Germany plans to stop importing Russian coal by autumn, this will be possible at the expense of other suppliers, including South Africa.
“This is something that is quite real,” German Chancellor Olaf Scholz told reporters on Tuesday in Pretoria, where he is visiting. He is quoted by the German media.
Earlier in April, during a visit to Latvia, German Foreign Minister Annalena Berbock said that Germany would gradually stop buying Russian energy resources, in particular, by the end of the year it would completely stop importing Russian oil. From coal imports, Burbock said, it is planned to stop before the end of the summer.
Ukrainian Foreign Minister Dmytro Kuleba will visit Switzerland and Liechtenstein from May 24 to 26, where he will take part in the World Economic Forum in Davos and hold a number of bilateral meetings, the Ministry of Foreign Affairs of Ukraine has said.
In particular, Kuleba will meet with President of Switzerland Ignazio Cassis and Crown Prince of the Principality of Liechtenstein Alois. In addition, meetings are scheduled with the Prime Ministers of Greece and Ireland, as well as the Foreign Ministers of Peru, Costa Rica, Austria and Liechtenstein.
On Wednesday, May 25, the minister will also communicate with representatives of foreign media.
Dniprospetsstal electrometallurgical plant (Zaporizhia) has begun a gradual launch of production, including for the purpose of supplying stainless steel to PrJSC Centravis Production Ukraine, which is part of holding Centravis Ltd.
Chief Sales Officer (CSO) Artem Atanasov said in a letter to Centravis customers that the company is experiencing a positive trend in the supply of pipe billets for production.
“Dniprospetsstal, our main billet supplier, is gradually launching production, and in the near future we expect stable supply volumes,” Atanasov stated.
According to him, Centravis is operating normally, both in hot and cold shops. At the same time, in the hot production, all actual performance indicators are higher than planned, in the cold shop, several lines operate at the level of stable operation before the war.
The sales director recalled that the plant began to offer products and take orders.
“Your continued support (from customers) is extremely important to us at this stage. Buying pipes from Centravis means that you support the restart of the Ukrainian economy, which is now more important than ever. Our logistics team is actively working and constantly looking for better and safer ways for delivery of finished products,” Atanasov emphasized, adding that the company is actively preparing for participation in the Tube&Wire exhibition, which will be held in Dusseldorf on June 20-24.
Centravis is one of the world’s largest manufacturers of seamless stainless steel pipes, founded in 2000. Its production facilities are located in Nikopol (Dnipropetrovsk region). It is included in the top 10 world players. Before the Russian aggression, more than 1,400 people worked at the enterprise.
PJSC “Insurance company “ARKS” (ARX, Kyiv) in 2021 collected insurance premiums in the amount of UAH 3.405 billion, which is 27.06% more than a year earlier, according to the website of RA “Standard-Rating” about updating the company’s credit rating / rating of financial stability (reliability) of the insurer at the level of “uaAAA” on the national scale based on the results of work for the past year.
It is noted that receipts from individuals increased by 31.57% – up to UAH 2.108 billion, from reinsurers – by 57.56%, up to UAH 2.272 million. Thus, the share of individuals in the gross premiums of the insurer increased by 2.12 p.p. – up to 61.91%, and the share of reinsurers – up to 0.07%.
Insurance payments sent to reinsurers for 2021 compared to 2020 increased by 9.99% to UAH 163.795 million. Taking into account the high growth rate of gross premiums over payments sent to reinsurers, the coefficient of participation of reinsurers in insurance premiums decreased by 0.75 percentage points. – up to 4.81%.
According to the report, the insurer’s net premiums increased by 28.07% to UAH 3.242 billion, while earned insurance premiums increased by 23.01% to UAH 2.886 billion.
In 2021, the company paid out UAH 1.341 billion to customers, which is 30.53% higher than the volume of insurance payments and indemnities for 2020. Thus, the level of payments increased from 38.35% to 39.39%, or by 1.04 percentage points.
At the end of 2021, the insurer’s profit from operating activities amounted to UAH 202.657 million, net profit – UAH 197.436 million.
As of December 31, 2021, the company’s assets increased by 20.95% – up to UAH 3.698 billion, equity – by 20.62%, up to UAH 1.155 billion, liabilities – by 21.10%, up to UAH 2.544 billion, cash and cash equivalents decreased by 30.13% – up to UAH 328.445 mln.
It is noted that as of the beginning of 2022, the insurer made financial investments in the amount of UAH 1.8 billion, consisting of government bonds (81.81% of the investment portfolio) and deposits in banks with an investment grade credit rating (18.19% of the portfolio) This is positive affected its provision with liquid assets, which covered 83.68% of the company’s liabilities.
IC “ARKS” has a high level of external support from the main shareholder headquartered in. Toronto, Canada – Fairfax Financial Holdings Limited – a holding company that, through its subsidiaries, is primarily engaged in casualty insurance, property insurance and investment management
As of the beginning of 2022, the holding’s consolidated assets amounted to $86.645 billion. Fairfax’s consolidated gross business (premiums) for 2021 amounted to $23.910 billion, profit before tax for the year increased to $4.393 billion.
The war caused significant damage to all the main businesses of Smart-Holding, one of the largest in Ukraine: the total decline in production in metallurgy, agricultural and gas production exceeds 50%, but the company is alive and will be engaged in recovery in the future, CEO of Smart-Holding Julia Kiryanova has said.
“Throughout our portfolio [of Smart-Holding’s businesses], we see more than 50% down in production. However, there is good news – we are alive. By saying that I do not mean only that we are struggling every day and keep going with all our employees, I am saying that we are looking in the future,” she said at the Spirit of Resilience: Ukrainian Voices panel taking place these days in Davos at the World Economic Forum (WEF).
“When you stop thinking about the future – you are dead. And the enemy wants us dead. So, we are alive!” Kiryanova said.
She said that in 2021, the mining and smelting complex produced 23.5 million tonnes of steel products and iron ore, 80% of which was exported, and now it has fallen to nearly 8 million, 6 million of which will be exported.
The CEO of Smart-Holding recalled that the company owns a stake in Metinvest, whose two steel mills in Mariupol (Azovstal and Illych Iron and Steel Works) accounted for 53% of steel production, but now they are out of operation.
According to her, in the production of iron ore, the problem is blocking export channels, which is why Metinvest does not increase production to be able to export what it produces.
Regarding the agricultural sector, Kiryanova predicted that Ukraine’s key export crops – corn and wheat – that the company produced are 54% and 35% less, respectively. She added that the HarvEast agricultural holding from the group’s assets, which is among top ten largest agrarians in Ukraine, has lost 68% of arable land due to the war.
Regarding gas, she reported a 22% drop in production, and later added to reporters that more than 90% of fields in eastern Ukraine and 60% of reserves are under direct threat of airstrikes. “Therefore, it can be expected that this year production may decrease by 17%, to 16 billion cubic meters,” the CEO of Smart-Holding said, giving a forecast for the entire Ukrainian gas production.
“We, like Alice in Wonderland, we have to run quicker to stay where we are. And we are not staying where we are and you can see it by the numbers in the Ukrainian economy… The war impact is unprecedented. Looking back at 2014, we did not experience that much of a pressure on all industries in the country,” she said during the panel.
Kiryanova recalled all the hardships that Ukrainian business has recently experienced, including the economic crisis of 2008, the start of the war in 2014 and the pandemic of 2020. But the war impact, she said, led to a situation that Ukrainian business has not yet experienced.
At the same time, in an interview with reporters after the panel discussion, the CEO of Smart Holding said that she remains optimistic about the future of the steel industry. What has been destroyed will be restored, she said: “We will build new facilities, as efficient and environmentally friendly as possible, using the best industry practices and technologies, bearing in mind that decarbonization will be one of our guiding principles.”
According to her, in general, Smart-Holding looks to the future with optimism.
The Council of European Union has adopted two assistance measures under the European Peace Facility (EPF) that will allow the EU to further support the capabilities and resilience of the Ukrainian Armed Forces to defend the territorial integrity and sovereignty of the country, and protect the civilian population against the ongoing Russian military aggression.
“After having adopted three tranches of support totaling EUR 1.5 billion this year, a fourth tranche will add EUR 500 million to the resources already mobilised under the EPF for Ukraine, thereby bringing the total amount to EUR 2 billion, ” the press service of the EU Council said.
“The history of tomorrow is being written today, on the battlefields of Ukraine. With these EUR 500 million, the EU has allocated a total EUR 2 of billion to support EU member states’ supplies of military equipment to the Ukrainian Armed Forces. This support is just one part of European efforts to help Ukraine defend itself. The EU and its member states are determined to continue. We have done it since the beginning of the war and we will continue until the end,” Josep Borrell, High Representative for Foreign Affairs and Security Policy, said.
It is noted that the scope of the equipment to be provided in the new support package is in line with the current priorities as expressed by the Ukrainian government. In this light, the assistance measures consist of EUR 490 million for military equipment designed to deliver lethal force for defensive purposes, as well as EUR 10 million intended to cover the provision of equipment and supplies, such as personal protective equipment, first aid kits, and fuel.
