News

Uzmetkombinat JSC has signed a €132.5 mn, seven-year loan agreement in London to complete the construction of Uzbekistan’s first hot-rolled steel production facility, the Casting and Rolling Complex.

The financing was arranged by Standard Chartered Bank (United Kingdom) and KfW IPEX-Bank GmbH (Germany), with insurance coverage provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The funds will be used to finance and refinance expenses related to the construction, commissioning, and launch of the new complex.

Bahodir Abdullaev, Chairman of the Board and General Director of Uzmetkombinat, said:

«We express...

Rising waters of the Nile have flooded homes and farmland in northern Egypt, forcing residents to use boats to move through submerged streets and reigniting tensions between Cairo and Addis Ababa over the impact of Ethiopia’s vast Nile dam.

Homes Submerged in Menoufia

In the Nile Delta village of Dalhamo, Menoufia Governorate, about 50 kilometres northwest of Cairo, residents paddled wooden boats through narrow lanes as floodwaters reached their homes.

«We lost everything,» said fisherman Saied Gameel, standing knee-deep inside his flooded house. «The water level is extremely high, much higher this year. Before...

Japan’s Mitsubishi Corporation and Uzbekistan’s Ministry of Investment, Industry and Trade have agreed to implement new joint projects in the fields of energy and industry, the ministry’s press service announced.

During the meeting, Deputy Minister Ilzat Kasimov and Mitsubishi Corporation’s CEO Juro Baba discussed ways to accelerate ongoing energy projects and develop new public-private partnership initiatives. The Japanese side expressed its readiness to expand investment in Uzbekistan’s economy and participate in upcoming infrastructure ventures.

Founded in 1954 and headquartered in Tokyo, Mitsubishi Corporation is one of Japan’s largest multinational conglomerates. Its diversified portfolio includes energy, industrial production, engineering, chemicals...

McLaren Racing chief Zak Brown has denied misleading Alex Palou with promises of a Formula One seat, as the high-profile legal battle between the British team and the four-time IndyCar champion continued in London on Tuesday.

McLaren are suing Palou for around $20 mln, alleging a breach of contract after the Spaniard pulled out of a planned move to the team three years ago. Palou’s legal team argue that he owes nothing and accuse McLaren of attempting to «take him to the cleaners.» McLaren, who currently lead both the Formula One Constructors’ and Drivers’ Championships, also operate the Arrow...

Uzbekistan will launch an Artificial Intelligence Development Alliance to coordinate efforts across ministries and government agencies, Minister of Digital Technologies Sherzod Shermatov announced in an interview with Uzbekistan 24.

According to Shermatov, President Shavkat Mirziyoyev has instructed officials to allocate $100 mln to advance AI technologies and prepare a comprehensive national framework covering all sectors of the economy. The government also plans to introduce a special investment regime for companies investing over $100 mln in data centre construction in Karakalpakstan.

Shermatov added that the development of artificial intelligence should not be limited to the Ministry of Digital Technologies...

All remaining trekkers stranded near the eastern face of Mount Everest in Tibet have been safely evacuated, authorities confirmed on Tuesday, bringing to an end one of the largest search and rescue operations ever conducted in the region.

Over the weekend, hundreds of hikers became trapped in deep snow in the remote Karma Valley after an unusually powerful blizzard blanketed the area, which sits at an average altitude of 4,200 metres. Heavy snowfall continued throughout October 4, leaving trekkers, local guides and yak herders isolated for days.

By October 5, rescue teams had already guided around 350 people to safety...

President of Uzbekistan Shavkat Mirziyoyev has proposed the creation of an International University of Turkic States and several new economic partnerships during the summit of the Organisation of Turkic States (OTS) held in Gabala.

Among his key initiatives was a call to hold the first joint meeting of the foreign ministers and security agency heads of OTS member countries in Samarkand to discuss regional security challenges. He also urged the swift adoption of the Treaty on Strategic Partnership and the development of a Strategy for the Development of Turkic States through to 2030.

Strengthening Economic Cooperation

Mirziyoyev...

Gold surged past the $4,000 mark on Wednesday, reaching a new all-time high as investors turned to safe-haven assets amid deepening economic and geopolitical instability and growing expectations of further interest rate cuts by the US Federal Reserve.

Spot gold rose 0.9% to $4,017.16 per ounce by 04:42 GMT, while US gold futures for December delivery climbed 0.9% to $4,040. The metal has been one of 2025’s standout performers, gaining 53% so far this year after a 27% rise in 2024.

Investors Turn to Gold as Rate Cuts Loom

«There’s so much faith in...

Karakalpakstan will introduce a preferential electricity tariff for cryptocurrency mining, according to Vyacheslav Pak, First Deputy Director of the National Agency of Perspective Projects (NAPP), in an interview with Uzbekistan 24.

Pak said that President Shavkat Mirziyoyev had approved new measures to support the effective development and application of artificial intelligence (AI) technologies, along with the training of skilled professionals. As part of this initiative, special laboratories will be established at universities across the country.

He added that projects focused on AI in Karakalpakstan would receive incentives and benefits worth $100 mln, which will also extend to the mining sector.

From January 1, 2026, foreign nationals in Uzbekistan will be able to avoid paying income tax on earnings generated outside the country under new residency rules designed to attract investors.

To qualify for the exemption, applicants must pay a special fee of $50,000 and open either an account in an authorised bank or a cryptocurrency wallet.

Foreign citizens who spend more than 30 days a year in Uzbekistan and either own or rent property in the country will be recognised as tax residents.

Kursiv also reports that at a plenary session, deputies of Uzbekistan’s Legislative Chamber approved in the first reading...

The National Agency of Perspective Projects (NAPP) has hosted a meeting with representatives from Meta — the parent company of Facebook, Instagram, WhatsApp and Threads, to explore new areas of cooperation in Uzbekistan’s digital sphere.

Discussions focused on the potential establishment of a Meta representative office in Uzbekistan, joint efforts to combat advertising fraud, and mechanisms to support content creators through fair monetisation on the company’s platforms.

Meta’s delegation included Sarim Aziz, Director of Public Policy for South and Central Asia; Senura Abeywardena, Head of Public Policy for Central Asia, Mongolia, Sri Lanka and the Maldives; Aurora Li, Head of...

The ICT Week forum has concluded in Tashkent, bringing together leading IT and telecom professionals from around the world. Experts discussed Uzbekistan’s digital future and the role the country can play in the rapidly evolving digital architecture of the modern world.

One of the key themes of ICT Week 2025 was the development of artificial intelligence. Kursiv Uzbekistan spoke with Elena Kunakova, Director of Audience and E-commerce at Microsoft AI, about how AI is transforming markets, what opportunities it opens for Uzbekistan, and why women’s inclusion in IT has become an important factor in the industry’s growth.

Digital by New Rules

— Elena...

The 15th Murataliev Memorial Tournament concluded in Talas, Kyrgyzstan, with more than 100 young boxers from across Central Asia and Russia competing for titles at the Gazprom Arena.

Uzbekistan, Kazakhstan, Russia, and the host nation Kyrgyzstan all sent strong teams to the international youth event, which featured athletes born in 2008 and 2009.

Kyrgyzstan’s own Akhmadi Arvaz, the reigning ASBC Asian Junior Champion, once again showcased his dominance by securing the middleweight (75kg) gold medal. The 17-year-old powerhouse defeated fellow Kyrgyz boxers Isa Semenov, Abdygany Mukhamediminov, and Iskander Rasulzhanov, continuing his impressive streak of victories — having won over...

Square, the payments company owned by Jack Dorsey’s Block Inc., has unveiled a new feature that allows U.S. merchants to accept Bitcoin (BTC) payments directly at checkout, marking a major step toward mainstream cryptocurrency adoption.

The service enables businesses to receive Bitcoin payments, hold BTC in an integrated wallet, or automatically convert a portion of their sales into the digital currency. Square has announced zero processing fees through 2026, with a modest 1% transaction fee set to begin in 2027.

Available to U.S. sellers (excluding New York State), the feature integrates seamlessly into Square’s existing merchant dashboard, which...

The Commonwealth of Independent States (CIS) Games concluded in Azerbaijan with thrilling boxing finals that saw Uzbekistan’s young talents dominate the ring, while neighboring Tajikistan celebrated a historic gold medal in Yevlakh.

The boxing tournament, held over seven days at the Yevlakh Olympic Center across eight host cities, featured some of the most promising athletes from the region.

Uzbekistan’s Utkirbek Norkosimov reached the final in the pinweight (46kg) category but narrowly lost to Azerbaijan’s Kardash Rakhimov by a 3:2 split decision. Another Azeri, Ali Aliyev, defeated Tajikistan’s Azamjon Khasanov in the light flyweight (48kg) final, also by a close...

He spoke at the forum and went for a swim. Photo: Digital Business.kz

Telegram co-founder Pavel Durov has deleted from his channel a video showing him swimming in one of the lakes of Kazakhstan’s Kolsai Lakes National Park.

After the video went viral on social media, the park administration launched an internal investigation. The management promised to punish the staff members who failed to ensure proper control of the area, TASS reports.

At the same time, the park clarified that its inspectors did not personally record the violation, so no fine will be imposed on Durov.

According to Kazakh...

The Kuwaiti national football team has concluded its training sessions in Tashkent ahead of a friendly match against Uzbekistan on Thursday at the Olympic Stadium.

The game is part of Kuwait’s international break preparations for the Arab Cup playoff against Mauritania on November 25 in Doha, organized under FIFA’s supervision.

Head coach Helio Sousa said he aims to refine the squad’s tactics and cohesion following a 2–2 draw with Syria in September. The team faces a strong opponent led by Italian legend Fabio Cannavaro, as Uzbekistan recently qualified for the 2026 FIFA World Cup.

After the match, Kuwait will...

Popular YouTuber Kwak Tube (real name Kwak Jun-bin) has revealed that he and his fiancée are expecting a baby boy — just days before their upcoming wedding.

In his latest YouTube video, «Uzbekistan After One Year, the Challenging Korea Invitation Project,» posted on October 7, Kwak travelled to Uzbekistan to invite local friends to his wedding in South Korea. During the visit, he shared emotional moments with acquaintances who had waited late into the night to greet him and offer their congratulations.

While chatting in a car, one friend asked whether he had children.

Kwak...

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), has invested $2 bn in Polymarket, a cryptocurrency-based prediction market, giving the startup a $9 bn post-money valuation, according to a company post on X.

The deal marks one of the largest traditional finance investments in a Web3 platform, highlighting growing ties between Wall Street and the crypto industry. ICE’s NYSE remains the world’s largest stock exchange, with a market capitalization exceeding $25 trillion as of mid-2024.

Polymarket allows users to buy and sell shares tied to the outcomes of real-world events, including elections, sports, and...

Deloitte Australia will partially refund the federal government after a report it produced was found to contain apparent AI-generated errors, including a fabricated judicial quote and citations to nonexistent academic papers.

The Department of Employment and Workplace Relations said Tuesday that Deloitte had agreed to repay the final instalment of its AU$440,000 ($290,000) contract after reviewing the 237-page report and confirming that «some footnotes and references were incorrect.» The refund amount will be disclosed once reimbursed.

Originally published in July, the report was revised and republished on Friday after Sydney University law researcher Chris Rudge alerted the media to...

Members of Uzbekistan’s Legislative Chamber have approved a bill aimed at reinforcing citizens’ rights to control the use of their image, sending the draft law to the Senate for further review.

The proposed legislation stipulates that anyone wishing to photograph or film a person must first obtain their consent. It also outlines limited exceptions where recording is permitted without permission, while emphasising the need to respect privacy when using surveillance cameras.

Under the amendments, filming minors under the age of 16 will require authorisation from a parent or legal guardian. The bill further mandates that all public places equipped with...

Airbus achieved a major milestone on Tuesday as its A320 family of aircraft overtook Boeing’s 737 to become the most-delivered jetliner in history, Reuters reports.

According to UK-based aviation consultancy Cirium, which tracks global aircraft deliveries, the record was broken when a new A320 was handed over overnight to Saudi carrier Flynas, bringing total deliveries since the model’s 1988 debut to 12,260. Airbus declined to comment on the data, compiled by analyst Rob Morris.

Together, Boeing and Airbus have produced more than 25,000 single-aisle jets — aircraft originally designed to connect major hubs but later embraced by low-cost airlines...

Rescue efforts to evacuate over 200 trekkers stranded near the eastern face of Mount Everest in Tibet are expected to conclude on Tuesday, according to a source familiar with the situation. The trekkers were trapped due to severe snowstorms that swept through western China.

The incident occurred when hundreds of outdoor enthusiasts, taking advantage of an eight-day holiday starting October 1, were caught off guard by a sudden blizzard while attempting to view Everest’s Kangshung face.

Evacuation operations, which began on Monday, are anticipated to be completed by Tuesday. The source, speaking anonymously due to lack of authorization to...

Tesla is expected to unveil a lower-cost version of its best-selling Model Y SUV on Tuesday, as the electric vehicle maker seeks to revive declining sales and recover market share in an increasingly crowded global market, Reuters reports.

Chief Executive Elon Musk has long promised affordable mass-market vehicles, though he cancelled plans last year for a new $25,000 electric car. The model anticipated this week is understood to be a more affordable variant built on Tesla’s existing manufacturing and design platforms.

Over the weekend, Tesla posted two teaser clips on X that sparked excitement among fans. One showed a...