PJSC Kyiv Confectionery Factory Roshen, a member of Roshen Corporation, will increase the authorized capital by 33.2%, or by UAH 500 million – up to UAH 2.006 billion through an additional issue of shares.
“Financial resources raised from the placement of shares, 100% will be directed with the purpose and directions for the acquisition of production equipment,” – noted in the message of the company in the information disclosure system of the NCSSM.
According to it, the placement may lead to an increase in the share of the majority shareholder – the subsidiary “Confectionery Corporation “Roshen”, which at the end of the first quarter of this year already owned 96.9017% of shares.
Taking into account the additional issue, the share of the majority shareholder may reach 97.674%.
It is specified that the decision on additional capitalization was made by the shareholders’ meeting, which was held remotely on August 21 and the minutes of which were drawn up on September 1.
In total it is planned to issue 2 billion pieces of common registered shares with par value of UAH 0.25, they will be placed at the market price at the level of par value, which was determined by the appraiser LLC “AR G Satellite”.
Roshen Corporation, according to the information on its website, ranks 27th among the largest confectionery manufacturers in the world. It includes Kiev, Kremenchug, two Vinnitsa confectionery factories and Vinnitsa dairy plant, Biscuit complex in Borispol (Ukraine); Klaipeda confectionery factory (Lithuania) and Bonbonetti Choco factory (Hungary). The production activities of the Lipetsk factory (Russian Federation) have been halted since April 1, 2017.
The corporation produces about 320 types of confectionery products. The total production volume is about 300 thousand tons of products per year.
The Roshen branded stores network in Ukraine includes about 70 stores in different regions of the country.
The first one was opened in 2009 in Kyiv.In 2022, PrJSC Kyiv Confectionery Factory Roshen posted a net loss of UAH 984 thousand compared to UAH 25.779 million in profit a year earlier, while the company’s revenue decreased from UAH 979.286 million to UAH 903.195 million.The ultimate beneficiary of the company is the son of former President of Ukraine Petro Poroshenko, Oleksiy.
Africa’s population growth rate threatens that the continent’s resources will no longer be enough to meet the needs of its inhabitants, Egyptian President Abdel Fattah al-Sisi said on Tuesday.
“On the African continent, we will reach the 1.6 billion mark within a few years. Africa is abundant with resources, but they cannot help everyone,” Arab news quoted the president as saying at the first Global Congress on Population, Health and Development, which runs from September 5 to 8 in Cairo.
He noted that the congress should be held annually due to the urgency of the problem.
According to the president, the number of Egyptian citizens reaches 105 million, and in addition to them, there are another 9 million people in the country, but the Egyptian government, unlike some other countries, manages to cope with the related challenges. At the same time, al-Sisi clarified, the ratio between national resources and population growth has become less optimal over the past 75 years, and this has affected the health and education system.
For his part, Egyptian Health Minister Khalid Abdel Ghaffar emphasized that demographic growth is the most serious challenge for the country. Minister of Planning and Economic Development Hala El-Sayed noted that although the birth rate has declined, Egypt’s population has grown by another 25 million people over the past 10 years.
Earlier, the Experts Club project released an analytical video about economic relations between Egypt and Ukraine.
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Stably high interest rates in the world’s largest economies mean that global economic growth is likely to slow in 2024 after this year’s rate of recovery exceeded expectations, the Financial Times writes, citing the opinion of economists.
Thus, according to the forecast of the consulting company Consensus Economics, in 2024 GDP will grow by 2.1% compared to 2.4% expected in the economy this year. Meanwhile, the estimate for 2023 was raised from the 1.4% assumed at the beginning of the year due to unexpectedly strong consumer demand and labor market.
Capital Economics senior global economist Simon Macadam also believes that the expected slowdown in economic growth next year will be partly due to a more substantial rebound in 2023. However, he added that economists “have actually become more pessimistic about the outlook for 2024”.
This is due to beliefs that persistently strong demand will keep inflation higher for longer, pushing advanced economy Central Banks to keep rates high throughout the year.
“Demand is barely weakening, the labor market remains strong, and wages continue to rise,” notes Citi Chief Economist Nathan Sheets. – Some of the weakening in the economy (which was expected this year – IF-U) is being carried over to 2024.” In many countries, including the U.S., “there will be a recession, it will just come later,” he predicts.
Until a few months ago, the Federal Reserve was expected to start cutting rates this year. But the resilience of the U.S. economy indicates there is a small possibility that the Fed could raise borrowing costs by another quarter-point in September, to 5.5-5.75% per annum. And economists now expect the first rate cut to occur next spring.
The high probability that the U.S. economy will avoid recession this year “means the Fed will hold rates higher longer to fully suppress inflation, leading to slower growth in 2024,” according to Mark Zandi, chief economist at Moody’s Analytics.
On average, economists forecast the U.S. economy to rebound 0.6% in 2024 after expanding 1.9% at the end of this year.
Europe’s economies have also performed “somewhat better than expected” this year, with the exception of Germany, meaning the European Central Bank and the Bank of England are also likely to keep rates on hold for longer, Zandi said.
The ECB raised its deposit rate from minus 0.5% per annum in June 2022 to the current 3.75% and is not expected to cut it for most of next year. The Bank of England is forecast to increase its cost of borrowing by a further half a percent to 5.75% by the end of this year and is unlikely to start cutting it until the second half of 2024.
Christian Keller, head of economic research at Barclays, notes that the negative investor sentiment towards 2024 is also due to a slowdown in China’s GDP growth after a significant acceleration following the removal of anti-Kowitz restrictions.
Experts Club Research Project and Maxim Urakin recently released an analytical video on the Ukrainian and global economies
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Ukraine’s total public debt in August 2023 increased by 3.1% to a new historic high: in dollar terms – by $4bn to $132.92bn, in hryvnia terms – by UAH 146.2bn to UAH 4 trillion 860.6bn, according to data on the website of the Ministry of Finance.
According to them, the direct state debt increased by 3.3% to $123.63 billion, or up to UAH 4 trillion 521.1 billion, and amounted to 93.0% of the total amount of public and state-guaranteed debt.
It is reported that external direct debt in August increased by 4.4%, or $3.52 billion, to $83.41 billion, while domestic direct debt increased by 1.1%, or UAH 15.8 billion, to UAH 1 trillion 470.75 billion (equivalent to $40.22 billion).
The total external public debt of Ukraine in August-2023 increased by 4.1%, or $3.58 billion, to $90.77 billion, while the total domestic debt increased by 1.0%, or UAH 15.2 billion, to UAH 1 trillion 541.4 billion.
As a result, the share of total external government debt increased to 68.3%.
As a result, the share of total external government debt rose to 68.3%.
According to the Ministry of Finance, the share of liabilities in euros at the end of August rose to 28.36%, in U.S. dollars – to 26.66%, while in hryvnia decreased to 28.87%, in SDR – to 12.89%, in Canadian dollars – to 2.48%, and in yen and British pounds remained at 0.72% and 0.02%, respectively.
The office also clarified that 64.86% of government debt has a fixed interest rate, while 12.89% is pegged to the IMF rate, 7.85% to SOFR, 3.88% to EURIBOR and 0.72% to TORF.
Another 2.99% of government debt is tied to the consumer price index, while 6.49% is tied to the NBU discount rate. We are talking about government bonds from the portfolio of the National Bank. The newest of them were securities linked to the discount rate, which were purchased by the NBU within the framework of emission financing of the budget.
Finally, 0.31% of government debt has a rate linked to the Ukrainian index of interest rates on individual deposits, used in portfolio guarantee programs.
As reported, Ukraine’s public and state-guaranteed debt increased by $13.4 billion to $111.45 billion in 2022. In the first eight months of this year, the state debt increased by $21.47 billion, or 19.3%.
In the framework of the first revision of the EFF extended financing program with Ukraine at the end of June, the IMF significantly improved the forecast of the government debt growth this year – from 98.3% of GDP to 88.1% of GDP, including by revising its estimate for the end of last year from 81.7% of GDP to 78.5% of GDP.
Experts Club Research Project and Maxim Urakin recently released an analytical video about the economy of Ukraine and the world:
You can subscribe to the Experts Club YouTube channel by following the link – https://www.youtube.com/@ExpertsClub
Emergency level of fire danger has been declared in Kiev and Kiev region on September 4-8, according to the Telegram channel of the Ukrhydrometcenter.
On Tuesday, September 5, in Kyiv region it is cloudy with clearing, without precipitation. The wind is northeasterly, 5-10 m/s. The temperature at night 10-15°, in the afternoon 21-26°. In Kiev at night 13-15°, during the day 23-25°.
Registrations of new passenger cars in Ukraine in August this year almost doubled compared to August last year – up to 5.8 thousand units, which is also 9% more than in July this year, reported “Ukravtoprom” on its website.
The first place is held by Toyota with an increase in registrations by 49% to August-2022 – up to 1118 units, and the second place, having pushed away Renault, was taken by Volkswagen, whose registrations increased almost fourfold – up to 611 units.
Renault registrations increased 2.4 times by August-2023, up to 501 units.
BMW with a 2.2-fold increase in registrations to 433 units and Skoda with 394 cars (almost 2.5 times more) also made it to the top 5 of the month.
The bestseller of the Ukrainian market of new passenger cars is a compact crossover Renault Duster, which was chosen by 473 buyers in August.
According to “Ukravtoprom”, a total of 38.1 thousand new passenger cars were registered in Ukraine in January-August, which is 56% more than in the same period of 2022.
At the same time, information and analytical group AUTO-Consulting, analyzing car sales in August on its website, notes a “record figure” – 6153 cars, which is 92% more than in August-2022 and 16.5% more than in July this year.
“The main thing is that the Ukrainian car market has been growing for six months in a row, and August sales were better than the last 19 months. So the Ukrainian car market is approaching the new business season in a very good condition and on the rise”, – experts state, noting that the growth was recorded by almost all market operators.
