196 stories
The insurance company KAPITAL SUG‘URTA presented its performance results for 2024–2026. According to the company, over this period more than 404.25 billion soums in insurance indemnities were paid to clients, over 200 jobs were created in the regions, and more than 56.7 billion soums in taxes were transferred to the budget. The company also reported the digitalization of its services.
France and Germany, on the sidelines of the EU summit in Brussels, agreed a joint position on the auto industry: a 90% reduction in CO2 emissions from new cars by 2035 without offsetting the remaining 10%, and requirements for European origin of components. The deal was welcomed by Merz, Macron, Volkswagen and the VDA, but to enter into force it needs the support of other EU countries and the European Parliament.
The BIST 100 index opened at 11,896.08 points, losing 1.44% (174.09 points) from the previous close. The day before, the index closed down 0.4% with a turnover of 92 billion liras. The lira rate, gold, and Brent oil — in an Anadolu review.
The Central Bank of Uzbekistan set the dollar rate for October 17 at 12,055.90 soums (+44.25), the euro at 13,572.53 soums (+109.87), and the ruble at 144.16 soums (+0.99). All three currencies became more expensive against the soum.
According to the Turkish Statistical Institute, new home sales in Turkey in September rose 3.9% year-on-year to 51,519, while overall housing sales fell 9.3% to 142,390. Sales to foreigners increased 9.9% to 2,167, with Russian citizens leading.
In the Habib Abdullayev mahalla, together with Uzsanoatqurilishbank, the needs of local entrepreneurs are being studied and their business ideas are turned into practical projects. An example is a confectionery and bakery shop that received about 100 million soums and increased production by 30–40%.
On Thursday, global markets traded positively: technology stocks recovered after the previous day's decline, and US Treasury yields fell. US PPI in September rose 1.3% month-on-month and 6.3% year-on-year — the highest since 2022 — reinforcing concerns about a possible Fed rate hike. Retail sales beat expectations (+0.8%). Asian indices rose notably, while European and American ones were mostly in positive territory.
Deputy Minister of Economy and Finance Khurshed Mustafayev stated that after tariff reforms the population has switched to saving: average electricity consumption per subscriber decreased from 212 to 184 kWh per month (by 13%), and gas — from 431 to 342 cubic meters (by 21%).
At a dialogue with fuel and energy sector investors, Shavkat Mirziyoyev announced the preparation of 12 projects worth $850 million to localize imported energy equipment, as well as the creation of an industrial zone in the Jizzakh region for producing goods for the nuclear power plant under construction.
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.
According to the Turkish Exporters Assembly (TIM), Turkey's exports to ten BRICS countries in the first nine months of the year amounted to $18.2 billion. The largest destination was Russia ($4.1 billion, −2.5%), followed by the UAE ($3.3 billion), Egypt ($3.1 billion, +28.6%) and China ($3 billion, +40.8%). Overall Turkish exports grew by 5.2% to $210.9 billion.
On October 16, at a meeting with investors, President of Uzbekistan Shavkat Mirziyoyev said that, in addition to the first nuclear power plant being built with Rosatom in the Jizzakh region, the country has plans for a second and third nuclear power plants. Negotiations with new partners on the second plant are scheduled for October 17. The location, capacity, cost and timelines of the new projects were not disclosed; earlier, the President of Serbia, citing Mirziyoyev, spoke about the construction of a second plant with China.
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.
On October 16, at an open dialogue with energy investors, President of Uzbekistan Shavkat Mirziyoyev announced the creation of an Investors' Council in the fuel and energy sector. It will be headed by the Head of the Presidential Administration Saida Mirziyoyeva. The Council will promptly resolve investors' issues — from land allocation to commissioning of facilities. Its powers, composition and working procedures have not yet been disclosed.
The clothing brand Spenta Tonica opened in Tashkent in 2025. Founder Kamil Karimov told Spot that he invested about $100,000 of his own funds into the operating business, created more than 300 prints, and recouped the project excluding the purchase of the premises. Production, fabrics, and the store are fully localized in Tashkent; the brand has no online store or marketplace presence.
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.
President of Uzbekistan Shavkat Mirziyoyev, during an open dialogue with investors in the fuel and energy sector, stated that the country is preparing to build a second nuclear power plant and has plans for a third. Negotiations with investors on the second plant are scheduled for October 17. It was previously reported that, according to Mirziyoyev, the second plant is planned to be built jointly with China; the first NPP is being built with Russia.
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.
