According to the annual report published on the WSE, the Kernel agricultural holding reduced its capital investments in the 2025 financial year by almost half — to $73 million compared to $143 million a year earlier.
According to Andriy Verevsky, 2025F was one of the most difficult periods: due to poor harvests and reduced stocks, farmers held back their products in anticipation of price increases.
“The EBITDA margin fell from $121 to $66 per tonne as a result of aggressive behaviour by producers who speculated on future prices,” he said.
Kernel is Ukraine’s largest exporter of agricultural products, controlling about 10% of the global sunflower oil market and 27% of Ukrainian exports. Its main assets are terminals in the Black Sea basin, oilseed processing plants, and a logistics network across the country.
As reported by the Serbian Economist, Vučić said: “We can hold presidential and parliamentary elections together” already in 2026.
Serbian President Aleksandar Vučić announced that he will not run for another presidential term and also allowed the possibility of holding early elections as soon as 2026.
“I officially have about a year and a half left until the end of my mandate. But it will probably last shorter — we can hold presidential and parliamentary elections together,” Vučić said.
He emphasizes that he does not intend to change the Constitution to extend his rule.
Vučić’s current presidential term officially ends in 2027, but he allows that elections could be scheduled as early as December 2026 or even earlier.
In part of his statements, he criticized the opposition, saying its representatives are “immature and irresponsible” and “do not learn from their own mistakes.”
Aleksandar Vučić has held key state positions in Serbia since the early 2010s. In particular:
• He became President of Serbia on June 1, 2017.
• Before that, he led the government (as Prime Minister) and was the leader of the Serbian Progressive Party (SNS) for many years.
Source: https://t.me/relocationrs/1522
Ferrexpo plc, a mining company with its main assets in Ukraine, produced 2 million 808,594 thousand tons of pellets in January-September this year, which is 38.5% less than in the same period last year (4 million 567,168 thousand tons).
According to the company’s press release on Monday, total production of commercial products (pellets and iron ore concentrate) for the first nine months of 2025 increased by 0.9% to 5 million 67,888 thousand tons. In particular, the output of commercial concentrate amounted to 2 million 259,294 thousand tons against 457,264 thousand tons, respectively. The company also produced 81,787 thousand tons of DR pellets (326,168 thousand tons in the first nine months of 2024) and 2 million 726,807 thousand tons of premium pellets (a decrease of 35.7%).
The press release notes that due to the ongoing suspension of VAT refunds, the total amount of VAT withheld currently stands at $47 million. Due to the resulting reduction in financial liquidity, the group was forced to reduce production to a single rolling mill line, but was able to increase production of low-alumina Fe67% concentrate to meet demand from Chinese customers.
As a result, total commercial production for the quarter reached 1.51 million tons, up 3% from 1.46 million tons in the second quarter and down 29% from 2.1 million tons in the first quarter.
It is also noted that the group continued to work actively to reduce overall cash expenditures. This included reducing working hours for employees, continuously reducing purchases of goods and services, and suspending all non-essential capital expenditures, overhead costs, and corporate social responsibility (CSR) expenses.
Commenting on the group’s performance, interim CEO Lucio Genovese noted that the third quarter of 2025 was the first quarter in which the company fully felt the impact of the Ukrainian tax authorities’ decision to suspend VAT refunds to Ukrainian subsidiaries.
“Despite the further reduction of pelletizing capacity to one line, we achieved a total production volume of 1.5 million tons for the quarter. Production for the first nine months of 2025 was comparable to the same period last year, totaling 5.1 million tons. High demand from Chinese customers for our high-quality low-alumina concentrates allowed us to increase production by 36% compared to the previous quarter and almost four times since the beginning of the year compared to the same period last year,” the top manager said.
At the same time, he pointed out that the tax authorities’ refusal to refund VAT remains the most important problem for the business. He recalled that the group had received official notifications from the tax authorities about the suspension of VAT refunds from March 2025 for the period beginning in January 2025. Similar notifications were received every month until July, and the total amount of unrecovered VAT for this period is $47 million. If VAT refunds are also suspended for August and September, the estimated total amount of unrecovered VAT will be $58 million.
At the same time, cost-cutting measures introduced in the second quarter continued in the third quarter. At the end of September, approximately 20% of employees were on leave or had reduced working hours.
During the third quarter, VAT issues were exacerbated by Russia’s intensified air attacks on Ukraine’s railway network and domestic energy infrastructure. These issues create additional challenges in managing operations and logistics.
Ferrexpo produced 2 million 169,631 thousand tons of rolled products in the first half of 2025, which is 34.2% less than in January-June 2024 (3 million 297,441 thousand tons). Total production of commercial products in the first half of 2025 decreased by 9% compared to the first half of 2024, to 3 million 393,135 thousand tons. In particular, the output of commercial concentrate amounted to 1 million 223,504 thousand tons against 429,865 thousand tons, respectively. The company also produced 81,787 thousand tons of DR pellets (in the first half of 2024 – 162,645 thousand tons) and 2 million 87,844 thousand tons of premium pellets (a decrease of 33.4%).
In Q1 2025, Ferrexpo produced 1 million 347,749 thousand tons of pellets, which is 26% less than in January-March last year (1 million 813,973 thousand tons). At the same time, total production of commercial products (pellets and iron ore concentrate) in Q1 2025 increased by 3% compared to Q1 2024, reaching 2 million 125,467 thousand tons. In particular, the output of commercial concentrate amounted to 777,718 thousand tons, compared to 240,516 thousand tons in Q1 2024. The company also produced 81,879 thousand tons of DR pellets (not produced in Q1 2024), 1 million 105,049 thousand tons of premium pellets (a decrease of 36%), and 160,913 thousand tons of other pellets (an increase of 95%).
In 2024, Ferrexpo increased its production of pellets by 58% compared to 2023, from 3 million 845,325 thousand tons to 6 million 70,541 thousand tons.
Ferrexpo owns 100% of Yeristovsky GOK LLC, 99.9% of Bilanovsky GOK LLC, and 100% of Poltavsky GOK PJSC.
The AVK confectionery factory (Dnipro) was sold on September 15 through the OpenMarket electronic trading system – SETAM for debts, and its owner became the Kyiv-based Ilaris LLC, according to the auction website.
According to the SETAM website, the auction included the factory premises with an area of 37,847 thousand square meters worth UAH 92 million, two diesel locomotives with three cars, and 14 loaders. The starting price was UAH 1,262,639,922.64.
Eight participants took part in the auction. Four bids were rejected at the start due to non-payment of the guarantee deposit.
Ilaris LLC won the auction with a bid of UAH 50.004 million for the lot.
Ilaris was registered on August 4, 2025. It specializes in the rental of real estate. Its authorized capital is UAH 50. The company employs one person. The ultimate beneficiary is Marina Rytska. She also owns 18 companies specializing in the rental and operation of owned or leased real estate.
As reported, the decision in case No. 905/2852/16 on the bankruptcy of PJSC “AVK,” adopted on July 8 by the Commercial Court of Donetsk Region, was published in the Unified State Register of Court Decisions on July 12, 2021. The regional commercial court, composed of Judge Maxim Leiba, considered in open court the case materials on the application of the creditor LLC “Rustok” (Donetsk) to the debtor – PJSC ‘AVK’ with the participation of representatives of creditors JSC “Oschadbank”, Prominvestbank PJSC, and Raiffeisen Bank Aval JSC.
Based on the results of an analysis of the financial and economic condition of the enterprise conducted in 2020, the court established that the level of solvency loss of AVK over the past three years excludes the possibility of applying the reorganization procedure to the debtor. The debtor’s financial and economic condition is characterized by supercritical insolvency, and therefore, creditors’ claims can only be satisfied through liquidation proceedings.
The Commercial Court then clarified that the ruling would take effect on July 8, 2021, and could be appealed in the Eastern Commercial Court of Appeal through the Commercial Court of Donetsk Region by filing an appeal.
By a decision dated October 20, 2016, the Commercial Court of Donetsk Region opened bankruptcy proceedings against AVK at the request of Rustok LLC (Donetsk) and initiated the procedure for disposing of the debtor’s property for a period of 115 calendar days.
After the announcement of bankruptcy was published in October 2016, the following entities filed monetary claims with the court for a total amount of UAH 2.2 billion: PIB – UAH 1.9 billion, VBR – UAH 638.8 million, Raiffeisen Bank Aval – UAH 521.9 million, and Oschadbank – UAH 5.1 thousand.
The Commercial Court of Donetsk Region repeatedly postponed the consideration of the AVK bankruptcy case, in particular due to economic expert examinations, and also closed the case in connection with the filing of appeals by AVK and Oschadbank to the Higher Commercial Court, which were rejected in May 2017 and July 2018, respectively.
AVK is one of the largest confectionery manufacturers in Ukraine, founded in 1991. AVK is owned by Volodymyr Avramenko and Valery Kravets. It includes a confectionery factory in Dnipro. It also owned factories in Donetsk and Luhansk, control over which has been lost.
AVK produces a wide range of products: chocolate, caramel products, cookies, waffles, croissants, and salty snacks. The company exports its products to more than 60 countries around the world.
The ultimate owners of AVK are Valery Kravets and Vladimir Avramenko, who currently reside in the Kyiv region. Avramenko was a member of the Ukrainian parliament from the Donetsk region from 2002 to 2006. Kravets served as Minister of Agrarian Policy and Food of the Autonomous Republic of Crimea from November 2010 to April 2013. The co-owners of AVK Confectionery are Volodymyr Avramenko and members of his family.
Prominvestbank belonged to the Russian state-owned company VEB.RF (formerly Vnesheconombank). In 2022, Prominvestbank in Ukraine was nationalized and removed from the market. Accordingly, the proceeds from the sale of property in Dnipro will be received by the Deposit Guarantee Fund (DGF), which manages the bank in liquidation. The funds will be used to settle with the creditors of Prominvestbank, which was operating at a loss.
Number of unemployed in Ukraine and job opportunities, 2024-2025
Source: Open4Business.com.ua
In the Czech Republic, Andrej Babiš and his ANO party won the parliamentary elections on October 3–4, 2025, receiving about 34.7% of the vote. Petr Fiala’s party, which previously led the Spolu coalition, came in second with ~23.4% of the vote. The election results were analyzed by the Experts Club information and analytical center.
Babiš faces a difficult task in forming a coalition: his party did not win a single-party majority, and cooperation with right-wing and populist parties — the SPD (Freedom and Direct Democracy) and the Motorists movement — is being considered.
Babiš has promised to increase social benefits, reduce taxes, and focus more attention on intra-European issues. He has repeatedly criticized substantial military and material assistance to Ukraine and promised to review the Czech Republic’s participation in the initiative to supply ammunition to Kyiv. At the same time, Babiš is trying to position himself as a pro-European politician, although his rhetoric often aligns with nationalist and Eurosceptic forces.
Several possible consequences for Ukraine can be identified from the results of the Czech elections:
1. Reduction of preferential support and military aid. The new government may seek to reduce the Czech Republic’s contribution to collective assistance to Ukraine or review its financial commitments, especially regarding the ammunition supply program. Babiš has already stated that he intends to “reduce support.”
2. A change in diplomatic tone. The Czech Republic may shift the focus of its foreign policy away from confrontation with Russia, especially if the government seeks more pragmatic relations within the EU and Central Europe.
3. Increased influence of right-wing and populist movements in the region. Babiš’s victory could stimulate the growth of nationalist and Eurosceptic parties in neighbouring countries and increase tensions over Kyiv’s policies in Central Europe. The Czech Republic may join the camp of countries that criticise sanctions or delay common European decisions.
4. Risks for Ukraine’s integration. The Czech Republic’s change of course could affect support for Ukraine within the EU, influence “stabilization funds,” and lobbying for European support at the pan-European level.
The current changes in the Czech Republic are a key indicator of how quickly the political landscape of Central Europe is changing. It is important for Ukraine to monitor the format of the coalition that will be formed and the foreign policy program of the new Czech cabinet.
Earlier, the Experts Club information and analytical center called the elections in the Czech Republic one of the most important in the world in 2025. A video about elections around the world is available on YouTube:
