On September 7, the National Bank of Ukraine (NBU) revoked the licenses of Gestalt Group Insurance Company and INTO Insurance Company (both based in Kyiv) to conduct financial services business.
According to the regulator’s website, the decision was made with respect to Gestalt Group due to the fact that the insurer’s ownership structure does not meet the requirements of Ukrainian legislation, and with respect to INTO for failure to comply with the National Bank’s decisions to eliminate violations of license conditions.
According to the latest financial statements submitted by Gestalt Group Insurance Company, as of June 30, 2023, the company’s insurance premiums amounted to UAH 5,971 million, assets amounted to UAH 81,642 million, and insurance reserves amounted to UAH 1,952 million. The company’s market share in terms of insurance premiums amounted to 0.03%.
According to the latest reports submitted by INTO Insurance Company, the volume of insurance premiums amounted to UAH 28.767 million, the value of assets – UAH 139.178 million, insurance reserves – UAH 18.028 million. The company’s market share in terms of insurance premiums amounted to -0.2%.
The NBU emphasizes that the decisions come into force on September 8. In the event of license revocation, a financial services representative must fulfill its obligations under contracts with clients for the type of financial services specified in the decision, concluded before the date of entry into force of the decision to revoke the license.
Astarta, the largest sugar producer in Ukraine, has started harvesting sugar beet, for which it has allocated 39 thousand hectares in the 2023 season, the group’s website reports.
According to the report, on September 8, farmers in Vinnytsia region started digging, and agricultural producers in Poltava region will join the harvesting campaign on September 14.
According to preliminary estimates of the agricultural holding’s experts, this year’s yield and quality of sugar beet will be higher and better than last year’s figures.
In preparing for this year’s harvesting campaign and taking into account the experience of previous seasons, Astarta’s team paid special attention to logistics.
“The company has invested in the construction of almost 90 km of field roads. Also, on Astarta’s initiative and in close cooperation with the Poltava Regional Military Administration and the Globyno community, the company is completing the repair of a 25 km section of the Manzhelia-Globyno public road,” the statement said.
To optimize the delivery of raw materials from the field to the warehouses, the agricultural holding has purchased 22 self-propelled loaders.
In addition, Astarta continues to actively implement digital AgriChain products, including the new AgriChainLogistics module to optimize the processes of collection, delivery, storage and processing of raw materials.
“Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine. It includes six sugar factories, agricultural enterprises with a land bank of 220 thousand hectares and dairy farms with 22 thousand cattle, an oil extraction plant in Globyno (Poltava region), seven elevators and a biogas complex.
As reported, Astarta earned EUR65.16 million in net profit in 2022, down 46.8% compared to 2021. Last year, the holding’s EBITDA decreased by 23.2% to EUR154.77 million, while revenue increased by 3.8% to EUR510.07 million.
In the first quarter of 2023, the agricultural holding earned EUR16.13 million in net profit, up 6.2 times compared to the first quarter of 2022, its revenue increased by 37.1% to EUR163.55 million, and EBITDA by 63.5% to EUR37.91 million.
The major shareholders of Astarta at the end of the first half of the year were the family of its founder and CEO Viktor Ivanchyk – 40.11% and Fairfax Financial Holdings LTD with subsidiaries – 29.91%.
Due to the commissioning of new wells, JSC Ukrgasvydobuvannya (UGV) has increased its daily production of commercial natural gas by 3.31 million cubic meters since the beginning of 2023, according to a press release from Naftogaz Group on Friday.
“Thanks to the commissioning of 54 new gas wells since the beginning of the year and an increase in the number of service operations in August, the average daily production of natural gas by Ukrgasvydobuvannya reached its highest level since June 2020,” the company said.
According to Oleh Tolmachov, Acting CEO of UGV, the achieved increase in average daily production will allow the company to exceed the results of the previous two years by the end of the current year.
“In difficult conditions, the Ukrgasvydobuvannya team continues to work to provide the country with its own energy resources. I am grateful to my colleagues for their professionalism,” Tolmachev said in the press release.
As reported, UGV aims to increase natural gas production by 1 billion cubic meters in 2023 to 13.5 billion cubic meters. In 2022, UGV produced 12.5 billion cubic meters of natural gas (commercial), which is 3% less than in 2021.
NJSC Naftogaz of Ukraine owns 100% of Ukrgasvydobuvannya shares.
World food prices, which rose by 1.3% in July, returned to the previous trend in August, falling by 2.1% in monthly terms, according to a review by FAO (the Food and Agriculture Organization of the United Nations).
The index of world food prices in August amounted to 121.4 points, which is 2.1% lower than in July and 24% lower than the maximum level of March 2022. “Thus, the increase in the index observed in the previous month was leveled. The recorded decline is due to a drop in prices for dairy products, vegetable oils, meat and cereals amid a moderate increase in the sugar price index,” the document says.
The grain price index in August decreased by 0.7% compared to July and by 14.1% in annual terms. World wheat prices fell by 3.8%, largely due to increased supply from active seasonal crop supplies from several leading exporting countries in the Northern Hemisphere. Corn prices declined for the seventh consecutive month and reached their lowest level since September 2020.
Rice prices, on the other hand, increased by 9.8% compared to July and became the highest in the last 15 years. This is due to trade disruptions recorded after India imposed a ban on the export of Indian white rice in July.
The vegetable oil price index in August decreased by 3.1% compared to July after a short-term increase in July. This reflected a drop in global prices for palm, sunflower, soybean, and rapeseed oil. For example, global prices for sunflower oil fell by almost 8% due to weaker import demand amid high supply from major exporters.
The price index for dairy products fell by 4% last month. This is the eighth consecutive month of decline. Compared to August last year, it was 22.4%. In August, whole milk powder fell the most, due to significant supply, especially from Oceania, during the seasonal increase in production and under the influence of a decrease in imports by China.
Global skimmed milk powder prices reached their lowest level since mid-2020 due to sluggish import demand and weak market activity in Europe. Global prices for butter and cheese also fell due to similar factors.
The meat price index in August decreased by 3% compared to July and by 5.4% in annual terms. Lamb prices showed the largest decline, largely driven by a sharp rise in export supply, primarily from Australia, and weaker demand from China. The fall in pork prices was primarily due to low demand from major importing countries and strong export supply in Europe amid declining domestic sales. Poultry prices declined due to strong supply, especially from Brazil. Beef prices fell due to the high number of slaughter animals in a number of major producing countries and weak import demand.
In August, the sugar price index increased by 1.3% compared to July and by 34.1% in annual terms. This was mainly due to growing concerns about the El Niño weather phenomenon, which could lead to a decrease in expected global production.
The FAO Food Price Index is a weighted average indicator that tracks the dynamics of international prices for five major food commodity groups.
‘Vasudhaiva Kutumbakam’ – these two words capture a deep philosophy. It means ‘the world is one family’. This is an all-embracing outlook that encourages us to progress as one universal family, transcending borders, languages, and ideologies. During India’s G20 Presidency, this has translated into a call for human-centric progress. As One Earth, we are coming together to nurture our planet. As One Family, we support each other in the pursuit of growth. And we move together towards a shared future – One Future – which is an undeniable truth in these interconnected times.
The post-pandemic world order is very different from the world before it. There are three important changes, among others.
First, there is a growing realisation that a shift away from a GDP-centric view of the world to a human-centric view is needed.
Second, the world is recognizing the importance of resilience and reliability in global supply chains.
Third, there is a collective call for boosting multilateralism through the reform of global institutions.
Our G20 Presidency has played the role of a catalyst in these shifts.
In December 2022, when we took over the Presidency from Indonesia, I had written that a mindset shift must be catalysed by the G20. This was especially needed in the context of mainstreaming the marginalized aspirations of developing countries, the Global South and Africa.
The Voice of Global South Summit in January 2023, which witnessed participation from 125 countries, was one of the foremost initiatives under our Presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our Presidency has not only seen the largest-ever participation from African countries but has also pushed for the inclusion of the African Union as a permanent member of the G20.
An interconnected world means our challenges across domains are interlinked. This is the midway year of the 2030 Agenda and many are noting with great concern that the progress on SDGs is off-track. The G20 2023 Action Plan on Accelerating Progress on SDGs will spearhead the future direction of the G20 towards implementing SDGs.
In India, living in harmony with nature has been a norm since ancient times and we have been contributing our share towards climate action even in modern times.
Many countries of the Global South are at various stages of development and climate action must be a complementary pursuit. Ambitions for climate action must be matched with actions on climate finance and transfer of technology.
We believe there is a need to move away from a purely restrictive attitude of what should not be done, to a more constructive attitude focusing on what can be done to fight climate change.
The Chennai High-Level Principles for a Sustainable and Resilient Blue Economy focus on keeping our oceans healthy.
A global ecosystem for clean and green hydrogen will emerge from our presidency, along with a Green Hydrogen Innovation Centre.
In 2015, we launched the International Solar Alliance. Now, through the Global Biofuels Alliance, we will support the world to enable energy transitions in tune with the benefits of a circular economy.
Democratising climate action is the best way to impart momentum to the movement. Just as individuals make daily decisions based on their long-term health, they can make lifestyle decisions based on the impact on the planet’s long-term health. Just like Yoga became a global mass movement for wellness, we have also nudged the world with Lifestyles for Sustainable Environment (LiFE).
Due to the impact of climate change, ensuring food and nutritional security will be crucial. Millets, or Shree Anna, can help with this while also boosting climate-smart agriculture. In the International Year of Millets, we have taken millets to global palates. The Deccan High Level Principles on Food Security and Nutrition is also helpful in this direction.
Technology is transformative but it also needs to be made inclusive. In the past, the benefits of technological advancements have not benefited all sections of society equally. India, over the last few years, has shown how technology can be leveraged to narrow inequalities, rather than widen them.
For instance, the billions across the world that remain unbanked, or lack digital identities, can be financially included through digital public infrastructure (DPI). The solutions we have built using our DPI have now been recognised globally. Now, through the G20, we will help developing countries adapt, build, and scale DPI to unlock the power of inclusive growth.
That India is the fastest-growing large economy is no accident. Our simple, scalable and sustainable solutions have empowered the vulnerable and the marginalised to lead our development story. From space to sports, economy to entrepreneurship, Indian women have taken the lead in various sectors. They have shifted the narrative from the development of women to women-led development. Our G20 Presidency is working on bridging the gender digital divide, reducing labour force participation gaps and enabling a larger role for women in leadership and decision-making.
For India, the G20 Presidency is not merely a high-level diplomatic endeavour. As the Mother of Democracy and a model of diversity, we opened the doors of this experience to the world.
Today, accomplishing things at scale is a quality that is associated with India. The G20 Presidency is no exception. It has become a people-driven movement. Over 200 meetings will have been organised in 60 Indian cities across the length and breadth of our nation, hosting nearly 100,000 delegates from 125 countries by the end of our term. No Presidency has ever encompassed such a vast and diverse geographical expanse.
It is one thing to hear about India’s demography, democracy, diversity and development from someone else. It is totally different to experience them first-hand. I am sure our G20 delegates would vouch for this.
Our G20 Presidency strives to bridge divides, dismantle barriers, and sow seeds of collaboration that nourish a world where unity prevails over discord, where shared destiny eclipses isolation. As the G20 President, we had pledged to make the global table larger, ensuring that every voice is heard and every country contributes. I am positive that we have matched our pledge with actions and outcomes.
Narendra Modi
Prime Minister of India
The United States has approved a new $600 million package of arms and ammunition under the Ukraine Security Assistance Initiative (USAI), the US Department of Defense website reports.
“This package includes equipment to strengthen Ukraine’s air defense, artillery ammunition, and other capabilities,” the release says.
The new $600 million defense assistance package includes
– equipment to support and integrate Ukraine’s air defense systems;
– additional ammunition for the Highly Mobile Artillery Rocket Systems (HIMARS);
– 105-mm artillery rounds;
– electronic warfare and electronic countermeasures;
– destructive ammunition for clearing obstacles;
– equipment for demining;
– support and equipment for training, maintenance and sustainment.
“The United States will continue to work with its allies and partners to provide Ukraine with the capabilities to meet its immediate combat needs and long-term security assistance requirements,” the Pentagon emphasized.
