The situation with coronavirus should not considerably influence the Ukrainian grain export, as the demand for agricultural products depends on number of the population, which is growing, and it is less elastic than the demand for fuel, consumer goods or tourism services, acting Director General of the Ukrainian Grain Association (UGA) Serhiy Ivaschenko has said.
According to him, since the outbreak of the coronavirus epidemic in China, Ukraine has not yet felt on its part the decline in demand for cereals.
“However, it should be remembered that certain logistic restrictions, such as a ban on entering ports for ships that visited regions where coronavirus disease is detected, or credit restrictions due to the collapse of economies, can negatively affect international trade,” he told Interfax-Ukraine.
Ivaschenko said that such physical and financial limits could well have a negative impact on the dynamics of Ukrainian agricultural exports.
“At present, oil and fuel producers are experiencing a drop in demand and prices amid expectations of a decrease in transportation. A slowdown in a large economy such as China will certainly have a negative impact on other economies. If effective methods of combating coronavirus are not found in the near future, then the consequences for all the economies of the world will be very negative – an economic crisis may begin,” he said.
At the same time, the expert added that a drop in international trade will lead to an increase in product stocks and lower prices for it in the domestic market of Ukraine, as well as a drop in export revenue and national budget revenues.
The UK supports the Ukrainian government in the reform process and looks forward to its continued fruitful work.
This was reported by British Ambassador to Ukraine Melinda Simmons.
“We support the sustained efforts of the government of Ukraine to carry out comprehensive reform and we look forward to its continued fruitful work. Ministers and senior officials who want to take forward reform do and always will have our support,” she wrote on Twitter.
The spread of coronavirus in some cases can be recognized as force majeure, the consequences of which did not allow fulfillment of obligations under economic contracts, President of the Chamber of Commerce and Industry of Ukraine (CCI) Hennadiy Chyzhykov has said. “The CCI of Ukraine receives a large number of requests regarding the recognition of the spread of coronavirus as force majeure. The CCI very carefully approaches this issue and relies on international practice and the legal framework,” he told Interfax-Ukraine.
At the same time, Chyzhykov said that in general “coronavirus, like flu, is not a basis for evidence of force majeure.”
According to him, the basis for evidence of force majeure is the presence of one or more circumstances stipulated by law. Among them are such circumstances, including an epidemic.
In addition, force majeure circumstances may be determined by the parties in the text of the contracts.
“The presence of force majeure circumstances in the contracts such as an epidemic, an emergency situation in the healthcare sector or restrictive actions of the authorities, strengthens the position on the recognition of facts that do not allow the fulfillment of relevant obligations. But it is always necessary to provide evidence that it is coronavirus or measures to combat its spread that are circumstances that could cause the inability to fulfill obligations,” Chyzhykov said.
He also said that a party that refers to force majeure circumstances should contact the competent authority (the chamber of commerce and industry) of the country where these circumstances arose, and obtain the appropriate document (certificate), so that it can be presented to the counterparty according to terms of the contract.
SkyUp Airlines (Kyiv) expanded its fleet with the 11th Boeing 737-900ER aircraft.
According to the press service of the airline, the aircraft with a capacity of 215 seats is listed in the Civil Aircraft Registration under number UR-SQK. The year of production is 2008.
Currently, the aircraft is already painted in the SkyUp livery and is equipped with Split Scimitar winglets to save fuel and improve aerodynamics. In addition, British Acro seats are installed on board.
The aircraft will operate flights in all directions on the airline’s schedule.
According to SkyUp, in 2020, its fleet should be expanded with another such aircraft.
In addition to the new Boeing 737-900ER, the SkyUp Airlines fleet consists of two Boeing 737-700 NG planes, six Boeing 737-800 NG planes and two Boeing 737-900 ER planes.
SkyUp LLC was registered in Kyiv in June 2016. The founder is ACS-Ukraine LLC of Tetiana and Yuriy Alba, who also own the JoinUp! tour operator.
According to the unified register of legal entities and individual entrepreneurs, the ultimate beneficiaries of SkyUp are Oleksandr (50%) and Yuriy Alba (50%).
In 2019, SkyUp Airlines completed 12,198 flights and transported more than 1.7 million passengers (the share of scheduled and charter flights in the total number of flights was almost the same).
On March 11-12, 2020 in Kyiv is planned the second regional Sustainable Finance Forum– SusFinForum.
SusFinForum is an annual forum for banks, microfinance institutions, asset managers, project sponsors, investors & financiers in the EECA region (Eastern Europe, Caucasus & Central Asia) that are committed to creating a social and environmental impact in the region.
The goal of the forum is to catalyze investments for sustainable infrastructure and development in the region, through innovative financing models.
We will discuss:
Rewiring the economy-10 tasks 10 years
Sustainable finance snapshot in the region
Key risks: Local currency financing
Blended finance for serving undeserved markets
Green and social impact bonds
Financing & developing renewable energy projects
Financing energy efficiency projects
Financing the development of sustainable agriculture
Investment & financing opportunities in solid waste management
Exclusive Project Finance Masterclass ‘‘Are renewable energy projects bankable?’’
More details and registration on website www.susfinforum.com
Organizer: Greenpact
Gold Sponsor: Green for the growth fund» (GGF). Bronze sponsors: The Global Climate Partnership Fund (GCPF), Ukrgazbank, Triodos Investment Management.
General partners: European-Ukrainian Energy Agency EUEA, Bridges Consulting. Local partner-Armenia: ADWISE Consulting.
General media partner: Interfax-Ukraine
Media-partner: Independent Association of Banks in Ukraine (NABU), The Association of Microfinance Organizations of Moldova, The Assosiation of Micro Finance Institutions Kyrgyzstan (AMFI), The Ukrainian Assosiation of Renewable Energy(УАВЕ), The European Business Association (ЕВА), American Chamber of Commerce in Ukraine (ACC), The Union of Banks of Kyrgyzstan, Mind.ua, RBK-Ukraine, 350.org
For participation and cooperation, please contact by e-mail: partnership@susfinforum.com or or by phone in Kyiv: +38 050 026 5744
Open4Business.com.ua – is an information partner of the event.
JSC Dnipropetrovsk Aggregate Plant, according to preliminary data, received a net profit of UAH 170,000 in 2019, compared to UAH 480,000 in 2018.
According to the information on the agenda of a general shareholders’ meeting scheduled for April 16, retained earnings by the beginning of 2020 amounted to UAH 2.79 million, one third less than in 2019.
According to the draft agenda for the shareholders’ meeting, the net profit received will be directed to the development of production.
According to financial indicators, the plant’s current liabilities increased by 9.3%, to UAH 255.4 million, but long term liabilities decreased by 88.4%, to UAH 15.68 million for 2019.
The company’s assets decreased by 13.8%, to UAH 389.6 million, including the total receivables amounted to UAH 109.51 million, what is 15% less.
The net worth of the plant as of January 1, 2020 amounted to UAH 118.52 million, including the charter capital of UAH 8.2 million.
JSC Dnipropetrovsk Aggregate Plant, founded in 1927, is currently specializing in manufacturing high-precision mechanics, precision hydraulics and special electric drives for various industrial sectors.
According to the enterprise’s financial report for 2018, more than 40% of the production volume came from the manufacture of hydro-emulsion equipment for mining equipment, and about 24% from aviation and special-purpose products (various pumps, electric motors, generators), which previously occupied a predominant share.
“Due to the loss of traditional (mainly in the Russian Federation) sales markets, the output of special products has significantly decreased over the past five years,” the plant’s representatives said.
The company’s net income in 2018 decreased by 22.3% compared to 2017, to UAH 327.54 million. By the beginning of 2019, the plant employed more than 2,000 people.
According to the National Commission on Securities and the Stock Market for the fourth quarter of 2019, some 37.9466% of the shares of the plant belong to Yevhen Morozenko, the chairman of the supervisory board (the Ukrainian MP from the Party of Regions in 2012-2014), 19.1847% to Volodymyr Yatsuba (Head of Sevastopol City Administration until February 2014), another 19.18.47% to his son Andriy Yatsuba.
