ukrnews

Wednesday, July 22

The Rada approved yesterday the ‘investor nanny’ bill designed to promote foreign and domestic investment The Rada approved yesterday the ‘investor nanny’ bill designed to promote foreign and domestic investment. Investments over €30 million that create over 150 jobs within five years will be eligible for...

By the end of 2023, ArcelorMittal Kryvyi Rih plans to spend $700 million in steel making upgrades that will clean the city’s air By the end of 2023, ArcelorMittal Kryvyi Rih plans to spend $700 million in steel making upgrades that will clean the city’s air, company CEO Mauro Longobardo told a group of environmental officials f...

Ferrexpo’s main unit, Poltava mining and processing plant, has inaugurated a 4-year, $100 million upgrade of its iron ore concentrating plants. Ferrexpo’s main unit, Poltava mining and processing plant, has inaugurated a 4-year, $100 million upgrade of its iron ore concentrating plants. Largely based on equipment from Finland’s Metso Outotec,...

With the goal of attracting 5,000 foreign IT specialists to Ukraine by the end of this year With the goal of attracting 5,000 foreign IT specialists to Ukraine by the end of this year, the State Migration Service starts this week a program of simplifying paperwork — at Ukrainian consul...

Ending a one-year impasse between the green energy industry and the Zelenskiy government, the Rada approved yesterday the ‘voluntary’ tariff cuts agreed last month with the sector: Ending a one-year impasse between the green energy industry and the Zelenskiy government, the Rada approved yesterday the ‘voluntary’ tariff cuts agreed last month with the sector: a 7.5% drop for win...

Switzerland-based IWG, owner of Regus and Spaces, will open its 10th workspace in Kyiv. Switzerland-based IWG, owner of Regus and Spaces, will open its 10th workspace in Kyiv. A Regus, the 1,700 square meter space will be in the new Avenue 53 business center, at 53 Peremohy Avenue. The w...

Tuesday, July 21

On Thursday, the Board of the National Bank is expected to cut rates at its pre-scheduled meeting. On Thursday, the Board of the National Bank is expected to cut rates at its pre-scheduled meeting. From 6%, a historic low for Ukraine, the rate is expected to be cut to 5-5.5%, economists say. At 5%,...

Boosting loans and fueling economic growth are keys for coming out of the corona recession, Boosting loans and fueling economic growth are keys for coming out of the corona recession, Shevchenko said: “Today Ukraine has a new challenge – economic recovery. And the National Bank, ...

Yesterday morning, the hryvnia fell by 2%, to 27.6 to the dollar. Yesterday morning, the hryvnia fell by 2%, to 27.6 to the dollar. Speaking after the fall, Shevchenko said he would maintain Ukraine’s floating exchange rate. Separately, Danylo Getmantsev, head of th...

Ukraine’s hryvnia ranks fourth from the bottom of 55 world currencies Ukraine’s hryvnia ranks fourth from the bottom of 55 world currencies, according to Economist magazine’s latest Big Mac Index of purchasing power parity. By this scale, the hryvnia is undervalued by 6...

Interest and exchange rates are not crucial for international lenders, Timothy Ash writes from London. Interest and exchange rates are not crucial for international lenders, Timothy Ash writes from London. “The big red line in all this for the IMF is not FX policy but banking reform,” he writes of the ...

David Clark, British analyst of European affairs, warns David Clark, British analyst of European affairs, warns in an Atlantic Council UkraineAlert blog: “Ukraine would be taking a big step backwards if it once again allowed oligarchs to run banks as priva...

With the Rada scheduled to vote today on a bill to cut ‘green tariffs,’ renewable energy workers are to demonstrate this morning in front of the Presidential Administration Building With the Rada scheduled to vote today on a bill to cut ‘green tariffs,’ renewable energy workers are to demonstrate this morning in front of the Presidential Administration Building, 11 Bankova Street...

Despite uncertainty about rates, work continues on two new wind farms. Southern Energy LLC plans to complete by February a $65 million, 76 MW wind farm near Odesa’s port city of Yuzhne Despite uncertainty about rates, work continues on two new wind farms. Southern Energy LLC plans to complete by February a $65 million, 76 MW wind farm near Odesa’s port city of Yuzhne, reports timer-...

Ukraine’s agricultural production fell by 19% during the first half of this year Ukraine’s agricultural production fell by 19% during the first half of this year, compared to the same January-June period last year, reports the State Statistics Service. Drought pulled crop producti...

As regional uncertainty mounts in the 100 days leading up to the US presidential elections, the US Navy joined the Ukrainian Navy yesterday for one week of exercises in the Black Sea As regional uncertainty mounts in the 100 days leading up to the US presidential elections, the US Navy joined the Ukrainian Navy yesterday for one week of exercises in the Black Sea. The annual Sea B...

Separately, Ukrainian Defense Minister Andriy Taran told the Rada Friday that Ukraine will hold exercises Separately, Ukrainian Defense Minister Andriy Taran told the Rada Friday that Ukraine will hold exercises, including anti-aircraft drills, at the end of September in southern Ukraine, timed to coincid...

Washington has approved the sale to Ukraine of 16 Mark VI high speed coastal patrol boats Washington has approved the sale to Ukraine of 16 Mark VI high speed coastal patrol boats, the US Embassy in Kyiv reports on Facebook. Capable of traveling at 100 kph, a Mark VI accommodates 19 sailor...

Wizz Air started flying yesterday out of Zaporizhia, its fifth Ukrainian airport, after Kyiv Sikorsky, Kharkiv, Lviv, and Odesa. Wizz Air started flying yesterday out of Zaporizhia, its fifth Ukrainian airport, after Kyiv Sikorsky, Kharkiv, Lviv, and Odesa. The Budapest-based low cost carrier started flights between Budapest an...

Betting that the EU will fully reopen to Ukrainians tourists and workers Betting that the EU will fully reopen to Ukrainians tourists and workers, Wizz Air plans to start flights from Kyiv Sikorsky to Naples and to Venice Treviso, and from Lviv to Milan Malpensa and to Rom...

Travelers arriving from coronavirus ‘red zone’ countries can now undergo PCR tests at Kyiv Boryspil, Kharkiv, Lviv and Odesa airports Travelers arriving from coronavirus ‘red zone’ countries can now undergo PCR tests at Kyiv Boryspil, Kharkiv, Lviv and Odesa airports. One test costs between $50 and $75. Travelers must still download...

The new head of Ukraine’s central bank signaled yesterday that he favors lower interest rates and a weakened hryvnia. The new head of Ukraine’s central bank signaled yesterday that he favors lower interest rates and a weakened hryvnia. “The National Bank of Ukraine must press forward with cutting the key policy rate,...

Monday, July 20

Eight business chambers and renewable energy groups Eight business chambers and renewable energy groups called Saturday on the Rada to adopt the tariff bill “as a critical step toward resolving the renewable energy crisis in Ukraine.” The letter calls ...

The draft includes a timetable for the government to pay green energy producers their unpaid bill, currently $625 million. The draft includes a timetable for the government to pay green energy producers their unpaid bill, currently $625 million. “Green energy producers have not been paid in full since March,” notes the le...

“ “Dark clouds hang over #UkraineRenewableSector,” headlines a story in EU Reporter, the Brussels-based news site. “If any potential decrease in the feed-in tariffs does not receive the total backing fr...

Industrial electricity consumers are pushing back against next month’s planned doubling of the electricity transmission tariff Industrial electricity consumers are pushing back against next month’s planned doubling of the electricity transmission tariff – a hike designed in part to help pay overdue bills to renewable power pr...

Cheap electricity is key for Ukrainians metals competing in world markets. Cheap electricity is key for Ukrainians metals competing in world markets. “To be a successful competitor in the rolled metal market, we are obliged to offer high quality product and reasonable prices...

Rising electricity use, more registrations of autonomous workers and re-openings of small and medium businesses are “ Rising electricity use, more registrations of autonomous workers and re-openings of small and medium businesses are “indicators of economic recovery,” Finance Minister Serhiy Marchenko told journalist...

The current hryvnia dollar exchange rate is “normal,” Minister Marchenko told reporters. The current hryvnia dollar exchange rate is “normal,” Minister Marchenko told reporters. Ten days ago, President Zelenskiy said the hryvnia is over valued by 10%.

Ukrainians declared UAH 94.5 billion [$3.5 billion] in income tax last year, 13% more than in 2018 Ukrainians declared UAH 94.5 billion [$3.5 billion] in income tax last year, 13% more than in 2018, reports the State Tax Service. Almost 505,000 Ukrainians filed their declarations by June 30, the de...

A license to mine fire clay near the Donetsk front line sold for 2,362 times the asking price Friday. A license to mine fire clay near the Donetsk front line sold for 2,362 times the asking price Friday. The difference came when the State Geology and Subsoil Service innovated and sold the license thro...

The first auctions for mining amber deposits were held Friday on ProZorro. The first auctions for mining amber deposits were held Friday on ProZorro. In a market test of the new amber mining law, four mining companies bid the price of the first license up almost 40 times, to...

The 50 speed cameras operating in Kyiv since June have cut the number of speeders by 80% and have netted the Treasury $2 million in fines The 50 speed cameras operating in Kyiv since June have cut the number of speeders by 80% and have netted the Treasury $2 million in fines, Anton Gerashchenko, deputy minister of Internal Affairs, tell...

Construction of Ukraine’s largest air cargo terminal should start this fall at Boryspil Construction of Ukraine’s largest air cargo terminal should start this fall at Boryspil, reports the European Business Association, citing an EBA logicistics meeting with airport executives and Oleh Y...

With the EU closed to Ukrainian tourists, SkyUp airline is postponing resuming EU flights until Ukraine’s Covid infection rate drops to EU levels With the EU closed to Ukrainian tourists, SkyUp airline is postponing resuming EU flights until Ukraine’s Covid infection rate drops to EU levels. For now, the airline flies to Albania, Egypt and Turk...

Ivano-Frankivsk is the latest regional airport to resume service. Ivano-Frankivsk is the latest regional airport to resume service. Windrose, an airline controlled by Ihor Kolomoisky, started flying Thursday from Kyiv Boryspil, to the airport, which also is controll...

Today in Paris, international experts are to start reading the black box from the UIA passenger jet shot down outside Tehran airport on Jan. 8 Today in Paris, international experts are to start reading the black box from the UIA passenger jet shot down outside Tehran airport on Jan. 8 by Iranian surface to air missiles, Mohsen Baharvand, an ...

Tomorrow, the Rada is to debate and vote on second reading the energy bill reducing the ‘green’ tariffs for solar and wind energy producers Tomorrow, the Rada is to debate and vote on second reading the energy bill reducing the ‘green’ tariffs for solar and wind energy producers. The bill was to be voted on Friday, but the government did ...

Friday, July 17

Citibank’s Ukraine Economics Flash writes: “ Citibank’s Ukraine Economics Flash writes: “Market participants should draw a deep sigh of relief given that some of the more controversial candidates have been avoided… A sudden stop with the n...

Concorde Capital’s Alexander Paraschiy writes Concorde Capital’s Alexander Paraschiy writes: “It’s not clear whether Shevchenko will be able to withstand expected pressure from the cabinet and the president to radically ease monetary policy, or e...

To calm investors and markets, the new central bank governor should quickly state his policy on inflation and foreign exchange, To calm investors and markets, the new central bank governor should quickly state his policy on inflation and foreign exchange, former Economy Minister Timofey Milovanov tells Interfax-Ukraine. “it is...

The American Chamber of Commerce in Ukraine says: The American Chamber of Commerce in Ukraine says: “The business community hopes that the new head of the National Bank will preserve the independence of the NBU and continue its current course, in par...

With the ‘green tariff’ for solar and wind farms unresolved, the Rada is extending its session through Tuesday in hopes of finding a solution With the ‘green tariff’ for solar and wind farms unresolved, the Rada is extending its session through Tuesday in hopes of finding a solution. Wind and solar producers have largely gone unpaid by Ukre...

In the Rada, deputies loyal to Ihor Kolomoisky, a major electricity consumer, propose tariff cuts deeper than the compromise memorandum In the Rada, deputies loyal to Ihor Kolomoisky, a major electricity consumer, propose tariff cuts deeper than the compromise memorandum accepted by most producers last month. In face of this looming c...

Yesterday, the Rada also voted to promote Olga Pishchanska to chair of the Antimonopoly Committee. Yesterday, the Rada also voted to promote Olga Pishchanska to chair of the Antimonopoly Committee. She had been the first deputy head of the Committee until two weeks ago, when Zelenskiy dismissed Yur...

Two surveys conducted before the July 1 central bank crisis indicate worsening consumer and business outlooks. Two surveys conducted before the July 1 central bank crisis indicate worsening consumer and business outlooks.

The consumer sentiment index fell by 11 points in June, to 65 points on a 200-point scale The consumer sentiment index fell by 11 points in June, to 65 points on a 200-point scale. Info Sapiens, which carries out this monthly survey, reports these drops: economic expectations, down 19 poin...

Business expectations fell to their lowest level in five years Business expectations fell to their lowest level in five years, according to the National Bank’s latest quarterly survey of company executives. The second quarter level was 91%, a sharp drop from the ...

Ukraine’s cyber police blocked 947 cyber attacks on state entities last week. Of the attacks, 48% were ‘Brute Force’ attacks Ukraine’s cyber police blocked 947 cyber attacks on state entities last week. Of the attacks, 48% were ‘Brute Force’ attacks — hacking of a password by enumerating all possible key options; and ...

In one ‘brute force’ attack, a hacker was arrested last week and charged with breaking into 50 government data bases and trying to sell the information In one ‘brute force’ attack, a hacker was arrested last week and charged with breaking into 50 government data bases and trying to sell the information, reports Cointelegraph, citing Ukraine’s cyber p...