KYIV. Sept 29 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) has said that the Ukrainian parliament should quickly pass a draft law on amendments to some Ukrainian laws on the creation and retaining the credit register of the NBU (No. 3111), the NBU said in a press release.
“The necessity of keeping the credit register of the NBU is linked to two requirements of today. First, in the conditions of the transformation of the Ukrainian banking sector there is a necessity of improving instruments of bank supervision to reduce credit risks, provide for security of bank transactions, protect the interests of depositors and other creditors of banks and increase stability of the banking system. Secondly, the creation of the credit register is Ukraine’s liability under the memorandum on the economic and financial policy signed as a part of the Extended Fund Facility (EFF) with the IMF,” the press service of the central bank said, citing First Deputy NBU Governor Oleksandr Pysaruk.
According to the report, the creation of the credit register is linked to the tasks of monitoring the concentration of the credit risk, including increasing the monitoring of large business groups.
Pysaruk said that credit registers are widely spread in developed countries with effective market economies and banking systems, where they are the indicative instrument during the preliminary assessment of bank risks. Most countries have public credit registers, and private credit history bureaus also function.
KYIV. Sept 28 (Interfax-Ukraine) – Some international investors have shown their interest in Ukraine but they expect the business sector to require further reforms, ICU Group (Kyiv) Managing Director Makar Paseniuk has said.
“There is interest in investing into Ukraine. At present, we’re holding talks with 10 private equity funds – it concerns over $1 billion. They are looking for investment opportunities in the country. There are also several strategic investors,” he said at the Odesa Financial Forum on Thursday.
Paseniuk said that the main problem the funds face is the absence of facilities for investment.
“Without an additional driver from the Ukrainian government we have few facilities for investment,” he said.
Paseniuk said that the real reloading of the economy is required to the launch investment process in Ukraine and a government strategy which foresees changes to the conditions and approaches to doing business is required.
In addition, he said that a government strategy on the creation of a transparent mechanism for liquidating assets in the banking system, and an effective law on bankruptcy, must be drawn up within three years.
ODESA. Sept 28 (Interfax-Ukraine) – Nomura International analyst Timothy Ash has predicted that the macroeconomic situation in Ukraine will stabilize in 2016.
“Our expectations on macroeconomic stabilization have come true. Despite the large deficit of the budget, the balance of solvency is becoming stable, outflow of capital fell, payments are settled and stabilization is growing,” he said at the Odesa Financial Forum on Thursday.
He said that the improvement of investment climate in Ukraine is only possible thanks to the fight against corruption.
“Ukraine is very attractive for investors with cheap workforce. In addition, there is large potential in agriculture and metal sector. There is a large potential interest of investors to Ukraine. When peace is seen, you’ll be surprised how quickly money will come here,” Ash said.
He added that the end of the military conflict in Donbas, political stability and successful reforms would allow Ukraine to achieve economic growth of 2-3% a year, and in the ten-year outlook the country has a chance of becoming a full and valued member of the European Union.
Chairman of Corporate and Investment Business at BNP Paribas in Ukraine and Kazakhstan Dominique Menu said that large international financial aid weakens the internal financial market.
“Maybe, the situation should be transformed into investment funds and creation of new jobs. The aid of the IMF is a rescue raft. Mechanisms for attracting foreign investors should be created,” he said.
KYIV. Sept 28 (Interfax-Ukraine) – The Ukroboronprom State Concern and Poland’s Lubawa S.A. are preparing to launch joint production of bulletproof vests and helmets and facilities in Ivano-Frankivsk in 2016.
According to the plan which was announced by the Polish company during a conference devoted to the expansion of defense cooperation at the 12th International Trade Fair Arms and Security 2015 held in Kyiv on September 22 through September 25, bulletproof vests, helmets, and camouflage products will be produced.
The Polish company said that the preliminary volume of investment is estimated at EUR 1 million.
Lubawa S.A. has been operating on the market for over 60 years. The company supplies multi-purpose products designed for camouflage to NATO countries. It exports its products to over 40 countries.
In September, at the MSPO-2015 exhibition held in Poland, Ukraine and Poland signed a memorandum of cooperation.
Amway Ukraine and the Ukrainian League of Industrialists and Entrepreneurs (ULIE) have initiated this competition for the fourth year in a row. The project “Business Talant of Ukraine 2015” is aimed at providing education and financial support for businesswomen. This year, the main prize is UAH 70,000* for business development. Another special prize is provided by the competition’s partner – the Nova Poshta Company – a UAH 10,000 certificate for parcel delivery within Ukraine.
The subject of the competition is entitled “Inspired by Time.” The competitors are to focus on the professional features of a successful entrepreneur as well as their ability to adjust to the dynamics and conditions of time. Those who are successful are those who don’t wait for ‘perfect conditions’ and face the challenges of time as new opportunities.
Businesswomen from all over Ukraine are welcome to take part in the competition free of charge. This year, in addition to an educational conference in November, the competitors will have an opportunity to visit two regional business events with the participation of well-known businessmen in Odesa on September 25 and in Lviv on October 2. This is the first time these events have been held as part of the competition.
Every young family deserves to have their own dwelling, Budcapitals Ltd. Director General and Board Chairman of the Dostupne Zhytlo (Affordable Housing) Non-Governmental Organization Yevhen Pinchuk said.
The Ukrainian League of Industrialists and Entrepreneurs (ULIE) recently gave him an award to mark Entrepreneur Day in Ukraine.
Budcapitals Ltd. has built a block of flats for servicemen and their families in Mykhailivka-Rubezhivka Village near Kyiv – 96 apartments are ready and waiting for their owners.
“We are ready to continue our cooperation with the Defense Ministry of Ukraine, whose tender we were lucky to have won, and we are proud of our contribution to the social protection of servicemen’s families. We hope that these dwellings will become a cozy and comfortable home for people who devoted their lives to the defense of the integrity and independence of Ukraine,” Pinchuk said.
The construction of the Mykhailivsky residential estate will be the next step to supporting social and mortgage housing.
Unfortunately, the construction of housing in Ukraine that young people could afford is a serious problem. The priority task of Budcapitals Ltd. and the Dostupne Zhytlo organization is to make housing cheaper without losing in quality. For this reason, new housing is to be constructed outside the capital city, but no further than 15 km from its outskirts. It is planned that not only apartments, but separate small residential estates with necessary infrastructure, including shops, bank departments, kindergartens, etc., will be built here.
Yevhen Pinchuk is working on an educational program for young people today. He thinks that the young generation has to learn how to accumulate money first of all for the construction of housing. Sometimes people don’t know how to manage their funds properly. For this reason, the project initiators are planning to teach high school and university students a course entitled “How to Build your Life Economy Properly.”
“Entrepreneurs’ initiative to make housing for young people cheaper requires overall support and promotion. The ULIE is happy that active young entrepreneurs and public activists – Yevhen Pinchuk is also a leader of the Kyiv Municipal Association of Industries, Construction, Transport and Communications – are taking care of this project. For the implementation of this project, we should attract financial institutions which could lend money to young people as well as gain support of government agencies. In general, we can make sure once again that domestic businesses are socially aware and responsible,” ULIE First Vice-President Serhiy Prokhorov said.
