A store of the Ukrainian franchise Multi Cook, created by the co-founder of the Galya Baluvana chain of stores, will open in the center of the Slovak capital Bratislava on November 24, the Multi Cook press service reports.
According to the new franchisee, Yuriy Porokhnavets, Slovak law requires that premises for the production and sale of semi-finished products meet the same standards as restaurants. The other day, the Slovak sanitary and epidemiological service signed all the documents that allow opening a Multi Cook convenience store.
It is noted that along with the Multi Cook brand, another direction is developing abroad – Multibar. This is a new network of establishments that will offer ready-to-eat meals for visitors to take away and on-site. One of the first franchisees to open this format will be in Warsaw.
The Porokhnavets family plans to become the first Multibar franchisee in Bratislava.
As reported, the franchise of the Ukrainian chain of convenience stores Galya Baluvana under the Multi Cook brand has been developing since 2022. So far, it is represented by more than 250 stores in 25 countries. According to co-founder Volodymyr Matviychuk, Slovenia will be the 26th country where the franchise will be introduced, followed by Sweden and Switzerland.
Galya Baluvana was founded in 2019 in Lutsk. As of August 2024, the chain had more than 950 stores and 172 franchisees. Since 2023, the company has stopped adding new partners to the general Galya Baluwana network, and only franchisees that were included earlier can open new outlets.
According to Opendatabot, Volodymyr Matviychuk and Oleksandr Teliga are the owners of the chain’s development company, Cooking at Home LLC (Lutsk).
Northern Iron Ore Enrichment Plant (Pivdennyi GOK, Kryvyi Rih, Dnipro Oblast), part of Metinvest Group, has carried out a set of repairs to its LURGI 552 V roasting machine in the pelletizing shop No. 2, spending about UAH 10 million for this purpose.
According to the plant, despite the ongoing war, the company is preparing to fulfill its plans to produce iron ore in 2025 by carrying out scheduled and maintenance repairs of equipment.
It is also specified that during the quarterly overhaul of the LURGI 552B roasting machine, the specialists replaced the refractory lining of the furnace and water cooling elements. The specialists also inspected the equipment in various areas.
It is specified that the repairs will ensure the machine’s productivity of 460 tons of high-quality pellets. The repair was carried out by teams from the service department of the Northern GOK, a number of contractors and Zaporozhogneupor,
“Metinvest is a vertically integrated group of steel and mining companies. The Group’s enterprises are located primarily in Donetsk, Luhansk, Zaporizhzhia and Dnipro regions.
Metinvest’s major shareholders are SCM Group (71.25%) and Smart Holding (23.75%), which jointly manage the company. Metinvest Holding LLC is the management company of Metinvest Group.
There is a downward trend in prices on the carrot market in Ukraine, according to analysts of the EastFruit project. At the same time, according to the producers, the demand for carrots today remains quite low: wholesale companies make purchases as needed, preferring not to lay products for long-term storage, which negatively affects the overall price level.
For example, as of today, producers are shipping carrots at 15-23 UAH/kg ($0.36-0.56/kg), depending on the quality and volume of the offered batches of vegetables, which is on average 21% cheaper than a week earlier. The reason for the decline in prices for root vegetables, according to the project experts, is a seasonal increase in supply amid rather restrained demand for these products. In an effort to boost sales, farmers are forced to revise selling prices for carrots downward.
It is worth adding that despite the price decline, today carrots in Ukraine are on average 2.4 times more expensive than in the same period last year.
You can get more information about the development of the market of carrots and other fruit and vegetable products in Ukraine by subscribing to the operational analytical weekly – EastFruit Ukraine Weekly Pro. Detailed information about the product can be found here.
The article presents key macroeconomic indicators of Ukraine and the global economy for January-July 2024. The analysis is based on official data from the State Statistics Service of Ukraine, the National Bank of Ukraine, the IMF, the World Bank, and the UN, on the basis of which Maksym Urakin, PhD in Economics, founder of the Experts Club Information and Analytical Center and Director of Business Development and Marketing, presented an analysis of macroeconomic trends in Ukraine and the world. Key aspects such as the dynamics of gross domestic product (GDP), inflation, unemployment, foreign trade and public debt of Ukraine, as well as global macroeconomic trends are considered.
Macroeconomic indicators of Ukraine
In the first eight months of 2024, Ukraine’s economy demonstrated steady positive dynamics amid recovery from the crisis. The National Bank of Ukraine estimated real GDP growth in the second quarter at 3.7% compared to the same period last year, which is in line with the April forecast. In July, this figure accelerated to 4.4% (compared to 3.1% in June and 3.5% in May), which was the result of an earlier and faster harvest.
“Ukraine’s economic successes in 2024 show that the country is beginning to overcome the consequences of the crisis. However, against the background of these indicators, it is important to take into account the growth of the negative foreign trade balance. This is a signal of the need to strengthen domestic production and increase export potential to avoid imbalances in the future,” said Maksym Urakin, founder of the Experts Club information and analytical center.
According to the State Statistics Service, the negative balance of Ukraine’s foreign trade in goods in January-August 2024 increased by 6.5% compared to the same period last year and amounted to $17.613 billion. The main reason for the increase was a slowdown in export growth amid accelerated imports. At the same time, Ukraine’s international reserves grew by 13.7%, reaching $42.33 billion, thanks to the attraction of long-term concessional financing from international partners.
“The growth of reserves to record levels is an important signal of confidence from international partners. However, it is important to realize that inflation remains a challenge. In August, inflation was 7.5% year-on-year after 5.4% in July and 4.8% in June. High inflation can significantly reduce the purchasing power of the population,” Urakin emphasized.
Inflation in August was 0.6% compared to July, when the price level remained unchanged. At the same time, the August price increase contrasts with the figures for the same month last year, when there was a 1.4% decline.
Ukraine’s public debt also changed in the second quarter of 2024. The total amount of state and state-guaranteed debt in hryvnia equivalent increased by UAH 243.7 billion, and in dollar equivalent by $1.1 billion. At the same time, the weighted average debt service rate decreased from 6.24% to 5.6% per annum, which indicates an increase in the efficiency of debt management.
“Effective public debt management, including lowering the interest rates on loans, is an important step for Ukraine’s financial stability. This allows the country to focus on strategic investments in infrastructure and social development,” the expert added.
Global economy
At the global level, the International Monetary Fund (IMF) left unchanged its forecast for global economic growth in 2024 at 3.2%, but improved its expectations for 2025 to 3.3%. The main drivers of global growth remain emerging market countries, including China and India, whose economies are expected to grow by 5% and 7% respectively.
“The global economy continues to move forward, but faces key challenges, including inflation and high interest rates. Interestingly, the IMF has adjusted its expectations for oil prices – they are expected to rise slightly in 2024, but decline in 2025. This underscores the importance of the stability of commodity markets for developing countries,” said Maxim Urakin.
The European economy shows more modest results. According to IMF forecasts, the Eurozone’s GDP will grow by only 0.9% in 2024, while Germany’s economy will grow by only 0.2%.
“Europe is facing many challenges – from the energy crisis to the slowdown in industrial growth. For Ukraine, this is an opportunity to strengthen its position in trade relations with the EU by exporting competitive goods and services,” the expert emphasized.
Conclusion.
The economic indicators of Ukraine and the world in January-August 2024 show mixed results. Steady GDP growth and strengthened reserves are accompanied by inflationary risks and a negative trade balance. The global economy, while moving forward, is being held back by inflation and geopolitical factors.
“It is crucial for Ukraine to focus on creating an attractive investment climate, increasing labor productivity and developing export opportunities. This will be the key to sustainable economic growth and financial stability in the future,” summarized Maksym Urakin.
Maksym Urakin, Head of the Economic Monitoring project, PhD in Economics
More detailed analysis of Ukraine’s economic indicators is available in the monthly information and analytical products of the Interfax-Ukraine agency “Economic Monitoring”.
Source: https://interfax.com.ua/news/projects/1028834.html
The celebrations on the occasion of the 35th anniversary of the Velvet Revolution in Czechoslovakia, organized by the Embassy of the Slovak Republic, took place on November 19 in the capital of Ukraine.
The event took place at the Fairmont Grand Hotel Kyiv and was attended by diplomats, representatives of the Ukrainian authorities and the public.
Addressing the guests of the event, Ambassador of the Slovak Republic to Ukraine Pavel Vizdal emphasized the importance of the Velvet Revolution for the modern history of Slovakia and the Czech Republic. In his speech, he also touched upon the war in Ukraine, recalling the 1000 days since the beginning of the full-scale invasion.
The ambassador emphasized the need for a peaceful resolution of the conflict, taking into account the territorial integrity of Ukraine.
The Velvet Revolution, which took place in Czechoslovakia in November 1989, became a symbol of a peaceful transition from totalitarianism to democracy. Mass protests against the communist government began on November 17, 1989, and by the end of the year led to the fall of the government. The revolution was called the “velvet revolution” because of the absence of violence, which was unique for the revolutionary process in Eastern Europe.
Diplomatic relations between Ukraine and the Slovak Republic were established on January 1, 1993, after the collapse of Czechoslovakia and the proclamation of Slovak independence. Since then, the countries have been actively cooperating in the political, economic, and cultural spheres.
