The international chain JYSK opened a new store in Odesa in the Rodos shopping center (1 Genoese St.) on Thursday, the company’s press service told Interfax-Ukraine.
The new store has a retail area of 955 square meters, a warehouse of 216 square meters, and office space of 47 square meters. Like all new JYSK stores, it is built in accordance with the modern 3.0 concept with full spot lighting, convenient arrangement of goods, which will create a comfortable shopping experience, the company said in a statement.
The new store became the 101st store of the chain in Ukraine, which celebrated its 20th anniversary on the Ukrainian market in October. In the financial year 2025, it is planned to open eight more new stores and renovate 12 existing ones.
JYSK is part of the family-owned Lars Larsen Group with more than 3.5 thousand stores in 48 countries.
JYSK’s revenue in the financial year 2023/24 amounted to EUR 5.6 billion.
In January-September 2024, PJSC “European Insurance Alliance” (Kyiv) collected UAH 220.9 million of net premiums, which is 23.03% higher than the volume of premiums for the same period in 2023, and also increased by 10.3% the collection of gross premiums – up to UAH 254.8 million.
In the report of the Standard Rating agency on the update of the company’s financial strength rating (credit rating) for the first nine months of 2024 on the national scale at the level of “uaAA”, it is noted that revenues from individuals increased by 34.3% to UAH 78.7 million, from reinsurers – more than doubled to UAH 0.875 million.
Thus, legal entities continue to dominate the company’s client portfolio.
During the reporting period, the company paid out UAH 121.8 million in insurance claims, which is 46.1% more than in the same period a year earlier.
As of the beginning of the fourth quarter of 2024, 53.36% of the company’s liabilities were covered by equity, and 10.49% by cash and cash equivalents.
At the same time, the company has formed a portfolio of financial investments consisting of government bonds and bank deposits in the amount of UAH 83.270 million. At the beginning of the fourth quarter of 2024, liquid assets (cash, government bonds and bank deposits) covered 67.27% of the company’s liabilities.
European Insurance Alliance has been operating in the Ukrainian insurance market since 1994. The company is a member of the Audit Commission of the MTIBU, a party to the agreement on direct settlement of losses on compulsory insurance of civil liability of owners of land vehicles and a member of the Board of the Nuclear Insurance Pool of Ukraine.
The company provides 30 types of voluntary and compulsory insurance, including property, motor, liability and personal insurance.
Ukrainian tramcar manufacturer Tatra-Yug LLC (Odesa) will supply five fully low-floor three-section self-propelled tramcars worth almost UAH 480.589 million to Kyivpastrans by the end of 2025.
According to Prozorro, the parties signed the contract on November 19 and published it on Thursday following a special tender held by Kyivpastrans for an expected amount of UAH 493.071 million (including VAT), in which Tatra-Yug was the only bidder.
At the same time, Tatra-Yug’s final offer amounted to UAH 490.589 million, but by the parties’ decision, the contract was amended and its amount was reduced by UAH 10 million.
“Kyivpastrans justified the need to reduce the price by stating that the Kyiv budget amendment stipulates that UAH 174.302 million will be allocated for these purposes from the 2024 budget, and UAH 306.286 million from the 2025 budget allocations.
The tramcar produced in 2024 is 26.9 meters long, has 67 seats, one seat for a passenger in a wheelchair, and is equipped with a ramp, and there are 8 gadget charging devices in the cabin.
In addition, the vehicle has an autonomous range of at least 1.5 thousand meters on a horizontal straight section.
The terms and conditions provide for 100% cash on delivery within five business days.
According to Tatra-Yug, the degree of localization of the three-section tramcar K1T306 is 72.8%.
“Tatra-Yug has been a major Ukrainian manufacturer of LRVs, trams and equipment since 1993. As noted in the press release, the company is an ideological follower of the world’s largest tram manufacturing company, the Czech TATRA, founded in 1927. Tatra-Yug’s portfolio includes six tram models and tram equipment,
The company produces tramcars at Pivdenmash’s facilities in Dnipro.
Kyiv has been purchasing Tatra-Yug trams since 2021.
As reported, in 2023, 8 Tatra-South trams on route 33, connecting Troyeschyna and Darnytsia, entered service, and several more have been running since December on route 8 from Lesnaya metro station to Poznyaki metro station.
Issue No. 1 for November 2024
The global currency market was shaken by Donald Trump’s victory in the US presidential election, which created a wave of expectations and uncertainty.
The real balance of power will become clearer only after the first practical steps of the new administration, which will indicate the key vectors of the US economy, determine their global influence on allied countries and blocs, and show the policy of influencing the US global competitors outside the Western world.
Currently, there are no fundamental economic reasons for significant exchange rate corrections, and what we are seeing in the global context in the currency and cryptoasset markets is more like “fussing on deck waiting for the weather to change,” although there is no clear forecast or signs of change, everything is based on more or less probable assumptions, expectations, and faith.
Now is not the best time to formulate medium-term currency strategies. However, if you have developed speculative skills and a taste for risk, you can make money from speculation in a period of high uncertainty in the currency markets.
Meanwhile, Ukraine is experiencing record demand for foreign currency, which is also driven more by global processes and the far from optimistic expectations of households and businesses. The real need for foreign currency can only exist and grow in the shadow sector, where some business operations are moved in the face of economic and tax uncertainty, infrastructure and economic risks. However, the real needs for foreign currency for import-oriented sectors are within normal limits.
Thus, Ukraine’s FX market remains under pressure from psychological factors, although fundamental macroeconomic indicators do not yet provide grounds for strong devaluation pressure and abrupt exchange rate movements. The only certainty is that we will see further gradual devaluation of the hryvnia, at least in the current security and economic environment.
The combination of these factors is pushing citizens to transfer their savings into foreign currency instruments, and many are focused on cryptocurrencies.
Dollar exchange rate forecast
As we predicted earlier, the US dollar exchange rate remained relatively stable in November with minor fluctuations. The average buying rate fluctuated between 41.20 and 41.35 UAH/$, and the selling rate between 41.65 and 41.75 UAH/$. The official NBU exchange rate remained at UAH 41.20-41.35/$ amid no significant interventions by the regulator.
The spread between the bid and ask rates remained stable at UAH 0.40-0.50/$, reflecting the fragile economic equilibrium and the balance between supply and demand.
Outlook:
Euro exchange rate forecast
As expected, the euro continues to show a steady downward trend after reaching peak levels of 46.18-45.6 UAH/€ in October. In the second decade of November, the average euro exchange rate corrected from 45.25-44.67 UAH/€ to 44.65-44.1 UAH/€.
The downward spread between buying and selling euros remained relatively flat at UAH 0.55-0.65/€, indicating that FX market operators are trying to keep an additional premium on the increased demand for the euro, while the purchase of euros from households and businesses is closer to the official NBU rate, the unwillingness of FX market operators to take on currency risk in the event of a reverse “rebound” in the euro, which may be due to new signals from key players in the global economic system.
Forecast:
Future factors influencing the Ukrainian currency market
The key ones still dominate:
Negative:
Positives:
Recommendations on currency transactions
This material was prepared by the company’s analysts and reflects their expert, analytical professional judgment. The information presented in this review is for informational purposes only and cannot be considered as a recommendation for action.
The Company and its analysts make no representations and assume no liability for any consequences arising from the use of this information. All information is provided “as is” without any additional guarantees of completeness, obligations of timeliness or updates or additions.
Users of this material should make their own risk assessments and informed decisions based on their own assessment and analysis of the situation from various available sources that they consider to be sufficiently qualified. We recommend that you consult an independent financial advisor before making any investment decisions.
REFERENCE
KIT Group is an international multi-service product FinTech company that has been successfully operating in the non-banking financial services market for 16 years. One of the company’s flagship activities is currency exchange. CIT Group is one of the largest operators in this segment of the Ukrainian financial market, is among the largest taxpayers, and is one of the industry leaders in terms of asset growth and equity.
More than 90 branches in 16 major cities of Ukraine are located in convenient locations for customers and have modern equipment for the convenience, security and confidentiality of each transaction.
The company’s activities comply with the regulatory requirements of the NBU. CIT Group adheres to EU standards, having a branch in Poland and planning cross-border expansion to European countries.
This article provides a comprehensive overview of key macroeconomic indicators of Ukraine and the global economy for the period from January to August 2024. The analytics are based on data from the State Statistics Service of Ukraine, the National Bank of Ukraine, the IMF, the World Bank, and the UN. Maksym Urakin, PhD in Economics, founder of the Experts Club think tank and Director of Business Development and Marketing, analyzed the main economic trends. The article focuses on GDP, inflation, foreign trade, Ukraine’s public debt, and global economic processes.
Ukraine’s economy: growth dynamics
In the first eight months of 2024, the Ukrainian economy showed a steady recovery. Real GDP grew by 3.7% in the second quarter compared to the same period in 2023, and in July the growth rate accelerated to 4.4%. According to Maxim Urakin, these results are largely due to the early harvest.
“Ukraine’s economic recovery is an encouraging signal. At the same time, the growing negative foreign trade balance is a challenge that requires strengthening domestic production and increasing exports,” emphasizes Maksym Urakin.
According to the State Statistics Service, Ukraine’s foreign trade deficit increased by 6.5% to $17.613 billion due to a decline in exports amid an increase in imports. At the same time, international reserves reached a record $42.33 billion, which indicates confidence on the part of international partners.
Inflation and debt
Inflation in Ukraine rose to 7.5% in August, higher than in July (5.4%) and June (4.8%). Month-on-month, prices in August increased by 0.6% compared to July.
Ukraine’s public debt increased by $1.1 billion in dollar terms in the second quarter of 2024. At the same time, the weighted average debt service rate decreased to 5.6% per annum, which is a positive signal for financial stability.
“Efficient debt management, including lower interest rates, opens up new opportunities for strategic investments,” said Maksym Urakin.
Global economy: challenges and opportunities
The International Monetary Fund forecasts global economic growth of 3.2% in 2024. The main drivers remain China and India, whose economies are expected to grow by 5% and 7%, respectively. At the same time, the European economy is showing more modest results: GDP growth in the eurozone is expected to reach 0.9%.
“It is important for Ukraine to seize the opportunity and consolidate its position in the EU markets, ensuring the competitiveness of its goods,” emphasizes Maksym Urakin.
Interestingly, the forecast for oil prices foresees an increase in 2024 but a decline in 2025, which is important for the economies of developing countries.
Conclusions.
Ukraine’s economic performance shows growth, but is accompanied by challenges, such as inflation and a foreign trade deficit. At the same time, the global economy faces risks, including inflationary pressures and geopolitical tensions.
“Ukraine needs to create a favorable investment climate and strengthen its export capabilities to ensure long-term stability,” summarized Maksym Urakin.
https://interfax.com.ua/news/projects/1028834.html
Kyivstar, Ukraine’s largest mobile operator, intends to invest UAH 1.43 billion in the radio frequency spectrum 1940-1945/2130-2135 MHz and 2355-2395 MHz, the company’s press service said on Tuesday. At the same time, it is specified that obtaining additional radio frequency spectrum for 15 years will significantly strengthen the company’s capabilities to expand 4G coverage and improve the quality of services in all regions of the country.
The company emphasized the important role of Kyivstar in the development of the electronic communications industry in Ukraine, in particular in the introduction of 4G. The press service recalled that it was Kyivstar that offered the state an innovative approach to solving the problem of fragmented spectrum of frequencies – in 2018, the company supported the proposal of the national regulator, returning to the state the frequency band in the 1800 MHz range. This allowed for a transparent auction, which resulted in the state budget receiving UAH 5.43 billion and consumers receiving high-quality 4G coverage across the country.
In 2020, Kyivstar returned the frequency band in the 900 MHz band to the state for the second time voluntarily and free of charge.
“To further bridge the digital divide between urban and rural areas, it was important to deploy 4G also in the lower 900 MHz frequency band, which allows for wider coverage, especially along roads and in remote areas. But the spectrum deficit and fragmentation in this band slowed down the technological development of the market,” Kyivstar’s press service said.
The CEO of the company Oleksandr Komarov expressed gratitude to the National Commission carrying out state regulation in the spheres of electronic communications, radio frequency spectrum and provision of postal communication services (NKEC), the Ministry of Digital Transformation and the state for the preparation and holding of a transparent auction for the distribution of frequencies in the spectrum 2100-2300-2600MHz, which will allow to develop infrastructure and improve the quality of mobile communication services for subscribers.
“The auction for licenses to use the radio frequency spectrum is an important step in the development of the electronic communications industry in Ukraine and evidence that the war does not stop investment in state assets, and their effective management can bring significant funds to the budget,” the Kyivstar press service quoted Komarov as saying.
The company also specified that participation in the auction for licenses for the use of radio frequency spectrum in the bands of 2024 is part of the investment program of Kyivstar and its parent company VEON, according to which it is planned to attract $1 billion to the Ukrainian economy during 2023-2027.
Earlier it was reported that the NKEC held an auction for the provision of mobile frequencies for use. “Kyivstar“, ‘Vodafone-Ukraine’ (”VF-Ukraine“) and lifecell (”Lifecell”) received for use for 15 years new frequencies in the bands 2100, 2300 i 2600 MHz cumulatively offering for them 2 billion 894.734 million UAH at the initial total price of 2 billion 871.531 million UAH.
In accordance with the terms and conditions of technologically neutral nationwide licenses established by the NCCEC, each of the winners undertook to ensure the use of the received frequency band for at least 1.5 thousand base stations within 24 months from the license start date, and for the first 12 months – for at least 500 base stations.
“Kyivstar” acquired the right to use for 15 years the frequencies in the range 1940-1945/2130-2135 MHz (without Kiev) for UAH 448 million 500 thousand, in the range 2355-2395 MHz – for UAH 994 million 800 thousand.
