Banking & Ratings: Moody’s flags positive momentum in Azerbaijan’s banking reforms, citing Basel III capital buffers and stronger supervision, while Fitch upgrades PASHA’s ABB to BB+ with a stable outlook. State Finance: Azerbaijan’s state budget overpayments are nearing AZN 2.9bn in H1 2026, and the government reports 340 projects worth AZN 1.0641bn under the Great Return Program in liberated territories (Jan–Jun). Energy & Trade Corridors: KazMunayGas says it sees no alternative to CPC but is preparing new export routes via Azerbaijan, including an Atyrau–Aktau corridor feasibility study; separately, Kazakhstan targets higher BTC volumes (about 1.7m tonnes) under a new transit deal with SOCAR. Logistics & Sanctions Controls: Georgia investigates a suspected attempt to move EU-sanctioned goods to Russia via the Sarpi checkpoint using falsified documents, with the case sent to investigators. Investment Promotion: Aliyev signs an order setting up an organizing committee to hold the First Azerbaijan International Investment Forum on a regular basis. Corporate/Industry: SOCAR Carbamide’s digital transformation gets highlighted as a model for Industrial AI and efficiency gains. Culture & Media: Azerbaijan and Vietnam explore joint film production and exchanges. Diplomacy/Context: Analysis notes Azerbaijan’s balancing between Russia and Ukraine as FM Bayramov visits both Moscow and Kyiv.