G20 summit participants have reached consensus on the text of the final declaration, the document has been adopted, Indian Prime Minister Narendra Modi said on Saturday.
“Thanks to our hard work, and with your support on the declaration of the leaders of the G20 summit in New Delhi, there is consensus. I announce the adoption of the declaration,” Times of India quoted the prime minister as saying.
Modi also thanked all those who made the adoption of the final document possible.
The publication specifies that the declaration will be made public on Sunday at the end of the summit, and its adoption was a victory for India, currently chairing the G20. At the same time, there were deep disagreements among the G20 participants over Russia’s war against Ukraine and the issue of monetary compensation for involvement in climate change.
Earlier, the Indian Prime Minister gave his assessment of globalization. His position is described in more detail here – https://open4business.com.ua/ru/premer-ministr-indii-dal-svoyu-oczenku-proczessu-globalizaczii/.
Ukrainian metallurgical enterprises in January-August this year reduced revenues from ferrous metal exports by 51.1% compared to the same period last year – to $1 bln 821.054 mln.
According to statistics released by the State Customs Service (SCS), ferrous metals accounted for 7.44% of total export revenues during this period, while in 8M-2022 – 12.86%.
In August, revenues from ferrous metals exports amounted to $200.016 million, while in the previous month – $206.685 million.
At the same time, Ukraine has increased imports of similar products by 53% – up to $855.284 million in eight months of this year. In August, $136.466 million worth of products were imported.
In addition, in January-August Ukraine reduced exports of metal products by 11% compared to the eight months of the previous year – to $625.707 million. In August they were exported for $65.114 million.
At the same time, imports of metal products for the first eight months of the year increased by 24.8% to $515.548 million. In August, Ukraine received $82.645 million worth of these products.
As reported, metal enterprises of Ukraine in 2022 decreased revenues from exports of ferrous metals by 67.5% compared to 2021, to $4 billion 533.088 million. Ferrous metals for this period accounted for 10.26% of total revenues from exports of goods against 20.49% for 2021. At the same time, Ukraine last year reduced imports of similar products by 38.3% to $954.387 million.
In addition, in 2022, Ukraine reduced exports of metal products by 18.6% to $1 billion 52.512 million. Imports of metal products for the year fell by 42.9% to $643.162 million.
Higher education and the gastronomy industry have joined forces to create a new training center.
Academy of Labor, Social Relations and Tourism has announced the opening of a new Department of Gastronomy, Sommelier and Wine Culture, which is an important step in the development of gastronomy in Ukraine and will provide new opportunities for professional development for students and guests of the educational institution.
The grand opening of the department was attended by prominent figures from various fields, which symbolizes the broad support for the initiative. One of the invited guests was Ricardo Fernández Núñez, owner of Vinos de la Luz, an international wine group with wineries in Argentina, Spain, and Italy, as well as offices in Ukraine and Poland and production in the United States. He also holds a Doctorate, which recognizes his active role in the development of the wine industry. During his speech, Nunez expressed his deep support for Ukraine and his willingness to fight for its freedom and identity. He noted that he supports Ukraine not only with words, but also with his activities, trying to contribute to the country by means available to him.
Mykola Malomuzh, former Head of the Foreign Intelligence Service of Ukraine, also took part in the opening of the chair. His presence at the event demonstrates the government’s support and interest in the development of the gastronomy industry.
Hryhorii Osovyi, Chairman of the Federation of Trade Unions of Ukraine since 2014, emphasized the importance of vocational training in the gastronomy sector and its impact on the country’s social development.
In his turn, Viktor Sukhomlyn, Acting Rector of the Academy, PhD in Public Administration, Honored Worker of the Social Sphere of Ukraine, emphasized the importance of developing the new department and its contribution to the training of gastronomy and sommelier specialists. He noted that this initiative will contribute to improving the quality of education in Ukraine and developing wine culture among our citizens.
The Chairman of the Supervisory Board of the Academy, Yevhen Mykhailovych Drapyatyi, expressed his support for the new project, the implementation of which is an important step towards the development of the gastronomy industry for the further successful development of the country.
“The opening of the new department marks the beginning of a new stage of gastronomic education in Ukraine,” said Volodymyr Pechko, Chairman of the UKRSADVINPROM Public Union.
He also expressed his support for this innovative step and thanked the initiative’s participants for their work in restoring the international organization and bringing it back to Ukraine.
Natalia Blagopoluchna, President of the All-Ukrainian Association of Winemakers and Sommeliers, head of the first Ukrainian sommelier school “Master Class”, also spoke about the history of the first sommelier school in Ukraine, which was born more than twenty-three years ago. Since then, the school has been providing students and guests of the Academy of Labor with ample opportunities for training and development in the areas of tourism and social relations. Not only does it allow students to gain solid knowledge, but it also facilitates the acquisition of practical experience in the gastronomic field, which stimulates the further development of gastronomic culture in Ukraine.
Maksym Urakin, founder of the Club of Experts think tank, publisher, and marketing director of Interfax Ukraine, in turn, emphasized the importance of developing education in Ukraine and stressed that this initiative is a step towards training a new generation of professionals who will restore and develop the country in the future.
Thanks to the support and activity of prominent personalities and the university staff, the new Department of Gastronomy, Sommelier, and Wine Culture promises to become a leader in the field of gastronomic education and development of wine culture in Ukraine. We stay in touch to follow the further achievements and contribution of this department to the gastronomic heritage of our country.
The Academy of Labor and Social Relations was established in 1993 with the aim of providing high-quality program-targeted training of specialists in the field of law, market relations, social partnership, labor organization, and management. In 2013/2014, the name of the Academy was renamed to the Academy of Labor, Social Relations and Tourism. Along with the use of modern advanced teaching technologies, the Academy also draws on the many years of experience and traditions of the Higher School of Trade Union Movement.
Today, the Academy is a leading higher education institution in Ukraine, a national center of modern knowledge about society and social technologies.
ACADEMY OF LABOR, DEPARTMENT OF GASTRONOMY, DEPARTMENT OF SOMMELIER, EDUCATION, GASTRONOMY, HRYHORIY_OSOVYI, NATALIA_BLAGOPOLUCHNA, RICARDO_NUNEZ, VIKTOR_SUKHOMLYN, WINE, WINE CULTURE, WINEMAKING, YEVHEN_DRAPYATY, АПСВТ
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.
You can subscribe to the Experts Club YouTube channel by following the link – https://www.youtube.com/@ExpertsClub
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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