Germany intends to allocate another EUR60 million for humanitarian aid to Ukraine, especially for the eastern regions, German Foreign Minister Annalena Burbock said.
She said this before a meeting with her EU counterparts in Brussels on Monday.
“Further humanitarian aid. As the federal government, we are allocating another EUR 60 million, especially for the east of Ukraine. Because there is still a lack of everything in eastern Ukraine,” she said.
Burbock emphasized that Ukrainians have been suffering under the Russian terrorist occupation for more than two and a half years, and Germany is trying to continue to deliver humanitarian aid to eastern Ukraine together with international partners.
She also noted that Russian terror specifically targets people and normal life in Ukraine.
“Our full support is even more important at this time. We want peace, and Ukraine needs support in all its dimensions to ensure peace,” Burbank said.
Eurohold Bulgaria AD (Eurohold) and Euroins Insurance Group AD (EIG) have officially filed an arbitration claim against the Romanian government with the International Center for Settlement of Investment Disputes (ICSID) in Washington, DC, for more than EUR 500 million, according to the EIG website.
According to the report, the arbitration proceedings were initiated due to the Romanian state’s failure to comply with its obligations under the bilateral investment treaty between Bulgaria and Romania, including its obligation to ensure fair and equitable treatment for companies. EIG has been one of the largest investors in the Romanian insurance market, with investments of approximately EUR 280 million.
Eurohold and EIG are seeking damages for the actions of the Romanian authorities, which have damaged EIG’s business in Romania and completely destroyed it in the case of Euroins Romania, the statement said.
As reported, on March 17, 2023, the Romanian financial authority ASF revoked the license of Euroins Romania, which led to the bankruptcy of the insurer in June 2023.
October 25, 2023. Eurohold and EIG sent a notice of dispute to the Romanian government requesting an amicable settlement in the Euroins Romania case, but the Romanian government did not use this option.
Eurohold and EIG are being advised in the arbitration proceedings by Pinsent Masons, a leading multinational law firm, and by Gingov, Guginski, Ketchukov and Velichkov (DGKV), one of the largest and most prominent law firms in Bulgaria.
Euroins Insurance Group (EIG) is one of the largest independent insurance groups operating in Central, Eastern and South-Eastern Europe, represented in Ukraine by Euroins Ukraine.
On May 15, 2024, a solemn presentation of the innovative trading house MENA TRADE HOUSE took place.
The opening of the project, created to intensify business processes between Ukraine and the MENA countries, a region that traditionally includes the Middle East and North Africa, was attended by more than 80 guests, representatives of the legislative and executive authorities of Ukraine, the diplomatic corps accredited in Ukraine, heads of large and medium-sized businesses seeking to develop international business projects with the countries of the Middle East and North Africa, representatives of domestic and foreign media.
The initiators of MENA TRADE HOUSE were Dr. Emad Ballak (member of ICC Ukraine) and Oleksiy Hrynevych, experts in business development in the global market. Alyona Rymaruk, Secretary General of ICC Ukraine, welcomed the participants of the meeting, Volodymyr Mykhailov, Vice President of ICC Ukraine, delivered a welcoming speech on behalf of ICC Ukraine President Volodymyr Shchelkunov and informed the distinguished gathering about the benefits and prospects of business cooperation with the ICC Ukraine.
The presentation of the innovative trade house MENA TRADE HOUSE was made by Dr. Emad Ballak and Oleksiy Hrynevych, who outlined the main activities of MENA TRADE HOUSE: among the main strategic tasks and goals that Ukraine currently faces in the region is the expansion of markets for its products and services. The MENA market has a large capacity and significant demand for goods that are produced or can be produced in Ukraine. The activities of the innovative trade house MENA TRADE HOUSE will be aimed at determining the practical form of Ukraine’s optimal presence in these markets, developing appropriate strategic business programs with the provision of certified consultants and experts to provide consulting support to companies entering the MENA market. A key condition for successful actions will be a clear understanding of the interests, capabilities and potential of key players in various industries and networking opportunities for international business.
The strategic directions of Ukraine’s business presence in the MENA countries and the main goal of the innovative trade house MENA TRADE HOUSE is to comprehensively represent Ukraine in the region, through commercial ties between business unions, associations and individual large state corporations, to expand opportunities for mutually beneficial trade and economic activities of all parties.
Detailed information about the innovative trade house MENA TRADE HOUSE, a list of forms of cooperation, methods of ensuring successful activity is available on the official website – MENA TRADE HOUSE MENA TRADE HOUSE – Your Gateway to MENA Markets and on the website of ICC Ukraine – www.iccua.org
84% of the American Chamber of Commerce companies in Ukraine have employees serving in the Armed Forces of Ukraine, said Andy Hunder, President of the American Chamber of Commerce.
“Today, 84% of the American Chamber of Commerce companies in Ukraine have employees serving in the Armed Forces of Ukraine. This means that 9 out of 10 companies have defenders,” he said at the Ministry of Veterans’ Summit “Veteran’s Path from Military Service to Civilian Life” in Kyiv on Monday.
According to him, the issue of veterans’ reintegration is a key one for ATP.
“It is important to create conditions in which these defenders will become economically active again, will be able to realize their knowledge and skills in peaceful life,” Gunder emphasized.
Oil prices are rising on Monday morning.
The cost of July futures for Brent on the London ICE Futures exchange as of 8:08 a.m. is $82.32 per barrel, which is $0.2 (0.24%) higher than at the close of the previous trading. On Friday, these contracts rose by $0.76 (0.9%) to $82.12 per barrel.
Futures for WTI for July in electronic trading on the New York Mercantile Exchange (NYMEX) have risen in price by this time by $0.28 (0.36%) to $78 per barrel. At the end of the previous session, the value of these contracts increased by $0.85 (1.1%) to $77.72 per barrel.
Last week, the international benchmark lost 2.2%, while the North American benchmark lost 2.3%.
The pressure on the quotes was exerted by fears that the US Federal Reserve will keep interest rates high for longer than expected, which would be a threat to demand in the event of a sharp economic slowdown.
This week, the latest value of the PCE index, the US central bank’s preferred inflation indicator, will be released. This data may affect its future policy.
In addition, on Sunday, the market is looking forward to the OPEC+ meeting, where leading oil producers are expected to extend production cuts until the end of the year.
Port changes in % to previous period in 2023-2024
Source: Open4Business.com.ua and experts.news
