Economy

ASML posts record €11.7 billion in sales but warns it can’t keep up with AI demand

ASML, the Netherlands-based equipment supplier to the semiconductor industry, said on Wednesday that its current production plans would fall short of customer demand in 2027 and 2028, as AI investment continues to drive up orders. The company also posted its highest-ever quarterly sales, at €11.7 billion in the third quarter, and raised the bottom of its sales forecast for 2026. ASML said customers are still increasing their forecasts for equipment demand, largely based on how big and long-las

В Узбекистане утверждены налоговые льготы и субсидии для тепличных хозяйств

13 октября подписано постановление президента Узбекистана PQ-371 о развитии тепличных хозяйств на основе «зелёных» технологий. Предусмотрены нулевые ставки НДС и налога на прибыль, сниженный социальный налог, субсидии на электроэнергию и оборудование, льготные кредиты через Центральный банк.

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A construction license could be issued in 2–3 days: the process that was awaited for months will be digitalized

The Ministry of Construction and Housing and Communal Services has submitted a draft resolution to the Government proposing to abolish the requirement to submit 30–40 documents for obtaining a construction license or upgrading its category. Thanks to interagency integration, data will be obtained automatically from information systems, and the process that previously took 2–3 months could be completed online in 2–3 days. The draft also envisages reducing application review times by 50–60 percent and creating a platform for publishing information about job seekers.

Uzbek citizens are being offered jobs at a construction company in Turkey

The Migration Agency is inviting Uzbek citizens to work on projects of a large construction company in Turkey. There are 124 vacancies with salaries ranging from 37.5 thousand to 55 thousand Turkish liras per month (approximately $760 to $1,115). The work schedule is 10 hours a day, six days a week, with a one-year contract extendable to two or three years. Candidates must be men aged 18 to 45 with at least two years of experience and intermediate Turkish. The employer covers flights, accommodation, meals, insurance, and taxes. Applications are accepted until October 16, 2026.

In Uzbekistan, illegal use of gas and electricity over 9 months caused 825 billion soums in damage

Over the first 9 months of 2026, 2,795 cases of illegal use of energy resources were identified in Uzbekistan, causing 825.3 billion soums in damage to state interests. 4,196 administrative protocols were drawn up, 7,435 tons of substandard petroleum products were detected, and overcharges of 15.7 billion soums were recalculated for businesses. The Inspectorate urged consumers not to make unauthorized connections or tamper with meters, noting that liability for illegal connections has been strengthened.

Uzbekistan to reduce the customs fee rate for international courier shipments by 20%

From November 1, 2026, the customs fee rate for customs clearance of international courier shipments in Uzbekistan will be reduced by 20% — from 2% to 1.6% of the Basic Calculation Unit per 1 kg of gross weight (from 8,800 to 7,040 soums/kg at the current BCU of 440,000 soums). This is provided for by the presidential decree "On additional measures for the development of the transport and logistics system" (No. PQ-368). Earlier, from January 1, 2027, the single customs payment rate for goods imported in excess of duty-free allowances was reduced from 30% to 20%. The article also recalls the tightening of duty-free import allowances from May 1, 2025, the requirements for the duration of stay abroad, limits on the import of biologically active supplements, and the mandatory customs declaration for new mobile devices.

Oil prices rise after reported Iranian attacks on ships in Strait of Hormuz

Oil prices climbed in early trading on Wednesday after Iran reportedly attacked two vessels in the Strait of Hormuz, using new tactics to target shipping, Reuters reported. Elsewhere, the escalating conflict between the Houthis and Saudi Arabia posed a further risk to crude supplies. Saudi Arabia said on Wednesday that an attack on an Aramco building in the kingdom's east sparked a "limited fire" and that debris from intercepted Houthi missiles wounded four people in the capital Riyadh. Inter

Taxes, housing and tuition fees: 2027 budget measures impact family budgets in Portugal

The draft State Budget for 2027 (OE2027) sets out changes that will affect the disposable income of Portuguese households, from taxes on wages to social benefits and spending on housing and education. Key measures include a new update of the IRS brackets, an increase in the national minimum wage and a strengthening of some social benefits. On the other hand, tuition fees in higher education are expected to start rising again from the next academic year. In addition, the evolution of prices for

Uzbekistan's spending on education has grown 2.1 times over five years

In 2025, public spending on education in Uzbekistan reached 84.2 trillion soums, 2.1 times more than in 2021, according to the National Statistics Committee. Spending rose steadily from 39.6 trillion soums in 2021 to 71.2 trillion in 2024, an increase of 44.6 trillion soums over five years.

Money laundering failures land Bank of America with a $1.2 billion fine

The US Treasury Department said on Tuesday that it had imposed a $1.2bn (€1.07bn) fine on Bank of America for anti-money laundering failures. "When a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire U.S. financial system to significant illicit finance risks," Treasury Secretary Scott Bessent said in a statement. "Today's actions send a clear message that even the biggest financial instituti

New benefits for greenhouse owners: a 50 percent tax reduction proposed

Shavkat Mirziyoyev reviewed a presentation on introducing 'green' technologies in greenhouses. Proposals include a 50 percent reduction in land and property taxes for household greenhouses until 2030, exemption from turnover tax, compensation for half of electricity costs of energy-saving systems, grants of up to 100 million soums, preferential loans of up to 300 million soums for new eco-friendly greenhouses and up to 150 million soums for re-equipping existing ones, as well as greenhouses for needy families in 50 mahallas specializing in greenhouse farming.

Winter energy bills: Where are gas and electricity prices highest in Europe?

European gas prices hit their highest level in nearly four years on Tuesday, adding to concerns over winter energy costs as storage levels remain low. Dutch TTF benchmark gas futures reached €87.20 per megawatt-hour, up from about €32 on the eve of the Iran war. The conflict in the Middle East has disrupted shipping through the Strait of Hormuz, which normally carries about a fifth of the world’s liquefied natural gas. While petrol and diesel prices have already hit records across the EU, hou

Price of liquefied gas for the population may rise 2.5-fold; the difference will be compensated for those in need

A draft government resolution published by the Ministry of Economy and Finance for public discussion proposes raising the retail price of liquefied gas for households from 2,000 to 5,000 soums per kilogram including VAT, plus a capped delivery fee of 1,300 soums per kg. The new price is proposed from October 1, 2026 (or November 1 per explanatory materials). Families in need would receive a 3,000 soum compensation per kilogram, up to 20 kg per month (maximum 60,000 soums), paid until January 1, 2030, covering about 220,000 registered households with 158 billion soums allocated. The government says the current price is insufficient, domestic production is falling while imports grow nearly 38-fold, and subsidies averaged 5.4 trillion soums per year in 2023–2025.

In Uzbekistan, a procedure has been established for accepting certain important facilities directly for use

The government resolution No. 560 of October 12, 2026 amended the administrative regulation for state services on the handover-acceptance of completed construction facilities and issuance of permission for use. Under the resolution, a State Acceptance Commission is formed by the Cabinet of Ministers and a working commission by the customers. Facilities are accepted directly for use based on the processed and approved acts of these commissions. Before the State Acceptance Commission's act is processed, the State Financial Control Inspectorate conducts a mandatory control measurement at the construction site.

Uzbekistan intends to raise heating and hot water tariffs

In Uzbekistan, new tariffs for centralized heat supply services for the population have been put forward for public discussion. They may take effect from November 1, 2026. In Tashkent, heating is proposed at 314 soums per day per square meter of heated area (currently 241.44 soums), hot water by meter — 11,607 soums per cubic meter (currently 8,928.67 soums), without a meter — 45,330 soums per month per person, thermal energy — 206,636 soums per 1 Gcal (currently 156,643 soums), and hot water in dormitories with a shared shower — 33,720 soums per month per person. The draft provides for an increase of approximately 30%. From 2028, annual indexation of tariffs is proposed from May 1, taking into account the annual inflation rate but by no more than 10%. Indexation will be carried out based on proposals from the Ministry of Construction and Housing and Communal Services and the Ministry of Economy and Finance, with the goal of gradually bringing tariffs to the level of cost price by 2030. The public discussion will last until October 28.

Uzbekistan plans to restore 3.7 million hectares of pastures in 2027

Uzbekistan plans to restore 3.7 million hectares of pastures by 2027, with 620 thousand hectares to be covered by the end of 2026. Of the country's 21.255 million hectares of pastures, only 40% are used effectively. Plans include drilling 448 wells, repairing 1.6 thousand wells, and building 161 hydraulic structures this year plus 81 each in 2027 and 2028, restoring 969 thousand hectares. 627 thousand hectares will be leased free of charge for 49 years to 470 mahallas, and rights of actual users will be formalized on 623 thousand hectares. 15 livestock complexes for over 55 thousand head of livestock will be built in three regions.

The state is selling its stake in the UzXCMG Uzbek-Chinese joint venture

According to e-auction data, the state's 49.07 percent stake in the charter fund of the UzXCMG joint venture in Urgench has been put up for electronic sale. The starting price is 140.53 billion soums, the auction will be held on October 19. The enterprise specializes in manufacturing equipment for the mining industry and underground works, as well as hydraulic excavators and construction equipment. The plant's financial indicators improved in 2025, but in the first quarter of 2026 it again suffered a loss. The sale of the state stake has been planned since 2023.

In Uzbekistan, heating tariffs may be raised by up to 10 percent annually

In Uzbekistan, starting from 2028, centralized heat supply tariffs are proposed to be indexed annually from May 1, taking inflation into account, with the increase capped at 10 percent. From November 1, 2026, heating and hot water tariffs are to be raised separately — in Tashkent by almost 30 percent. The draft also provides for revising heat consumption standards, reducing the cost of heat energy by up to 15 percent, a full technical audit of heat supply systems by the end of 2027, corporate governance reforms at JSC "Issiqlikta'minoti", KPIs, a modern billing system, international financial reporting standards, and a heat supply development strategy until 2030.