Business news from Ukraine

Business news from Ukraine

UKRAINE PRODUCES FIRST TONNES OF SUGAR OF NEW SEASON

Sugar production in Ukraine as of September 8, 2020 amounted to 1,050 tonnes.
According to the report of the Ukrtsukor National Association of Sugar Producers, as of this date one sugar refinery in the country – Radekhiv Sugar LLC – is operating, which has processed 17,400 tonnes of sugar beet by now.
As reported with reference to Ukrtsukor, sugar production in the country in 2020 is projected at the level of 1.2-1.3 million tonnes, which is 15% less than a year earlier.
It is expected that 33 sugar refineries will operate this season – the same number as last year.

UKRAINE UPDATES PRINCIPLES OF REFORMING STATE-OWNED BANKS

The Cabinet of Ministers of Ukraine under the Stand-By Arrangement with the International Monetary Fund (IMF) has updated the principles of strategic reforming of state-owned banks.

“The main priorities of the regulations are to implement strategies for each bank in the public sector, protect and support the implementation of corporate governance reform with a majority of independent members in the supervisory board, reduce the share of non-performing assets on the balance sheet, reduce the position of the state, state-owned enterprises in public sector banks, and other things,” Deputy Finance Minister Denys Uliutin said at a meeting of the Cabinet of Ministers on Wednesday.

He said that the Ministry of Finance has developed an updated version of the basis for strategic reform of state-owned banks following consultations with international experts, the National Bank of Ukraine (NBU) and public sector banks.

According to NBU Governor Kyrylo Shevchenko, who was also present at the meeting of the Cabinet, the regulator supports the update of the principles of strategic reforming of state-owned banks.

“We would like to support this draft document, because, in accordance with Article 17 of the Memorandum with the IMF, Ukraine has also undertaken to update the strategic provisions. We have really worked out this document, and I want to support my colleagues from the Ministry of Finance so that it can be approved as soon as possible,” he said.

According to a report on the website of the Ministry of Finance on Wednesday, the updated principles of strategic reforming of state-owned banks provide, in particular, a decrease in the state’s share in the banking sector from 60% to 25% by 2025.

PARLIAMENT RATIFIES AGREEMENT ON CO-PRODUCTION OF AUDIOVISUAL WORKS WITH CANADA

KYIV. Sept 2 (Interfax-Ukraine) – The Verkhovna Rada has ratified an agreement on the joint production of audiovisual works between the governments of Ukraine and Canada.

Some 318 deputies voted for corresponding bill No. 0040 at the plenary session on Wednesday.

The agreement was signed in Toronto on July 2, 2019.

An explanatory note to the draft law says that the ratification of the agreement will contribute to the intensification of the international activities of the subjects of cinematography of Ukraine in joint film production with other countries.

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WB RECOMMENDS UKRAINE TO MAKE HIGH-SPEED INTERNET AFFORDABLE COUNTRYWIDE

The World Bank has provided recommendations to the National Strategy for the Development of Broadband Access to the Internet in Ukraine for 2020-2025.
According to a posting on the website of the Ministry of Digital Transformation of Ukraine, the World Bank’s vision is that high-speed broadband access should be countrywide, reliable and financially affordable to every citizen of Ukraine.
The consultants recommend providing in Ukraine until 2025: 4G coverage for 95% of the population; full 5G coverage along major road and rail routes; connection to broadband access at a speed of 1 Gbps for all social infrastructure facilities providing services to the population; and availability of high-speed broadband access (at least 100 Mbit per second) for all households.
According to the calculations of the World Bank, $350-450 million is needed to cover all settlements with high-speed networks, which includes both funds from private companies and government aid, which should be about half of the mentioned amount.
When developing the National Strategy for the Development of Broadband Access, the specialists of the Ministry of Digital Development regularly consulted with the World Bank. After all, this authoritative organization, which is a project of the European Union, already has experience of such work, for example, in Georgia.
The World Bank recommended that smart technology can reduce road deaths by 8-10%, reduce travel time by 15-20%, and speed up the response time of ambulances by 25-30%.
In addition, according to the World Bank recommendations, raising Internet penetration in all developing countries allowed more efficiently settle 75% of the economic losses that occurred due to COVID-19.
The World Bank also said that in implementing the 5G communications standard, the government’s role in defining requirements and maintaining network security at the national level will be paramount. It is recommended that a 5G certification framework be defined and established, which should include the minimum security requirements implemented in operators’ networks, as well as measures to implement certification procedures for the various defined network elements. It is also recommended that the National Cybersecurity Center be involved in developing the certification.
Implementing and using certified equipment and procedures for 5G is important from a cybersecurity perspective and therefore should be continuously encouraged, the World Bank said.
The World Bank recommended covering 90% of territories with 4G networks by 2023, and increasing coverage to 99% by 2025. Also, by 2023, it is recommended to ensure uninterrupted coverage of 50% of main roads and railways with 5G communication, and by 2025, increase the coverage to 90%.
The penetration of broadband Internet coverage for households at a speed of at least 100 Mb per second by 2023 should be at least 80%, and by 2025 it should reach 100%.
The implementation of this strategy, taking into account the recommendations of the World Bank, will be a positive step in the partnership between Ukraine and the EU, the bank said.
The ministry said that the calculations of the World Bank coincide with the ministry’s own calculations, carried out in the preparation of the National Strategy for the Development of Broadband Access in Ukraine for 2020-2025.

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REVENUE FROM EXPORT OF OILSEEDS FROM UKRAINE 10% UP

Export proceeds from the supply of oilseeds from Ukraine in the 2019/2020 marketing year (MY, September-August) increased by 10% and amounted to $ 7.32 billion, CEO of UkrAgroConsult Serhiy Feofilov has said.
“The economy of Ukraine from export of oilseeds in September-August received more than $ 7.3 billion, which is 10% more compared to the previous season. We see an 11% increase in sunflower oil (in terms of export earnings),” he said during the international conference Black Sea Grain & Oil Trade 2020 in Kyiv.
So, according to him, last season Ukraine exported sunflower oil for $ 4.95 billion (6.8 million tonnes against 6.06 million tonnes in the 2018/2019 MY).
The director general of UkrAgroConsult also said that export of grains in the first two months of the season (July-August) is practically at the level of the previous season.
“This shows that despite the consequences of the coronavirus crisis, export continues and develops,” he said.

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OPEN LADIES GOLF TOUR TAKES PLACE AT GOLFSTREAM GOLF CLUB

“Woman and golf” – during 5 years of existence of Open women’s tournaments these two words became inseparable. 2020 was a year of developing women`s golf and setting many records. Today, 30% of Ukrainian golfers are women

“The Ukrainian Golf Federation is actively developing golf in various areas: professional, children’s, inclusive, junior and a separate focus of our activity is women’s golf. This year, a number of initiatives have been launched to promote the rapid growth of golfers in Ukraine, including a large percentage of women. For us, the benchmark of achievements is the number of golfers and their results. “- said Vitaliy Khomutynnik, President of the Ukrainian Golf Federation.

Men joined women’s tournaments and play on a separate railway. Every time, the tournament gathers a record number of ladies in one round. For 11 participants, this competition was their debut.

“Everyone here finds theirs. Somebody competes for prizes and victory, someone enjoys the favorite game, and for some ladies, it comes to the first tournament in life. Thanks to this event and a number of other initiatives, we promote women’s golf, break stereotypes about the unavailability of this sport and attract new players “,- comment Elena Rudik, Member of the Federation and Director of Open Ladies Golf Tour.

Every year, participants play better, and new ones can join the world of golf right during the competition. Within the framework of each tournament there is a Golf School, where under the guidance of coaches, women learn the basics of the game. Everyone, who continues to practice, receives free accreditation from the Ukrainian Golf Federation.

According to the results of the competition, the victory was won by Maryna Dyachenko, the second place was taken by Olena Movchan, and the third place was taken by Veronika Rastvortseva. According to the participants of the tournament, golf is a sport that helps to live without losing focus on the main thing and allowing you to always feel the connection with nature.