On Thursday, the European Union will hold elections to the European Parliament (EP), which will last until June 9.
The Netherlands will hold elections on June 6. Ireland – on June 7. Latvia, Malta, and Slovakia – on June 8. The Czech Republic will vote on two days: June 7 and 8, and Italy – June 8 and 9. The rest of the EU states are holding elections on June 9.
More than 370 million European citizens are eligible to vote in 27 EU countries to elect 720 members of the European Parliament.
These elections are held in one round and are intended to determine the national contingents of representatives – members of the European Parliament. Voting is conducted on full lists of candidates nominated by political parties or coalitions. Lists that do not receive 5% of the votes do not get into the EP.
The first estimates of the new composition of the European Parliament will be published on June 9 around 20:15-20:30 Brussels time (21:15-21:30 Kyiv time). The preliminary results are expected between 23:15 and 23:30 (00:15 and 00:30 CET, June 10).
The EP plenary session is scheduled for July 16-19 in Strasbourg. The elected MEPs will gather to structure political factions, elect the leadership of the European Parliament and distribute other organizational posts.
After that, the leaders of the EU countries and the European Parliament will elect the President of the European Commission (EC) and form the EC Executive Board – 27 European Commissioners.
In order to be elected as the head of the EC, a candidate must first receive the support of a qualified majority of the leaders of the 27 EU countries. After that, he or she must receive at least 361 votes from the 720 new members of the European Parliament.
The current head of the European Commission, Ursula von der Leyen, has already announced her desire to run for a second presidency. In early March, the center-right European People’s Party, which has the largest faction in the European Parliament, approved her candidacy for a second term as head of the European Commission during the Congress.
Earlier, Experts Club presented an analytical material on the most important elections in the world in 2024, more detailed video analysis is available here – https://youtu.be/73DB0GbJy4M?si=eGb95W02MgF6KzXU
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According to preliminary estimates of the National Bank of Ukraine (NBU), Ukraine’s international reserves in May decreased by 7.9%, or $3.4 billion, to $39 billion 033.8 million.
“This dynamics is due to the NBU’s foreign exchange interventions to ensure exchange rate stability and the country’s debt payments in foreign currency, which were partially offset by proceeds from the placement of foreign currency domestic government bonds (foreign currency government bonds) and from international partners,” the NBU website explained on Thursday.
Earlier, the Experts Club think tank and Maxim Urakin released a video analysis of the macroeconomy in Ukraine and globally, more detailed video analysis is available here – https://youtu.be/P_-qI9k9Xjc?si=nIQFriaWTYRqdvkU
The National Bank clarified that in April, its net sales of foreign currency amounted to $3.08 billion, which is 30.7% more than in the previous month: The NBU sold $3.09 billion in the foreign exchange market and bought back $11.1 million in reserves.
“This is due to the growth in demand in the foreign exchange market, primarily against the backdrop of increased government spending due to the rhythmic flow of foreign aid in March-April,” the central bank explained the dynamics.
In addition, the current volume of reserves was affected by revenues in favor of the government and payments for servicing and repaying public debt.
In May, $143.1 million was transferred to the foreign currency accounts of the Cabinet of Ministers, while $412.3 million was allocated for the servicing and repayment of the public debt.
It is noted that Ukraine also paid $240.8 million to the International Monetary Fund (IMF).
The central bank added that the volume of reserves was positively affected by the revaluation of financial instruments, adding $216.1 million.
“The current volume of international reserves provides financing for 5.1 months of future imports,” the regulator said.
As reported, Ukraine’s international reserves in April decreased by 3.1%, or $1.4 billion, after reaching a historic high of $43 billion 762.7 million in late March due to record external receipts of more than $9 billion for the month.
On April 25, the NBU raised its reserve forecast for the end of this year to $43.4 billion from $40.4 billion and to $44.3 billion from $42.1 billion at the end of next year.
Earlier, Experts Club and Maksym Urakin released a video analysis on the macroeconomy of Ukraine and the world in 2024, more detailed video analysis is available here – https://youtu.be/P_-qI9k9Xjc?si=nIQFriaWTYRqdvkU
Sukha Balka mine (Kryvyi Rih, Dnipropetrovs’k region), part of Aleksandr Yaroslavsky’s DCH Group, commissioned a new longwall at Yubileynaya mine in early May.
According to the DCH Steel corporate newspaper, on Thursday, May 8, miners of the 17th section carried out the first explosion in block 34-36, located on the 1st floor of the Gnezdo 1-2 deposit at a horizon of -1420 m. Ore reserves in the block amount to 244 thousand tons.
“Thanks to the high quality of ore, the mine operated steadily in May and ensured stable operations in June,” the company said in a statement.
It also specifies that self-propelled equipment, namely a DERUI loading and delivery machine, was used to perform the cutting operations.
“The mine employees made every effort to deliver the block on time and with a good grade. Thanks to this, Yubileynaya Mine can confidently work on ore production in the near future,” said Vladimir Moiseichenko, head of the mine’s production department.
It is also reported that in the first quarter of 2024, the mine increased the payment of taxes and fees to the budgets of all levels by 45% to UAH 81 million compared to the same period last year. At the same time, the rent for the use of subsoil for mining increased significantly, by almost 2.5 times to UAH 42.5 million. The amount of the unified social tax remained at the level of the first quarter of 2023 and amounted to UAH 16.4 million.
Sukha Balka mine is one of the leading mining companies in Ukraine. It produces iron ore by underground mining. It includes Yubileynaya and Frunze mines.
DCH Group acquired the mine from Evraz Group in May 2017.
According to the third quarter of 2023, Yaroslavsky, who is designated as a non-resident of Ukraine (British citizen – IF-U), directly owns 77.4193% of the mine’s shares, while resident individual Artem Aleksandrov owns 20%.
The authorized capital of Sukha Balka PrJSC is UAH 41.869 million, with a share par value of UAH 0.05.
Ukrainian tech retailer Foxtrot reported a 35% increase in turnover in the first quarter of 2024 compared to the same period last year.
“The market of household appliances and electronics has recovered almost to pre-war levels. We see this in numbers and as the number of our customers grows (almost 220 thousand in three months), their needs and expectations from the company change. Therefore, our goal is to be close to them and offer the most profitable and convenient solutions while remaining a socially responsible business and employer, supporting our defenders and civilians,” Foxtrot CEO Oleksiy Zozulya was quoted as saying in the company’s release.
According to the company’s press service, this spring, the share of online sales increased by 20%, and Foxtrot.ua traffic grew by 21%.
In general, the largest growth is demonstrated by the categories of large (+51%), small (+44%) household appliances and TVs (+34%). According to the company’s analysts, this indicates a moderate increase in consumer sentiment, when most Ukrainians have adapted to wartime conditions and buy not only household essentials, but also coffee machines, washing machines, and TVs.
In the first quarter of 2024, Foxtrot opened four new stores in Chernihiv, Stryi (Stryi City shopping center), Odesa (Ostrov shopping center), Kryvyi Rih (Victory Plaza shopping center), and reopened a store in Dnipro in the Appolo shopping center after a missile attack.
In the first quarter of 2024, Foxtrot paid UAH 207 million in taxes and fees to the state budget. The amount of assistance to the Ukrainian Defense Forces increased by UAH 8.5 million. In addition to the current monthly deliveries of equipment to the defenders, in March the company initiated an additional purchase of 60 FPV drones for a total of UAH 1 million for three combat units of the Armed Forces of Ukraine. Currently, Foxtrot’s total contribution to the country’s defense capability is UAH 35 million.
“Foxtrot is one of Ukraine’s largest omnichannel retail chains in terms of the number of stores and sales of electronics and home appliances.
By the end of May, Foxtrot was represented by 124 stores in 67 cities of Ukraine, including the only major electronics retailer in Kherson, Kramatorsk, Sloviansk and Pokrovsk, which are located near the frontline. Currently, 100% of the stores are energy-independent, which makes it possible to operate uninterruptedly during power outages.
The Foxtrot brand is developed by the Foxtrot group of companies. The co-founders are Valery Makovetsky and Gennady Vykhodtsev.
On Friday, June 7, Emmanuel Macron and Volodymyr Zelenskyy will sign two agreements to provide Ukraine with €650 million in loans and grants, in particular to support local authorities and critical infrastructure, the Elysee Palace said on Wednesday, Le Monde reports.
The first agreement will reportedly provide the French Development Agency with “€400 million in loans and €50 million in grants until 2027” to “expand its activities in Ukraine” by providing support in the energy and transport sectors, in particular “to develop administrative capacity.”
The second agreement concerns the creation of a “support fund” for critical infrastructure, which will be invested with €200 million euros “to support French companies in future tenders (…) in the energy, transport, water and sanitation, health and agriculture sectors”.
It is noted that “these funds will be used to finance large projects, strengthen or replace failing energy infrastructure” as it is the object of special attention from Moscow.
Real GDP in 2021-2025 (forecast)
Source: Open4Business.com.ua and experts.news