Business news from Ukraine

Business news from Ukraine

ARX (FORMER AXA) INSURER COLLECTES IN UKRAINE MORE THAN UAH 1 BLN IN PREMIUMS

ARX Insurance Company (formerly AXA Insurance, Kyiv) in January-June 2019 collected more than UAH 1 billion in premiums, which is 23% more than in the first half of 2018, according to a press release of the insurer. The amount of insurance claim fee payments for this period amounted to about UAH 473 million, which is 4% more than in the same period of 2018.
The company notes that the main drivers of growth were KASKO with 19% more premiums collected, voluntary medical insurance with 43% more premiums, online sales with 2.1-time more premiums, agricultural insurance with 3.9-time more premiums compared to the same period last year.
As reported, from July 1, 2019 AXA Insurance was renamed ARX Insurance Company. AXA Life Insurance began operating under the ARX Life brand.
The companies continue to work with all the banks, car dealers, partners in the regional network, corporate clients, as well as with the same assistance companies and contractors. The main shareholder of both companies is Fairfax Limited (Canada).

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UKRAINE’S PARLIAMENT RATIFIES FREE TRADE AGREEMENT WITH ISRAEL

Ukraine’s parliament, has ratified the international agreement on free trade between the Cabinet of Ministers of Ukraine and the Government of the State of Israel.
Some 230 lawmakers voted for corresponding bill No. 0223 at a plenary session of parliament on Thursday.

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GGF WILL ISSUE EUR 9 MLN TO NORWEGIAN SCATEC SOLAR FOR BUILDING SOLAR PLANT NEAR KYIV

The Green for Growth Fund (GGF) will provide the Norwegian company Scatec Solar, represented by Scatec Solar ASA, with a loan of EUR 9 million for the construction of a 45 MW solar power plant near Bohuslav (Kyiv region).
According to a press release from GGF, this year this is the second major investment by the Norwegian company in the renewable energy fund in Ukraine. The first one was the project of the 250 MW wind farm Syvash (Kherson region).
In general, the fund’s investments in Ukraine amount to almost EUR63 million. This project will contribute to the country’s strategy to increase the share of renewable energy in its total supply to 25% by 2035, the fund said in a press release.
The Green for Growth Fund finances renewable energy projects aimed at reducing carbon dioxide emissions in 19 countries of South-Eastern Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa.

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NEW CONFINEMENT HANDED OVER TO CHORNOBYL NUCLEAR POWER PLANT

Chornobyl nuclear power plant has officially received a new safe confinement (NSC) for subsequent commissioning from Novarka.
According to an Interfax-Ukraine correspondent, the handover ceremony took place at Chornobyl nuclear power plant with the participation of Ukrainian President Volodymyr Zelensky on July 10.
Upon completion of the transfer process, the plant will receive a license and proceed to operating the confinement complex and dismantling unstable structures of the Shelter facility.
“To implement this stage, additional financial resources are needed, first of all, from Ukraine,” the State Agency of Ukraine on Exclusion Zone Management said.
Earlier on July 10 Senior External Affairs Advisor at the European Bank for Reconstruction and Development (EBRD) Anton Usov wrote on Facebook that “22 years after the Chornobyl Shelter Fund was set up, the new safe confinement has now been launched and handed over to Ukraine.”
The international community raised EUR1.5 billion for the project, Usov said. The EBRD invested over EUR700 million. The confinement will serve at least 100 years and help solve the problem of removing the ‘sarcophagus’ over reactor No. 4, he said.
The construction of the NSC over the old Shelter began in 2012 following massive preparations on the site. The project was carried out by Novarka Consortium.
Due to the massive size of the NSC it had to be built in two parts, which were erected and successfully joined in 2015. Inside the NSC arc is a crane for removing the existing old Shelter Structure, or ‘sarcophagus,’ and the remainder of reactor No. 4.
The NSC has a service life of 100 years and cost EUR1.5 billion to build.
Pre-installation work and individual and comprehensive tests on its equipment and technological systems were carried out at the plant’s industrial site in March. In late April, the NSC was put into trial operation. It will run experimentally for no more than a year, after which, depending on its performance, it will receive the relevant license and proceed to full operation and the removal of the old Shelter.

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EUR 25 MLN GRANT TO BE PROVIDED TO UKRAINE TO DEVELOP DIGITAL ECONOMY, E-GOVERNMENT

The European Commission (EC) is preparing an international project of assistance to Ukraine in the amount of EUR 25 million for the development of the digital economy and e-government. The issues were discussed at a meeting of representatives of the EC with advisor to the President of Ukraine Mykhailo Fedorov in Kyiv on Wednesday.
“During the meeting, representatives of the European Commission reported on the preparation of an international project to assist Ukraine in the amount of EUR 25 million for the development of the digital economy and e-government, and also provided their recommendations for the “State in the Smartphone” concept. Key proposals related to the development of citizen identification, the introduction of an effective structure for managing… the implementation of ambitious tasks,” the press service of Ukrainian President Volodymyr Zelensky said.
In turn, Fedorov told about plans and prospects: “For us, we have very clear plans for the year and key performance indicators until 2024. The “State in the Smartphone” for me is when a Ukrainian can solve any life or business situation online in one click and preferably from a smartphone, when our citizen will forever forget what an official looks like and where he is, when Ukrainians will be able to actively participate in the development of the state through a smartphone.”
First Deputy Head of the State e-Government Agency Oleksiy Vyskub told EC representatives about the eBaby project, through which parents of newborns will be able to get 10 online services.
According to the press service, representative of the Support Group for Ukraine (SGUA) in the European Commission Frank Paul, representative of the Delegation of the European Union in Ukraine Martin Klaucke and Coordinator of the Public Administration Reform Sector of the EU Delegation in Ukraine Serhiy Ladny took part in the meeting at the president’s office.

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OFFICIAL RATES OF BANKING METALS FROM NATIONAL BANK AS OF JULY 11

Official rates of banking metals from national bank as of july 11

One troy ounce=31.10 grams

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