businessnews

Wednesday, August 12

President Zelenskiy signed the gambling law yesterday, ending Ukraine’s decade-long ban on casinos and slot machines. President Zelenskiy signed the gambling law yesterday, ending Ukraine’s decade-long ban on casinos and slot machines. The law restricts casinos to five-star hotels in Kyiv, and to four- and five-star ...

Two days after the Rada passed the gambling law, on July 14, a nationwide poll found that 61% of the 2,000 respondents opposed legalizing gambling. Two days after the Rada passed the gambling law, on July 14, a nationwide poll found that 61% of the 2,000 respondents opposed legalizing gambling. Across the political spectrum, there was more suppor...

President Zelenskiy has signed a law dropping Ukraine’s 20% VAT from the production of videos, films, TV programs, cartoons and commercials for export President Zelenskiy has signed a law dropping Ukraine’s 20% VAT from the production of videos, films, TV programs, cartoons and commercials for export. Zelenskiy, who owns his own production company, ...

Twelve distilleries of Ukrspirt, the state alcohol producer, may be next in line for privatization, Twelve distilleries of Ukrspirt, the state alcohol producer, may be next in line for privatization, Dmytro Sennychenko, chairman of the State Property Fund, said yesterday at the opening in Kyiv of Ag...

Uniper, the Dusseldorf-based energy giant, says it may have to impair a loan to Nord Stream 2 if US sanctions kill the Russia to Germany Baltic gas pipeline. Uniper, the Dusseldorf-based energy giant, says it may have to impair a loan to Nord Stream 2 if US sanctions kill the Russia to Germany Baltic gas pipeline. “The worst case would be, of course, if (N...

Tuesday, August 11

To promote the economic revival of government-controlled Donetsk and Luhansk To promote the economic revival of government-controlled Donetsk and Luhansk, the government is drawing up plans for a special status zone that would include major tax breaks and international arbitra...

A “Donbas Economic Development Road Map” is to be submitted next month to the Cabinet of Ministers, according to Oleksii Reznikov is deputy Prime Minister for the Reintegration of Temporarily Occupied Territories. A “Donbas Economic Development Road Map” is to be submitted next month to the Cabinet of Ministers, according to Oleksii Reznikov is deputy Prime Minister for the Reintegration of Temporarily Occupied...

the cost to rebuild the Donbas under Russian control would be $10 billion. the cost to rebuild the Donbas under Russian control would be $10 billion. Speaking to Radio Donbas.Realii, an RFE/RL unit, he said that this would include donor money. The UN has fell far short in re...

As rail freight volumes recover, Ukrzaliznytsia carried 25.2 million tons in July, only 3% less than the tonnage carried in July 2019, As rail freight volumes recover, Ukrzaliznytsia carried 25.2 million tons in July, only 3% less than the tonnage carried in July 2019, reports Rail.Insider news site. Volumes have increased steadily s...

Ukrainian farmers have harvested 33 million tons of grain and legumes, one third of this year’s forecast crop. Ukrainian farmers have harvested 33 million tons of grain and legumes, one third of this year’s forecast crop. Farmers have threshed 23 million tons of wheat, 87% of the forecast crop, and 8 million t...

Ukraine’s forecast bumper crop for corn may run into geopolitical barriers as the US makes record corn sales – totaling 3.7 million tons — to China Ukraine’s forecast bumper crop for corn may run into geopolitical barriers as the US makes record corn sales – totaling 3.7 million tons — to China, warns AgWeek, the Fargo, North Dakota-based n...

Charges of “high treason” and a Presidential investigation surround a Chinese company’s attempt to assert 75% ownership of a Ukrainian company Charges of “high treason” and a Presidential investigation surround a Chinese company’s attempt to assert 75% ownership of a Ukrainian company that once was the largest manufacturer of airplane engine...

In a double barreled response, In a double barreled response, Wang Jing, Board Chairman of Skyrizon, and Alexander Yaroslavsky, the owner president of DCH, issued statements denouncing the government interference in the transaction...

“ “We are partners and strive to keep Motor Sich on Ukrainian soil,” wrote Wang, whose company is based in Beijing. “It is Chinese investment that sustains the company’s prosperity, saving thousan...

For his part, For his part, Yaroslavsky denounces as “state raiding” the government pressure on the investors in Motor Sich. From his base in Kharkiv, Yaroslavsky refutes press reports that key parts of the factory...

Iran will not compensate UIA for its jet Tehran shot down Jan. 8 because the Boeing 737-800 was insured by European firms Iran will not compensate UIA for its jet Tehran shot down Jan. 8 because the Boeing 737-800 was insured by European firms, the head of Iran’s Central Insurance Organisation said Monday, Reuters report...

Ukrtelecom, the nation’s largest Internet service provider, plans to invest $110 million to lay 50,000 km of fiber optic cable to bring broad band to 2.6 million rural Ukrainians by the end of 2022. Ukrtelecom, the nation’s largest Internet service provider, plans to invest $110 million to lay 50,000 km of fiber optic cable to bring broad band to 2.6 million rural Ukrainians by the end of 2022. T...

Vodafone Ukraine says that within two years its LTE 4G network should reach 90% of Ukraine’s population Vodafone Ukraine says that within two years its LTE 4G network should reach 90% of Ukraine’s population. By the summer of 2024 Vodaphone high speed network should cover “roads of international and nat...

Kyivstar, plans to invest $180 million over the next two years to expand its 4G mobile Internet service to reach 90% of Ukraine’s population Kyivstar, plans to invest $180 million over the next two years to expand its 4G mobile Internet service to reach 90% of Ukraine’s population, says Kyivstar President Oleksandr Komarov. In the last six...

Monday, August 10

Timothy Ash writes from London: Timothy Ash writes from London: “With recent moves against the reform team at the NBU, the US Government might have reached the conclusion that if they don’t move now, then the risk is the whole domes...

Oleksiy Shaban has been named a Deputy Governor of the National Bank of Ukraine Oleksiy Shaban has been named a Deputy Governor of the National Bank of Ukraine, giving Kyrylo Shevchenko, the new Governor, a majority on the central bank board. Shaban worked as director of the bank...

Timothy Ash writes from London: Timothy Ash writes from London: “The new Governor Shevchenko is now fully in charge at the NBU…The IMF is signaling they will want to take some time to assess the changes at the NBU and give She...

The use of payment cards jumped 17% yoy during the first half of this year in Ukraine, The use of payment cards jumped 17% yoy during the first half of this year in Ukraine, to 2.74 billion transactions, reports the National Bank of Ukraine. The size of the average transaction edged up ...

As Ukrainians shifted rapidly to cashless transactions, As Ukrainians shifted rapidly to cashless transactions, the number of cash transactions with cards – largely withdrawals from ATM machines – dropped by 12% during the first half of this year.

During the first half, the number of point of sale terminal increased by 5%. During the first half, the number of point of sale terminal increased by 5%. The number of issued cards also increased by 5%, to 71.7 million, or two for every Ukrainian.

Increasingly popular are contactless and tokenized cards Increasingly popular are contactless and tokenized cards. In June, almost 10 million contactless cards were used, up 25.6% since January. In June, 2.7 million tokenized cards were in use, up 22.5% fro...

Ukraine is moving to introduce green finance standards in the country, with a focus on green bonds. Ukraine is moving to introduce green finance standards in the country, with a focus on green bonds. The World Bank’s IFC signed a cooperation agreement on green finance Friday with Ukraine’s National ...

Jason Pellmar, IFC’s Regional Manager, said: Jason Pellmar, IFC’s Regional Manager, said: “IFC’s extensive global experience has proven that investments providing environmental benefits are not only more ecologically sustainable but also more co...

Ukraine’s Commission recently joined the Sustainable Banking Network — a group of regulatory agencies and banking associations from 40 emerging markets committed to advancing sustainable finance. Ukraine’s Commission recently joined the Sustainable Banking Network — a group of regulatory agencies and banking associations from 40 emerging markets committed to advancing sustainable finance. The ...

UIA only plans to return to regularly scheduled flights to New York, Toronto and Delhi in April, UIA only plans to return to regularly scheduled flights to New York, Toronto and Delhi in April, according to Evgeny Dykhne, president of Ukraine’s largest airline. He says: “As governmental restricti...

Kyiv Boryspil passenger traffic was down 80% yoy in July, Kyiv Boryspil passenger traffic was down 80% yoy in July, to 328,667, from 1.6 million in July 2019. Hubbing, a key component of UIA’s model, was wiped out. Last month, the airport recorded 3,146 tran...

US criminal charges against Ihor Kolomoisky could follow last week’s civil forfeiture complaints by the US Department of Justice US criminal charges against Ihor Kolomoisky could follow last week’s civil forfeiture complaints by the US Department of Justice, speculate Concorde Capital and the Kyiv Post. “Given that they [Kolomo...

Ukrzaliznytsia is doubling the frequency of Kyiv’s ‘train-to-the-plane’, the Boryspil Express. Ukrzaliznytsia is doubling the frequency of Kyiv’s ‘train-to-the-plane’, the Boryspil Express. The train now travels 12 times a day between central Kyiv and Ukraine’s largest airport. The ride takes 4...

Igor Kolomoisky rejects Igor Kolomoisky rejects US Justice Department allegations that he and his partners bought office buildings and steel mills in the US property as part of a “conspiracy to launder money embezzled and fr...

The US moves seem to come partly in response to last month’s purge of bank reformers from the National Bank of Ukraine The US moves seem to come partly in response to last month’s purge of bank reformers from the National Bank of Ukraine. In 2016, faced with a $5.5 billion hole at Kolomoisky’s bank, PrivatBank, the Ce...

Zawada writes: Zawada writes: “These accusations offer added insurance that Kolomoisky will not regain control over Privatbank. We believe they mark the peak of Kolomoisky’s influence in Ukraine, which will wane onc...

Friday, August 7

Norway’s NBT plans to invest €1.6 billion in Ukraine over the next year Norway’s NBT plans to invest €1.6 billion in Ukraine over the next year, Joar Viken, the company CEO, told President Zelenskiy yesterday. NBT is investing €1.2 billion to build Zophia, an 800 MW wind ...

China Gezhouba Group Corporation is interested in building hydro projects in Ukraine China Gezhouba Group Corporation is interested in building hydro projects in Ukraine, Ukraine’s Ambassador to China, Serhiy Kamyshev said after meeting the company’s chairman Lyu Zexiang. The contract...

In the wake of the massive ammonium nitrate explosion in the port of Beirut, Ukraine, a major importer and consumer of fertilizers, is to tighten up its handling of this potentially hazardous product In the wake of the massive ammonium nitrate explosion in the port of Beirut, Ukraine, a major importer and consumer of fertilizers, is to tighten up its handling of this potentially hazardous product....

Andrey Stavnitser, CEO of TIS, a major Odesa region port terminal, said his father, Aleksey, stopped handling ammonium nitrate in 2008 for safety reasons. Andrey Stavnitser, CEO of TIS, a major Odesa region port terminal, said his father, Aleksey, stopped handling ammonium nitrate in 2008 for safety reasons. Andrey Stavnitser wrote on Facebook that TIS ...

Ukraine’s largest nitrogen fertilizer producer, Dmytro Firtash’s Ostchem Holding, released a statement yesterday saying the company follows “international standards” for safety and production. Ukraine’s largest nitrogen fertilizer producer, Dmytro Firtash’s Ostchem Holding, released a statement yesterday saying the company follows “international standards” for safety and production. “Import...

Renaisco BV, a Dutch subsidiary of Glencore International, has won Ukrainian government permission to acquire a majority stake in Avery, one of Ukraine’s leading vegetable oil exporting complexes Renaisco BV, a Dutch subsidiary of Glencore International, has won Ukrainian government permission to acquire a majority stake in Avery, one of Ukraine’s leading vegetable oil exporting complexes. Own...

South Korea’s export credit agency, the Export-Import Bank of Korea, is providing $36 million in financing South Korea’s export credit agency, the Export-Import Bank of Korea, is providing $36 million in financing to a joint venture between Posco International, Korea’s largest trading company, and OR...

Over the last decade, 14 million tons of simultaneous storage capacities have been commissioned in Ukraine, raising the total to 51 million tons, about half of this year’s forecast crop. Over the last decade, 14 million tons of simultaneous storage capacities have been commissioned in Ukraine, raising the total to 51 million tons, about half of this year’s forecast crop. About one thi...

Most of the new construction has been in central Ukraine, in five oblasts responsible for 35% of the nation’s grain production: Poltava, Vinnitsa, Chernihiv, Cherkasy and Kirovohrad. Most of the new construction has been in central Ukraine, in five oblasts responsible for 35% of the nation’s grain production: Poltava, Vinnitsa, Chernihiv, Cherkasy and Kirovohrad. “With clima...

KMZ Industries, grain storage and processing equipment manufacturer, expects sales to increase by 60% yoy KMZ Industries, grain storage and processing equipment manufacturer, expects sales to increase by 60% yoy, the company tells Interfax-Ukraine. With 42 projects underway, Valery Kalashnik, company gene...

Sales of new commercial vehicles, a key indicator of business activity, were up 11% in July yoy. Sales of new commercial vehicles, a key indicator of business activity, were up 11% in July yoy. The July figure of 1,163 was 53% higher than June, reports Ukravtoprom.

Planning to build 2,900 km of cement roads by 2025 Planning to build 2,900 km of cement roads by 2025, Oleksandr Kubrakov, head of Ukravtodor argues: “Concrete roads should be cheaper in Ukraine because we import 60% of bitumen, but cement is domestic...

The US Justice Department moved yesterday to seize commercial properties in Kentucky and Texas from Igor Kolomoisky and his business partner, Gennadiy Boholyubov The US Justice Department moved yesterday to seize commercial properties in Kentucky and Texas from Igor Kolomoisky and his business partner, Gennadiy Boholyubov, reports The Washington Post. In a civ...

The civil asset forfeiture cases seek to seize a 19.5-acre office park in Dallas and the PNC Plaza building in Louisville, Kentucky. The civil asset forfeiture cases seek to seize a 19.5-acre office park in Dallas and the PNC Plaza building in Louisville, Kentucky. The Justice Department alleges that Kolomoisky and Boholyubov used ...