Investment company Concorde Capital, which acquired the plant “Kuznya na Rybalskogo” at the end of 2022, is developing the concept of a new development project on the territory of the plant, said the head of Concorde Capital Igor Mazepa in a commentary to the publication “Economic Pravda”.
According to Mazepa, the concept is being developed jointly with foreign architectural agencies. The businessman expects to start construction after the completion of legal proceedings around the bankruptcy of “Kuzna na Rybalskogo”.
He also indicated that Concorde Capital is considering participation in joint investment in the project.
“Our initial plan was to attract an investor to resell the project. Now the situation has changed, so we do not rule out participation in joint investment,” Mazepa said.
He did not disclose the amount of the deal to acquire the plant “Kuznya na Rybalskogo”, previously owned by Sergei Tihipko, but indicated that the deal included assets encumbered by debts of the owner company Ewins Limited.
As reported, in the fall of 2018, co-owner of the TAS Group, businessman Sergei Tihipko acquired from Petro Poroshenko, at that time the President of Ukraine, PJSC “Plant “Kuznya na Rybalskoe” (formerly – PJSC “Leninskaya Kuznya”) – one of the well-known in the market of shipbuilding enterprises of Ukraine.
Until mid-November 2018, the main shareholder of PJSC “ZNKIF “Prime Assets Capital” (formerly – “Petro Poroshenko Fund”, Kiev) was the main shareholder with a 73.9067% stake in the shipyard privatized in 1995, the second largest shareholder with a 20.1280% stake was PJSC “ZNKIF “VIK”, which concentrated the assets of MP Igor Kononenko.
In December 2022, the Economic Court of Kyiv opened a bankruptcy case against PJSC “Plant “Kuznya na Rybalskogo” (Kyiv).
As reported, the TAS group planned to realize on the unused territory of the plant the Lipki Island City Resort project in partnership with the developer City One Development.
According to the National Commission on Securities and Stock Market, as of the second quarter of 2023, the main shareholder of Zavod Kuznya na Rybalskoe is Ewins Limited (94.0347%).
Export of gas volumes declared at customs from Azerbaijan in January-August 2023 amounted to 17 billion 391 million 448.11 thousand cubic meters, which is 15.5% more than for the same period of 2022, the State Customs Committee (SCC) informed Interfax-Azerbaijan.
Gas supplies in the reporting period accounted for 42.9% of Azerbaijan’s total exports (39.3% in January-August 2022).
Revenue from the export of declared gas amounted to $10 billion 452 million 178.82 thousand (an increase of 1.3%).
According to the SCC, in January-August 2023, the largest volume of declared gas exports went to Turkey (41.4%) and Italy (38.3%). Over 7.2 billion cubic meters were supplied to Turkey, which is 27.3% more than a year earlier. In Italy – about 6.7 billion cubic meters (4.5% growth).
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The state-owned enterprise Medical Procurement of Ukraine (MPU) has delivered to hospitals 94% of the medical products purchased in 2022 for a total of UAH 5.1 billion.
According to the press release of the Ministry of Healthcare of Ukraine, more than 98% of the medical supplies procured in 2022 have been delivered to the warehouse of the state-owned enterprise.
“We deliver medicines almost every day, so we are able to quickly meet the needs of healthcare facilities when they arise,” the Ministry of Health clarified.
In addition, the Ministry of Health continues to deliver goods procured for the 2023 budget. So far, the goods purchased for the 2023 budget have been delivered to hospitals in the amount of over UAH 1.4 billion.
The mayor of Irpen, Buchanskiy district of Kyiv region Oleksandr Markushin reported on the possible introduction of innovative technology of garbage recycling in the community.
“Japanese company Padeco will conduct research in Irpen community in the framework of the pilot project on recycling of garbage URBAN RIG. Technology offer innovative – to process household waste in a special apparatus with the help of high-temperature steam. The output promises useful raw materials for industry and a significant reduction in the volume of waste. Organics will be turned into coal, plastic into petroleum products,” he said in his Telegram channel on Thursday.
In addition to household garbage, this technology can also help with recycling and reducing the volume of construction waste, particularly concrete.
He specified that Padeco is an international consulting company authorized by the Ministry of Economy of Japan to select and analyze projects for financing in Ukraine.
The study to determine whether the proposed technology is suitable for Ukrainian realities will take three months.
“If everything goes well and the Japanese government allocates funding – Irpin community will be able to receive the first trial machines for environmental cleaning in the spring,” Markushin said.
Ukraine plans to send 57,000 tons of grain as humanitarian aid to Nigeria, Sudan and Somalia, Deputy Minister of Agrarian Policy and Food Markiyan Dmytrasevych said during a meeting with Deputy Executive Director of the World Food Program (WFP) Carl Skau.
According to the press service of the Ministry of Agrarian Policy, the parties discussed sending ships with Ukrainian humanitarian grain to Nigeria (25 thousand tons) and Sudan (32 thousand tons) under the Grain from Ukraine program. They also discussed the possibility of sending humanitarian cargo to Somalia.
In addition, the parties discussed preparations for the next international food security summit in Kyiv.
“In particular, it is possible to expand the geography and range of supplies on the initiative of Grain from Ukraine,” the Ministry’s website said.
On October 26, the National Bank of Ukraine (NBU) will cut its key policy rate by 2 percentage points (p.p.), from 20% to 18% per annum, bankers said at a press conference of the Association of Ukrainian Banks (AUB) on Wednesday.
“We expect the rate to go down… We think that it can still go down by about 2%,” said Semen Babayev, deputy chairman of Pravex Bank.
According to him, it will also depend on the situation at the frontline and on the support of foreign partners.
Mr. Babayev noted that a rate cut would make it less attractive to place funds in the National Bank’s certificates of deposit, including overnight ones.
“…We, for our part, have already reduced the rate (for deposits of 3 months and more – IF-U) for our customers by 1 percentage point yesterday, offering 13%, but this is also a high rate for international banks,” said the deputy chairman of Pravex Bank.
The banker emphasized that the rapid decline in the cost of money must be justified. He also warned that if banks stop placing their free funds with the National Bank, it could lead to excessive liquidity in the system, which would affect the exchange rate.
“Of course, if we have free resources and we as a banking system are forced to do something with these resources because we lose the ability to place them somewhere, the question will arise as to what to do with them, where to put them: either to return them to customers, which will provoke demand for the currency, or to provide some credit offers,” he said.
Nadezhda Vorobyova, Chairman of the Board of Altbank, shares his opinion on the rate cut, noting that there are grounds for it. Among them, she named the decline in inflation to 7.1%, international reserves of $39.7 billion and their forecast of $38.3 billion at the end of the year, and the exchange rate of 36.45 UAH/$1.
“I think that on October 26 (IF-U) there will be (a decline) of about 2%,” she said.
Vorobyova believes that the National Bank will act cautiously, taking into account the possible impact of the discount rate on the exchange rate and inflation.
“If we make a sharp cut in the interest rate… the money that was attracted by banks for 3-6 months will become unprofitable for banks… There will be no outflow, but banks will lose money on this and offer cheaper deposits. This may lead to people wanting to buy foreign currency, which means there will be a demand for foreign currency,” explained the Altbank CEO.
According to her, the economy needs to be restored by intensifying lending by banks in addition to existing government programs, while making loan rates affordable for businesses – at 14-15%.
Mykhailo Vlasenko, Chairman of the Board of Idea Bank, also expects the key policy rate to be cut by 2 percentage points to 18%, and he supported his colleagues’ opinion that lending to households and small and medium-sized businesses should be resumed.
In his forecast, Vlasenko was guided by the information previously announced by the regulator that the key policy rate would be cut to 16-18% by the end of this year, which, in turn, will depend on macroeconomic indicators and exchange rate stability.
“In my opinion, it’s closer to 18%, because a too rapid reduction of the key policy rate, especially in this period – November-December, in the context of the foreign exchange market’s sensitivity and a significant surplus of hryvnia liquidity, may increase risks and affect exchange rate stability and inflation,” he explained.
Mr. Vlasenko believes that deposit rates will not decline significantly.
“Banks will be forced to revise their business plans and develop plans to intensify lending. I believe that the time for “sitting in the trenches” is over,” said the Chairman of the Board of Idea Bank.
He also reminded that the National Bank has already announced the development of a plan that will allow to intensify lending to the banking system and is involving banks in its development.
Commenting on the words of his colleagues about the resumption of lending, Andriy Grigel, Chairman of the Board of Rada Bank, said that the bank’s commercial rate is currently 21% per annum. “But we will be happy to reduce it,” the banker said.
He also shared the forecast that the NBU will cut the key policy rate by 2 percentage points to 18% at its next meeting, explaining that there is no pressure on the hryvnia and no risk of devaluation.
Griegel also believes that the NBU may change the operational design of monetary policy along with the rate. “The previous decision was when they changed the calculation of the amount of investments in 3-month certificates of deposit from 70% to 35%, and they can also make changes to this formula now,” he said, adding that this will have more impact than the key policy rate itself.
According to the Council of Governors, after the cut at the next meeting, the NBU will then maintain the new rate until the end of the year. “Knowing the NBU’s philosophy, I have never seen them make sudden moves at the end of the year. Mostly, they issue a lot of regulations for banks to work on, but not decisions on rates,” Mr. Griegel said.
He added that the factor of military risks, which cannot be predicted, remains important when the National Bank makes its decisions.
AUB President Andriy Dubas also expects the key policy rate to be cut to 18% at the end of October, with no further cuts by the end of the year.
At the same time, Babayev of Pravex Bank suggests that the rate will be further reduced by another 1 percentage point by the end of this year.
The same opinion is shared by the head of Altbank Vorobyova: according to her expectations, the rate may be cut by another 1 percentage point on December 14.
“Our expectations are minus 3% by the end of the year from today’s figure,” the banker said.
Der Präsident der AUB, Andriy Dubas, geht ebenfalls davon aus, dass der Leitzins bis Ende Oktober auf 18 % gesenkt wird und bis Ende des Jahres keine weiteren Senkungen erfolgen.
Gleichzeitig geht Babayev von der Pravex Bank davon aus, dass der Zinssatz bis Ende des Jahres um einen weiteren Prozentpunkt gesenkt wird.
Die gleiche Meinung vertritt die Leiterin der Altbank Vorobyova: Ihrer Erwartung nach könnte der Zinssatz am 14. Dezember um einen weiteren Prozentpunkt gesenkt werden.
“Unsere Erwartungen liegen bei minus 3 % bis zum Jahresende, ausgehend von der heutigen Zahl”, sagte die Bankerin.
