Business news from Ukraine

Business news from Ukraine

El Salvador remains world’s leading government-led crypto experiment

According to Fixygen, El Salvador remains the world’s leading government-led crypto experiment: after President Nayib Bukele made Bitcoin legal tender alongside the dollar in 2021, the country has made cryptocurrency a part of its economic and political identity. However, in January 2025, the country’s parliament swiftly amended the Bitcoin law following a $1.4 billion agreement with the IMF: accepting BTC became voluntary for the private sector, while the government made it clear that it would not abandon its strategy of accumulating Bitcoin in reserves.

In essence, El Salvador now operates under a hybrid model. Bitcoin is no longer imposed on businesses as a mandatory means of payment; taxes must be paid in U.S. dollars; and the state’s role in the Bitcoin project itself has been formally limited by the terms of the IMF program. The fund’s materials explicitly state that amendments to the law removed key features of mandatory legal tender: accepting BTC became voluntary, paying taxes in Bitcoin was abolished, and the public sector’s involvement must be restrained.

At the same time, Bukele and his team have not abandoned the crypto initiative. As early as December 2024, the National Bitcoin Office stated that the country would continue to purchase BTC for strategic reserves, and in August 2025, Reuters reported that El Salvador already held approximately $682 million in Bitcoin and was transferring reserves from a single address to several new wallets to enhance security and transparency. The Bitcoin Office’s public tracker remains active, and industry aggregators citing the office’s data currently estimate the country’s holdings at approximately 7,500 BTC.

In terms of the actual use of cryptocurrency within the country, the experiment has become much more pragmatic than it was in 2021–2022. Formally, Bitcoin has not disappeared from the government’s agenda, but the practical model has shifted from the idea of “Bitcoin as everyday money” to the concept of “Bitcoin as a reserve and image asset of the state.” This allows El Salvador to maintain its status as a global crypto icon without directly conflicting with the terms of international financing. This conclusion follows from a comparison of the January amendments, the terms of the IMF program, and subsequent government statements regarding the continued accumulation of BTC.

At the macro level, the country’s financial situation in 2025 appeared more stable than in previous years. The IMF approved a 40-month $1.4 billion EFF program for El Salvador, and the total expected external support package was estimated at over $3.5 billion.

Following the first review of the program, the Fund reported that key fiscal and reserve targets had been met and announced the allocation of an additional $118 million, bringing the total amount of funds already disbursed to approximately $231 million.

The economy is not in crisis, but it is not experiencing explosive growth either. According to IMF estimates, El Salvador’s GDP is expected to grow by 2.5% in 2025, and the World Bank anticipates similar growth in 2026. Inflationary pressure remains moderate: the World Bank noted that inflation fell to 0.9% in 2024, and in 2025, prices remained generally stable compared to the first half of 2024; the IMF projected inflation of around 1% in 2025.

Fiscally, the country also looks better than it did a couple of years ago, although the debt burden remains high. The World Bank noted that El Salvador’s public debt peaked at 88.9% of GDP in 2024. At the same time, the government is implementing strict fiscal consolidation: the IMF expects a primary surplus of 1.9% of GDP by the end of 2025, and sovereign spreads, according to the fund, have narrowed from over 700 basis points at the end of 2023 to approximately 390 b.p. b.p. in June 2025.

The bottom line for the crypto market is this: El Salvador no longer looks like a country where Bitcoin is set to replace the dollar in the everyday economy, but it remains a country where BTC is embedded in the state strategy, national brand, and reserve policy. For the market, this is an important signal—Bukele’s model is not dead, but has transitioned from a phase of radical experimentation to a phase of more cautious, yet still demonstrative, crypto sovereignty.

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On April 23, Obolon shareholders will decide to allocate all profits toward development

The Supervisory Board of PJSC Obolon (Kyiv), one of Ukraine’s largest beer and beverage producers, is proposing to shareholders at the remote annual general meeting on April 23 to allocate 100% of net profit for 2025 to the company’s development, according to a notice in the information disclosure system of the National Securities and Stock Market Commission (NSSMC).

According to the published agenda, it is proposed to approve the results of financial and economic activities and the supervisory board’s report for the past year, as well as to amend the articles of association and the regulations on the supervisory board by adopting new versions of these documents.

Shareholders are also to terminate the powers of the current members of the supervisory board—Serhiy Bloshchanevych, Kateryna Vannikova, Valeriy Peik, Lyubov Onyshchuk, and Andriy Yareshko—and elect a new composition.

Additionally, by a resolution dated March 12 of this year, the supervisory board re-elected Igor Bulakh (who holds 0.0372% of the authorized capital) as CEO of PJSC “Obolon.” The CEO’s term has been extended for three years, effective April 8, 2026.

According to data from the Opendatabot service, PJSC “Obolon” increased its revenue by 7.45% in 2025—to UAH 13.74 billion compared to UAH 12.78 billion in 2024. At the same time, assets grew to UAH 10.73 billion, while total debt obligations amounted to UAH 2.18 billion. The number of employees at the end of the year was 2,162, and the authorized capital was UAH 32.512 million.

Obolon Corporation produces beer, non-alcoholic and low-alcohol beverages, mineral water, and snacks, and remains one of the country’s largest exporters of these beverages. It comprises a main plant in Kyiv and nine facilities across Ukraine’s regions. The company’s main brands are “Obolon,” Carling, Zlata Praha, Hike Premium, Zibert, Keten, Hardmix, BeerMix, “Desant,” “Zhigulivske,” “Zhivchik,” “Obolonska,” “Prozora,” and its line of low-alcohol beverages includes the brands Rio, “Gin Tonic,” “Vodka Lime,” “Cherry Whiskey,” “Rum Cola,” “Brandy Cola,” and Ciber.

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Kyivstar paid 13.6 bln hryvnias in taxes to state budget in 2025

Kyivstar, Ukraine’s largest telecommunications operator, paid over 13.67 billion UAH in taxes and fees to the state budget in 2025, a 12% increase from the previous year, according to a press release issued by the company on Wednesday.

According to the release, over the four years of full-scale war, the company’s total tax contributions exceeded 46.5 billion UAH, cementing Kyivstar’s status as the largest taxpayer in Ukraine’s telecom industry.

Previously, the company reported paying 12.3 billion UAH in taxes and fees for 2024 and 10.8 billion UAH for 2023.

According to data from the YouControl system, Kyivstar increased its revenue by 19.6% last year—to 43.81 billion UAH—while its net profit rose by 8.6%—to 12.31 billion UAH.

The Kyivstar Group’s annual consolidated financial statements, published recently, also noted that in 2025, income taxes increased by $10 million, or 15.6%, to $74 million.

“This increase was driven by higher taxable income for the year ended December 31, 2025, including approximately $18 million in taxable income related to the acquisition of Uklon,” the report stated.

“It is important for us to remain a reliable partner of the state: significant tax revenues, investments in the network, and strengthening its energy independence are our contribution to economic stability and uninterrupted connectivity for millions of people,” Kyivstar President Oleksandr Komarov is quoted as saying in the release.

The company also noted that since 2022, it has invested over 4.6 billion UAH in the procurement and maintenance of backup power equipment, and has allocated a total of 40.1 billion UAH in capital investments during this period toward infrastructure restoration, modernization, and the development of digital capabilities.

In addition, Kyivstar reported that last year it allocated 1.7 billion UAH to support the Armed Forces, subscribers, and the implementation of social projects, bringing the total amount allocated for these purposes since the start of the war to over 4.4 billion UAH.

It is noted that in 2025, the company launched a new charitable initiative—supporting pediatric intensive care units at the UNBROKEN Center based at the First Medical Association of Lviv, to which it allocated 15 million UAH.

As reported, as of the end of 2025, Kyivstar served approximately 22.4 million mobile subscribers and over 1.2 million fixed-line subscribers. The company is wholly owned by Kyivstar Group Ltd, whose shares are traded on the U.S. Nasdaq stock exchange and whose majority owner, in turn, is the telecommunications holding company VEON with an 83.6% stake.

In 2025, the Kyivstar Group increased its EBITDA by 30% to UAH 27 billion, with revenue growing by 30.3% to UAH 48.2 billion; including in the fourth quarter of last year, when EBITDA increased by 23.1% to UAH 7.2 billion, with revenue growing by 30.1% to UAH 13.5 billion.

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Ukraine to Participate in Brussels Book Fair on March 26–29

Ukraine will participate in the 55th Brussels Book Fair (Foire du Livre de Bruxelles), which will take place from March 26 to 29 in Belgium, according to the Ukrainian Book Institute (UBI).

“This will be Ukraine’s second time participating in this event; this year, it will be part of the collective booth of the European Union National Institutes for Culture (EUNIC). Ukrainian publications will be featured in the booth’s bookstore (Librairie européenne). And on Friday, March 27, there will be a discussion on the various levels of ‘translation’ of the Ukrainian experience—between the military and civilians, the post-totalitarian East and West, the languages of culture and politics—as well as on how to interpret one’s own history for an international audience,” the UIB statement reads.

It is noted that on March 27, from 2:00 to 3:00 p.m., a public discussion in French titled “Traduire le présent, défier le futur” will take place at the Place à l’Europe venue. Participants in the event include: veteran, writer, and translator Pavlo Matyusha; journalist and writer (Georgia), winner of the 2025 European Union Prize for Literature, Tea Topuria; Marilyn Josephson, international policy advisor to the President of the European Council and diplomat; Mykyta Moskaliuk, program and international project curator at the “Frontiera” Literary Platform (moderator).

Participants at the Brussels Book Fair include: Polish author Andrzej Sapkowski (“The Witcher”), French prose writer and playwright Philippe Besson (“Stop Your Fantasies”), Belgian writers Amélie Nothomb and Caroline Lamarche (finalist for the Goncourt Prize), and many others.
As reported, Ukraine is participating in The London Book Fair, which takes place from March 10 to 12. Twelve publishers and a literary agency are presenting their books at the national stand.

Ukraine will participate in the Leipzig Book Fair, which will take place from March 19 to 22.
In 2025, the Ukrainian national stand at the London Book Fair was represented by 14 Ukrainian publishers and literary agencies, featuring 199 titles of Ukrainian publications.

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Bogodukhiv Meat Processing Plant to Hold Meeting on April 9

JSC “Bogodukhiv Meat Processing Plant” will hold its annual general meeting of shareholders on April 9, 2026. For this Kharkiv-based meat producer, this will be the main annual corporate event, at which the results of the previous year’s operations are typically reviewed.

According to Opendatabot, the company was registered in October 1995 in Bohodukhiv, Kharkiv Oblast.

Its primary activity is the production of meat products; its authorized capital is 574,700 UAH, and its revenue in 2025 reached 134.17 million UAH.

https://www.fixygen.ua/news/20260318/bogoduhivskiy-myasokombinat-provede-zbori-9-kvitnya.html

 

Thailand’s Real Estate Market in 2026: Rising Foreign Demand and Dominance of Chinese Buyers

Thailand’s real estate market in 2026 is showing steady growth, largely due to the return of foreign buyers and the recovery of tourist traffic. After a downturn during the pandemic years, the sector has once again become one of the key drivers of the country’s economy.

The main segment of demand is concentrated in Bangkok, Pattaya, and Phuket. At the same time, it is the resort regions that are of primary interest to foreign investors, who are focused on both renting and purchasing homes for their own use.

According to regulators and developers, apartment prices in Bangkok average between $3,000 and $5,500 per square meter, depending on location and project class. In resort regions, the price range is wider: in Pattaya—from $1,500 to $3,500 per square meter, in Phuket—from $2,500 to $6,000 per square meter, though premium seaside projects can significantly exceed these levels.

Thai legislation restricts foreign participation but makes the market one of the most accessible in Asia: foreigners can own units in condominiums (up to 49% of the project’s total area) but cannot directly own land. This has shaped a market model where condominiums have become the primary product for foreign buyers.

Foreigners play a key role in Thailand’s market. According to the country’s Land Department, foreigners accounted for about 13% of all condominium transactions in 2024–2025, though their share is significantly higher in certain projects and locations.

Chinese citizens remain the largest group of foreign buyers, accounting for up to 40–50% of all transactions involving foreigners. They are followed by buyers from Russia, Myanmar, India, and European countries. In recent years, Russians have consistently ranked among the top three foreign buyers, particularly in Phuket and Pattaya.

Ukrainians are also present in the Thai market, primarily in the resort real estate and rental segments; however, their share is significantly lower and remains niche.

Thus, Thailand remains one of the real estate markets in Asia most dependent on foreign demand, where foreign capital largely determines price dynamics, especially in tourist regions.

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