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Timur Turlov: Architect of a New Financial Ecosystem

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Timur Turlov

Early Ambitions and Foundations in Finance

Timur Turlov, born in 1987, entered the financial world at an unusually young age, starting as a trader with World Capital Investments (WCI) at just 16. His next career move to Uniastrum Bank saw him contribute to building systems that provided the bank’s subsidiary access to U.S. stock exchanges. These early roles set the stage for his entrepreneurial journey and ambition to transform financial services in emerging markets.

Establishing Freedom Finance and Expanding to Kazakhstan

In 2008, Turlov launched Freedom Finance, a brokerage firm focused on opening U.S. stock markets to a broader audience. By 2012, he expanded operations into Kazakhstan, a move that allowed Freedom Finance to grow into a leading brokerage. The company quickly scaled, establishing a bank, online brokerage services, and international reach.

In 2019, Turlov consolidated his companies into Freedom Holding Corp., becoming the first CIS-based financial company to list on Nasdaq under the ticker FRHC. Initially priced under $15, Freedom’s shares exceeded $80 by 2024, marking a significant milestone. This rapid growth elevated Turlov’s net worth to $3.3 billion by May 2024, securing his place on the global Forbes list.

Building a Diversified Financial Ecosystem

Freedom Holding Corp. has evolved into a comprehensive financial ecosystem, headquartered in Kazakhstan with a footprint across 22 countries. Key services include Freedom Bank, which offers digital mortgage solutions; Tradernet, a multilingual platform that integrates AI-powered trading tools; Freedom Pay, a cross-border payment service; Freedom Life and Freedom Insurance for accessible online insurance; and Freedom Telecom, delivering high-speed internet and expanding 5G coverage. Serving around 5 million clients, the ecosystem combines finance, insurance, and telecommunications to meet modern consumer needs.

Timur Turlov

Expansion in the U.S. and European Markets

In 2020, Freedom Holding entered the U.S. market by acquiring Prime Executions Inc., providing direct access to American exchanges. The 2023 acquisition of LD Micro strengthened Freedom’s position within the U.S. financial ecosystem. In Europe, Freedom Finance Europe Ltd., launched in Cyprus in 2021, now operates in multiple countries with over 200,000 accounts. Turlov is also exploring growth opportunities in Turkey, the UAE, and Azerbaijan, indicating a focus on emerging markets.

Community Engagement and Social Projects

Beyond business, Turlov is committed to social impact in Kazakhstan. Since 2023, he has led the Kazakhstan Chess Federation, promoting the game among youth and integrating it into educational curricula. As chairman of the QJ League, a youth football initiative, he supports young athletes across the nation. Freedom Holding also partners with environmental groups to restore the Aral Sea, supported by the AraldySaqta card, which enables cashback donations. The QALAM project, initiated by Turlov, celebrates Central Asian history and culture through multimedia content.

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China and Europe Drive Global EV Growth as U.S. Market Stalls Amid Policy Uncertainty

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Global sales of electric and plug-in hybrid vehicles continued to surge in April, driven by strong performance in China and Europe, despite a slowdown in North America, according to new data released Wednesday by EV research firm Rho Motion.

Worldwide, electric vehicle (EV) sales reached 1.5 million units in April, a 29% increase compared to the same month in 2024. However, this figure marked a 12% decline from March, indicating a monthly dip in momentum. From January to April, EV sales totaled 5.6 million units — a 29% rise year-on-year.

Europe and China were the key drivers of growth. Sales in Europe jumped by 35% in April, with China close behind at 32%. Meanwhile, the rest of the world saw an even stronger April growth rate of 51%. In contrast, North American sales declined by 5.6% during the same period.

Tariff negotiations are dominating headlines, but quietly, domestic manufacturers in China and the EU are growing market share,” said Charles Lester, Data Manager at Rho Motion. “The EU is the standout performer in 2025, as emissions targets have ignited a rapid industry transition to electric.”

From January to April, China posted a 35% increase in EV sales compared to the previous year. Europe followed with 25%, while North America saw more modest growth at just 5%.

Experts point to political developments as a key factor shaping the market’s trajectory. “EV adoption is accelerating — but politics, not technology, will decide who leads and who lags,” said Professor Christian Brand, a transport and energy expert at Oxford University.

In the U.S., uncertainty over the future of green tax incentives under President Trump’s administration is causing hesitation. Legislation under review would eliminate the current $7,500 federal tax credit for EV purchases by the end of 2026 and limit eligibility further. Tax breaks for commercial and second-hand EVs could also be scrapped.

Meanwhile, China is rolling out new consumer incentives to stimulate its slowing economy. Buyers trading in older vehicles for new EVs are now eligible for subsidies worth 20,000 yuan (€2,471), further boosting demand.

Trump’s 25% tariffs on imported vehicles and components have complicated matters for automakers with global supply chains. While recent executive orders offer some tariff relief, industry leaders remain concerned about profitability and dampened consumer sentiment.

Despite the policy divide, more than one in four cars sold globally this year is expected to be electric, according to the International Energy Agency.

The shift to EVs is a gradual evolution, not a revolution,” said Brand. “It’s not just about switching engines — it’s about reshaping entire industries.”

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Microsoft Lays Off 6,000 Employees Amid Strategic Shift and AI Investment Drive

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Microsoft has begun laying off approximately 6,000 employees, accounting for nearly 3% of its global workforce, in what is its largest round of job cuts in over two years. The company cited organizational restructuring as the reason behind the move, which comes despite strong quarterly earnings and ongoing investment in artificial intelligence (AI) infrastructure.

The layoffs began Tuesday and span various departments, teams, and global regions, though many of the affected roles are concentrated in Microsoft’s home state of Washington. The company notified state officials that 1,985 jobs would be cut at its Redmond headquarters, with most of those roles tied to software engineering and product management.

This is a day with a lot of tears,” wrote Scott Hanselman, a Microsoft vice president, on LinkedIn, where several affected employees and company leaders shared news of the layoffs. “These are people with dreams and rent and I love them and I want them to be OK.”

The cuts affect units across the company, including the Xbox gaming division and LinkedIn, the professional networking platform owned by Microsoft. The company stated that the layoffs would impact workers at all levels but are particularly focused on reducing management layers to enhance organizational efficiency.

The move follows Microsoft’s earlier announcement in January of smaller, performance-based layoffs. This latest round is the largest since early 2023, when the company cut 10,000 positions in the wake of pandemic-era overhiring.

Microsoft Chief Financial Officer Amy Hood indicated during an April earnings call that while the company’s headcount had increased 2% year-over-year by March, it had slightly declined compared to the end of 2024. Hood emphasized the company’s aim to “increase agility by reducing layers with fewer managers.”

The restructuring comes as Microsoft intensifies its investment in AI technology, with an estimated $80 billion allocated for AI-related infrastructure, including data centers, in the current fiscal year. However, analysts suggest that while AI may influence how Microsoft operates, the layoffs are more reflective of strategic realignment than automation-driven job replacement.

Big tech companies have trimmed their workforces as they rearrange their strategies and pull back from aggressive hiring during the early post-pandemic years,” said Daniel Zhao, an economist at Glassdoor.

With economic uncertainties looming and consumer spending patterns shifting, experts say Microsoft’s decision could also reflect a cautious approach to longer-term planning amid geopolitical and market fluctuations.

Laid-off employees in Washington have been informed their final day will be in July.

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Sixt Shares Dip After Mixed Q1 Results Despite Revenue Growth Abroad

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Shares in German car rental and mobility firm Sixt fell nearly 4% by midday Tuesday following the release of a mixed first-quarter earnings report that highlighted stagnating revenue in its home market.

The company reported total revenue of €858.1 million for the first quarter of 2025, reflecting a 10% year-on-year increase. While overall figures showed improvement, revenue in Germany remained flat at €243.3 million, raising concerns among investors. In contrast, the company’s performance in the broader European market was stronger, with revenue climbing 13.8% to €296.5 million compared to the same period last year.

Despite narrowing losses, Sixt remains in the red. Earnings before taxes (EBT) stood at -€17.6 million, an improvement from the -€27.5 million reported in the first quarter of 2024. Net income after taxes also showed progress, coming in at -€12.6 million, compared to -€23.1 million a year earlier.

In its earnings statement, the company reaffirmed its long-term strategy focused on international growth and financial turnaround. “Sixt is maintaining its expansion course for all regional segments, with profitable growth remaining the top priority,” the report stated.

Looking ahead, the company remains optimistic about demand for its mobility services throughout the year. Sixt confirmed its full-year guidance for 2025, projecting revenue growth between 5% and 10% and targeting a significantly improved EBT margin of around 10%, compared to last year.

Sixt’s results come as the company continues to navigate a challenging economic environment, marked by shifting travel patterns and inflationary pressures in its core markets. Analysts suggest that while the international momentum is encouraging, the flat performance in Germany may continue to weigh on investor sentiment if not addressed in the coming quarters.

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