-year budget for 2028–2034: structure, cuts and risks

Negotiations are underway on the new EU multiannual financial framework (MFF) for 2028–2034. The European Commission's proposal reorganises the budget into three pillars, including a Competitiveness Fund, but carries risks of cuts to social programmes. Germany has joined the 'frugal' countries demanding cuts of around €200 billion, and Chancellor Merz has threatened a budget blockade. Without an agreement by 2028, funding will simply cease.

Nilufar Karimova
3 min read
Economy

Mirziyoyev announced plans to build second and third nuclear power plants in Uzbekistan

On October 16, during an open dialogue with investors in the fuel and energy sector, President of Uzbekistan Shavkat Mirziyoyev said the country has plans to build a second and a third nuclear power plant. Talks with new partners on the second plant are scheduled for October 17. Details of the projects — location, capacity, cost and timelines — have not yet been disclosed. According to Serbian President Vucic, the second plant is planned to be built with China, but this has not been officially confirmed.

Nilufar Karimova
3 min read
Economy

Uzbekistan to Attract Private Investment in Energy Saving at Pumping Stations and Expand Private Participation in Power Grids

Shavkat Mirziyoyev, during a dialogue with fuel and energy sector investors, announced plans to attract private capital into the modernization of social facilities and pumping stations on an energy-efficient basis. Tax benefits for 10 years will be clarified in the Tax Code, and the Samarkand experience of transferring grids to a private operator will be extended to the Jizzakh and Tashkent regions.

Nilufar Karimova
2 min read
Economy

Tashkent brand Spenta Tonica sold about 12,000 items in a year and a half without investors or loans

Spenta Tonica clothing brand founder Kamil Karimov told Spot.uz how the project, launched in 2025 in Tashkent, grew to a showroom in the city center, more than 300 prints and about 12,000 items sold. About $100,000 of personal funds were invested in the project, with no loans or outside investment. The brand is fully localized in Tashkent — from fabrics to print production — and operates without an online store or marketplaces.

Nilufar Karimova
4 min read
Economy

Asian markets recovered after the tech-sector rout

On Friday most Asian markets rose after Thursday's rout driven by concerns over the AI boom. Support came from Nvidia chief Jensen Huang's defense of CoreWeave and upbeat comments from Fed chief Kevin Warsh about AI. The Indonesian market crashed more than 11% after MSCI's decision to strip the country of its emerging-market status.

Nilufar Karimova
3 min read
Economy

Uzbekistan to Establish an Investors' Council in the Fuel and Energy Sector Headed by Saida Mirziyoyeva

At an open dialogue with fuel and energy sector investors, Shavkat Mirziyoyev announced the creation of an Investors' Council to be headed by Presidential Administration head Saida Mirziyoyeva. The Council will promptly resolve investors' problems — from land allocation to commissioning of facilities. Also discussed were personnel training and the transfer of liquefied gas supplies to the private sector by 2027.

Nilufar Karimova
2 min read
Economy

EU leaders call for joint measures against record surge in energy prices

At a European Council summit that stretched late into Thursday night, EU leaders demanded that the European Commission adopt targeted temporary measures to support households and industry, including expanded financial aid for the hardest-hit sectors. They also raised issues of energy supply security, refinery efficiency and joint purchases of energy resources. The IEA warned that the diesel market will remain tight until 2027.

Nilufar Karimova
4 min read
Economy

Indonesia's stocks plunge 11% after MSCI proposal to downgrade the country's market status

The Indonesian stock market fell about 11% — the largest daily drop in 28 years — after MSCI proposed reclassifying the country from emerging markets to the 'Standalone Market' category. A consultation has been launched; the final decision will be announced by the end of June 2027. According to Bloomberg, global funds have already withdrawn $4.9 billion from Indonesian equities since the start of the year, the index has fallen 39%, and the rupiah 8%.

Nilufar Karimova
2 min read
Economy

Uzbekistan's Cabinet mandated public discussion of design codes and regulated advertising removal

By a Cabinet of Ministers resolution of October 13, territorial design codes must be developed only after broad public discussion and take effect three months after publication. The Tashkent khokimiyat and the Chamber of Commerce and Industry were tasked with holding a discussion of the capital's design code with entrepreneurs and the media by December 10. A procedure for forced removal of outdoor advertising was also established: two days' notice, removal during working hours with a report drawn up.

Nilufar Karimova
3 min read
Economy

Bundestag approves phased tobacco tax increase: a pack of cigarettes could cost almost €12 by 2030

Germany's lower house of parliament voted for a phased increase in the tobacco tax from 2027 to 2030. The average price of a pack of 20 cigarettes will rise from about €8.05 to €11.36, with some premium brands costing up to €14. The government expects to receive an additional around €12 billion over four years, citing the budget and healthcare. The opposition and the tobacco industry criticize the reform, warning of a growing black market.

Nilufar Karimova
3 min read
Economy

Shavkat Mirziyoyev holds open dialogue with fuel and energy sector investors: agreements worth $4.7 billion signed

President of Uzbekistan Shavkat Mirziyoyev held an open dialogue with fuel and energy sector investors. Since 2016, $35 billion has been attracted to the sector, and the share of renewable energy has reached 31%. Six agreements worth $4.7 billion were signed for the creation of 3 GW of generation and 400 MW of storage. By 2030, plans call for creating 22,000 MW of new capacity.

Nilufar Karimova
2 min read
Economy

Davaaktiv comments on sale of pedagogical university dormitories in Tashkent

The State Assets Management Agency confirmed the auction listing of an operating dormitory of the Tashkent State Pedagogical University on Mukimi Street. According to agency head Sokhibjon Murodov, the building will pass to the buyer only after new dormitories are built in New Tashkent and students are relocated. The sale is linked to plans to consolidate the university's scattered buildings on a single site.

Nilufar Karimova
4 min read
Economy

Chinese brands are displacing Western leaders in the consumer electronics market

Chinese companies — from DJI and Insta360 to BYD and robot vacuum makers — are capturing an ever larger share of the global consumer technology market. GoPro, which once controlled more than 70% of the action camera market, was rescued from bankruptcy in September. Experts link China's success to fierce domestic competition, integrated supply chains and low costs, but trust problems persist: more than 90% of Europeans do not trust Chinese companies with their data.

Nilufar Karimova
4 min read
Economy

Uzbekistan Central Bank hosts discussion on Uzcard and Humo fees: economist points to payment systems' profits

On October 5, the Central Bank of Uzbekistan held a round table on fees in banking and payment services with the participation of commercial banks, payment organizations, payment systems and the media. The discussion covered how Uzcard and Humo tariffs are formed and how their growth affects banks and consumers. Economist Otabek Bakirov stated that over the past year and a half to two years the benefits have been concentrated with payment systems, and called on the regulator to strengthen competition rather than set tariffs administratively.

Nilufar Karimova
2 min read