Economy

Thursday, August 1

Europe continues to import Russian LNG; some countries have started buying more.

Europe continues to import Russian LNG; some countries have started buying more. Europe has struggled to eliminate its dependence on Russian liquefied natural gas. In July, the Russian Federation almost became the region’s largest supplier after a reduction in supplies from ...

Ukraine has a plan to resolve the oil transit issue with Slovakia.

Ukraine has a plan to resolve the oil transit issue with Slovakia. Ukraine will guarantee the transit of oil from companies that are not subject to sanctions and is ready to settle the transit issue with Slovakia in accordance with the Association Agreement with the ...

Wednesday, July 31

The US proposes a plan for Ukraine’s economic recovery.

The US proposes a plan for Ukraine’s economic recovery. During her last visit to Kyiv as the US Special Representative for Ukraine’s Economic Recovery, Penny Pritzker evaluated the concept of Ukraine’s economic recovery and announced five components ...

Pritzker names the most attractive sectors of the Ukrainian economy for investors.

Pritzker names the most attractive sectors of the Ukrainian economy for investors. Penny Pritzker, the US special representative, answered a question about the economic sectors that are ready for investment now: “Ukraine’s agriculture feeds 400 million people in the worl...

American businesses are optimistic about Ukraine’s economic future.

American businesses are optimistic about Ukraine’s economic future. The American private sector looks at Ukraine’s economic future optimistically and realistically. Optimism is based on GDP growth, tax revenue, and the creation of new jobs, said US Special Repre...

Given the war’s continuation, Ukraine will need up to $15B in additional funding next year.

Given the war’s continuation, Ukraine will need up to $15B in additional funding next year. According to Finance Minister Serhiy Marchenko, Ukraine and the International Monetary Fund (IMF) estimate the country’s additional financial need for 2025 from Western partners at between $12B ...

Hungary and Slovakia’s position regarding Russian oil transit through Ukraine irritates the EU.

Hungary and Slovakia’s position regarding Russian oil transit through Ukraine irritates the EU. In private conversations, EU diplomats have expressed irritation at Hungary and Slovakia’s intentions to use EU procedures to maintain their access to cheap Russian oil, contrary to the blocR...

The NBU: Profitable Ukrainian companies do not use bank loans.

The NBU: Profitable Ukrainian companies do not use bank loans. Bank loans are not utilized by operationally profitable companies, which account for about 66% of their total operating profits, NBU data shows. In 2023, 8.6% of companies that borrowed money from Ukr...

Ukraine and Moldova will begin construction of a bridge across the Dniester River and to expand the railway infrastructure on the border with Poland.

Ukraine and Moldova will begin construction of a bridge across the Dniester River and to expand the railway infrastructure on the border with Poland. The Cabinet of Ministers has decided to create a joint Ukrainian-Moldovan commission for the construction of a bridge across the Dniester River in the Yampil-Koseuts region, said Prime Minister of Ukr...

Suziria Group will receive $2M from USAID to launch a new pet food production line.

Suziria Group will receive $2M from USAID to launch a new pet food production line. The USAID project, Investments for Business Sustainability, concluded a $2M grant agreement with Suziria Group, one of the leaders in the Ukrainian pet product market, to increase its production capac...

Tuesday, July 30

A Ukrainian company has invested $3.5M in the production of UAVs in Slovakia.

A Ukrainian company has invested $3.5M in the production of UAVs in Slovakia. Oleksandr Stepura, the founder of Skyeton, which manufactures ACS-3 (Raybird-3) reconnaissance systems, said that Raybird drones began to be manufactured in Slovakia this spring. The Raybird has been ...

German opposition demands the cancellation of social benefits for unemployed Ukrainian refugees, as Poland expands aid to Ukrainians.

German opposition demands the cancellation of social benefits for unemployed Ukrainian refugees, as Poland expands aid to Ukrainians. Carsten Linnemann, the general secretary of the opposition German party, the Christian Democratic Union, advocates the need to cancel financial support for Ukrainian refugees who do not work officiall...

Ukraine will launch a feedback platform for government services.

Ukraine will launch a feedback platform for government services. The Ministry of Economy announced the launch of beta testing for Pulse, an online platform designed to collect feedback from businesses and interact with the state. It is noted that the platform’...

Ukraine’s processing industry leaders increased their income by 23%.

Ukraine’s processing industry leaders increased their income by 23%. In 2023, the leaders in the Ukrainian processing industry received ₴317.53B in revenue, which is 23% more than a year earlier, with 33% of this income accounted for by companies of the SCM group. It i...

The largest mineral water producer has announced record sales growth of over 100%.

The largest mineral water producer has announced record sales growth of over 100%. The shipment volume of drinks and waters from IDS Ukraine brands (producer of mineral waters Morshynska and Myrhorodska) increased to 5.4 million bottles per day to a new record for the company. Previ...

A state railroad company might reduce the tariff for freight transportation to compete with road carriers.

A state railroad company might reduce the tariff for freight transportation to compete with road carriers. Serhiy Vovk, director of the Center for Transport Strategies, stated: “The 70% tariff increase in July 2022 was a forced measure that helped stabilize the financial condition of Ukrainian Railwa...

One of the largest shopping centers in Dnipro was put up for auction for ₴430M.

One of the largest shopping centers in Dnipro was put up for auction for ₴430M. State-owned PrivatBank will auction the Pryozernyy Shopping Center – one of the largest in Dnipro, the bank said in a statement. The starting price of the lot is more than ₴430M ($10.5M), including VA...

Ukraine’s social housing fund can finish the construction of hundreds of unfinished buildings across the country.

Ukraine’s social housing fund can finish the construction of hundreds of unfinished buildings across the country. The head of the specialized committee of the parliament, Olena Shulyak, noted that one focus of the social housing fund can be long-term unfinished buildings – houses that have not been completed for ...

Monday, July 29

The US and EU are pressuring Asia’s largest economies to abandon their support of Russia’s war effort.

The US and EU are pressuring Asia’s largest economies to abandon their support of Russia’s war effort. The US Treasury has warned that Indian banks will be subject to sanctions and will lose access to the US financial system if they cooperate with the Russian defense and industrial complex. “We k...

The AmCham condemns the government’s initiatives to increase corporate income taxes.

The AmCham condemns the government’s initiatives to increase corporate income taxes. The American Chamber of Commerce in Ukraine (AmCham) called on Ukrainian authorities to strengthen their fight against Ukraine’s shadow economy before increasing the tax burden on honest taxpaye...

UZ and Polskie Koleje Państwowe discuss the development of railroad infrastructure.

UZ and Polskie Koleje Państwowe discuss the development of railroad infrastructure. Ukrainian Railways (UZ) noted that significant progress has been made in cooperation between the railways of Ukraine and Poland over the past few years. New passenger routes have been launched, the ca...

The NBU: Demand for bank loans is growing in Ukraine.

The NBU: Demand for bank loans is growing in Ukraine. Banks expect an increase in demand for all types of corporate and retail loans and loan portfolio volumes, NBU data shows. Most banks will increase their corporate and retail portfolios, though their ...

Capital markets in Ukraine show slow growth and development.

Capital markets in Ukraine show slow growth and development. Despite all the challenges brought about by the war, and contrary to forecasts, capital markets in Ukraine not only avoided collapse but also persisted in demonstrating slow growth and development. Al...

A Cypriot company buys more than 50% of a Ukrainian insurance company, and an Irish company, CRH, is finalizing the purchase of two cement factories in Ukraine for €100M.

A Cypriot company buys more than 50% of a Ukrainian insurance company, and an Irish company, CRH, is finalizing the purchase of two cement factories in Ukraine for €100M. The Antimonopoly Committee of Ukraine (AMCU) allowed Saggarco Limited (Cyprus) to acquire more than 50% of the shares of the RESPECT insurance company. On April 19, 2024, Saggarco Limited entered into...

Elixir Ukraine wants to turn the privatized Ust-Dunube port into a fertilizer supply hub.

Elixir Ukraine wants to turn the privatized Ust-Dunube port into a fertilizer supply hub. The Vinnytsia company Elixir, which privatized the Ust-Danube seaport, plans to make it a hub for supplying mineral fertilizers to Ukraine, the company’s owner, Valery Vihrenko, said. Elixir bou...

Friday, July 26

The NBU leaves the key policy rate unchanged due to accelerated inflation.

The NBU leaves the key policy rate unchanged due to accelerated inflation. Ukraine halted a run of three interest-rate cuts after an acceleration in inflation prompted policymakers to signal that easing will only be possible to resume next year, reported Bloomberg. The Natio...

The NBU updated its forecast for key indicators in the Ukrainian economy.

The NBU updated its forecast for key indicators in the Ukrainian economy. The NBU predicts the growth of Ukraine’s GDP in 2024 at 3.7% (April’s forecast was 3%). Economic growth in the year’s first half continued, although it has slowed down in recent mont...

Fitch downgraded Ukraine’s rating to pre-default level after its debt restructuring deal.

Fitch downgraded Ukraine’s rating to pre-default level after its debt restructuring deal. Fitch Ratings downgraded Ukraine’s long-term issuer default rating (IDR) in foreign currency from CC to C. “Ukraine’s downgrade reflects Fitch’s view that the agreement in prin...

Sanctions are slowly destroying Russian businesses with payment issues.

Sanctions are slowly destroying Russian businesses with payment issues. New US restrictions imposed in June have put local banks in countries that trade with Russia at a higher risk of so-called secondary penalties, which is delaying or disrupting payments to and from cou...

Ukraine and Japan sign a document to support investment projects, and 14 Japanese companies are ready to invest in the Ukrainian economy.

Ukraine and Japan sign a document to support investment projects, and 14 Japanese companies are ready to invest in the Ukrainian economy. Ukraine and Japan signed the Protocol of Discussions on the Project of Strengthening the Involvement of the Private Sector for the Reconstruction of Ukraine. The document envisages the provision of as...

One of Ukraine’s largest fuel traders will increase its rolling stock by more than 200%.

One of Ukraine’s largest fuel traders will increase its rolling stock by more than 200%. The TAS-Poltavvagon company, which is part of the TAS financial and industrial group, will produce 100 tank cars for the OKKO group of companies. In July, OKKO received the first 20 wagons, and the re...

Ukrainian farmers have received ₴62.9B in loans since the beginning of the year, and banks have received ₴38B in loan applications for energy infrastructure restoration projects.

Ukrainian farmers have received ₴62.9B in loans since the beginning of the year, and banks have received ₴38B in loan applications for energy infrastructure restoration projects. Since the start of the year, 9,075 farmers have received ₴62.9B in bank loans. Farmers from the Kyiv, Dnipropetrovsk, Cherkasy and Kirovohrad regions received the largest loans under various programs....

Most Ukrainians have not adapted to life abroad and plan to return home.

Most Ukrainians have not adapted to life abroad and plan to return home. Most Ukrainians who left because of the war – 64% – have not adapted to life in the countries in which they sought refuge, and many intend to return to Ukraine. The adaptation factor has a clear effec...

Thursday, July 25

Japan has already provided Ukraine with $6.3B since the beginning of the invasion: The Ministry of Finance anticipates continued support.

Japan has already provided Ukraine with $6.3B since the beginning of the invasion: The Ministry of Finance anticipates continued support. The Minister of Finance of Ukraine, Serhii Marchenko, stated: “Ukraine is systematically strengthening its financial capacity, increasing the internal revenues of the state budget. At the same t...

The NBU has simplified access of foreign investors to instruments for rebuilding Ukraine.

The NBU has simplified access of foreign investors to instruments for rebuilding Ukraine. The National Bank of Ukraine has adopted a decision that will allow foreign investors to get direct access to marketable debt instruments aimed at Ukraine’s recovery. Starting on July 24, the li...

How does a business assess its state and prospects?

How does a business assess its state and prospects? The number of EBA member companies operating at full capacity has decreased from 78% to 64% compared to the beginning of the year. In particular, 45% of the surveyed top managers assess their business...

Piraeus Bank helps to support Okhmatdyt Children’s Hospital.

Piraeus Bank helps to support Okhmatdyt Children’s Hospital. After the tragedy that shook the world, more than 320,000 people from 55 countries and around 50 companies have donated to the needs of the hospital and to support its patients, including Piraeus Bank...

Wednesday, July 24

Ukraine has risen in the global rankings of iron and steel producers, and these products occupy 35-45% of export cargo transportation.

Ukraine has risen in the global rankings of iron and steel producers, and these products occupy 35-45% of export cargo transportation. Ukraine climbed to 13th place in the ranking of the largest iron-producing countries and 21st place in the list of the largest steel producers. In the first half of the year, Ukraine produced 3.47 mil...

The EU will provide Ukraine Railways €43M for the modernization and construction of European-standard track.

The EU will provide Ukraine Railways €43M for the modernization and construction of European-standard track. The EU will allocate €42.95M to Ukrainian Railways (UZ) to improve the country’s railway network and begin the transition to 1,435 mm track to ensure infrastructure compatibility and increase th...

The EIB will approve a €250M support package for Ukraine’s energy sector and allocate another €200M to modernize its public transport.

The EIB will approve a €250M support package for Ukraine’s energy sector and allocate another €200M to modernize its public transport. The government of Ukraine and the EIB are working diligently to prepare new agreements for a €250M support package. “The EIB systematically supports Ukraine in priority area and continues to wor...

Boeing and Antonov signed a preliminary agreement to cooperate in the production of drones.

Boeing and Antonov signed a preliminary agreement to cooperate in the production of drones. The American Boeing Corporation and the Ukrainian company, Antonov, signed a preliminary joint work agreement for the production of unmanned systems to support Ukraine’s defense industry. The me...

Founders of industrial parks are eligible to receive ₴150M from the state for infrastructure development.

Founders of industrial parks are eligible to receive ₴150M from the state for infrastructure development. The Ministry of Economy agreed to cooperate with Ukreximbank through the State Stimulation of the Creation of Industrial Parks program. Oschadbank and Ukrgazbank plan to join the program soon. The pro...

Ukraine presents the Large Scale Privatization – 2024 project: Which objects will be sold first?

Ukraine presents the Large Scale Privatization – 2024 project: Which objects will be sold first? The State Property Fund (SPFU) presented its Great Privatization – 2024 project and named the first five objects to be auctioned. First is the 4-star hotel Ukraine in the center of Kyiv with a startin...

Agricultural exports brought 64% of Ukraine’s export earnings to Ukraine: Who bought the most Ukrainian goods?

Agricultural exports brought 64% of Ukraine’s export earnings to Ukraine: Who bought the most Ukrainian goods? According to the results of 2024’s first six months, Ukraine’s export of agricultural food products accounted for 64% of total exports ($12.45B). In January-June, EU countries purchased mo...

Tuesday, July 23

International partners offer development grants to Ukrainian businesses.

International partners offer development grants to Ukrainian businesses. The Norwegian Nansen Grant Program opened a competition for projects from Ukrainian agricultural producers and processing enterprises. The competition aims to promote investment-ready projects, partic...

Ukraine’s M&A market grew to $510M in 2024.

Ukraine’s M&A market grew to $510M in 2024. After a significant revival in 2023, activity in the Ukrainian mergers and acquisitions (M&A) market continued to grow in the first half of 2024: the number of deals increased by 4.2% compared to ...

Europe will increase pressure on the Russian shadow fleet, but Moscow is preparing for restrictions on LNG.

Europe will increase pressure on the Russian shadow fleet, but Moscow is preparing for restrictions on LNG. 44 European countries have agreed on the introduction of measures against the Russian Federation’s so-called shadow fleet, which is used to circumvent international restrictions. The joint ̶...

The grain market has a unique situation: the prices of rapeseed and wheat are growing and almost exceed global prices.

The grain market has a unique situation: the prices of rapeseed and wheat are growing and almost exceed global prices. Trader’s demand for rapeseed and wheat is growing. At the same time, domestic prices for these crops are close to global market prices and almost exceed them, said Ivan Dimov, the founder of DMV...

Epicentr will increase the capacity of the ceramic tile production plant in the Kyiv region to 12.5 million square meters per year.

Epicentr will increase the capacity of the ceramic tile production plant in the Kyiv region to 12.5 million square meters per year. The Epicentr group of companies is completing the installation of a new production line at the Kalynivka, plant in the Kyiv region to increase its production capacity to 12.5 million square meters per...

Ukraine needs an additional 4.5 million workers for its GDP to grow by 7%.

Ukraine needs an additional 4.5 million workers for its GDP to grow by 7%. The demographic situation in Ukraine, particularly the availability of labor resources, is one of the most critical factors that is currently affecting the economy today and will affect the dynamics o...

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