Kazakhstan starts 800-km highway to cut China-Europe freight route by nearly 1,000 km
Kazakhstan has begun construction on the Beineu-Saksaulsk highway, a new 800-kilometer route that will shorten the overland connection between China and Europe by nearly 1,000 kilometers, according to the country’s Ministry of Transport. The project, scheduled for completion in 2029, will reduce delivery times by up to three days and could increase cargo volumes along the route by 2.5 times .
The highway will run through Kazakhstan’s Mangystau, Aktobe, and Kyzylorda regions, linking to the Caspian ports of Aktau and Kuryk. From there, cargo can cross the Caspian Sea into Azerbaijan, continue through [Georgia](en.wikipedia.org](en.wikipedia.org)_state)) and Türkiye, and enter European markets without passing through Russia. The route is part of the Trans-Caspian International Transport Route, also known as the Middle Corridor, which already spans over 4,000 kilometers from western China to Europe.
Meanwhile, Norway’s Government Pension Fund Global reported a record first-half profit of nearly $185 billion, with a 9.4% return driven by gains in its technology holdings, including Nvidia, Microsoft, and Apple. The fund’s total market value reached $2.4 trillion by the end of June .
In corporate earnings, ABN Amro reported a second-quarter net profit of €780 million, exceeding expectations. The Dutch bank’s net interest income rose 11%, while fee income increased 25%. Its Common Equity Tier 1 ratio improved to 15.9%, and return on tangible equity reached 12.1%. The bank raised its full-year net interest income forecast to €6.8 billion .
CoreWeave, an AI cloud provider, raised its annual capital spending forecast after reporting a $104 billion backlog and second-quarter revenue that doubled on surging demand. The company also lifted its 2026 revenue and adjusted operating profit targets .
The Chinese renminbi extended its rally against the U.S. dollar, reaching its highest level since February 2023, according to market observers . Additionally, Europe’s gas prices rose as EU storage levels hit historic lows for August .
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