The rise in energy prices as a result of the conflict in the Middle East could weaken economic growth in the eurozone and thus smooth out inflation, said Luis de Guindos, deputy head of the European Central Bank (ECB).
“The emergence of the Iranian-Israeli conflict adds some uncertainty to the dynamics of oil prices,” The Wall Street Journal quoted him as saying. It is therefore important to keep a close eye on developments in the real economy as an indicator of inflation prospects.”
According to de Guindos, the increase in duties on European exports to the United States will certainly slow down inflation in the currency bloc, including because it will weaken economic growth.
“Higher duties are expected even if bilateral negotiations are successful,” the deputy head said. The ECB cut its key policy rate in June and made it clear that it was nearing the end of its monetary easing cycle. In May, inflation in the euro area was below the 2% target.
However, de Guindos’ comments suggest that the rate may have to be cut further to keep inflation around 2%, the WSJ writes.
Source: http://relocation.com.ua/rising-energy-prices-could-weaken-economic-growth-in-europe/
Metinvest Mining and Metallurgical Group increased environmental spending at its enterprises by 2% year-on-year to $170 million in 2024, according to Metinvest’s presentation at the Barclays ESG Emerging Markets Corporate Day, published on the Irish Stock Exchange on Wednesday.
According to the presentation, the group increased its investments in energy efficiency projects by more than 50% in 2024 compared to 2023, spending about $17 million.
The document states that the group has benefited from the Black Sea Corridor opened in the second half of 2023: it helped to increase capacity utilization and open up effective access to remote markets, which in turn contributed to operational and financial results.
At the same time, the group’s operations at Pokrovskugol were suspended due to changing conditions on the frontline, energy supply shortages and the security situation.
The presentation notes that the global pricing environment remained volatile amid ongoing uncertainty caused by trade tensions in the United States, as well as other geopolitical and economic factors.
“Metinvest emphasized that with changes in supply chains, assets outside Ukraine have adapted to the new circumstances. Processing plants in Italy and the UK are now focusing on their local markets, with little or no Ukrainian supply. The plant in Bulgaria continues to use Ukrainian raw materials. American coking coal mines have increased their supplies to Ukrainian coke plants.
According to the presentation, Metinvest has been consistently fulfilling its environmental obligations even in times of war, prioritizing energy security management to ensure stable operation of its assets. Thus, the Group has purchased diesel generators and started installing gas piston units. It also plans to deploy solar power plants to increase energy autonomy at its production facilities in Ukraine, while critical repairs continue to keep dust and gas emissions below permissible levels.
In addition, Pivnichny GOK launched a project to thicken concentration waste to reduce the volume of sludge sent to the tailings pond.
Air emissions increased by 5% due to increased production at Northern GOK and Kametstal. Water consumption increased by 6% following the launch of an additional unit at Kametstal’s thermal power plant. The Group recycled and reused 92% of water consumed from all sources.
The volume of waste generated increased by 10%, reflecting higher capacity utilization at Northern GOK. Almost all of the waste was non-hazardous, mainly overburden and tailings from iron ore production.
The presentation states that Metinvest remains committed to the future of its green steel and continues to explore opportunities to move towards carbon neutrality, focusing on improving the quality of iron ore products at Northern GOK as its magnetite ores are well suited for pelletizing; Northern GOK is already capable of producing 2.3 million tonnes of high quality pellets per year, which are used in direct reduced iron technology. Efforts are also underway to build a new, state-of-the-art green steel plant in Italy in partnership with Danieli with a planned annual capacity of 2.7 million tons of low-carbon hot-rolled steel.
The way to decarbonize Metinvest’s Ukrainian assets will be determined after the active phase of the war is over and its impact is assessed.
As of the end of 2024, the Group’s adjusted headcount amounted to 40,535 thousand people (excluding employees with suspended employment), down 13% year-on-year. As of the end of 2024, about 6,000 employees served in the Ukrainian defense forces, which is 15% of the adjusted headcount.
“Metinvest is a vertically integrated group of steel and mining companies. Its businesses are located in Ukraine, in Donetsk, Luhansk, Zaporizhzhia and Dnipro regions, as well as in the European Union, the United Kingdom and the United States. The main shareholders of the holding are SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of Metinvest Group.
Experts Club has analyzed the brick market in Ukraine and made a number of conclusions and forecasts. The brick market in Ukraine is gradually recovering from the destruction and recession caused by the full-scale war in 2022. In 2024, there was an increase in construction activity, especially in the residential and infrastructure construction segment, which provoked an increase in demand for bricks.
At the end of 2024, the market showed an increase in capacity by 18.5%. In the first half of 2024, production reached ~249 million bricks, up 20.4% compared to the same period in 2023. The annual production volume in 2024 was estimated at 500-520 million bricks, and in 2025 – 535-555 million bricks with a forecast growth of 7%.
The largest Ukrainian producers are concentrated in the central and western regions of the country. Due to the hostilities in 2022-2023, refractory brick factories in the east, such as Bilokamianske and Zymohirske, were destroyed or decommissioned.
However, a large part of traditional brick production managed to maintain or resume operations by 2024.
Imports.
Due to the destruction of production facilities and rising demand, Ukraine is increasing its brick imports. The main supplier countries are: Poland
Imported products are mainly sent to the western and central regions and are used in high-budget construction and decoration.
Market shares: imports vs. domestic production
Based on estimates for 2025:
This makes it possible to compensate for the shortage in some regions and support construction during the reconstruction period.
Prices.
Experts Club ‘s forecasts are as follows:
Brick factories operating in the government-controlled areas
There are more than 30 brick factories operating in the government-controlled areas, including ceramic, silicate and clinker. Among the largest are:
Currently, the products of these plants cover more than 70% of domestic demand for bricks in construction.
Major brick importers to Ukraine
To compensate for the deficit and ensure high quality in some market segments (refractory, clinker, facing), Ukraine imports products from
In 2024, the Ukrainian brick market entered a phase of active recovery. Domestic production provides the bulk of the output, but the share of imports remains significant and is growing. Restoration of the destroyed infrastructure, support from the government and international funds will continue to stimulate the market, and prices will stabilize closer to 2026.
Source: https://expertsclub.eu/rynok-czegly-v-ukrayini-v-2024-2025-rokah-korotkyj-oglyad-vid-experts-club/
The Swiss Federal Council at a meeting on Wednesday approved the Agreement between Switzerland and Ukraine on cooperation in the reconstruction of Ukraine, according to the Swiss government portal.
“This State Treaty provides a legal basis for enhanced cooperation with the Swiss private sector in the reconstruction of Ukraine. The State Treaty will be signed at the Ukraine Recovery Conference 2025 in Rome. The text of the agreement will then be submitted for consultation and approval by the Parliament,” the report says.
It is reported that back in the summer of 2024, the Federal Council developed a number of measures to strengthen the participation of the Swiss private sector, complementing humanitarian aid and traditional international cooperation projects in Ukraine. “Right now, cooperation with the private sector is limited to Swiss companies that are already registered in Ukraine. Strengthening cooperation with Swiss companies that are not yet operating in Ukraine requires a new legal framework. The Federal Council is creating it through an intergovernmental agreement approved today,” the statement explained.
The agreement will allow Ukraine to buy goods and services from Swiss companies for reconstruction projects in the form of non-refundable financial assistance. The support will be provided mainly in sectors that are a priority for Ukraine, in which Swiss international cooperation is already active in Ukraine and in which Switzerland is competitive. These include energy, transport and mobility, mechanical engineering, construction, water resources and disaster protection and preparedness. The intergovernmental agreement stipulates that Ukraine will play a key role in defining the projects: it will identify its reconstruction needs and provide a list of necessary goods and services from Switzerland. These will be procured in accordance with Swiss public procurement law.
“The Federal Council delegate from Ukraine, Jacques Gerber, will sign the State Contract together with Yulia Sviridenko, First Deputy Prime Minister and Minister of Economy of Ukraine, on the margins of the Fourth Ukraine Recovery Conference to be held in Rome on July 10 and 11, 2025. This high-level conference series was founded in Lugano in 2022 after the outbreak of the war against Ukraine and focuses on the rapid recovery and long-term reconstruction of Ukraine. After signing the State Treaty, the Federal Council will conduct a consultation process and submit a document to the Federal Assembly to approve the agreement,” the statement said.
The Federal Council adopted the program for Ukraine for 2025-28 on February 12, 2025. It marks the beginning of a twelve-year process of federal support for reconstruction, reforms and sustainable development in Ukraine. For this purpose, CHF1.5 billion ($1.86 billion) has been allocated from the international cooperation budget until 2028, a third of which will be allocated to increase Swiss private sector involvement in Ukraine’s reconstruction.
The Federal Council is Switzerland’s highest executive body. All seven of its members constitute the federal government and act as Switzerland’s collective head of state.
Turkish President Recep Tayyip Erdogan has said that US President Donald Trump has expressed his readiness to come to Turkey to work on peace with Ukraine if Putin comes, TRT Global reports.
“The Turkish president revealed details of his conversation with US leader Donald Trump, saying that he is ready to come to participate in peace talks. “If Russian President Vladimir Putin comes to Istanbul or Ankara for a settlement, I will also come to Istanbul or Ankara,” Erdogan quoted Trump as saying to reporters on board the plane after returning from the Netherlands.
The Turkish leader emphasized his country’s readiness to take decisive steps for a peaceful settlement: “If we need to dig a well with a needle to find a solution, we will do it.”
Erdogan spoke about his meeting with Ukrainian President Volodymyr Zelenskyy at a dinner with the King of the Netherlands on June 24, where the support of Ukraine’s allies and the outcome of the war were the main topics of discussion.
US President Donald Trump, in a post on his Truth Social media page, has called for the termination of state broadcaster Voice of America (VOA), which he says is the “mouthpiece of the Democrats”.
“Why would a Republican want the Democrats’ ‘mouthpiece,’ the Voice of America (VOA), to continue to exist? It’s a complete, leftist disaster – no Republican should vote for its survival. KILL HIM!“,” Trump wrote.
The administration of US President Donald Trump has reportedly sent out layoff notices to more than 600 employees of Voice of America, The New York Times reported.
The layoffs will reduce the news organization’s workforce to fewer than 200 people, about one-seventh of its workforce at the beginning of 2025.
