HF Weekly - October 22, 2012

Weekly commentary
Markets remain fragile (October 15-22)

Economy
Economy continues to decelerate
Corporate income tax to be cut by 2014

Banks
Kazakh banks to isolate T800bn NPL in bad-bank units

Oil and gas
Zhaikmunai offers a scheme to refinance bond on its own terms
KMG EP: 3Q2012 production flat QoQ, exports grew
Tethys Petroleum recovers 11.8% on drilling results at AKD07
Intergas Central Asia transported 5% less gas yoy in Jan-Sep 2012
Max Petroleum shares slump on a dry well announcement

Metals and mining
ENRC\'s executive bullish on ferrochrome prices, comments on the new projects
Turquoise Hill Resources refuses to renegotiate Oyu Tolgoi agreement

Other industries
Sunkar Resources receives $2.4mn prepayment on earth-moving contract
Sunkar Resources converted bonds into equity after receiving government permission

Global markets