The Varus chain has opened its fourth store in Odesa (91 Dacha Kovalevskoho Street), the retailer’s press service reports.
The new supermarket has the Varus Home format and was developed for the chain by YUDIN Design studio. The total area of the store is 1050 square meters, of which 622.31 square meters is the sales area, and in addition to standard cash desks, there will be self-service cash desks.
“The Varus Home format is an opportunity for our customers to buy their favorite products in a home atmosphere. The stylish design emphasizes the vector for continuous development and improvement, and it is also designed to make the time spent in the store even more enjoyable,” Anna Luganskaya, Varus Marketing Director, was quoted in the release.
She noted that more and more renovated supermarkets, in addition to a wide range of goods, offer products of their own production. The culinary department offers dozens of meat, vegetarian, diet and seasonal dishes. For lovers of pastries and hot pizza, Varus Cafe offers pizza and bread of its own production. The supermarket also has coffee machines that allow customers to make their own coffee.
Varus is a national supermarket chain represented on the Ukrainian grocery retail market by Omega. Omega’s authorized capital is UAH 111 million 129 thousand, owned by Weigant Enterprises Limited (Cyprus), with Valeriy Kiptyk and Ruslan Shostak as ultimate beneficiaries. In 2023, Omega’s revenue amounted to UAH 17.51 billion, which is 20% higher than in 2022, and net profit amounted to UAH 200 million, which is 69.5% higher than in 2022.
The first store of the chain was opened in 2003 in Dnipro, and the total number of its stores is 109 in different cities of Ukraine and a DarkStore in Kyiv.
The chain operates in several formats: classic supermarkets, To Go stores and the varus.ua conscious shopping service.
A reception organized by the Embassy of the Republic of Moldova on the occasion of the 33rd anniversary of the country’s independence was held in Kyiv at the Premier Palace Hotel. The event gathered diplomats, politicians, cultural figures and business representatives who had the opportunity to enjoy Moldovan hospitality, wines and national dishes.
The Ambassador of the Republic of Moldova to Ukraine, Mr. Valeriu Chiver, delivered a solemn speech in which he noted not only the achievements of Moldova since independence, but also expressed gratitude to Ukraine for the fruitful cooperation.
The main points of Valerii Chiverii’s speech:
“I am very pleased to welcome you to the reception on the occasion of the 33rd anniversary of the Republic of Moldova’s independence. We are grateful to you for joining us on this festive day. We have two important holidays: Independence Day, which we celebrate on August 27, and Romanian Language Day, which is celebrated on August 31. In addition, we recently celebrated National Army Day, which adds another reason to celebrate.
This year, the upcoming presidential elections on October 20 are particularly important, when Moldovans will have the opportunity to choose the European path of the country’s development. We are confident that Ukrainians want the same for their country, which will further strengthen our relations.
Our bilateral relations are now at their highest level ever. Over the past two years, Ukraine has hosted the President of Moldova three times, the Prime Minister twice, and numerous ministerial visits have taken place. Our cooperation covers various multilateral platforms, including the Peace Formula, the Crimean Platform, and other important initiatives.
Moldova has been supporting Ukraine since the very beginning of this unjust war. We have opened our borders to over a million Ukrainians and provided asylum to over a hundred thousand. We believe that the lines of solidarity along which Ukrainian grain is exported will one day become the lines along which goods will be returned to rebuild Ukraine.
Both of our countries are striving to become part of the European family, and we are convinced that this will bring us even closer. Moldovan-Ukrainian cooperation is based on mutual respect and understanding. We are also grateful to the Ukrainian authorities for restoring the historical truth regarding the Romanian language and congratulate all Romanian speakers on their holiday.”
At the end of his speech, Valeriu Chiever thanked his Ukrainian counterparts for their openness and cooperation, and noted the productive trilateral meetings between Moldova, Ukraine and Romania.
Referring to the efforts of Moldovan embassies, consulates and honorary consuls in various regions of Ukraine, he thanked them for promoting bilateral relations and organizing the event, especially emphasizing their work under the pressure of war.
Moldova recognized Ukraine’s independence on December 10, 1991, shortly after Ukraine gained independence. Diplomatic relations between the Republic of Moldova and Ukraine were established on March 10, 1992.
Pepper’s Club hosted the event “FOOTBALL WORLD, CONTINENT AND OLYMPIC GAMES CHAMPIONS” in honor of the national teams of Argentina, Spain, Mexico, Qatar and Côte d’Ivoire for winning the 2022 FIFA World Cup, the Copa America 2024, the Paris 2024 Olympic Games, the UEFA European Cup 2024, the CONCACAF Gold Cup 2023, the Asian Cup 2023, and the African Cup of Nations 2023.
The event was co-organized and hosted by Pavlo Shilko, a well-known Ukrainian presenter, musician and philanthropist, widely known as DJ Pasha.
About 100 guests enjoyed a wonderful show by the world-famous musician Princess Amuti Binaisa, who performed stunningly together with the Ukrainian band Kazka Band.
The event was also held to raise funds for the International Charitable Foundation “Health of the Ukrainian People” and its #SaveAnImmediateLimb program.
Among the attendees were MPs, Ukrainian government officials, foreign ambassadors and representatives of the most prestigious local institutions. In addition to an incredible show by Princess Amuti Binaisa, they had the opportunity to enjoy traditional Argentine empanadas and Malbec wine.
The event was organized with the support of the Directorate General of Services for Diplomatic Missions and Pepper’s Club.
The article presents key macroeconomic indicators of Ukraine and the global economy for the first half of 2024. The analysis is based on official data from the State Statistics Service of Ukraine, the National Bank of Ukraine, the IMF, the World Bank, and the UN, on the basis of which Maksym Urakin, PhD in Economics, founder of the Experts Club Information and Analytical Center, presented an analysis of macroeconomic trends in Ukraine and the world. The key aspects of the report include the dynamics of gross domestic product (GDP), inflation, unemployment, foreign trade and public debt of Ukraine, as well as global macroeconomic trends.
Macroeconomic indicators of Ukraine
According to the State Statistics Service of Ukraine and the National Bank of Ukraine, Ukraine’s real GDP growth rate slowed to 3.5% in May 2024, compared to 4.3% in April and 4.8% in March. This decline is mainly due to a drop in electricity generation, which affected the industrial sector and led to a decrease in production in the machine building and metallurgy sectors. At the same time, exports and demand in the construction industry supported positive economic growth.
“In June 2024, Ukraine’s public debt increased by UAH 200 billion, and inflation accelerated to 2.2%, which is generally in line with the NBU’s target range,” Maksym Urakin emphasized.
Global economy
The World Bank forecasts global economic growth of 2.6% in 2024, up from the previous forecast of 2.4%. In 2025-2026, the growth rate is expected to further increase to 2.7%. For developing countries, the average annual GDP growth in 2024-2025 is projected at 4%, slightly lower than in 2023.
“In low-income countries, growth will accelerate to 5% in 2024, compared to 3.8% in 2023. For developed countries, growth is expected to reach 1.5% in 2024 and 1.7% in 2025,” said the founder of Experts Club.
Maksym Urakin summarized that despite the decline in food and energy prices, core inflation will remain high in the medium and long term.
Ukraine’s foreign trade
In January-June 2024, Ukraine’s foreign trade balance in goods deteriorated by 24.4% compared to the same period in 2023, reaching a negative value of $13.606 billion. Merchandise exports increased by 0.3% to $19.589 billion, while imports increased by 9% to $33.205 billion. The main export items include agricultural products, metals, and machinery, while the main imports are energy and chemicals.
Conclusion.
The Ukrainian economy and the global economy are facing uncertainty. It is important to monitor changes in macroeconomic indicators to assess the prospects for further development and adaptation to new economic conditions.
Trends in the global and Ukrainian economies can be tracked via the Experts Club information and analytical channel – https://www.youtube.com/@ExpertsClub
The Ukrainian Grain Association (UGA) opposes another increase in railroad tariffs for grain transportation, as it will further hit farmers who have already suffered $80 billion in losses due to Russia’s armed aggression, the association said in a statement.
The UGA recalled that in 2021-2022, Ukrzaliznytsia (UZ) significantly increased tariffs for grain transportation, which led to a 96% increase in the cost of grain transportation. Subsequently, with the outbreak of war, the company resorted to raising tariffs due to a drop in transportation volumes.
“Indeed, during the blockade of Ukrainian seaports by Russia, grain transportation in their direction dropped significantly. However, with the opening of the Ukrainian sea corridor, grain exports from the country’s ports have almost recovered to pre-war levels, and, accordingly, the volume of grain transportation by rail to ports has increased,” the business association noted.
The UGA argues that the 11% increase in grain transportation tariffs proposed by UZ will hit Ukrainian farmers hard, who are suffering losses due to the war, lower global grain prices and lower crop yields this year. This move will make the price of grain uncompetitive on the global market, as exporters will be forced to reduce their purchase prices due to the rising cost of logistics, and as a result, farmers will suffer even greater losses.
At a time when the agricultural sector is one of the drivers of the Ukrainian economy, ensuring food and economic security for a country at war and in dire need of tax revenues, its losses will lead to a drop in production and exports. As a result, tax revenues to the state budget will decrease, and the country will face a shortage of funds to finance the Armed Forces and purchase weapons, the association states.
At the same time, the UGA welcomes UZ’s proposal to unify freight transportation, as the transportation of a ton of cargo costs the same, regardless of whether it is grain or coal. For many years, the Association has been pushing for the unification of railroad transportation tariffs.
According to the UGA, with the opening of the Ukrainian sea corridor, Ukrzaliznytsia has significantly expanded its freight transportation base and increased its own revenues. Therefore, the best way to avoid unprofitability is for the company to optimize costs and improve the efficiency of production processes.
In January-June 2024, PJSC “Insurance Company ‘ARX’ (ARX, Kyiv) collected gross insurance premiums in the amount of UAH 1.955 billion, which is 14.38% more than in the same period a year earlier, according to the website of RA ‘Standard-Rating’ on updating the company’s credit rating/financial strength (reliability) rating at the level of ‘uaAAA’ on the national scale for 6 months. 2024.
It is noted that revenues from individuals increased by 7.93% to UAH 1.145 billion, and from reinsurers – by 2.13 times to UAH 5.789 million. Thus, in the first half of 2024, the share of individuals in the insurer’s gross premiums amounted to 58.58%, and the share of reinsurers – 0.30%.
Insurance payments sent to reinsurers in the first half of 2024 compared to the first half of 2023 increased by 34.43% to UAH 50.028 million, and the ratio of their participation in insurance premiums of IC “ARKS” increased by 0.38 p.p. to 2.56%.
The RA also notes that net written premiums increased by 13.94% to UAH 1.905 billion, and net earned premiums increased by 23.50% to UAH 1.902 billion.
The volume of insurance payments made by the insurer in the first half of 2024 compared to the same period in 2023 increased by 36.83% to UAH 856.077 million, the level of payments increased by 7.19 percentage points to 43.79%.
According to the results of the first six months, the company’s profit from operating activities amounted to UAH 53.192 million, and net profit amounted to UAH 287.453 million.
As of July 1, 2024, the company’s assets increased by 7.10% to UAH 4.750 billion, equity showed an increase of 13.18% to UAH 2.468 billion, liabilities increased by 1.21% to UAH 2.282 billion, cash and cash equivalents increased by 45.15% to UAH 284.967 million.
Thus, as of the beginning of the second half of 2024, 12.49% of the company’s liabilities were covered by cash and cash equivalents. At the same time, as of the reporting date, the insurer made financial investments in the amount of UAH 3.09 billion, which consisted of domestic government bonds and government bonds (90.46% of the investment portfolio) and deposits in banks with investment grade credit ratings (9.54% of the portfolio).
ARKS Insurance Company is part of the international insurance holding Fairfax Financial Holdings Ltd. The company has been a leader in the hull insurance segment of the Ukrainian market for 13 years.
