Vodafone Ukraine (VFU), Ukraine’s second-largest mobile operator, reduced its net profit by 13% in the first half of 2025 compared to the same period last year, to UAH 1.705 billion, while its revenue grew by 15% to UAH 13.518 billion.
“The main growth factors remain the development of the fixed-line business, an increase in the volume of data services and the number of Internet users, and, accordingly, revenues from services, both mobile and fixed-line,” the company said in its financial report on Friday.
According to the report, the decrease in net profit was caused by additional expenses related to the two-year deferral of payments on Eurobonds, as well as an increase in debt servicing costs due to a 1.5-fold increase in the interest rate in accordance with the new restructuring terms.
As reported, in January-March 2025, revenue increased by 14% compared to the same period in 2024, to UAH 6.59 billion, while net profit fell by 24%, to UAH 697 million.
Vodafone Ukraine notes that OIBDA in the first half of 2025 increased by 12% compared to the first half of 2024, to UAH 7.17 billion, while the OIBDA margin decreased by 1.7 percentage points compared to the same period last year, to 53.1%.
The company emphasized that in the first half of the year, it increased its investments by 66% compared to the same period in 2024, investing more than UAH 3.5 billion in critical infrastructure, and in total, over 3.5 years of full-scale war, investments in Ukraine reached almost UAH 19 billion.
In the structure of investments in the first half of this year, 51% is accounted for by the construction and restoration of the network, as well as its preparation for operation during blackouts, 31% – network maintenance, 11% – fixed-line communications development, and 4% – the billing exchange program.
It is noted that the company’s net debt in the middle of this year amounted to UAH 13.65 billion: UAH 23.55 billion in gross debt, of which UAH 12.43 billion was in Eurobonds, against UAH 9.9 billion in free cash, including government bonds.
Vodafone Ukraine also noted that in July-August 2025, it paid dividends totaling UAH 97 million.
According to the report, in the second quarter of 2025, the number of customers decreased by 3.1% compared to the same period last year, to 15.4 million, but ARPU (average revenue per user per month) increased by 18.5% to UAH 136.
Vodafone announced that it had introduced innovative energy-saving technology Powerstar 2.0, based on artificial intelligence, and began connecting mobile base stations via passive xPON (1/10 Gigabit/s Passive Optical Network) optical networks, which should allow for a relatively quick transition to new mobile communication technologies – 5G and, in the future, 6G.
In addition, the modernization of the telecom infrastructure of the fixed-line operator Frinet, which has been part of the group since August 2023, has begun: replacement of the FTTB network with GPON, which will provide customers with up to 72 hours of autonomous operation and 10 times faster internet speed.
It is also noted that in May 2025, Vodafone Ukraine received and began using the 1940–1945/2130–2135 MHz radio frequencies, which previously belonged to the operator TriMob, which made it possible to increase the efficiency of spectrum use and strengthen network capacity.
According to the financial statements, in August 2025, the Group committed to participate in a joint project to build a new submarine cable system across the Black Sea, connecting Ukraine to the international transit route between Europe and Asia. The system will connect Bulgaria, Ukraine, Georgia, and Turkey, and is expected to be completed within five years. The total cost to the group is estimated at EUR65 million.
Vodafone Ukraine has been part of NEQSOL Holding since December 2019.
New rules will come into force in Georgia that will abolish the possibility of working without a permit for citizens of countries with a visa-free regime. From 2026, legal employment will require a work permit and a corresponding residence permit, according to the Serbian Economist Telegram channel.
On June 26, the country’s parliament adopted amendments to the laws “On Labor Migration” and “On the Legal Status of Foreigners.” Now, any foreigner who does not have a permanent residence permit will be required to obtain a work permit, even if they entered the country under a visa-free regime.
Key changes
• The visa-free regime no longer grants the right to work — it only applies to entry and short-term stays.
• The concepts of “labor migrant” and “self-employed foreigner” are introduced — both categories must obtain a permit.
• Employers are required to complete the paperwork for foreign employees before they officially start work.
Who will be affected by the new rules?
According to Geostat, fewer than 3,800 labor migrants were officially registered in 2015–2023, while the actual number of foreigners working in the country is significantly higher — in 2022–2023 alone, there were over 239,000 foreigners in Georgia. Many of them worked illegally.
The changes will have the greatest impact on citizens of:
• Russia — according to various estimates, between 80,000 and 120,000 Russians live in Georgia, a significant proportion of whom work remotely or in the service sector without formal permission;
• Georgia’s neighbors (Armenia, Azerbaijan);
• Ukraine;
• the Middle East;
• South Asia;
• some countries in Europe and Latin America.
For Russians, who have become one of the largest groups of foreigners in Georgia since 2022, the new rules may lead to the need for mass registration of work permits. Otherwise, there is a risk of fines and the inability to continue working.
The reform aims to legalize the labor market and protect the rights of Georgian citizens. It closes a loophole that allows foreigners to work without a visa and creates a new legal framework for tens of thousands of people. This will particularly affect citizens of the Russian Federation and CIS countries, who in recent years have made up the core of the foreign presence in Georgia’s economy.
Source: https://t.me/relocationrs
China has taken a new step in the race for leadership in future communications technologies. Scientists from Peking University and City University of Hong Kong have developed the world’s first universal 6G chip, which is capable of delivering data transfer speeds of over 100 Gbps and operating at any frequency in the range from 0.5 to 115 GHz. This was reported by the South China Morning Post and Interesting Engineering, citing a publication in Nature magazine.
The finger-sized device (11×1.7 mm) allows you to download, for example, a 50 GB 8K video in a matter of seconds.
The modem uses a photon-electron architecture, which allows different frequency bands to be combined into a single system.
The development solves a key problem for future 6G networks: spectrum fragmentation. Currently, equipment is created separately for “low,” “medium,” and “millimeter” frequencies, which complicates implementation. The new chip is universal and can be used both in rural areas (for low-frequency coverage) and in megacities (for ultra-fast connections at high frequencies).
Prototypes that transmitted data at a speed of 100 Gbit/s over limited distances were previously demonstrated in Japan, and an experimental 6G network was launched in China in 2024. However, it is the Chinese universal modem that has covered the entire frequency range for the first time, making it unique.
The next step is to integrate the technology into compact USB-format modules and adapt it for smartphones, base stations, and Internet of Things devices. This will bring us closer to the mass adoption of 6G, which experts expect in the 2030s.
China is cementing its leadership in 6G development by offering the world a unique solution that could change the landscape of mobile technology. The breakthrough universal modem opens up opportunities for a digital revolution — from medicine to the entertainment industry.
The Federal Appeals Court ruled that most of Donald Trump’s tariffs exceed his powers as president.
The so-called reciprocal tariffs imposed on almost all countries that trade with the US are illegal, the US Appeals Court ruled on Friday.
The ruling upholds a May decision by the International Trade Court, which also rejected Trump’s argument that his global tariffs were permitted under the International Emergency Economic Powers Act.
The court did not strike down the tariffs, but said they would remain in effect until mid-October, setting the stage for further legal action in the US Supreme Court.
Much remains unknown, but here is what we understand at this point about the court’s decision and what it could mean for the US president’s flagship policy.
In its 7-4 decision, the appeals court upheld the lower court’s conclusion that President Trump did not have the authority to impose global tariffs.
This was mainly because of the law Trump used to justify his policy, the International Emergency Economic Powers Act (IEEPA), which, according to the judges, does not give “the power to impose tariffs, duties, etc., or the power to levy taxes.”
The US Court of Appeals rejected Trump’s argument that the tariffs were permitted under his emergency economic powers, calling the levies “invalid because they violate the law.”
Trump immediately rejected the ruling, writing on Truth Social hours after it was handed down that the appeals court was “very biased” and that the ruling was a ‘disaster’ for the country.
“If this ruling stands, it will literally destroy the United States of America,” he wrote.
This law, passed decades ago and repeatedly invoked by Trump during both of his terms in office, gives the US president significant powers to respond to emergencies within the country or serious threats from abroad.
The 1977 law states that the president may use a range of economic levers “to counter any unusual and extraordinary threat that originates wholly or in substantial part outside the United States and is directed against the national security, foreign policy, or economy.”
It was used by both President Barack Obama and Joe Biden, who invoked the law to impose sanctions against Russia after its illegal annexation of Crimea in 2014, and then again after its full-scale invasion of Ukraine eight years later.
However, the appeals court said in its ruling that the emergency law “does not grant the president broad authority to impose tariffs.”
The IEEPA “does not mention tariffs (or any synonyms thereof) and does not contain procedural safeguards that would clearly limit the president’s authority to impose tariffs,” they said.
Trump, in announcing the imposition of global tariffs, argued that trade imbalances were damaging US national security and therefore constituted a national emergency.
However, the court ruled that imposing tariffs is not within the president’s authority and that “the power to dispose of public funds (including the power to levy taxes) belongs to Congress.”
In addition to being a significant blow to the central point of President Trump’s agenda — tariffs — the federal appeals court’s decision could have a direct impact on the US economy and cause a chain reaction in global markets.
“Businesses will be subject to uncertainty,” said Dr. Linda Yue, an economist at Oxford University and London Business School, on BBC Today.
While countries wait to see if the Supreme Court will take up the case, which seems likely, they may decide to suspend business with the US.
If that happens, Dr. Yue said, it could “weaken economic activity.”
There are also significant implications that could play out in the political arena.
For example, if the Supreme Court overturns the federal appeals court’s decision and sides with the Trump administration, it could set a precedent that encourages the president to use the IEEPA more aggressively than he has done so far.
The case will likely be referred to the highest court in the US, as Trump announced on Truth Social.
“Our indifferent and short-sighted politicians have allowed tariffs to be used against us,” Trump wrote. “Now, with the help of the US Supreme Court, we will use them for the benefit of our nation and make America rich, strong, and powerful again!”
The conservative majority in the US Supreme Court could potentially increase the likelihood that it will support the president’s position.
Six of the nine justices were appointed by Republican presidents, including three by Trump during his first term in the White House.
However, the court is also more critical of presidents when it believes they exceed their authority on issues not approved by Congress.
For example, during Joe Biden’s presidency, the court expanded what it called the “major question doctrine” to invalidate Democrats’ attempts to use existing laws to limit greenhouse gas emissions from power plants and forgive the student loan debt of millions of Americans.
The federal appeals court split 7-4 in its ruling that nearly all of Trump’s tariffs are illegal. It has now given the US administration until mid-October to appeal to the US Supreme Court in a case that has implications for both the US economy and its trade relations with the rest of the world.
If the Supreme Court upholds the ruling, it could cause uncertainty in financial markets.
Questions will arise about whether the US will have to return the billions of dollars it has collected in import duties on products from countries that have paid them over the past few months.
It could also call into question whether major economies, including the UK, Japan, and South Korea, will be bound by the individual trade deals they have negotiated with the US before the August deadline. Other trade deals currently under negotiation could also be thrown into chaos.
If the appeals court ruling is upheld, it will also deal a huge blow to Trump’s political authority and his reputation as a negotiator. But if it is overturned by the Supreme Court, it will have the opposite effect.
This decision concerns Trump’s “reciprocal tariffs,” which include a set of different rates for most countries in the world, including other taxes imposed on China, Mexico, and Canada.
These import duties on almost all goods from almost all countries with which the US trades will remain in effect until mid-October.
After October 14, they will no longer be in effect, the appeals court said.
Separately, tariffs on steel, aluminum, and copper, which were imposed under other presidential powers, will remain in effect and will not be affected by the court’s decision.
Turkish Foreign Minister Hakan Fidan announced at an emergency parliamentary session that Turkey was severing all economic and trade ties with Israel. He also confirmed that Turkish airspace would be closed to government and arms flights from Israel and that Israeli ships would be banned from entering Turkish ports. Turkish ships will also no longer be able to enter Israeli ports.
Fidan stressed that the decision itself is already being partially implemented: Turkish port authorities have begun to require ships to confirm that they are not affiliated with Israel and are not transporting weapons.
Earlier, in May 2024, Ankara suspended direct trade relations with Tel Aviv in response to its actions in Gaza.
In 2023, trade between the countries reached $7 billion. Turkey accuses Israel of genocide in Gaza, which Israel denies. Ankara has also begun preparations for humanitarian flights to deliver aid to Palestine. Fidan made this announcement, emphasizing that the president’s approval has already been obtained and that they are now waiting for permission from Jordan.
Turkey is making a decisive geopolitical shift, completely severing economic and logistical ties with Israel. The actions cover the air, sea, and trade sectors and deepen the rift in relations between the countries, highlighting the growing tensions throughout the region.
Danish Defense Minister Troels Lund Poulsen said that Ukrainian defense companies may soon start production in Denmark.
“The second thing I will mention today is what could be called the ‘Danish model 2.0’. I hope that in a few weeks we will invite the first Ukrainian defense company to start production here in Denmark, in a safe environment,” he said during a briefing with EU foreign policy chief Kaja Kallas on Friday.
Poulsen noted that he expects other Ukrainian defense companies to join the process later this year. “And I believe that this will also be a way to provide even more support to Ukraine,” he stressed.
The minister also said that he discussed this initiative during his visit to Kyiv on Sunday. “During this visit, I had the opportunity to talk to both President Zelensky and the new Minister of Defense Denys Shmyhal about the prospects of inviting Ukrainian defense companies to start production here in Denmark. And they fully support this idea,” he said.
