Business news from Ukraine

Business news from Ukraine

UKRAINIAN JOURNALISTS RECEIVED PULITZER PRIZE

Ukrainian journalists who cover the war with Russia have been awarded a special Pulitzer Prize for 2022, according to the award website.
“The Pulitzer Commission awards Ukraine’s journalists with special thanks for their courage, resilience, and commitment to truthful reporting during Vladimir Putin’s relentless invasion of their country and his propaganda war in Russia. Despite shelling, kidnapping, occupation, and even death in their ranks, they persevere give an accurate picture of the terrible reality, doing honor to Ukraine and journalists around the world.

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USA SUSPENDS 25% DUTY ON UKRAINIAN STEEL, STEEL PRODUCTS FOR ONE YEAR

The United States will temporarily – for 12 months – suspend a 25% duty on Ukrainian steel imposed by President Trump under Section 232 of the Trade Expansion Act of 1962, U.S. Secretary of Commerce Gina M. Raimondo has said.
“For steel mills to continue as an economic lifeline for the people of Ukraine, they must be able to export their steel. Today’s announcement is a signal to the Ukrainian people that we are committed to helping them thrive in the face of Putin’s aggression, and that their work will create a stronger Ukraine, both today and in the future,” the statement of the minister is given on the website of the ministry.
The report states that 1 in 13 Ukrainians is employed in the steel industry of Ukraine, and their work is well paid.
“We are talking about stopping the 25% tariffs imposed in 2018 by the Trump administration,” Yulia Svyrydenko, First Deputy Prime Minister and Economy Minister, commented on the decision of the U.S. Department of Commerce.
According to her, the Ministry of Economy has been working on this project for several years.
“The abolition of these duties will be a turning point in trade relations between Ukraine and the United States,” she stressed.
According to the State Statistics Service, in 2021, the export of ferrous metals from Ukraine to the United States increased by 50.5% compared to the previous year, to $70.76 million, and ferrous metal products – 11 times, to $16.85 million. In total, these two accounted for 55.4% of all exports from Ukraine.
The U.S. Department of Commerce also recalled that some of Ukraine’s largest steel mills have suffered the most from Putin’s barbarism, and Azovstal in Mariupol has become a symbol of Ukraine’s determination to resist Russian aggression. The ministry added that many Ukrainian steel mills continued to pay workers, feed and shelter their employees during the fighting, and some resumed production despite nearby fighting.
“Creating export opportunities for these mills is essential to their ability to continue employing their workers and maintaining one of Ukraine’s most important industries,” the statement said.
It also states that following the sanctions, U.S. exports to Russia of categories of goods subject to new U.S. export licensing requirements decreased by 97% in value terms compared to the same period in 2021 (February 24-April 29), and total exports fell by about 79%.

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HEALTH MINISTRY GETS 73 TONNES OF MEDICAL SUPPLIES AS HUMANITARIAN AID OVER PAST WEEK

Over the past week, the Ministry of Health of Ukraine received 73 tonnes of medical supplies as humanitarian aid from charitable organizations, the press service of the Ministry of Health reported on Monday.
It is specified that over the past week, 16 tonnes of analgesics, 1.5 tonnes of antibacterial drugs, 16.5 tonnes of cancer drugs, 30 tonnes of dressings and other medical products, 8.5 tonnes of medicines for various purposes and 500 kg of corticosteroids have been received from various donors and charitable organizations.
In addition, charities donated five ambulances, 100 refrigerators, eight telemedicine systems, 10,700 personal first aid kits, 2,000 hemostatic agents to stop bleeding, 22,000 bandages and 8,500 tourniquets.

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TASCOMBANK PLANS TO ALLOCATE UAH 200 MLN, OR 44% OF 2021 PROFIT, TO FORM RESERVES

Shareholders of TAScombank (Kyiv) at a general meeting on June 14 will consider approving profit for 2021 in the amount of UAH 456.062 million and directing 44%, or UAH 200 million, to the formation of reserves.
According to the bank’s announcement in the information disclosure system of the National Securities and Stock Markets Commission, the remaining profit of UHA 256 million is planned to be left undistributed.
The bank also plans to refuse to pay dividends to shareholders based on last year’s results.
As reported, in 2020, the bank’s net profit amounted to UAH 381.112 million.
According to the NBU, at the beginning of 2021, the main owner of TAScombank was Sergiy Tigipko (99.93% of shares).
According to the NBU, as of March 1, 2022, TAScombank ranked 16th (UAH 30.632 billion) in terms of total assets among 69 banks operating in the country.

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KYIV TO LOSE THIRD OF ITS BUDGET IN 2022 – MAYOR

According to preliminary calculations, Kyiv city budget will lose one third of its revenues, i.e. more than UAH 20 billion, because of the Russian aggression, according to the press service of mayor of the Ukrainian capital Vitali Klitschko.
He noted that today it is impossible to calculate this amount accurately because the war is still going on. “It is not quite correct to make monthly calculations because the budget is envisaged for one year. In general for 2022 we, according to preliminary calculations, will receive a third of the budget shortfall. That is more than UAH 20 billion. But, I emphasize, that these are preliminary estimates,” Klitschko said on the air of radio NV.
The mayor noted that at present the city’s economy is slowly coming back to life, businesses are coming back to work. Also, the percentage of payment for utility services provided is growing in the capital.
“For example, 55% of Kyiv citizens paid for utilities for March. And I am very grateful to them for that since these funds were spent for the necessary materials. They were spent on salaries to employees of enterprises, who, often risking their lives, provide the city with all services,” Klitschko said.

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WHO HANDS OVER 20 AMBULANCES TO UKRAINE

The World Health Organization (WHO) handed over 20 all-terrain ambulances to Ukraine’s Ministry of Health, capable of operating even in the most damaged and hard-to-reach areas, the WHO press service in Ukraine said Monday.
In addition, WHO has already delivered 393 tonnes of medical supplies and equipment to Ukraine. Of this amount, 167 tonnes have already reached their destination, mostly in the east, south and north of the country.

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