Business news from Ukraine

Business news from Ukraine

France will host Winter Olympics as well

The International Olympic Committee (IOC) has chosen the French Alps to host the 2030 Olympic and Paralympic Winter Games.
“IOC President Thomas Bach said that the delegation that presented the French Alps’ bid reaffirmed its full commitment to the 2030 Olympic and Paralympic Winter Games. France is always raising the bar for excellence in organizing sporting events. Therefore, it is necessary to support their model of the future: innovative, ambitious, environmentally friendly and accessible to all,” the National Olympic Committee of Ukraine (NOC) said in a statement.
It is noted that the IOC is confident that France will organize the Winter Olympics with the same creativity and sophistication that is already being seen in Paris.
According to the report, this is the fourth Winter Olympics hosted by France. In 1924, the Olympics were held in Chamonix, in 1968 in Grenoble, and in 1992 in Albertville.

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Amount of transfers in NovaPay increased by 26%, number of transactions – by 17%

The amount of transfers through the international financial service NovaPay in January-June 2024 reached UAH 136.6 billion, which is 26% more than in the same period of 2023, the company’s press service reports.
It is noted that in January-June this year, 193 million transactions were made through the NovaPay system, which is 17% more than in the first half of last year.
According to the release, the company transferred UAH 530 million to the country’s budget, which is 13% more than in the first half of 2013, and assistance to the Armed Forces amounted to UAH 3 million.
It is noted that the most popular services of NovaPay, in addition to traditional transfers, were card replenishment operations, cash withdrawals, and utility bills.
NovaPay is an international financial service founded in 2001 that is part of the Nova group and provides online and offline financial services at Nova Poshta offices. According to its website, the company employs about 13 thousand people in more than 3.6 thousand Nova Poshta offices across Ukraine. According to the National Bank of Ukraine, the company accounts for 35% of the total volume of domestic money transfers.
In 2023, the consolidated revenue of NovaPay non-banking financial group increased by 46.4% to UAH 7 billion 617.91 million, and net profit by 38.3% to UAH 3 billion 267.13 million.

Oschadbank increased its net profit by 29%

State-owned Oschadbank (Kyiv) earned UAH 8.81 billion in net profit in January-June 2024, up 29%, or almost UAH 2 billion, compared to the same period last year, the financial institution said on Tuesday.
“Such dynamics testifies to the effectiveness of the implementation of the military strategy of Oschad,” the state bank commented on the results.
It is specified that in January-June, the bank received UAH 2.7 billion of net profit from the revaluation of financial instruments in the securities portfolio, and in June, the net profit of Oschad amounted to UAH 74 million.
The bank’s net interest income increased by almost 26% to UAH 10.96 billion for the half-year, while net non-interest income increased by about 13% to UAH 4.09 billion.
“This result was achieved, in particular, due to the increase in lending to businesses and households: the respective loan portfolios of large corporations, micro, small and medium-sized businesses and individuals increased during the first six months of the year,” Oschadbank explains.
According to the release, the financial institution’s operating profit for the first half of 2024 exceeded UAH 7 billion, which is a quarter better than the result for the same period last year.
It is noted that Oschad has sufficient liquidity and capital at its disposal. In particular, the bank’s regulatory capital adequacy ratio (RCR) as of July 1, 2024 amounted to 14.35%, while the NBU’s established standard is 10%.
“We are pleased with the results achieved due to the stable operation of Oschadbank and successful adaptation to the wartime conditions. One of our main tasks now is to ensure that these results are even more beneficial to the real sector of the economy to ensure a stable recovery and further development of the country,” said Oschadbank Chairman of the Board Serhiy Naumov.
According to him, the bank is currently paying special attention to providing clients with affordable financial resources to restore energy infrastructure and strengthen energy independence of businesses and citizens.
According to the NBU, the bank’s net profit last year amounted to UAH 6.84 billion. As of June 1, 2024, Oschad ranked second in terms of total assets (UAH 415.82 billion) among 63 operating banks.

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Druzhkovka Machine-Building Plant will supply 46 units of underground wheeled transport for DTEK Energy

“Corum Druzhkovka Machine-Building Plant (Corum DrMZ), a part of Corum Group (DTEK Energy), has received a new order to supply underground wheeled vehicles for DTEK Energy’s mines, the plant reported on Facebook.
The order, the value of which was not disclosed, will include one passenger mine car, six freight cars, nine transport trolleys and 30 unified wheelsets.
“The equipment will be manufactured for Ternovskoye and Dniprovskoye mines. Delivery is scheduled for the fourth quarter of 2024,” the statement said.
It is specified that the new order includes a number of improvements to increase transportation efficiency.
The plant also previously posted on Facebook that it had received an order to manufacture reloading and receiving devices for Zakhidno-Donbasskaya mine of Ternovskoye Mine, which the plant had not previously produced.
The equipment weighing more than 20 tons and designed to transport raw and enriched coal inside the complex’s building will replace the old one during the overhaul. The first five units will be shipped in August. The delivery is scheduled to be completed in October.
“Corum DrMZ, relocated to Dnipro in 2022, according to Opendatabot, earned UAH 500 million in net profit in 2023, compared to a loss of UAH 453 million a year earlier, with net income growing 2.7 times to UAH 1 billion 530 million.
In June 2024, the plant manufactured 44 units of products and 78.6 thousand components and spare parts, including 40 freight trolleys, 20 unified wheel sets, two suspension devices and two reloaders. A KPD tunneling machine and 102 consoles were also repaired.
According to the plant, in the second half of 2024, it will produce wheeled vehicles, lifting equipment, loaders, a hoisting machine, fans, non-core products, and repair tunneling machines.
“We will also manufacture new metal structures for buildings. The investments will be used to repair machines, but we also plan to purchase new equipment,” the plant’s director Tatyana Kalugina was quoted as saying in the report.
Corum Group is a leading manufacturer of mining equipment in Ukraine. It is a part of DTEK Energy, an operating company responsible for coal mining and coal-fired power generation within Rinat Akhmetov’s DTEK energy holding.

French left-wing parties nominate Lucie Castets for prime minister

Representatives of the leadership of left-wing parties from the New National Front, which won the French parliamentary elections, have agreed to nominate Lucie Castets for the post of prime minister, La Voix Du Nord reported on Tuesday.
“We propose Lucie Castetz as prime minister to lead a government capable of responding to the social and environmental urgencies that our fellow citizens have expressed during the last election,” wrote Fabien Roussel, leader of the French Communist Party, which is part of the New Popular Front.
French media note that Castetz currently holds the position of head of the financial department of the Paris City Hall. It is noted that she actively opposed the recent pension reform in the country, which raised the retirement age.
On June 9, President Emmanuel Macron announced the dissolution of the National Assembly and called early legislative elections due to the defeat of the President’s social-liberal party, the Renaissance, in the European Parliament elections, which lost to the National Rally. In the early parliamentary elections on July 7, the pro-presidential coalition “Razom” lost to the left-wing bloc of parties “New People’s Front”. No political force gained an absolute parliamentary majority.
Earlier, the Experts Club think tank and Maksym Urakin presented a video analysis of the most important elections in the world in 2024, more details are available here – https://youtu.be/73DB0GbJy4M?si=eGb95W02MgF6KzXU

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Power unit of one of Ukraine’s nuclear power plants connected to grid ahead of schedule after repairs

A power unit at a Ukrainian nuclear power plant has been connected to the power grid after scheduled repairs were completed ahead of schedule, the Ministry of Energy has announced.

“This will significantly affect the stability of the power system and reduce the electricity shortage caused by massive Russian attacks on the Ukrainian energy sector,” the ministry said in a Telegram message on Wednesday.

According to the report, in the western and partially southern regions, power supply restrictions have been canceled until 18:00, in all other regions, restrictions are in effect from 0:00 to 24:00.

As reported with reference to DTEK and regional power distribution companies, the schedules of hourly blackouts until 16:00 have been canceled in Kyiv, Kyiv, Donetsk, Dnipropetrovs’k, Sumy, Kirovohrad, Zhytomyr, Cherkasy, Rivne, Poltava, Zaporizhzhya, Chernihiv, Cherkasy, Khmelnytsky regions.