brookukraine

Tuesday, August 4

Estonia’s “strawberry war” had a messy ending after the government moved too late to allow Ukrainian workers into the Baltic country Estonia’s “strawberry war” had a messy ending after the government moved too late to allow Ukrainian workers into the Baltic country. Tons of the red berries rotted in the fields. Last Thursday, Wizza...

Munich-based FlixBus is aggressively expanding into Ukraine this summer offering new routes: Kyiv-Vilnius and Kyiv-Krakow-Prague. Munich-based FlixBus is aggressively expanding into Ukraine this summer offering new routes: Kyiv-Vilnius and Kyiv-Krakow-Prague. From Vilnius, travellers can connect to 12 other Baltic cities. Ukrain...

Speaking to business executives in Volyn, an oblast on the Polish border, President Zelenkiy said of the regional labor shortage Speaking to business executives in Volyn, an oblast on the Polish border, President Zelenkiy said of the regional labor shortage: “Until there are normal jobs, normal wages, there is nothing that can ...

The 5-7-9% lending program has extended $120 million in loans to 1,755 small businesses The 5-7-9% lending program has extended $120 million in loans to 1,755 small businesses, Yulia Kovaliv, Deputy Presidential Chief of Staff, said Monday. With the $68,400 the average loan size, 62% hav...

Volodomyr Kudritskiy was elected CEO of Ukrenergo by the state electricity transmission company’ Supervisory Board on Sunday. Volodomyr Kudritskiy was elected CEO of Ukrenergo by the state electricity transmission company’ Supervisory Board on Sunday. A five-year veteran of Ukrenergo, Kudritskiy previously worked for Ukrtran...

Since the start of this year, Ukrenergo’s ‘Guaranteed Buyer’ unit has paid for only 27% of the power it took from solar and wind producers Since the start of this year, Ukrenergo’s ‘Guaranteed Buyer’ unit has paid for only 27% of the power it took from solar and wind producers. For the last four months, this unit known as ‘GarPok,’ has o...

The EBRD will lend state gas producer UkrGazVydobuvannya €52 million to increase energy efficiency and to maintain gas production. The EBRD will lend state gas producer UkrGazVydobuvannya €52 million to increase energy efficiency and to maintain gas production. With a payback period up to 15 years, the interest rate is about 2.5%...

Next Monday, the long-delayed cross Danube ferry crossing will open between Isaccea, Romania, and Orlivka, Odesa region Next Monday, the long-delayed cross Danube ferry crossing will open between Isaccea, Romania, and Orlivka, Odesa region. For drivers between Odesa and Constanta, Romania, the ferry will cut out a 2-ho...

UIA has returned another Boeing 737-800 to the lessor, trimming its fleet to 33 planes. UIA has returned another Boeing 737-800 to the lessor, trimming its fleet to 33 planes. Of the 33, 14 Boeings are in storage – in Ukraine, Spain and the Czech Republic. UIA has 26 Boeings and seven Em...

Sandwiched between Guatemala and the Philippines, Ukraine has the world’s second most dependent economy on remittances from overseas workers Sandwiched between Guatemala and the Philippines, Ukraine has the world’s second most dependent economy on remittances from overseas workers, The Wall Street Journal reports, citing World Bank statist...

With barriers erected to block coronavirus, remittances worldwide will drop 20% this year, With barriers erected to block coronavirus, remittances worldwide will drop 20% this year, estimates Dilip Ratha, the World Bank’s lead economist on these money flows. The Journal writes: “That drop w...

Monday, August 3

By doubling spending on road construction, the government averted a steep drop in the construction sector By doubling spending on road construction, the government averted a steep drop in the construction sector during the first half of this year, according to Oleksiy Blinov, Economist for Alfa-Bank Ukrai...

The quarantine pushed business from cash to cards. The quarantine pushed business from cash to cards. Non-cash card transactions increased to 55%, up from 50% before mid-March. This was reported on the Central Bank Facebook page. With the increasing u...

Reflecting shifting views on the hryvnia, the National Bank of Ukraine sold almost $500 million in July, after buying $1.15 billion in June. Reflecting shifting views on the hryvnia, the National Bank of Ukraine sold almost $500 million in July, after buying $1.15 billion in June. In early July, President Zelenskiy and leaders of his party...

“Ukraine’s New Central Bank Chief reigning in control of Board,” According to “Ukraine’s New Central Bank Chief reigning in control of Board,” According to Bloomberg, the recent departure of Central bank deputy governor, Serhiy Kholod, follows that of fellow deputy Oleh Churiy,...

Zelenskiy’s bad economics: Inflation and devaluation will not help Ukraine grow” Zelenskiy’s bad economics: Inflation and devaluation will not help Ukraine grow” headlines an Atlantic Council Ukraine Alert blog by Anders Aslund. “High inflation and depreciation will not stimulate ...

President Zelenskiy has signed the ‘Green Tariff’ bill, which cuts the tariff on solar electricity by 15% and on wind by 7.5%. President Zelenskiy has signed the ‘Green Tariff’ bill, which cuts the tariff on solar electricity by 15% and on wind by 7.5%. The new rates came into effect on Saturday, after a decision by the Natio...

The new law also provides for energy auctions, and requires renewable energy producers to take responsibility for power balancing by 2022. It has set a 18-month schedule for Ukrenergo to pay back bills to solar and wind producers. Whilst The new law also provides for energy auctions, and requires renewable energy producers to take responsibility for power balancing by 2022. It has set a 18-month schedule for Ukrenergo to pay back bill...

Under a Under a new color-coded corona map of Ukraine, the Health Ministry colors green all of eastern and central Ukraine, including Kyiv. Green means masks in public transport, stores and shopping centers a...

The map comes as Ukraine recorded 1,000 new infections a day for the last week The map comes as Ukraine recorded 1,000 new infections a day for the last week. Deputy Health Minister Viktor Lyashko predicts that this year 400,000 people in Ukraine will eventually become infected ...

Up to 8,000 Jewish Orthodox pilgrims are expected to converge on Uman in mid-September for the annual Rosha Hashanah pilgrimage Up to 8,000 Jewish Orthodox pilgrims are expected to converge on Uman in mid-September for the annual Rosha Hashanah pilgrimage, reports The Jerusalem Post. Contradicting reports from Uman, Ukraine’s ...

Austrian Airlines resumed flights yesterday between Vienna and Kyiv Boryspil. Austrian Airlines resumed flights yesterday between Vienna and Kyiv Boryspil. Under new rules, Kyiv passengers arriving at Vienna International Airport have to take a Covid-19 test at the airport. The...

SkyUp, Ukraine’s two-year-old low cost carrier unveils ambitious plans: SkyUp, Ukraine’s two-year-old low cost carrier unveils ambitious plans: 90% punctuality in 2021, addition of 5-7 more jets by 2022, and 50% market share of Ukraine’s air market in 2025. Taking advanta...

Chinese cars bucked a trend, recording 20% more sales in Ukraine Chinese cars bucked a trend, recording 20% more sales in Ukraine during the first half of the year. Overall, new car sales were down 4% during the first half, compared to January-June last year. Chine...

To ease Kyiv’s growing traffic jams, the city is opening park and ride lots near six Metro stations. To ease Kyiv’s growing traffic jams, the city is opening park and ride lots near six Metro stations. Planning for a total of 2,000 parking spaces, the first lot is already open for 193 cars next to th...

Ukraine’s economy shrank by 11% yoy during the second quarter, midway between the EU’s drop of 12.1% and the US drop of 9.5%. Ukraine’s economy shrank by 11% yoy during the second quarter, midway between the EU’s drop of 12.1% and the US drop of 9.5%. The National Bank of Ukraine estimates that during the current quarter, th...

According to the Central Bank, Farming is expected to be the largest sector of the economy that has been least affected by quarantine restrictions According to the Central Bank, Farming is expected to be the largest sector of the economy that has been least affected by quarantine restrictions. Food accounts for almost half of Ukraine’s exports. ...

Friday, July 31

By the end of this year 780 state companies should be transferred to the agency responsible for privatizations, By the end of this year 780 state companies should be transferred to the agency responsible for privatizations, the State Property Fund, Dmytro Sennychenko, head of the Fund, tells the UBN. This would...

To attract foreign investors, Sennychenko, a former Ukraine director for Jones Lang LaSalle, has set up To attract foreign investors, Sennychenko, a former Ukraine director for Jones Lang LaSalle, has set up a bilingual Ukrainian-English website with ‘data rooms’ on each property up for sale. Sennychenk...

Following the sale of the Dnipro, the Fund is putting up two regional hotels up for auction. Following the sale of the Dnipro, the Fund is putting up two regional hotels up for auction. The high end Slovyanskyi Hotel in Novgorod-Siversky, Chernihiv region has a starting price of $2 million. S...

Next week’s lot of Next week’s lot of 34 ‘small privatization’ properties is the usual mixed bag of abandoned properties dating back to the Soviet era. Scattered across 15 regions, they range from a half-finished distil...

Aivaras Abromavičius, head of Ukroboronprom, is signaling he is ready to move on. Aivaras Abromavičius, head of Ukroboronprom, is signaling he is ready to move on. Noting that he took the job running the state arms conglomerate last August, he told a Kyiv School of Economics roundt...

Military transport jets, notably the An-178, represent the most promising niche for Antonov, Military transport jets, notably the An-178, represent the most promising niche for Antonov, Abromavičius told Channel 24 last month, shortly after firing the head of the state aircraft maker. “Togeth...

Western standard corporate governance of state companies is a key demand of the IMF Western standard corporate governance of state companies is a key demand of the IMF under the $5 billion Standby Agreement reached last month. On Wednesday, the IMF’s representative to Ukraine decline...

Matteo Patrone, EBRD regional managing director on corporate governance reform: Matteo Patrone, EBRD regional managing director on corporate governance reform: “This is now a negative period in corporate governance reform. But I believe that this is a small pothole on a very long...

Timothy Ash writes from London: Timothy Ash writes from London: “The Zelenskiy team will need to work overtime to provide assurance to the IMF to keep the existing program on track. The IMF resident rep’s diplomatic response I think...

The Finance Ministry provides this x-ray of who bought the $2 billion Eurobond that settled yesterday: The Finance Ministry provides this x-ray of who bought the $2 billion Eurobond that settled yesterday: US – 48%; UK – 38%; and EU – 13%. The investors were: asset management funds – 81%; hedge funds –...

Ukraine reported yesterday morning a one day high of 1,197 new coronavirus cases. Health Minister Maksym Stepanov said 248 people had been admitted to hospital over the past day — also a record high. Ukraine reported yesterday morning a one day high of 1,197 new coronavirus cases. Health Minister Maksym Stepanov said 248 people had been admitted to hospital over the past day — also a record ...

Starting tomorrow, Ukraine will be divided into four quarantine zones — green, yellow, orange and red. Starting tomorrow, Ukraine will be divided into four quarantine zones — green, yellow, orange and red. “Kyiv will be in between the orange and red zones,” Oleh Ruben, head Food Safety and Consum...

Concorde Capital’s Zenon Zawada writes Concorde Capital’s Zenon Zawada writes: “We don’t expect the government to take any measures towards restrictions. The main issue is Ukrainians will remain forbidden to travel freely to the E.U. for t...

Starting today, Starting today, the EU graduates 11 new countries into its admission club. Ukraine, with its rising corona infection rate, did not make the cut. In two weeks, the EU again will review its list of nati...

Privatization of big state companies could bring $1 billion to national budget in coming years, Privatization of big state companies could bring $1 billion to national budget in coming years, Prime Minister Shmygal told the Cabinet of Ministers Wednesday. After a pause during the initial market ...

Thursday, July 30

Concorde Capital’s Evgeniya Akhtyrko writes: Concorde Capital’s Evgeniya Akhtyrko writes: “The larger financial community still sees high uncertainty related to the future trend of the hryvnia exchange rate…market players haven’t ruled out...

Last week, the National Bank of Ukraine sold $350 million to halt the slide of the hryvnia. Last week, the National Bank of Ukraine sold $350 million to halt the slide of the hryvnia. Today it trades at 27.7 to the dollar. Easing the demand for dollars and helping the hryvnia, most Ukrainian...

S&P upgraded yesterday the long-term credit rating of Ukrzaliznytsia to B- from CCC, reversing its downgrade of three months ago S&P upgraded yesterday the long-term credit rating of Ukrzaliznytsia to B- from CCC, reversing its downgrade of three months ago. Triggering the upgrade, Ukrainian Railways announced Monday that i...

Concorde Capital’s Concorde Capital’s Alexander Paraschiy: “Sberbank debt restructuring is probably the most important event for Ukrainian Railways in 2020. Sberbank’s loans accounted for half of the total debt th...

During the first half of this year, Ukraine surpassed the US to become the world’s 9th largest producer of pig iron, or crude iron, During the first half of this year, Ukraine surpassed the US to become the world’s 9th largest producer of pig iron, or crude iron, according to Worldsteel Association. Ukraine edged out the US becaus...

China’s hunger for Ukrainian iron helped Lemtrans boost cargo carried in the first half of this year by 26% yoy, China’s hunger for Ukrainian iron helped Lemtrans boost cargo carried in the first half of this year by 26% yoy, to 25 million tons. Lemtrans, Ukraine’s largest private operator of rail wagons, enjoye...

Revenue from Ukraine’s steel exports dropped by 17% in the first half of this year, Revenue from Ukraine’s steel exports dropped by 17% in the first half of this year, compared to the same January-June period last year. With revenues of $3.9 billion, metallurgical products accounted ...

US-based GE Steam Power has been selected by Ukraine’s AtomRemontServis to provide three years of maintenance for two of Ukraine’s four nuclear power plants, Rivne and Khmelnytsky. US-based GE Steam Power has been selected by Ukraine’s AtomRemontServis to provide three years of maintenance for two of Ukraine’s four nuclear power plants, Rivne and Khmelnytsky. “Through this new s...