The European Bank for Reconstruction and Development (EBRD) will provide an additional EUR300 million loan to Ukrzaliznytsia (UZ) for the purchase of 80 modern electric freight locomotives, the UZ press service said on Wednesday.
The agreement, which the company announced in late May, was backed by a memorandum between Ukrzaliznytsia, the EBRD and the Ministry of Community Development, Territories and Infrastructure, which was signed in Berlin on the sidelines of the Ukraine Recovery Conference (URC2024).
“The issue of renewing the locomotive fleet for Ukrzaliznytsia is critical and crucial (…) Obtaining new and high-tech electric locomotives will significantly increase the efficiency of freight transportation,” said Yevhen Lyashchenko, chairman of the board of UZ.
At the end of May, the company announced the allocation of a $190 million grant from the United States through the World Bank Trust Fund as part of the Restoration of Critical Logistics Infrastructure and Network Connectivity (RELINC) project.
The proposal for the purchase of 80 electric locomotives with a total value of about $400 million has already been published on the EBRD tender portal. The tender requirements stipulate that the winner, in addition to supplying the locomotives, must create conditions for their maintenance and warranty repair in Ukraine.
Almost every fifth fraud case goes to court this year
More than 38,000 cases were opened under Article 190 “Fraud” in the first five months of 2024, according to the Prosecutor General’s Office of Ukraine (PGO). This is 1.6 times more than in all of 2021. Almost one in five fraud cases went to court this year.
A record 38,204 criminal proceedings on fraud were opened in Ukraine in the first five months of 2024. This is already 1.6 times more than in all of 2021, when 23,847 cases were opened. Criminal proceedings for fraud increased by 10% compared to the same period last year.
Just over 7 thousand or 18% of all registered cases in 2024 went to court. More than 4.5 thousand cases were closed.
According to the National Bank of Ukraine, social engineering and phishing have traditionally remained the most popular methods of payment card fraud in Ukraine. To reduce the fraud pandemic and help citizens protect themselves from thieves, the NBU, together with the State Service for Special Communications and Information Protection of Ukraine, has launched an All-Ukrainian Payment Security Information Campaign. You can find out what rules you need to follow to protect yourself from thieves on a special project page.
The number of companies in the U.S. and Canada hit by cyber extortion has reached a record high in 2023, with unprecedented ransom demands, according to the report “Ransomware: a persistent problem in cyber insurance claims” by global insurance broker Marsh, according to its website.
It notes that nevertheless, as cybercriminals become bolder in their requests, more companies are refusing to pay.
Overall, 21% of Marsh’s clients reported cyber events in 2023, the vast majority of which were privacy claims and system attacks leading to unauthorized access and potentially exposed data.
According to Marsh , this rate has remained fairly stable over the past five years – between 16% and 21% – suggesting in part that companies’ cyber controls are keeping pace with the increasing sophistication and frequency of cyberattacks.
However, a record 282 ransomware incidents were reported to Marsh in 2023, a 64% increase from 2022. Although ransomware accounts for only 17% of all filed cybercrimes, ransomware remains a major concern for organizations given its increased frequency, sophistication, and potential severity.
Indeed, the average ransom demand rose to $20 million in 2023 from $1.4 million, while the average payment made was $6.5 million, reflecting the effectiveness of ransomware negotiations, Marsh notes in the report.
Only 23% of its clients affected by cyber extortion in 2023 paid ransom. Most (77%) refused, reflecting a growing trend. In 2021, only 37% of Marsh’s clients rejected cybercriminals’ demands.
Italian Foreign Minister Antonio Tajani said that his country is ready to host and organize the 2025 Ukraine Recovery Conference, the Italian Foreign Ministry website reports.
“The Italian government is firmly committed to supporting the recovery and reconstruction of Ukraine, as evidenced by the wide and authoritative presence of our business community in Berlin. We have also put this issue at the center of our G7 presidency: we expect concrete results from the Conference and are ready to take over the organization of its holding in Italy in 2025,” Tayati said at the annual Ukraine Recovery Conference, which this time took place in Berlin.
The politician also added that Italy’s bilateral assistance amounts to more than two billion euros. This is the amount excluding military aid and the contribution to the pan-European aid.
“The 2025 Recovery Conference will be attended by heads of state and government from 77 countries: a total of about 1,800 participants are expected. 500 companies will be invited, including 150 from Germany, 150 from Ukraine and 200 from other participating countries,” the Foreign Ministry added.
IC “Express Insurance” (Kiev) in January-May this year collected insurance premiums in the amount of UAH 350 mln, which is 35,6% more than in the same period of 2023.
As it is specified on the website of the insurer, during this period 2,5 times more contracts were concluded than in five months of 2023.
Premiums on CASCO amounted to UAH 277,6 mln (+20,9% to 5 months of 2023), on MTPL – UAH 61,1 mln (2,9 times more), VHI – UAH 4,9 mln (+13,4%), on other types of insurance – UAH 6,4 mln (+2,1 times).
In May 2024, the company attracted UAH 82.3mn of premiums, which is 28% more than in May last year. Among them, CASCO premiums amounted to UAH 64.8mn (+13.8%), MTPL premiums – UAH 15.8mn (+149.5%).
As reported, during this period the company paid UAH 200 mln, which is by 64.3% or by UAH 78.1 mln more than the same indicator of 2023.
Including payments on CASCO amounted to UAH 170.3 million, or 61.7% of all payments, and payments on MTPL – UAH 24.7 million (+116.7%), on voluntary health insurance – UAH 2.4 million (-14.4%), payments on other insurance contracts – UAH 2.1 million (+12.08%).
Express Insurance” ALC was founded in 2008 and is a part of “UkrAvto” group of companies. The company specializes in car insurance. Since April 2012 it is an associate member of the Motor Transport Insurance Bureau of Ukraine.
The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) of the World Bank Group (WB) will provide $435 million in financing for the merged Datagroup-Vola-Lifecell following the completion of the acquisition of Ukrainian assets by France’s NJJ.
“On the sidelines of the Ukraine Recovery Conference (URC2024) in Berlin, we reached strategic agreements with the EBRD and IFC to finance the projects of the combined Datagroup, Volia and Lifecell for up to $435 million,” Datagroup-Volia CEO Mykhailo Shelemba wrote on Facebook on Tuesday evening.
According to him, the funds will be allocated after the acquisition and merger of the companies is finalized. They will be used to support the convergence of fixed mobile communications (FMC), increase investments in the combined network, and purchase licenses and equipment needed to expand fixed and mobile infrastructure.
“I thank the EBRD and IFC for supporting Ukraine and Ukrainian business in this difficult time of war. And once again, I thank NJJ Holding and personally (its owner – IF-U) Xavier Niel for their faith in Ukrainians and our development potential,” Shelemba wrote.
He noted that the entry of a global Western strategic operator into the Ukrainian telecom market and the financing of the merged company by international structures should have a positive impact on Ukraine’s economy: it will accelerate future growth, increase resilience in difficult military conditions and help bridge the country’s digital divide.
Earlier it was reported that the AMCU at its meeting on March 7 allowed DVL Telecom, a subsidiary of NJJ, to acquire control over Datagroup Holding Limited (Datagroup-Volya). At the same time, the Committee announced that it had found grounds for prohibiting DVL Telecom’s acquisition of control over the Turkcell-controlled Lifecell Group and requested additional information in April. Turkcell expects the deal with NJJ to be closed by the end of 2024.