Telegram messenger founder Pavel Durov was released from custody on Wednesday, August 28, after nearly four days of detention, Bloomberg reports.
“According to a Justice Ministry spokesperson, Durov will now appear before an investigating judge at the Paris court in the north of the capital. The judge is expected to subject the 39-year-old to additional questioning before deciding whether to press charges against him or to designate him as a material witness in the investigation and release him,” the report said.
If charges are filed, the court will have to decide whether to impose any restrictions on his movement or whether Durov should be granted bail. The entire process is expected to take place behind closed doors.
French authorities are investigating a wide range of charges. They include refusing to help the authorities conduct lawful wiretaps of suspects, allowing the sale of child sexual abuse materials, and facilitating drug trafficking.
It is noted that although the filing of charges is a key point in French investigations, criminal proceedings – if granted – can take several months or even years. As the investigation progresses, Durov will have the opportunity to challenge any charges through his legal team.
The National Bank of Ukraine on August 23 revoked licenses and excluded from the State Register of Financial Institutions ODO IC Varto (Kiev) and PJSC ASK Dnister (Lviv), according to the regulator’s website.
The regulator granted permission to exit the market by fulfilling the insurance portfolio to the mentioned companies on August 6 and July 17, having agreed on the exit plan.
According to the statements, for 2023, the insurance portfolio of PJSC ASK Dnister was formed from payments on insurance of land transport (except railway) – 91.6%, property insurance against fire and other risks – 6%, other types – 2.4%.
The volume of insurance premiums of the company in the mentioned period has amounted to UAH 10,010 mln, formed insurance reserves – UAH 4,987 mln, at the same time the company has paid UAH 6,109 mln of indemnities. Its share on insurance premiums in the market makes 0,01%.
The insurance portfolio of ALC IC Varto was formed at the expense of payments under health insurance contracts – 100%.
The volume of insurance premiums of the company in the specified period has amounted to UAH 29,594 mln, formed insurance reserves – UAH 3,007 mln. The volume of paid indemnities has been fixed at the level of UAH 15,422 mln. The company occupied 0,07% of the insurance services market.
Nova Poshta LLC plans to increase its investments in the Moldovan market to $880 thousand in 2024, which is 4.5 times more than the volume of such investments in 2023, the company’s press service said on Wednesday.
“The bulk of the investments will be directed to expanding our network, repairing branches, automating workplaces, updating IT infrastructure, and increasing the fleet of vehicles for delivery by couriers,” said Sergey Shapran, CEO of Nova Poshta in Moldova.
In addition, in 2025, Nova Poshta plans to create a new sorting hub in Moldova, where business customers will be able to use fulfillment services.
According to the company, over the 10 years of its operation in this country, Nova Poshta has become one of the three fastest deliveries in Moldova, and has built a network of 21 branches, 261 post offices and three sorting terminals.
In addition, it was the first company in the Moldovan market to launch parcel delivery points on the basis of existing businesses: shops, gas stations, etc. Currently, there are 53 delivery points in Moldova, and the company plans to further expand its network.
According to the report, in the first half of 2024, Nova Poshta in Moldova delivered 1.1 million parcels, almost as many as in the whole of 2023 (1.2 million), and paid 12.5 million lei in taxes to the local state budget of the country.
“In Moldova, Nova Poshta delivers parcels from marketplaces in China, America, Ukraine, as well as to/from Romania.
The company is also working on integrating Moldova into the Nova Post Europe system, which will allow customers to send and receive parcels from 13 European countries.
In the first half of 2024, the company delivered 771 thousand international parcels, compared to 590 thousand for the whole of 2023.
As reported, in the first half of 2024, Nova Poshta increased its consolidated net income by 22.6% to UAH 24.45 billion, while the company’s consolidated net profit decreased by 36.9% to UAH 1.48 billion.
The use of Ukrainian-made sandwich panels increased by 15% in the first half of 2024, while sales of imported products decreased by 12%, Andriy Ozeychuk, director of the engineering and construction company Rauta, told Interfax-Ukraine.
“In the first half of 2024, the volume of the Ukrainian sandwich panel market in absolute terms amounted to just over 1 million square meters, which is similar to the figures for 2023. At the same time, the use of Ukrainian-made panels increased by 15%, while sales of imported products decreased by 12%,” he said.
Ozeychuk also emphasized the change in the structure of sandwich panels: their share of mineral wool is decreasing, while the demand for panels with PIR (polyurethane foam – a fire-resistant insulating material based on polyurethane) filler is growing, which has the highest thermal insulation properties and a lower price.
“From 2021 to 2024, the price in euros of PIR-filled sandwich panels decreased by 18%, while mineral wool-filled panels increased in price by 37%,” he said.
At the same time, the Rauta director stated that today the construction of new facilities is actively developing only in western Ukraine, while in other regions it is limited to spot projects and the reconstruction of destroyed buildings.
According to him, the main problem of the construction market, in particular the sandwich panel segment, is a large market decline of 60-70% compared to 2021. Most investors take a wait-and-see attitude and do not risk investing in new projects.
At the same time, despite the war risks, the owners of most of the destroyed commercial and industrial facilities have invested in their restoration to quickly restart their businesses, allowing them to continue to operate efficiently.
In particular, Rauta has implemented a number of large-scale restoration projects, including the Retroville shopping mall in Kyiv, the production shop of the Chernihiv Automobile Plant, and the Novus supermarket in Bucha (Kyiv region).
According to Ozeychuk, the industry’s acute problems are a shortage of personnel, especially among skilled laborers, as well as blackouts.
“For some positions, we have to look for specialists for several months, and sometimes train employees ourselves. That’s why salaries and, accordingly, the cost of construction are rising. Blackouts, which last from two to six hours a day, reduce the productivity of builders, increase the time and cost of construction by 20-40%,” he said.
According to his observations, the program for the restoration and protection of critical infrastructure facilities has the greatest impact among government programs.
“In general, by the end of 2024, we expect the sandwich panel market to remain at the level of 2023 with a possible growth of up to 10%,” Ozeychuk summarized.
Founded in 2014, Rauta Group LLC (Rauta) is an engineering and construction company engaged in the design, supply and installation of sandwich panels, ventilated facades and prefabricated buildings. It is the exclusive importer of commercial products from the Finnish concern Ruukki to Ukraine, as well as the developer of a number of innovations that reduce the cost and time of construction.
Source: https://interfax.com.ua/
In its new video on the YouTube platform, the Kiev-based information and analytical center Experts Club has published a rating of countries with the highest probability of sovereign default. The ranking considered both economic and political factors that could lead states to default.
As Maxim Urakin, the founder of Experts Club, PhD in Economics, noted, the current economic situation in the world is alarming.
“The world economy is facing unprecedented challenges and many countries are on the verge of financial collapse. Under such conditions, it is crucial to understand which states are at the greatest risk of default in order to take appropriate measures,” he emphasized.
State default is a situation when a country cannot fulfill its debt obligations to creditors. According to Maxim Urakin, default can have catastrophic consequences for the country’s economy and its citizens.
“Default is not just a technical event. It is a tragedy for millions of people who may lose their jobs, their savings and even access to basic social benefits. That is why we monitor the economic situation in various countries so closely,” Urakin added.
The Experts Club 2024 ranking of countries with the highest probability of default includes Argentina, Lebanon, Sri Lanka and several other countries already facing serious economic problems. These countries are characterized by high levels of external debt, economic instability and political crises.
Experts Club also identified several countries that are at risk in the medium term. Among them are Argentina and Venezuela, which are already facing economic instability and high levels of debt, as well as Greece and Italy, which are dependent on external creditors.
|
Experts Club Rating |
Country |
Current international rating |
| 1. | Argentina | CCC- |
| 2. | Ghana | in default |
| 3. | Sri Lanka | in default |
| 4. | Lebanon | in default |
| 5. | Zambia | in default |
| 6. | Pakistan | CCC |
| 7. | Mozambique | CCC |
| 8. | Ukraine | CCC |
| 9. | Ethiopia | CCC |
| 10. | Cameroon | CCC+ |
| 11. | Bolivia | CCC+ |
| 12. | Burkina Faso | CCC+ |
| 13. | Suriname | in default |
| 14. | Tunisia | CCC |
| 15. | Egypt | B- |
| 16. | Nigeria | B- |
| 17. | El Salvador | B- |
| 18. | Honduras | B- |
| 19. | Laos | B- |
| 20. | Venezuela | in default |
“We see that countries like Argentina and Venezuela continue to be on the verge of default due to internal economic instability and external pressures. Also of concern is the situation in Greece and Italy, which are highly dependent on international loans. The risk of default remains high in these countries,” commented Urakin.
Special attention this year is paid to Lebanon, which, according to the economist, is “in a state of political and economic crisis, with extremely high debt to GDP.” This makes the country particularly vulnerable to a possible default.
Maxim Urakin also elaborated on the factors that could lead to default. Among them, he emphasized the high level of external debt relative to GDP, economic instability and dependence on external financing.
“Countries with debt-to-GDP ratios above 100% are particularly vulnerable. Lebanon, Cyprus and Greece are examples. Economic instability and political crises in countries such as Argentina, Venezuela and Pakistan also increase the risk of default,” he explained.
Dependence on external financing is another significant factor.
“Countries that depend on external loans to cover budget deficits, such as Spain and Italy, could face difficulties if conditions in international financial markets deteriorate,” Urakin added.
In a commentary on the rating, Maxim Urakin noted that the consequences of a default for a country and its citizens can often be devastating.
“For government agencies, default means restricted access to international financial markets, lower credit rating and the need for painful economic reforms. For citizens, it turns into inflation, devaluation of the national currency, rising unemployment and lower living standards,” the expert explained.
Urakin also emphasized that default may lead to the growth of social discontent and political instability, which may aggravate the situation in the country. He also assured that Experts Club will continue to closely monitor the economic situation in the world and provide timely relevant data to help countries and investors to minimize risks and avoid defaults.
You can learn more about defaults and the presented rating from the video on the YouTube channel of Experts Club:
You can subscribe to the Experts Club channel by clicking here:
Ukrnaftogazburenie LLC (Lviv) has been announced the winner of the tender of the Odesa Port Plant (OPP) for the supply of 242.557 million cubic meters of natural gas by the end of 2024.
According to the plant’s website, the company was accredited as a supplier on August 28. The expected value of the gas supply was UAH 4.185 billion, and Ukrnaftogazburenie’s offer is not listed on the OPP website.
At the same time, the previous July tender of the OPP for the supply of a slightly larger volume of gas was canceled, although the winner, Wilbur Commodities LLC, was also selected.
According to Opendatabot, Ukrnaftogazburenie, registered in August 2023 and owned by Mykhailo Mazur, earned UAH 30.46 million in revenue last year and suffered a net loss of UAH 1.1 million. The company received a license to supply natural gas in September 2023.
On July 29, 2024, the OPP shareholders’ meeting approved an agreement with Agrotorggroup LLC (Kharkiv) for the supply of liquid ammonia and urea for UAH 6.3 billion.
As reported, the OPP produces chemical products and transships them to sea. The state, represented by the SPFU, owns 99.5667% of the OPP shares, Concord Capital LLC owns 0.0021%, and other individual shareholders own 0.4312%.
The privatization of the OPP has been announced more than once for almost 20 years, but has not taken place. In September 2021, production at the plant was suspended due to gas supply problems. In April 2022, it was announced that the plant would be mothballed and employees would be sent on indefinite leave.
