News

U.S. stocks closed higher on Wednesday as tech shares and AI-related companies powered the S&P 500 and Nasdaq to new all-time highs, offsetting investor concerns over the Federal Reserve’s next interest rate move.

The S&P 500 gained 0.58% to close at 6,753.72, while the Nasdaq Composite jumped 1.12% to 23,043.38. The Dow Jones Industrial Average was little changed at 46,601.78.

Chipmakers led the rally, with AMD surging 11.4%, extending its weeklong 43% gain. Dell climbed 9.1% after several analysts raised price targets, and Datadog rose 6.2%. Energy and consumer staples lagged, while gold prices topped $4K per ounce as...

A Wisconsin businessman has been sentenced to one year and one day in federal prison for illegally exporting laboratory equipment to Russian companies in violation of U.S. trade sanctions imposed after Russia’s invasion of Ukraine.

Andrew Pogosyan, 68, a Russian-born U.S. citizen and owner of Omega Diagnostics LLC, pleaded guilty in July to conspiracy to defraud the United States and three counts of smuggling. U.S. District Judge William Conley also fined him $10,000.

According to federal prosecutors, Pogosyan began using his company in late 2022 to ship restricted lab equipment to Russia — including to an entity linked to...

The German government has approved a new law granting federal police the authority to shoot down unauthorized drones, following a surge in drone-related disruptions at airports and growing security concerns across Europe.

The bill, endorsed by the cabinet on Wednesday and awaiting parliamentary approval, allows police to neutralize drones violating airspace through various means, including gunfire, lasers, or signal jamming, in cases posing a serious threat or risk of harm.

«Drone incidents threaten our security. We will not permit that,» Chancellor Friedrich Merz said on social media, noting the move strengthens police powers to detect and counter drones more...

On October 8, Russian President Vladimir Putin arrived in Dushanbe, Tajikistan, for a three-day state visit centered on boosting ties with former Soviet republics and reinforcing Russia’s influence in Central Asia.

During his stay, Putin is set to hold bilateral talks with Tajik President Emomali Rahmon, followed by a Russia–Central Asia summit involving leaders from Kazakhstan, Kyrgyzstan, Turkmenistan, and Uzbekistan. On the final day, heads of Armenia, Azerbaijan, and Belarus will join them in a Commonwealth of Independent States (CIS) meeting.

For Russia, strengthening political, military, and trade relations in the region is becoming more vital amid ongoing...

At the 12th Summit of the Organization of Turkic States in Gabala, Azerbaijan, President Shavkat Mirziyoyev presented a comprehensive vision for the future of Turkic cooperation — emphasizing economic unity, innovation and youth development as key drivers of regional progress.

In his speech, Mirziyoyev congratulated Azerbaijan on its recent peace agreement with Armenia and called it a shared achievement for all Turkic nations. He proposed a Treaty on Strategic Partnership and Brotherhood and a Development Strategy until 2030, aimed at deepening trust and promoting trade, investment, and technological innovation.

Uzbekistan suggested establishing a Permanent Council for Economic Partnership in...

Scientists Susumu Kitagawa, Richard Robson and Omar M. Yaghi have been awarded the 2025 Nobel Prize in Chemistry for developing revolutionary materials known as metal-organic frameworks (MOFs) — molecular structures capable of storing vast amounts of gases and other substances in tiny spaces.

The Nobel Committee described these materials as having «unheard-of properties,» noting that a single sugar cube-sized piece could have the surface area of an entire football field. «It’s almost like Hermione’s handbag in Harry Potter — small in size but capable of holding enormous quantities,» said committee member Olof Ramstrom.

Their invention has major potential...

Kuwait’s national football team wil take on Uzbekistan today at 4 p.m. local time in a friendly match at the Olympic Stadium in Tashkent.

The match is part of Kuwait’s preparations during the international break, ahead of the Arab Cup playoff against Mauritania on November 25. They will then play another friendly in Dubai versus Morocco’s national side.

Head coach Helio Sousa has named a 26-player squad for the training camp, combining fitness and tactical sessions. This will be his second match in charge, following a 2–2 draw with Syria last September.

Uzbekistan, meanwhile, will use the match to...

Cristiano Ronaldo has been honoured by Portugal for his extraordinary two-decade career with the national team, marking over 22 years since his debut. The five-time Ballon d’Or winner received a «Special Recognition» as part of the Portugal Football Globes 2025 awards, celebrating his enduring contribution to the country’s footballing history.

Portugal Honours Its Greatest Player

At the ceremony held on October 7, Ronaldo was presented with the Globe Prestige Award, a distinction reserved for players who have achieved lasting excellence. Now aged 40, the forward remains central to Portugal’s ambitions as they approach key 2026 World Cup qualifiers...

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...