If the insurance industry is to survive the war and return to life, and thus provide insurance protection to Ukrainians, it is necessary to introduce system solutions at the state level, so we now need to develop and begin to implement a kind of “Marshall Plan” for the insurance industry.
This is the opinion of the general director of “Insurance Business” Association Vyacheslav Chernyakhovsky at the XIV International Scientific Conference “December Readings”, traditionally organized by the Kiev National Taras Shevchenko University. Taras Shevchenko.
According to him, the insurers have formulated a strategic vision and the key points of the plan, which include, in particular, temporary easing of regulatory requirements, revision and reduction of standards, namely the revision of requirements for reserve calculation, primarily the reserve of unearned premiums, reducing the tax burden on insurance companies by initiating the abolition of double taxation in insurance, abolishing the 3% of all insurance payments, leaving only the usual for all legal entities in the country.
In addition, we are talking about the diversification and structure of assets, in particular, the temporary establishment of other values for receivables, reduced restrictions on the placement of insurer reserves in some banking institutions and increase the index of reinsurance in one reinsurer. It is also necessary to develop and implement a mechanism of reverse financial assistance to insurance companies with the involvement of international financial institutions, to stimulate domestic reinsurance, the introduction of new types of insurance.
“It is necessary to implement strategic, systemic solutions, aimed primarily at creating conditions for the post-war development of the industry through deregulation, eliminating any discrimination in the insurance market and measures that promote the growth in demand for insurance services,” he said.
Chernyakhovsky also stressed that assistance from the state at the level of regulatory decisions is primarily needed by small and medium-sized insurance companies, companies significantly affected by hostilities, and national business.
Krivoy Rog iron ore complex (KZHRK) in January-November this year reduced the production of marketable iron ore underground mining by 28.9% compared to the same period last year – up to 2.804 million tons.
According to the company, in November, the mine “Pokrovskaya” produced 20 thousand tons of iron ore products, “Krivoy Rog” – 27 thousand tons, “Kozatskaya” – 28 thousand tons and “Ternovskaya” – 30 thousand tons.
The total output of the plant last month was 105 thous. tons, while in October – 150 thous. tons, in September – 200 thous. tons, in August – 270 thous. tons, in July – 280 thous. tons.
As reported, KZHRK in 2021 increased the production of iron ore from underground mining by 12.7% compared to 2020 – up to 4.298 million tons.
KZHRK specializes in underground mining of iron ore. KZHRK has four mines: “Pokrovska” (formerly “October”), mine “Krivorizka” (“Rodina”), “Kozatska” (formerly “Gvardeyskaya”) and “Ternovskaya” (formerly the Ordzhonikidze mine, then named after Lenin).
Starmill Limited owns 99.88% of the company.
KZHRK is owned by Metinvest Group and Privat Group. The company’s operational management is carried out by Privat Group.
Ratio of the number of unemployed in different regions of Ukraine in 2021 (thush people)
State employment center
Mining and Metallurgical Group Metinvest announced a tender to redeem its Eurobonds maturing April 23, 2023 for up to $70 million at a price of 70% to 80% of face value.
“The rationale behind the invitation (to tender) is to actively manage the group’s debt maturity profile to smooth debt service cash outflows and reduce liquidity shortages in the first half of 2023, given the highly volatile operating environment for the group and its subsidiaries,” Metinvest said in its information on the exchange.
The group stressed that it currently intends to continue servicing its debt, but the ongoing war in Ukraine, combined with volatile prices for Metinvest’s products, are creating unprecedented challenges for operations.
“The invitation gives the group’s investors an opportunity to reduce their exposure to Ukraine-related business in the context of the ongoing war and broader market turmoil,” Metinvest pointed out.
He specified that its Eurobonds-2023 with a total nominal value of $168.583 million are currently circulating in the market, although their initial issue size was $944.15 million.
Competitive and non-competitive bids for redemption are being accepted until the evening of December 9, and the results of the offer will be announced on December 12 with settlements on December 14.
“Metinvest” can continue the terms of the offer until the end of the day on December 23, but in this case will redeem the bonds at the price previously established during the tender minus another 3% of the face value with the final announcement of the results on December 28 and the settlement on December 29.
“Metinvest is a vertically integrated mining group of companies. Its major shareholders are SCM Group (71.24%) and Smart-Holding (23.76%), which jointly manage the company.
Earlier, similar tenders to buy the Eurobonds were announced by SCM’s energy subsidiaries: DTEK RES and DTEK Energy.
In particular, Ornex Limited of SCM Group is ready to buy DTEK RES Eurobonds issued for EUR325 mln at 8.5%, maturing in 2024, for the total amount of up to EUR20 mln at 30% of the face value. Bids were accepted until December 1, with the announcement of the results scheduled for December 5 and settlements on December 8.
DTEK Energy then announced that DTEK Holdings Limited is ready to buy its Eurobonds maturing in 2027 with a coupon rate of 7/7.5% for a total of $50 mln at a price of up to 27% of par. Bids will be accepted until the evening of Dec. 8, with the announcement of the results scheduled for Dec. 9 and settlement on Dec. 15.
According to the Stuttgart Stock Exchange, at the moment Metinvest’s Eurobonds are quoted at 79.67% of face value.
Number of unemployed in Ukraine and job opportunities, Sep 21 – Sep 22
State employment center
“Nova Posta Global”, which is part of the group of companies “Nova Posta” has launched the ninth country available for online shopping – the Czech Republic.
You can order goods through the service NP Shopping, and the delivery time will be from eight working days.
“This is already the ninth country from which Ukrainians can buy necessary home goods, clothes of popular brands and appliances, such as Starlink, EcoFlow charging stations, directly from Czech online stores, which have no direct delivery to Ukraine. Delivery can be ordered to the address, any branch or post office “Nova Posta” in Ukraine “, – the company said in a statement on Friday.
To order goods Ukrainians are already available online stores from nine countries: the United States, Italy, Turkey, Britain, Germany, Poland, France, Spain and the Czech Republic.
