Business news from Ukraine

Business news from Ukraine

WIZZ AIR TO LAUNCH FLIGHTS ON TWO NEW DIRECTIONS – FROM KRAKOW (POLAND) TO KYIV AND KHARKIV

The Hungarian low cost carrier WizzAir in Ukraine plans to launch flights on two new directions – from Krakow (Poland) to Kyiv from April 5 and Kharkiv from September 16, 2019.
“Two new Airbus A321 aircraft will support the work of twelve new routes from Krakow to London, Kyiv, Bari, Catania, Larnaca, Nice, Turku, Billund, Doncaster, Kharkiv, Oslo, and Kutaisi,” the airline reported.
According to information on the company’s website, flights to Kyiv will begin from April 5, 2019, to Kharkiv from September 16, 2019. The schedule for both flights is available until October 25, 2019, prices start from UAH 609.
Kyiv-Krakow-Kyiv flights will be operated on Mondays, Wednesdays, Fridays and Sundays (departure to Krakow at 18:15, back at 19:20 local time), Kharkiv-Krakow-Kharkiv flights on Mondays and Fridays (departure to Krakow at 17:45, back at 14:05 local time).

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UKRAINE’S INSURANCE COMPANIES SEE RESERVES RISE BY 15%

The insurance companies of Ukraine in January-September 2018 formed insurance reserves in the amount of UAH 24.8 billion, which is 15%, or UAH 3.2 billion, more than in the same period of 2017, member of the National Commission for the State Regulation of the Financial Services Market Oleksandr Zaletov has told Interfax-Ukraine. In his opinion, the growth of insurance reserves is associated both with the general increase in the volume of insurance services to the population and enterprises, as well as with the improvement of the actuarial valuation of insurance obligations.
As of September 30, 2018, current accounts and deposits in banks in the structure of placing insurance reserves accounted for 52.8% (UAH 13.1 billion), government domestic loan bonds for 28.6% (UAH 7.1 billion), rights of claim to non-resident reinsurers for 9.3% (UAH 2.3 billion), and real estate for 4.8% (UAH 1.2 billion).
According to Zaletov, a lack of offers from the stock market led to the fact that insurers’ investments in stocks and corporate bonds amounted to less than UAH 400 million, or a mere 1.5% of insurance reserves.

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THAILAND INTRODUCES VISA-FREE REGIME FOR UKRAINIAN CITIZENS

The Government of Thailand has introduced a visa-free regime for citizens of Ukraine visiting that country for tourism for a period of up to 30 days, President Petro Poroshenko of Ukraine has said. “I herewith hail the introduction of a visa-free regime for Ukraine by the Government of Thailand! From now on, Ukrainian citizens will be able to travel to that country without spending their time on visa formalities for tourism purposes for a period of up to 30 days,” Poroshenko wrote on Facebook on November 22. As reported earlier, the Government of Thailand discontinued a $60 consular fee applied on arrival to Ukrainian nationals on November 15.

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UKRAINIAN SUPREME COURT SENDS WELL-KNOWN MEDICINE BRAND CORVALOL CASE TO GRAND CHAMBER

The Supreme Court has sent a case opened vis-à-vis the well-known medicine brand Corvalol Corvalolum to the Grand Chamber of the Supreme Court. This decision was taken by the court on Tuesday, Head of the Legal Department of PJSC Farmak, lawyer Dmytro Taranchuk has told Interfax-Ukraine.
Having taken this decision, the Supreme Court granted the request of a third party – PJSC Farmak – on sending the case to the Grand Chamber of the Supreme Court.
“This is a lawful decision and was taken in line with all procedural requirements; it will provide an impartial and objective consideration of the case,” the lawyer said.
As reported, the appeal chamber of Ukraine’s Economic Development and Trade Ministry on June 20, 2017, declared the Corvalol Corvalolum trademark used by PJSC Farmak as a well-known one.
Kyiv-based Darnitsa pharmaceutical firm in turn seeks the legal right to produce its own medicine, Corvalol. The firm appealed to the business court of Kyiv seeking to declare the decision of the ministry unlawful. The court of lower instance dismissed Darnitsa’s lawsuit, while Kyiv’s business court of appeals upheld the firm’s counterclaim.
Farmak declares that the name “Corvalol,” which has been produced since 1960, belongs to the company, as the medication was created in 1960 by Lomonosov Kyiv Chemical-Pharmaceutical Plant, and Farmak is the legal successor of the plant.
Since 1991, PJSC Farmak has been the only manufacturer of this medication in the post-Soviet space. The trademark Corvalol is protected in 15 countries of Europe and Central Asia: Germany, Poland, Lithuania, Latvia, Belarus, Moldova, Romania, Bulgaria, Turkmenistan, Armenia, Georgia, Azerbaijan, Tajikistan, Kyrgyzstan, and Kazakhstan.
Darnitsa pharmaceutical firm is one of the ten largest pharmaceutical producers in Ukraine and belongs to the top ten hospital suppliers. The ultimate beneficiary is Hlib Zahoriy.
PJSC Farmak is among Ukraine’s top three pharmaceutical producers and is a member of the Association Manufacturers of Medications of Ukraine (AMMU). PJSC Farmak’s beneficiary is Chairperson of PJSC Farmak’s supervisory board Filia Zhebrovska.

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