Foreign shipping companies will be allowed to carry cargo up and down the Dnipro,

Foreign shipping companies will be allowed to carry cargo up and down the Dnipro, under legislation approved by the Rada recently with President Zelenskiy’s backing. The goal is to triple annual river cargo to 30 million tons by 2024. “We need to build 250-300 new vessels,” Artem Kovalev, the Rada member who authored the bill, told UNIAN. “It is unrealistic to do this in a short time…so we have agreed to allow vessels flying a foreign flag to operate in

Ukrainians spent about $150 million last year to buy 3,200 apartments in Poland, making Ukrainians the largest foreign investor group in Polish residential real estate.

Ukrainians spent about $150 million last year to buy 3,200 apartments in Poland, making Ukrainians the largest foreign investor group in Polish residential real estate. The calculations were made by Gethhome.pl, based on data from Poland’s Interior and Administration Ministry. Ukrainians buy apartments to live in. Germans, the second largest foreign investor nationality, buy apartments as investments, reports PAP, the Polish Press Agency.

Low oil prices have saved Ukraine $3 billion so far this year

Low oil prices have saved Ukraine $3 billion so far this year, reports the State Customs Service. Through November, Ukraine oil import bill is down 36%, while the import volume is down only 5.6%. The top three sources of petroleum products are: Russia — $1.1 billion, or 35.9%; Belarus –$1.09 billion or 35.4%; and Lithuania — $360 million, or 12%.

Ukraine’s power plants reduced their coal consumption by 32% through October and increased their gas use by 31%

Ukraine’s power plants reduced their coal consumption by 32% through October and increased their gas use by 31%, reports Expro.com, citing Energy Ministry numbers. Coal consumption fell to 14.1 million tons, while gas consumption rose 3.9 billion cubic meters.

Ukraine is gradually phasing out the use of coal

Ukraine is gradually phasing out the use of coal, President Zelenskiy told a UN-sponsored gathering on Saturday, the International Climate Ambition Summit. Promising a “fair transformation of the coal sector,” Zelenskiy said in a recorded statement to the online gathering of Heads of Government that Ukraine will cut greenhouse gas emissions until reaching an ultimate goal of carbon neutrality. He blamed climate change for this year’s droughts that damaged crops across Ukraine and for forest fires in the east and

With demand dropping for coal, Ukraine’s coal mining industry is a shadow of its

With demand dropping for coal, Ukraine’s coal mining industry is a shadow of its peak when it employed 500,000 miners, making Ukraine Europe’s third largest coal producer, after Germany and Poland. Last year, Ukraine’s production was 31 million tons – 17% the level of 1989. This year, it could fall to 25 million tons – the level of 1914.

All unprofitable mines will be closed in this decade

All unprofitable mines will be closed in this decade, Olha Buslavets, first deputy Energy Minister said last week at the First German-Ukrainian Energy Day. “Unprofitable mines will be closed within ten years,” she said. “The minimization of subsidies to the industry from the state budget will take place in the coming years.” Addressing the challenge of retraining and relocating thousands of miners, she said: “Care must be taken so that no one is left behind. This is the motto of

The EU is ready to help Ukrainian miners move out of coal

The EU is ready to help Ukrainian miners move out of coal, Torsten Wöllert, a European Commission energy official from Brussels, said at the Germany-Ukraine Day. “We are ready from the EU to help in this start together with the EU member states – Germany, Poland.,” he promised. “We will accompany Ukraine in this.”

At the German-sponsored Energy Day, Prime Minister Shmygal thanked Germany for its aid,

At the German-sponsored Energy Day, Prime Minister Shmygal thanked Germany for its aid, saying “the project for a fair transformation of coal regions under the new energy partnership will begin this month: work will begin at two selected mines in the East and West of Ukraine.” Reflecting the shift in Ukrainian government attitudes toward coal, he said Ukraine will join a loose international grouping, the Powering Past Coal Alliance.

With the EBRD planning to invest up to $100 billion to help EU coal mining towns shift to new vocations through 2027

With the EBRD planning to invest up to $100 billion to help EU coal mining towns shift to new vocations through 2027, the Bank held an online conference Friday to promote a similar shift in Ukraine – the Platform Initiative in Support of Coal Regions in Transition in Western Balkans and Ukraine. “The EBRD confirmed its commitment to providing finance for investments that will support the transition from coal,” a Bank executive said at the meeting, organized with the World Bank,

Polish tourists traveling to Chervonohrad, a Lviv region border town, will one day visit ‘Nadia,’ a Soviet-era coal mine turned into “industrial museum,”

Polish tourists traveling to Chervonohrad, a Lviv region border town, will one day visit ‘Nadia,’ a Soviet-era coal mine turned into “industrial museum,” under a plan by Ukraine’s Regional Development Ministry. The project is part of a plan by the Ministry to transform mining towns into industrial parks, research centers, logistics complexes and even tourist attractions. Located one hour north of Lviv, Chervonohrad, population 65,000, has a mining college and nine coal mines. But, with coal prices low and payment

The government promises to pay this week $50 million in back wages owed to coal miners across the country

The government promises to pay this week $50 million in back wages owed to coal miners across the country, ruling party Rada Member Vasyl Mokan promised yesterday. About one quarter of the debt is owed to miners in Lviv, largely in Chervonohrad, Mykhailo Volynets, chairman of Ukraine’s Independent Trade Union of Miners, wrote Friday on Facebook.

Concorde Capital’s Evgeniya Akhtyrko attributes “the fast growth of real wages

Concorde Capital’s Evgeniya Akhtyrko attributes “the fast growth of real wages to the minimum wage being hiked to UAH 5,000 a month starting Sept.1, relatively low consumer inflation, and the increased demand for labor amid economic stabilization.

Next year’s planned 30% hike in the minimum wage will be postponed five months, until Dec. 1

Next year’s planned 30% hike in the minimum wage will be postponed five months, until Dec. 1, Finance Minister Serhiy Marchenko confirms. The increase, to $228 a month, is being delayed to keep down inflation and to reduce the government budget deficit. Many government payments are indexed to the minimum wage.

For the statistics-addicted, the State Statistics Service has launched a mobile application “Statistics in a smartphone.”

For the statistics-addicted, the State Statistics Service has launched a mobile application “Statistics in a smartphone.” Oleg Nemchinov, Minister of the Cabinet of Ministers, says the new service offers graphs and numbers for: GDP, population, labor market, prices, industry, agriculture, construction, transport, and trade.

Ukraine is discussing with Turkey the joint creation of launch vehicles for commercial launches of satellites into space

Ukraine is discussing with Turkey the joint creation of launch vehicles for commercial launches of satellites into space, Ukraine’s Strategic Industries Minister Oleg Urusky tells Radio Svoboda. Ukraine’s Yuzhnoye Design Bureau works with Northrop Grumman to  produce expendable rockets for placing satellites in low-Earth orbits. Ukraine and Turkey would need to use a third country cosmodrome, Urusky said. Until 2015, Ukraine had a project with Brazil to launch Ukraine’s Cyclone-4 carrier rockets from Brazil’s Alcântara Launch Center, near the Equator.

The prolonged coronavirus pandemic will stretch Ukraine’s economic recession through the winter

The prolonged coronavirus pandemic will stretch Ukraine’s economic recession through the winter, Economy Minister Ihor Petrashko predicted yesterday. But after a 3% GDP yoy drop in the first quarter, growth will resume in April, he told the Ukrainian Investment Roadshow. Growth will continue strongly, allowing Ukraine to end 2021 with 4.6% GDP growth, he said. Such a U-shaped economic recovery would cancel out the 5% GDP drop forecast for 2020.

Big government spending on infrastructure is singlehandedly pulling the construction sector into positive territory this year

Big government spending on infrastructure is singlehandedly pulling the construction sector into positive territory this year, according to analysis by Alfa-Bank Ukraine. Through October, construction is up by 1.9% yoy. A 10.6% rise in infrastructure investment was enough to offset a 18.7% drop in housing construction. Alfa reports: “Spending on roads more than doubled compared to the previous year.”

Overall, the government’s Big Construction’s share of GDP grew from 2.8% in the first quarter, to 10% in the fourth quarter

Overall, the government’s Big Construction’s share of GDP grew from 2.8% in the first quarter, to 10% in the fourth quarter, Mikhail Kukhar, chief economist of Ukraine Economic Outlook, said last week at a road industry forum. He said: “The decline in our country’s GDP would have been 11% in the fourth quarter, if not for the Big Construction project.” The Q4 decline is expected to be about 3.7%.

By the end of this month, the goals of the Big Construction project should be 95% complete, 

By the end of this month, the goals of the Big Construction project should be 95% complete, Kyrylo Tymoshenko, deputy presidential chief of staff, tells Interfax-Ukraine. The completion scorecard is: 200 schools and kindergartens: 93% complete; 4,000 km of state roads: 92% complete: and 100 sports facilities – 87% complete. For schools, the construction means new buildings for 8,338 students and renovated buildings for 55,000 students.

Europe’s biggest floating crane is being towed from Istanbul to Zaporizhia to complete the long-delayed bridge over the Dnipro

Europe’s biggest floating crane is being towed from Istanbul to Zaporizhia to complete the long-delayed bridge over the Dnipro, reports Ukravtodor. When erect, the crane rises 148 meters — nearly the height of Kyiv’s Parus office tower. The bridge complex is 9 km long. Onur, the Turkish company which is carrying out the $400 million contract to complete the bridge says part of the route will open to vehicles at the end of this month.

Since March $518 million in loans have been extended to small businesses, a factor in mitigating the impact of the coronavirus recession

Since March $518 million in loans have been extended to small businesses, a factor in mitigating the impact of the coronavirus recession, the Finance Ministry reported yesterday.  Under the ‘5-7-9% Loans’ program, 6,300 loans have been extended to businesses with less than $3.5 million in annual revenue. Of the total, 68% of the loan money has gone to refinance existing debt, the Finance Ministry reported yesterday. There are 23 private and state banks participating in the program.

Home mortgage loans, long a rarity in Ukraine, are up 23% yoy, totalling almost $100 million through October

Home mortgage loans, long a rarity in Ukraine, are up 23% yoy, totalling almost $100 million through October. The average size is for $26,000, and 87% are for second homes, reports the National Bank of Ukraine. The secondary home market is more popular because rates are lower — 14.3% — than for first homes — 17.2%.

By replacing ‘Black Friday’ sales with ‘Black Week’ sales, merchants managed to save what could have been a bleak start to the holiday season

By replacing ‘Black Friday’ sales with ‘Black Week’ sales, merchants managed to save what could have been a bleak start to the holiday season, Ukrainian bankers tell Interfax-Ukraine. Charges with Akkord bank cards were up 38% this year, compared to a 47% increased last year. At Kreditvest Bank, Chairman Vasily Nevmerzhitsky said the week over week sales were up only 20-30%. He said: “If we compare sales on Black Friday in 2019 and in Black Week in 2020, the total

By contrast, the MOYO chain of electronics stores says it doubled its sales on Black Friday

By contrast, the MOYO chain of electronics stores says it doubled its sales on Black Friday. Sales were boosted partly by a 16% increase in stores, to 36, and by keeping one store in Kyiv open around the clock. MOYO CEO Valentin Ivakin said: “The number orders and their amount twice exceeded the record of 2019.”

JYSK, which has a chain of 71 furniture stores in Ukraine, recorded a 10% increase in sales in November

JYSK, which has a chain of 71 furniture stores in Ukraine, recorded a 10% increase in sales in November compared to last year. Evgeniy Ivanitsa, country director of the Danish-based firm, said this increase was reached by stretching the sales over eight days and attracting 1.5 million visits to their online store.

Real wages jumped 11% yoy in October, 

Real wages jumped 11% yoy in October, reports the State Statistics Service. Reflecting the impact of the coronavirus epidemic, the fastest growing wages were in healthcare — up 54%. The worst performing were in hotels and restaurants, where pay was stagnant.

The national monthly average wage is $430.

The national monthly average wage is $430. The highest wages are in: Kyiv City — $618; Ukraine-controlled Donetsk — $479; and Kyiv Region — $456. Of the 24 regions, wages grew the fastest in: Chernivtsi and Kherson — 21%;  Rivne and Mykolaiv — 20%; Zakarpatti, Ivano-Frankivsk and Kirovohrad -019%; Ternopil —18%;  Zhytomyr -17%, and Luhansk – 16%.