Business news from Ukraine

Business news from Ukraine

UK TO DESIGN MISSILE BOATS FOR UKRAINIAN NAVY

New missile boats for the Ukrainian Navy will be designed in the UK as part of a previously signed memorandum on re-equipping the Naval Forces of the Ukrainian Armed Forces, Defence Attaché at the British Embassy Tim Woods said.
“These missile boats are designed specifically for Ukraine, so they will be original and will have a length of approximately 50 to 65 meters, which will provide a speed of 40 knots. It is planned to install artillery systems and missiles on them. It depends, among other things, on what kind of missiles are needed. And these can be short- or long-range missiles. This is the issue that British companies are considering right now. But these will be missiles of a new class, specially designed for Ukraine by the British industry,” Woods said in an interview with the Day newspaper.
He said that the first four boats will be constructed in the UK. At the same time, Ukrainian shipbuilders will be able to observe construction, learn and train.
Woods said that the second part, namely, four missile boats, will be constructed in Ukraine. It will be great for Ukrainian shipbuilding and also for the Navy, so these capabilities will be available in Ukraine.
The attaché believes the construction of the first ship will start early 2022.
Woods also said another option that we they studying has not yet been formalized, it is the joint design of warships of the British industry with the Ukrainian design bureau in Mykolaiv.

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IMF MAY RESUME WORK IN UKRAINE IN APRIL

The mission of the International Monetary Fund (IMF) may resume work in Ukraine in April immediately after the maximum price for gas for the population set by the government loses force, said head of the Servant of the People party Oleksandr Korniyenko.
“The IMF mission has completed its interim work: they pointed out the aspects in our joint work that concerns them about the implementation of the agreements. They said they would return soon, in particular after our story with gas ends. It continues until April 1,” Korniyenko told the Internet publication Suspilne on Thursday.
Korniyenko noted that manual regulation of gas prices is not the only remark made by the IMF. According to him, “they are also worried about judicial reform and anti-corruption legislation.”
Earlier, Prime Minister of Ukraine Denys Shmyhal announced five key issues in negotiations with the IMF and expects a staff level agreement for the second tranche until June.

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NATIONAL BANK OF UKRAINE’S OFFICIAL RATES AS OF 05/03/21

National bank of Ukraine’s official rates as of 05/03/21

Source: National Bank of Ukraine

OFFICIAL RATES OF BANKING METALS FROM NATIONAL BANK AS OF MARCH 05

Official rates of banking metals from national bank as of March 05

One troy ounce=31.10 grams

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LEADING UKRAINIAN MANUFACTURER OF STOVES ENDS 2020 WITH NET PROFIT

JSC Greta (previously – Druzhkivsky plant of gas equipment, Donetsk region), a leading Ukrainian manufacturer of gas, electric and combined stoves, ended 2020, according to preliminary data, with a net profit of UAH 5.46 million, while in 2019, its loss amounted to UAH 8.52 million.
According to the information on the agenda of the general meeting of shareholders on April 8, published in the disclosure system of the National Securities and Stock Market Commission of Ukraine, the retained earnings of the company as of January 1, 2021 amounted to UAH 107.34 million (as of the same date in 2020 – UAH 101.88 million).
The shareholders at the meeting plan to consider the distribution of profits and the procedure for covering losses, while the draft decision is supposed to send the net profit to the development of production, not to pay dividends.
Over the past year, the company’s current liabilities grew by 16.6%, to UAH 76.07 million, noncurrent by 15.5%, to UAH 122.58 million.
The total accounts receivable of Greta increased by 18.5%, to UAH 9.54 million, assets in general – by 11.7%, to UAH 312.48 million.
The company’s equity capital by the beginning of this year is UAH 113.84 million, including the charter capital being UAH 5.198 million.

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EU COUNCIL EXTENDS SANCTIONS AGAINST YANUKOVYCH

The EU Council decided to extend for another year, until March 6, 2022, sanctions in the form of freezing assets for seven persons identified as responsible for the misappropriation of Ukrainian state funds.
The corresponding decision was published on Thursday. “The Council today decided to prolong for one more year, until March 6, 2022, the existing asset freezes directed against seven individuals identified as responsible for the misappropriation of Ukrainian state funds or for the abuse of office causing a loss to Ukrainian public funds. The restrictive measures against one person were prolonged until September 6, 2021, and those against two persons were not extended,” the statement said.
The EU Council noted that this decision was taken on the basis of the annual review of the measures, with the subsequent publication in the Official Journal on March 5, 2021.
The names of those, in respect of which the sanctions were not extended, were not indicated. Initially, there were 18 people in the sanction list.

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