Business news from Ukraine

Business news from Ukraine

BES eliminates illegal alcohol business in Lviv and Ternopil regions

Employees of the territorial department of the Bureau of Economic Security (BES) in Lviv region exposed a scheme for the illegal production and sale of alcoholic beverages in Ternopil and Lviv regions, the press service of the BES regional office reports.

“The investigation revealed the location of warehouses with vodka and cognac. The alcoholic beverages were delivered to one of the enterprises in Lviv, which distributed counterfeit alcohol through retail stores,” the statement said.

Counterfeit alcohol was distributed in a network of more than 300 stores.

“During the searches in Ternopil, about 61 thousand liters of liquid with the smell of alcohol and an alcohol production line were seized,” the BES reports.

At the same time, law enforcement officers seized more than 46 thousand liters of counterfeit alcohol, as well as containers and equipment for packaging alcoholic beverages, and financial and business documents at the company’s premises in Lviv region.

“According to the decision of the Lychakiv District Court of Lviv, the seized property worth more than UAH 26 million was seized,” the statement said.

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IX Kyiv International Economic Forum 2023 will be held in Kyiv

On October 12, 2023, the ninth Kyiv International Economic Forum, an annual event that brings together representatives of the Ukrainian government, business, and society for open dialogue, exchange of experience, creation of a space of trust, and effective strategies for economic development, will take place.

For the second time, the forum will be held in Kyiv under martial law. The theme of this year’s KIEF is “People. Business. Economy. The Price of Freedom”.

Key topics of KIEF 2023:

  • Investment and war risk insurance
  • Ukrainian energy sector. What to expect in winter?
  • International cooperation in rebuilding Ukraine
  • European integration and economic cooperation
  • Entrepreneurs on the front line
  • Human Capital: Adapting to New Challenges
  • Mental health: new skills in a new reality.

“In times of the most difficult historical challenge for the country, its economy, business, society, and for each of us personally, we must unite, combine our efforts and experience to make complex, bold, and pragmatic decisions. The goal is to become co-authors not only of the Victory, but also of the future of an independent, innovative, and prosperous Ukraine that our descendants will be proud of. It all depends on us,” commented Vasyl Khmelnytsky, initiator of the forum and founder of UFuture holding.

70+ speakers will share their experience and vision, including:

  • Yulia Svyrydenko, First Vice Prime Minister of Ukraine – Minister of Economy of Ukraine;
  • Mykhailo Fedorov, Vice Prime Minister of Ukraine for Innovation, Education, Science and Technology Development, Minister of Digital Transformation of Ukraine;
  • Dmytro Kuleba, Minister of Foreign Affairs of Ukraine;
  • Oksana Markarova, Ambassador Extraordinary and Plenipotentiary of Ukraine to the United States;
  • Herman Galushchenko, Minister of Energy of Ukraine;
  • Gael Vassier, Ambassador Extraordinary and Plenipotentiary of France to Ukraine;
  • Volodymyr Popereshnyuk, co-founder of Nova Poshta;
  • Vladyslav Chechotkin, co-founder of Rozetka;
  • Maxim Timchenko, CEO of DTEK;
  • Sergey Tigipko, owner of TAS Group companies;
  • Alexander Bogutsky, CEO of Starlight Media;
  • Zoya Lytvyn, founder of the Osvitoria NGO and Novopecherska School;
  • Masha Efrosynina, UN Honorary Ambassador for Population Affairs;
  • Olga Rudneva, CEO of Superhumans Center, and others.

“Last year, we discussed the topic of restoring the Ukrainian economy after the victory. But life turned out to be much more complicated and the challenges much more serious. KIEF 2023 is dedicated to finding solutions to the most pressing ones that need to be addressed here and now. The high price of Ukraine’s freedom and independence must be justified. This is a task for each of us,” said Yuriy Pyvovarov, CEO of the Kyiv International Economic Forum.

“Despite the war, Ukrainian business continues to operate, supporting the army and humanitarian initiatives. This year’s KIEF is an opportunity to discuss the problems, solutions and tools for integrating veterans into civilian life. It is an opportunity to share experience of doing business during the war and join forces on the way to victory. An opportunity to record our achievements and plan the next steps. This is a crucial event where Superhumans Center has a platform for a joint discussion on how to build a new social contract between people returning from war and business,” said Olga Rudneva, CEO of Superhumans Center.

As part of the event, each participant will be able to contribute to the support of the Superhumans Center for Rehabilitation, Prosthetics and Reconstructive Surgery. The proceeds from the registration fees will be used to rehabilitate Ukrainians affected by the war.

On the day of the event, the KIEF YouTube channel will broadcast the event via the link.

The innovative partner of the event and the exclusive partner of the online broadcast is Mastercard.

Strategic partner: UFuture.

Title partners: Nova Poshta; AJAX; Biopharma; Naftogaz; Federation of Employers of the Oil and Gas Industry; Smart-Holding.

Partners: Kyivstar, AEQUO, Dynasty Investment Group, Interpipe, Epicenter, MHP, Biosphere, PUMB, QP, Neqsol Holding, PrivatBank, DTEK, CEO Club, Work.ua, Superhumans Center, All-Ukrainian Mental Health Program “How are you?”, NGO “Bezbarernist”, Osvitoria.

Analytical partner: Gradus.

Title media partners: Starlight Media, 1+1 Media.

Official media partner of the Forum: Interfax-Ukraine.

Media partners: We Are Ukraine, Delo, The Page, Mind, The Kyiv Independent, TAVR media, Huxley.

We believe that our victory, our recovery and economic development is our choice and our business.

Join the change on October 12.

For more information about the event and conditions of participation, please follow the link.

Kyiv International Economic Forum 2023

People. Business. Economy

The price of freedom

Kremenchuk Steel earned UAH 50.3 mln in profit

In 2022, Kremenchuk Steel Plant JSC (Kremenchuk, Poltava region), part of the industrial assets of TAS Group, posted a net profit of UAH 50.281 million, while it ended 2021 with a net loss of UAH 56.833 million.

According to the agenda of the company’s general meeting of shareholders published in the information disclosure system of the National Securities and Stock Market Commission (NSSMC) on November 13, the company’s uncovered loss as of January 1, 2023 amounted to UAH 56.886 million.

The shareholders intend to amend the charter, review the reports of the supervisory board for 2021 and 2022, consider the conclusions of the audit reports, approve the results of the company’s financial and economic activities for these years, determine the procedure for distributing profits (compensation for losses), approve annual reports, hold elections of the supervisory board, and consider other issues.

As reported, Kremenchuk Steel posted a net loss of UAH 22.81 million in 2020.

Kremenchuk Steel is a leading Ukrainian foundry producing steel castings for freight cars and heavy trucks.

According to the second quarter of 2023, Defano Investments Ltd (Cyprus) owns 48.4421% of the shares of PJSC “KSP”, FinEuroVector Financial Company LLC – 18.8392%, Alfa Cross Financial Company – 24.9%, Alta Finance LLC – 5.7276%.

TAS Group was founded in 1998. Its business interests include the financial sector (banking and insurance segments), industry, real estate, agriculture, and venture capital projects. The founder and major shareholder of the group is Sergey Tigipko.

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“Stodola” launches organic tomato processing line

Stodola (Mykolaiv region) has launched an organic tomato processing line that will reach full capacity next year, Organic Standard LLC, which specializes in certifying organic producers, reported on Facebook.

“This year we launched a new line with a capacity of 2 tons per hour. We plan to reach this volume of processing next year. This year, it is still difficult to say how much tomatoes we will process,” Stodola owner Yan Ostrovsky was quoted as saying.

According to Ostrovsky, Stodola will produce organic juices, sauces, pickled and dried tomatoes, and purees. These products will be presented on the domestic market, and test batches for export are also planned.

Stodola LLC was registered in 2018 in Mykolaiv region, where it operates an agricultural and gastronomic business. It specializes in growing certified organic vegetables, berries, fruits and their preservation. He has a registered trademark and a restaurant of the same name – Stodola.

According to Opendatabot, the company’s revenue in 2022 amounted to UAH 1.487 million, of which UAH 612.8 thousand was net profit. The company’s assets amounted to UAH 1.687 million, and its debt obligations amounted to UAH 240 thousand.

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Germany is preparing new aid package for Ukraine worth 1 bln euros

The German Ministry of Defense has announced that it is preparing a new “winter package” of aid for Ukraine worth about 1 billion euros, which will include additional Patriot and IRIS-T air defense systems, as well as Gepard self-propelled air defense systems.

“Germany is preparing a second winter package for Ukraine: to protect critical infrastructure and provide further support, Germany is providing additional air defense with Patriot, IRIS-T SLM and SLS worth approximately 1 billion euros, as well as three Gepard self-propelled air defense systems,” the Defense Ministry said in a statement on X.

The Defense Ministry also reported that in the next few weeks, 10 more Leopard1 A5 main battle tanks, 15 protected transport vehicles and almost 20 protected medical vehicles will arrive in Ukraine.

“Germany will continue to support Ukraine with what it needs most – air defense, ammunition and tanks,” German Defense Minister Boris Pistorius said.

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Ukraine has sown 3.7 mln hectares of winter crops

Ukraine continues sowing winter crops, which have already been planted on 3.7 million hectares compared to 2.992 million hectares a week earlier, the Ministry of Agrarian Policy and Food reported.

According to the report, over the past week, farmers sowed 2583 thousand hectares of winter crops (764.7 thousand hectares a week earlier), of which wheat was sown on 2352 thousand hectares (1.743 million hectares), barley – 171 thousand hectares (109 thousand hectares), rye – 60 thousand hectares (53.6 thousand hectares).

The Ministry of Agrarian Policy noted that the agrarians of Sumy region are leading in sowing of winter crops – 97% of the forecast. The leaders in wheat sowing are Dnipropetrovska oblast with 271.3 thou hectares, barley – Mykolaivska oblast with 25 thou hectares, rye – Volynska oblast with 13 thou hectares.

Winter rapeseed sowing is nearing completion in all regions. The area under the crop is 1.111 mln ha (1.087 mln ha), which is 91.7% of the plan. Dnipropetrovs’k and Odesa regions are the leaders in sowing of winter rapeseed with 117.3 thou hectares and 103.6 thou hectares respectively.

As reported with reference to the survey conducted by the Ministry of Agrarian Policy, the vast majority of farmers do not plan to significantly change the area under winter crops in 2024 compared to the previous season.