The National Bank of Ukraine (NBU) on May 8 applied to Kyivska Rus Insurance Company PJSC a sanction in the form of temporary suspension of its license to provide financial services in insurance due to failure to submit reports for the first half of 2022 and for 2022, as well as an actuarial report for 2022.
According to the regulator’s website, the company also failed to submit a report on corporate governance and information on the key risks and the results of stress testing for 2022, and failed to provide information and documents requested by the NBU.
The insurer has been set a deadline for elimination of violations till June 8, 2023.
Private JSC “IC “Kyivska Rus” performs activity in voluntary and obligatory types of insurance, other than life insurance.
According to the accounts of the insurer for nine months of 2022 the amount of insurance payments totaled 85,4 mln UAH of which 76,9 mln UAH were paid out by reinsurers. The insurer made no payments during the above period.
In Ukraine from April 1, 2022 to April 1, 2023, 203.921 thousand FOPs were closed, while at the same time 208.936 thousand new FOPs and more than 32 thousand companies were registered, according to analytical materials “Opendatabot.”
“Despite full-scale hostilities and blackouts, business in Ukraine continues to grow. At the beginning of April 2023, the total number of registered FPOs amounted to 1.9 million, companies – more than 1.2 million,” – reported in the review.
It is reminded that from the beginning of full-scale war and almost till the end of March, the Unified State Register did not work, therefore it was impossible to register a new business or to close an existing one in the legal field. All data refers to the period from April 1, 2022 to April 1, 2023.
As noted, the military year was not a record for the closure of businesses: at the beginning of April 2023, 203.921 thousand FOPs were closed, while in previous years in Ukraine on average 260 thousand FOPs were closed per year.
At the same time, during the analyzed period – from April 1, 2022 to April 1, 2023 – 208.936 thousand new FOPs were registered.
As the analysts of “Opendatabot” note, in contrast to small and medium-sized businesses, the number of new companies significantly exceeded the number of closed ones. More than 32,000 companies were registered during the war, while 5,728 businesses ceased operations and became inactive.
On May 2, on the sidelines of the Uzbek-German business forum, Siemens Energy signed agreements on two projects with Thermal Power Plants JSC. It is specified that the company will be involved in the implementation of heat and electricity cogeneration technologies in the country.
It is planned to install four energy-efficient gas turbines with a capacity of 54 MW each. Two of them will be placed in the heating boiler house No. 3 in Bukhara and at the Mubarekskaya CHPP.
The plants will generate 1.7 million kWh of electricity and 1.5 Gcal of heat annually. The plants will employ 80 people for their maintenance. The total cost of the projects is EUR 72 million.
In addition, Siemens will build several new power plants.
With its support, it is planned to build a thermal power plant in Surkhandarya and launch it by the end of 2026. The German company will participate in the construction of a thermal power plant in the Navoi chemical cluster, as well as in the creation of wind and solar power plants with a total capacity of 1000 MW.
May May Mayak plant (Zmiev, Kharkiv oblast), a producer of central heating boilers, will pay out dividends for 2022 in the amount of UAH 2.896 thousand per one share with a par value of UAH 1 thsd during May 25 – October 25 of this year.
According to the company message in the information disclosure system of the National Securities and Stock Market Commission (NSCM), this was decided by a general meeting of shareholders on April 25.
According to the company, it ended the year 2022 with a net profit of UAH 12.16 mln, while a year earlier it amounted to UAH 0.46 mln. Only UAH 608,16 thousand were directed for payment of dividends.
The registered capital of JSC “Mayak plant” is 210 thousand UAH, which is divided into 210 shares. The net profit per one common share in 2022 amounted to 57,91 thousand UAH.
According to the Commission for the fourth quarter of 2022, 52,381% of the shares belongs to its director Alexei Mushtay, Tatiana Samusenko and Zoya Garagata own 14,2857% each.
According to the information on the web-site of the company, it was founded in 1991 and is one of the leading domestic manufacturers of household heating equipment (solid fuel, gas, electric boilers, radiators), designed for heating individual houses, apartments and industrial facilities.
The plant has 30 regional offices in Ukraine.
According to the resource opendatabot, in 2022, the company’s net income grew by 27.2% YoY, to 91.22 mln hryvnia.
The U.S. dollar is moderately weakening against the euro and the pound, and is rising against the yen in trading on Monday.
The ICE-calculated index showing the dollar’s dynamics against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona) is losing 0.12%, while the broader WSJ Dollar Index is down 0.11%.
The euro/dollar pair is trading at $1.1037 as of 2:50 p.m., up from $1.1018 at the close of the previous session, the euro is strengthening about 0.2%.
The dollar/yen was up 0.2% to 135.17 yen from 134.86 yen in Friday trading.
The pound rose 0.15% to $1.2653 from $1.2633.
Traders’ attention this week is focused on the Bank of England meeting, the results of which will be announced on Thursday. The British Central Bank is expected to raise its benchmark rate by 25 basis points (bps) at its upcoming meeting, to 4.5%.
Last week, the European Central Bank (ECB) and the Federal Reserve (Fed) raised rates by a similar amount.
“The interest rate differential between the eurozone and the U.S. continues to narrow, which reduces pressure on the euro against the dollar,” said Commonwealth Bank of Australia analyst Carol Kong. – We expect that the euro will continue to receive support due to the fact that the market expects rate cuts in the U.S. later this year and new raises from the ECB.
Traders are also waiting for U.S. consumer price data for April, which will be released Wednesday. The consensus analyst forecast, cited by Trading Economics, suggests that inflation in the U.S. last month remained at March’s 5% annualized rate.
At night on May 9, frosts of 0-5° (danger level I, yellow) are expected on soil surfaces in northern and most central regions of Ukraine, according to Ukrhydrometecenter.
During the night of May 10 and 11, strong air frosts of 0-5° (danger level II, orange) are expected in western, Zhytomyr and Vinnitsa regions, while in Kyiv, Chernihiv, Cherkasy, Kirovograd, Odessa and Mykolaiv regions frosts of 0-5° (danger level I, yellow) on soil surfaces are expected.
