The National Association Ukrtsukor has asked the Cabinet of Ministers to urgently establish a zero quota on sugar exports to the European Union for 2024 due to the achievement of the maximum volume stipulated by the EU decision for the export of Ukrainian sugar to these countries in 2024, the association reported on Facebook.
“In fact, we are talking about initiating the closure of Ukraine’s border for sugar exports to the EU as soon as possible due to the fact that sugar exports have already reached 262.6 thousand tons, defined as Ukraine’s quota for 2024,” the statement said.
“Ukrtsukor believes that such an appeal is a confirmation of the constructive position of Ukrainian sugar producers and their readiness to integrate into the European sugar market and meet its requirements.
The business association reminded that on May 13, 2024, the Council of the European Union approved the extension of temporary trade liberalization measures for Ukraine for another year, until June 5, 2025. At the same time, it provided for the application of an emergency braking mechanism for particularly sensitive agricultural products, in particular sugar, if imports of these products in 2024 exceed the average imports recorded in the second half of 2021 and throughout 2022 and 2023. Similar emergency braking measures may be applied in 2025 if, in the period from January 1, 2025 to June 5, 2025, the volume of Ukrainian exports exceeds 5/12 of the quota set for 2024.
From mid-May, the Austrian Ministry of Finance and the Austrian export credit agency OeKB (Oesterreichische Kontrollbank Aktiengesellschaft) will start accepting applications for export and investment insurance in Ukraine at the expense of a special fund for Ukraine created by the Ministry of Finance in OeKB through the budget law.
According to the Austrian agency’s press release, it is expected that EUR500 million will be allocated to cover operations in Ukraine over the next five years, and the attraction of funds from international financial institutions could make it possible to receive up to EUR1 billion.
“Approximately EUR100 million per year is earmarked for new business. This will also open up opportunities for Austrian exporters in the process of Ukraine’s recovery,” the Ministry of Finance said in a release.
It is indicated that as part of the existing and proven export promotion procedure, the Ministry of Finance is already facilitating export transactions worth EUR 3-5 million in Ukraine with payment terms of up to three years through OeKB.
It is noted that since funds are limited and the goal is to achieve a wide diversification of risks, in particular in the supported sectors, small and medium-sized public sector transactions based on a state guarantee will be possible at the first stage.
“This will allow us to make vital investments for Ukraine. These include the supply of drinking water and heat, the provision and rehabilitation of the transport sector with roads, bridges and rail infrastructure, as well as supply agreements and investments such as joint repair shops for buses, trams and trains,” commented Finance Minister Magnus Brunner.
Who are the top 10 banks by profit?
Ukrainian banks earned UAH 40.5 billion in 2024. Despite the increase in taxation, banks managed to earn 19% more than in the same period last year. Only 8 banks out of 63 suffered losses in Q1 2024.
Ukrainian banks earned UAH 40.5 billion in profit after tax in Q1 2024. Despite the fact that the tax rate increased from 18% to 25%, banks managed to earn 19% more than in the same period last year.
There are currently 63 banks operating in Ukraine, including 6 state-owned, 14 with foreign capital, and 43 with private capital. Only 8 banks out of the total number suffered losses this year – UAH 111 million.
The top 10 banks in Ukraine earned UAH 34.22 billion in the first quarter. This is 84% of the total profit of all banks in the country.
During this period, Ukrainian banks paid UAH 10.34 billion in income tax, which is one and a half times more than last year. Privatbank paid almost half of this amount – UAH 4.84 billion.
State-owned banks
Privatbank became the leader of the top, earning UAH 13.86 billion in Q1 2024. This is a third of the profit of all banks. However, this is 14% less than in the same period last year – UAH 16.04 billion.
In total, 6 state-owned banks account for 60% of the total profit of all institutions – UAH 24.28 billion. Currently, only the First Investment Bank, which has recently come under state control, suffered a loss of UAH 7.6 million in Q1.
Foreign banks
Raiffeisen Bank remains the leader among banks with foreign capital, having earned UAH 2.53 billion this year. This is 23% more than in the same period of 2023.
Another bank of this group, Credit Agricole Bank, saw its profits for this period increase 20 times compared to the same period last year. This year, the bank earned UAH 2.02 billion compared to UAH 102.9 million in Q1 of last year. This is the largest increase among all Ukrainian banks.
In total, foreign banks earned UAH 10.2 billion, which is a quarter of the total profit. Only one bank, Pravex Bank, suffered a loss of UAH 76.7 million in Q1.
Private capital
FUIB remains the leader of the group of banks with private capital: UAH 2.13 billion of profit for the quarter. This is 38% more than in the same period last year. Together with Universal Bank (Monobank), they received half of the total profit of the banks in this group.
MTB Bank showed the largest increase in profit among private banks: up to 13 times by the first quarter of 2023.
https://opendatabot.ua/analytics/banks-2024-4
Number of unemployed people registered in public employment service as of 31.03.2024 (in thousands)
Source: Open4Business.com.ua and experts.news
President of Ukraine Volodymyr Zelensky met in Kiev with American businessman and philanthropist, founder and CEO of real estate investment company Wasatch Group Dell Loy Hansen, who presented six new infrastructure projects for Ukraine.
In particular, as reported by the President’s press service, Loy Hansen presented to Zelensky the Phoenix initiative, which together with the state Ukrainian program “eVidnovlennya” restores damaged housing in Andriyivka, Moshchun and Makarov in Kyiv region.
It is noted that the first one hundred houses should be restored by December this year.
In addition, the businessman plans to build a full-cycle center for patients on the basis of the Kiev Center for Rehabilitation Medicine, as well as schools in ten communities in the Kiev region.
Zelensky and Hansen also discussed the projects already implemented by the businessman with the support of the Office of the President, Kyiv OVA and local communities.
Thus, the premises in Kolonshchyna and Sofiyska Borschagivka in Kyiv region have already been fully occupied. People who lost their homes as a result of Russian aggression live there. In addition, the first two phases of apartments for internally displaced persons in the village of Tarasovka have been put into operation. In Kolonshchyna another line of housing for older IDPs will be built.
The Head of State emphasized that Ukraine greatly appreciates people who have been helping our country since the first days of full-scale Russian aggression.
“Thank you for your support and for new projects for our people, for Ukrainian families. In particular, this is the construction of a new medical center, new schools for Ukrainian children and housing for displaced people,” the president said.
First Deputy Prime Minister – Minister of Economy Yulia Sviridenko, following a visit to Argentina and Chile this week, noted the presence of joint interest in investments and reported on the prospect of concluding bilateral free trade agreements.
“We know that there is already interest of companies from pharmaceutical, agro-sectors, processing industry, which want to deepen cooperation with Ukraine. The free trade agreement with Argentina, which we are currently working on, can also contribute to this. Cooperation with Argentina is reaching a qualitatively new level,” Sviridenko was quoted as saying in the press release of the Ministry of Economy on Thursday.
As First Deputy Prime Minister pointed out in social network X following a meeting with Argentine Economy Minister Luis Caputo, the countries have a lot in common: from economic structures to approaches to the organization of management. According to her, the parties agreed to hold a meeting of the Joint Ukrainian-Argentine intergovernmental commission on trade and economic cooperation in October this year. The last time it was held 18 years ago. In addition, the possibility of holding a Ukrainian-Argentine business forum is being considered, the Ministry said in a release.
“This country is the leader of the strategically important for us region of Latin America, so strengthening the presence of Ukraine on the agenda – a contribution both to the development of business ties and security projects” – summarized Sviridenko.
She recalled that Argentina has allocated 16 packages of humanitarian aid to Ukraine for $600 thousand, and at the moment up to half a million Ukrainians live in the country.
In addition, representatives of the Ministry of Economy met with the Argentine Chamber of Commerce and Services (CAC) and the Argentine-Ukrainian Chamber of Commerce and Industry (CAUCI) and invited business and government representatives to participate in the Ukraine Recovery Conference (URC-2024), which will be held June 11-12 in Berlin.
“(…) On the agenda – the First Global Peace Summit initiated by President Vladimir Zelensky, strengthening business ties, deepening cooperation in the defense sector, support for the Ukrainian energy system against the background of Russia’s systemic shelling of our energy capacities,” – accentuated First Deputy Prime Minister.
It is indicated that the Ukrainian side also invited the leaders of Argentina to join the Global Peace Summit and become a co-leader of the working group on one of the items of the Peace Formula.
After Argentina, the Ukrainian delegation, which also includes the Minister for Strategic Industries Oleksandr Kamyshyn, Deputy Minister of Economy Oleksiy Sobolev, Ukrainian Trade Representative Taras Kachka, Deputy Minister of Defense Dmytro Klymenkov, and representative of the Commissioner for Equal Rights and Freedoms of Rights of National Minorities of Political and Religious Views Mikhail Spasov, went to Chile.
“The first visit of a high-ranking Ukrainian delegation to Chile in 19 years,” Sviridenko emphasized on social network X. She also invited Chilean business and government representatives to the URC-2024 in Berlin, promising them very concrete projects from partners.
“We have a lot in common with Chile, especially in mining and critical materials. We hope to deepen cooperation in this area. We also discussed the issue of logistics. The next step of our cooperation is to deepen the dialog at the level of chambers of commerce and industry of our countries,” First Deputy Prime Minister said.
At a meeting with Chilean Economy Minister Niko Grau, Sviridenko said that both sides are interested in sharing experience in attracting investments, pointing out that there is already an example of a Ukrainian company that has invested in Chile.
“The areas where we see the greatest potential for growth are mining, especially in terms of critical materials, agribusiness and digitalization. Also, Chile has a rich experience in developing public-private partnerships and is ready to share it,” the First Deputy Prime Minister pointed out.
At a meeting with Chilean Foreign Minister Alberto Claveren, Sviridenko invited Chilean leaders to join the first Global Peace Summit, in particular, to lead the fourth point of the peace formula concerning the return of Ukrainian children illegally deported by Russia. She thanked Chilean President Gabriel Borich, who expressed his willingness to join the Summit.