Business news from Ukraine

Business news from Ukraine

UKRAINIAN PARLIAMENT POSTPONES INTRODUCTION OF EURO 6 STANDARD FOR CARS

The Verkhovna Rada of Ukraine has postponed the introduction of the Euro 6 emission standard for cars during their production and import from 2020 until 2025.
Some 356 Members of Parliament voted in favor of bill No. 2078-1 as a whole with technical and legal amendments, while the minimum number of votes necessary for the adoption of the document was 226, according to an Interfax-Ukraine reporter.

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UKRAINIAN STATE AIR TRAFFIC SERVICES ENTERPRISE AND GERMAN THALES DEUTSCHLAND GMBH TO COOPERATE

The Ukrainian State Air Traffic Services Enterprise (UkSATSE) and the German company Thales Deutschland GmbH have signed an agreement to supply five sets of modern comprehensively targeted range-finding radio beacons, the UkSATSE said on its website. New beacons will be installed throughout Ukraine and will improve the quality of navigation services in the relevant areas of the airspace of Ukraine.
The project is funded by a credit from the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). Equipment was purchased in accordance with EBRD rules and procedures.
“The characteristics of all navigation devices installed by the UkSATSE comply with ICAO standards and recommended practices and the national certification requirements,” the report said.
The company also notes that the UkSATSE has been cooperating with the leading German manufacturer of air navigation equipment Thales for about 20 years.

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BILL CANCELLING STATE ALCOHOL PRODUCTION MONOPOLY IN UKRAINE PASSES SECOND READING

Presidential bill No. 2300 on the abolition of a government monopoly on alcohol production from July 1, 2020, has passed its second reading and has been adopted as a whole. It was backed by 284 lawmakers, namely 229 MPs from the Servant of the People parliamentary faction, three from Batkivschyna, 19 from the Holos (Voice) Party, 14 from the For Future parliamentary group, and 19 independent lawmakers. Bill No. 2300 on amendments to the law on state regulation of the production and sale of ethyl, cognac and fruit alcohol, alcoholic beverages, tobacco and fuels provides for the abolition of a government monopoly on the production of alcohol from July 1, 2020.
In addition, the bill allows business entities – regardless of their form of ownership – to produce alcohol with an appropriate license, and also provides for the full liberalization of alcohol exports from Ukraine.
A license for the production of ethyl alcohol is issued to enterprises with established round-the-clock video surveillance systems for the production and distribution of products. Disabling video surveillance systems is the basis for the refusal to issue a license or its recall, the document says.
At the same time, to protect the local commodity producer, the bill provides that only state-owned enterprises authorized by the Cabinet of Ministers will be able to import ethyl alcohol until January 1, 2024.
In addition, the bill provides for a ban on commissioning new alcohol production facilities before July 1, 2021. It also introduces an obligation to maintain jobs at privatized enterprises at 70% of the total number of employees for this period.
The bill also introduces mandatory denaturation of bioethanol with petrol from 1-10% for use in the domestic market.

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UKRAINIAN PRESIDENT ANNOUNCES NEW STATE PROGRAM “COME BACK AND STAY”

Ukrainian President Volodymyr Zelensky has announced a launch of the new state program dubbed “Come Back and Stay.”
“Dear Ukrainians, I said during my swearing-in ceremony that there are 65 million of us Ukrainians across the globe, and our country badly needs you, your knowledge, your talents and mental values. We very much want you to come home. We also want to see those who have unfortunately given up in despair and are planning to leave Ukraine stay here,” Zelensky said in a video address on his Facebook page on Tuesday.
Affordable loans for those who wish to start or expand their own business will be the first step under this program, the Ukrainian president said.
“The loan amount will be UAH 1.5 million for five years. There will be the following interest rates: 5% for an existing or new business that will create at least two jobs, 7% for a new or existing business with revenues below UAH 25 million that creates no jobs, but if you hire a new employee, the rate will be cut by 0.5% with every new worker hired; and 9% for anyone presently working with revenues from UAH 25 to UAH 50 million, who wishes to expand their business,” Zelensky said.
Detailed information about conditions and mechanisms to facilitate the program and about its further stages will be available soon, he said.
“We have a lot more interesting ideas. If you’ve been dreaming of opening your own coffee shop, or car service, or barber shop, or wishing to expand your convenience store, cheese dairy or furniture factory, basically, any kind of business, please do come back and stay […] Let’s build a successful and flourishing Ukraine. And let’s do it together!” Zelensky said.
Zelensky, who took office of Ukrainian president on May 20 this year, promised Ukrainian citizenship to all ethnic Ukrainians across the globe willing to work for the benefit of the nation.

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OFFICIAL RATES OF BANKING METALS FROM NATIONAL BANK AS OF DECEMBER 04

Official rates of banking metals from national bank as of December 04

One troy ounce=31.10 grams

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NATIONAL BANK OF UKRAINE’S OFFICIAL RATES AS OF 04/12/19

National bank of Ukraine’s official rates as of 04/12/19

Source: National Bank of Ukraine