Barack Obama has started a war in the stock market. After the revisions to the Dodd-Frank bill, global rating agencies refused to rate US bonds.

The three largest rating agencies Standard & Poor's, Moody's Investors Service and Fitch Ratings have officially asked the U.S. government not to publish their ratings for new state bonds.

A suit has been filed in London against Kanat and Aidar Asaibaev who sold controlling stock  in KazakhGold to   “Polus Zoloto” . The buyer accuses the Kazakh men of stealing and falsifying financial reports to exaggerate the value of the company. “The plaintiffs alleged that the former directors misrepresented the company’s production volumes and its earnings in 2006-2008,” said the director of public communications of “Polus Zoloto” Anton Arens.

The Rating agency Moody`s Investors Service maintained its “negative” rating of  Kazakhstan’s banking system. The agency thinks that there are a number of serious problems in the banking system; Kazakh experts agree with this outlook.

Earnings from high technologies. In 2010, the National Innovation Fund of the Republic of Kazakhstan will withdraw from one of the venture funds. The investment return for the state fund is 50 mn tenge. According to market participants, the global financial crisis has changed the relationship between venture funds and investors. When funds are not easily accessible, the innovations sector is drawing businessmen anew.

In the agency’s view, this rating is justified by the Company’s competitive brands, a moderate debt burden, broadly stable revenue growth, and moderate operating profits.

Constraining factors include heavy competition in markets where the Company does business, its relatively small size and short history, above-average currency risk, heavy reliance on a single creditor, and the low value of its own funds.

The Agency Chairman’s resolution № 04.2-40/80 dated April 10, 2010 “On amending a few of the Chairman’s resolutions on regulation of activities of the regional financial centre of Almaty” was registered on May 13, 2010 in the state register of regulatory legal acts as № 6226.

Supervisory raid
This week two supervisory agencies – the financial police and Agency for Financial Supervision (AFS) - targeted a top bank in Kazakhstan, Bank CenterCredit.

The Bank is currently being investigated by the financial police and Agency for the Financial Regulation and Supervision ostensibly after the authorities received a collective statement issued by unnamed former and existing employees of the bank.

Almaty. April 15, Kazakhstan Today – President of GlobalRating, general director of KzRating Richard Hainsworth responded to questions from Kazakhstan Today.

According to Chairman of the National Bank Grigorii Marchenko, the position of the three banks that had their debt restructured is now clearer and we can talk about further developments, including trade financing.