Business news from Ukraine

Business news from Ukraine

TOM TUGENDHAT DROPPED OUT OF BRITISH CONSERVATIVE LEADERSHIP RACE, RISHI SUNAK LEADS

Tom Tugendhat, Chairman of the Foreign Affairs Committee of the House of Commons of the British Parliament, had to leave the electoral race and drop out of the struggle for the post of Prime Minister of the country following the results of the third round of the election of the new leader of the Conservative Party of Great Britain.

Former finance minister Rishi Sunak received the most support with 115 votes. In addition to him, three more candidates continue to fight – Junior UK Trade Policy Minister Penny Mordaunt (82 votes), Foreign Minister Liz Truss (71 votes), former Minister for Equality and Local Self-Government Kemi Badenoch (58 votes).

The results of the vote were announced by the head of the so-called “committee 1922” (a parliamentary group from the Conservative Party in the House of Commons of Great Britain), Sir Graham Brady, on the air of Sky News. According to him, Tugendhat received the fewest votes (31), and therefore left the race.

Sky News notes that in this round, Sunak secured 14 votes, Truss received seven votes, Badenoch – nine. Mordaunt, in turn, lost one vote compared to the results of the second round of elections.

Last week, former British Foreign Secretary Jeremy Hunt, Treasury Secretary Nadhim Zahavi and Attorney General Suella Braverman dropped out of the fight in the first and second rounds of elections. At the same time, Hunt and Zahavi failed to overcome the bar of 30 votes required to enter the second round.

The process of choosing a new party leader started on 13 July. The Conservative Party will hold a series of ballots until only two candidates remain. After that, party members will have to choose their leader before a deadline set by the “1922 committee” (the Conservative party parliamentary group in the UK House of Commons).

On July 8, British Prime Minister Boris Johnson announced that he agreed to resign, but after the Conservatives elect a new party leader.

Johnson has been Prime Minister of the UK since 24 July 2019.

British media believe that the main reason for Johnson’s impending resignation is a number of scandals, in which he has become a defendant in recent months.

UKRAINIANS IN POLAND WILL BE ABLE TO MAINTAIN TAX RESIDENCY IN UKRAINE WITHOUT PAYING TAXES IN POLAND

Ukrainians in Poland will be able to maintain Ukrainian tax residency without paying taxes in the host country from income received in Ukraine, the Better Regulation Delivery Office (BRDO) reported, citing an official letter from the Ministry of Finance of Poland in response to a request from BRDO and the IT Association of Ukraine.

“In May, BRDO and the IT Association of Ukraine appealed to the government of our state and the Ministries of Finance of Bulgaria, Germany, the Czech Republic, Hungary, Poland, Romania and Slovakia with a request not to change the tax residency of refugee entrepreneurs who ended up in these countries. The success of our advocacy is evidenced by clarification that we received the other day from the central executive authority of Poland,” the office said.

According to the letter of the Polish Ministry of Finance, Ukrainians will be able to retain tax residence in Ukraine and not pay taxes in the host country, if it is not about income from sources in Poland.

As reported, the European Business Association called on the government to resolve the issue of tax residence of Ukrainian citizens abroad, since staying outside the country for more than 183 days, they can be recognized as residents of the host country and there will be a risk of double taxation of income received in Ukraine.

,

Deputies sent bill on credit unions for re-reading

The Verkhovna Rada did not support bill No. 5125 on credit unions at a meeting on July 18 and sent it for a second second reading, People’s Deputy Yaroslav Zheleznyak said.
“They didn’t generally support (219) No. 5125 the new legislation on credit unions. They sent it to a second second (vote),” he wrote on the Telegram channel on Monday.
According to the report, 234 parliamentarians voted for such a decision, with the required 226 votes.

, ,

In next six months, euro against US dollar will fall to $0.90 – experts

The euro exchange rate against the US dollar will fall to $0.90 in the next six months against the backdrop of the political crisis in Italy and the reduction in Russian gas supplies, 69% of MLIV Pulse poll participants believe.
In addition, only 16% of respondents believe that Europe will be able to avoid recession in the next six months, Bloomberg quoted the results of a survey of 792 respondents.
Political problems in the euro zone’s third-largest economy could also lead to a fragmentation of the bond market, investors say. Thus, 21% of respondents believe that the spread between the yields of 10-year government bonds in Italy and Germany may exceed 500 basis points, updating the maximum since 2012.
In general, 41% of participants in the survey, conducted among portfolio managers and private investors, expect the beginning of the debt crisis in the eurozone in the next six months.

,

Ukraine completes ratification of Istanbul Convention

Ukraine has officially completed the ratification of the Istanbul Convention and sent respective documents to Deputy Secretary General of the Council of Europe Bjorn Berge.
Secretary General of the Council of Europe Marija Pejcinovic Buric has welcomed this fact.
“I warmly welcome Ukraine’s deposit today of the instrument of ratification of the Istanbul Convention. Ukraine is the 36th state party to this landmark treaty,” she said on Twitter on Monday.
The document will enter into force on November 1, 2022.

,

Cardboard and Paper Company raises production by 42.1%

Cardboard and Paper Company LLC (Lviv), a major Ukrainian manufacturer of cardboard tubes and sanitary and hygienic products, increased production by 42.1% in January-June compared to the same period in 2021, to UAH 501.28 million.
According to the statistics of the UkrPapir association provided to Interfax-Ukraine, in kind, over this period, the company increased the production of paper – the basis for sanitary and hygienic products – by 12%, to 3,440 tonnes, while increasing the production of toilet paper in rolls by 39%, to 2.1 million pieces.
At the same time, the output of cardboard products fell by 2.2%, to 12,840 tonnes.
According to the statistics of UkrPapir, the factory continued to work all months since the beginning of the year, reducing the production of paper and cardboard in March, but in April and May it already increased their production by 16.4% and 6.7%, respectively (compared to the same months last year), and in June by 7.7%.
Cardboard and Paper Company (before 2011 it was Lvivkartonoplast) produces goods and semi-finished products from recycled cardboard (cardboard sheets, corners, tubes) and cellulose paper (toilet paper, towels, napkins of White Line and Papero trademarks).
In 2021, the company produced products worth UAH 782.7 million, which is 46.7% more than in 2020.

,