Oil prices are falling on Tuesday on signals that the stimulus measures in China are not enough to push the country’s economy and demand for oil to robust growth.
The day before, analysts at several investment banks, including Goldman Sachs Group Inc. worsened forecasts for the Chinese economy.
The People’s Bank of China (PBOC, the country’s central bank) on Tuesday lowered its benchmark one-year lending rate (LPR) by 10 basis points (bps) to 3.55% per year. The rate on five-year loans was lowered to 4.2 percent from 4.3 percent per annum, the NBK said in a statement. The rates were lowered for the first time since August 2022.
August Brent crude futures on London’s ICE Futures exchange were at $75.82 a barrel by 8:20 a.m. Tuesday, down $0.27 (0.35%) from the previous session’s closing price. Those contracts fell $0.52 (0.7%) to $76.09 a barrel on Monday.
The price of WTI crude futures for July at electronic trades of NYMEX fell by $0.9 (1.25%) to $70.88 per barrel by that time. The day before, WTI was not traded in the main due to a holiday in the U.S.
Oil prices may end in the negative for the second quarter in a row on the background of sufficient supply in the market and expectations of weakening demand in the context of tightening of monetary policy by the world’s major central banks.
The rate of climate warming in Europe since the 1980s is faster than the global average, the World Meteorological Organization (WMO) said Monday.
“Since the 1980s, the rate of warming in Europe has been twice the global average, with far-reaching effects on the region’s socio-economic structure and ecosystems,” the WMO said in a press release for its State of the Climate in Europe 2022 report.
It is noted that the air temperature in Europe last year was about 2.3 degrees Celsius above the average pre-industrial level (1850-1900), which is used as a baseline under the Paris Agreement on Climate.
At the same time, the report said, for the first time in the EU, the amount of energy produced by renewable sources exceeded that produced by natural gas.
“For the first time in the EU, more electricity was produced from wind and solar than from natural gas,” said WMO Secretary General Professor Petteri Taalas.
The study also indicated that last year “sea surface temperatures in Europe reached new highs, accompanied by sea heat waves,” and there was “unprecedented melting of glaciers.”
According to the report, Europe had its warmest summer on record in 2022.
Scheduled business audits by state tax service in 2023
Source: Open4Business.com.ua and experts.news
The Ukrainian government has approved the proposal of the Ministry of Agrarian Policy to create the “Ukrainian-African Trade Mission” LLC, which will ensure the foreign economic interests of Ukraine in African states and provide advisory services for humanitarian aid.
According to the representative of the Cabinet of Ministers in the Verkhovna Rada Taras Melnychuk in Telegram, the relevant decision was taken at the government meeting on Monday.
LLC “Ukrainian-African Trade Mission” will operate on a permanent basis, owned 100% by the state. The authority to manage corporate rights is vested in the Ministry of Agrarian Policy. The statutory fund of the enterprise is 1 thousand hryvnias.
The Ministry of Digital Economy adjusted the list of countries whose entrepreneurs will become the first e-residents in Ukraine: it includes Slovenia, India, Pakistan and Thailand, Deputy Prime Minister – head of the Ministry of Digital Economy Mikhail Fedorov said on Twitter.
“Our team continues to work on the e-residency program. This will allow foreigners to remotely conduct business and pay taxes in Ukraine. The first group of countries has been approved: Slovenia, India, Pakistan and Thailand. That’s not all, while we are finalizing the legal framework,” Fedorov wrote on Twitter on Monday.
Earlier it was reported that five countries of IT-service providers for outsourcing – India, Bangladesh, Pakistan, China and the Philippines – have been tentatively identified as the target audience of the Ukrainian “e-residency”.
Deputy Minister of Digital Transformation on IT Alexander Bornyakov noted on his Facebook page that after the full launch of the program the citizens of these four countries can register as entrepreneurs in Ukraine and pay taxes to the state budget in the “online” mode. Also, remotely manage their businesses and bank accounts. He noted that with the expansion of the program the list of countries will be added.
“The program should fully run this year – now the legal framework is being finalized and the information system is being tested. Step by step we turn Ukraine into a hub for innovative entrepreneurs from all over the world,” Boryakov wrote.
In the Ministry of Finance point out that now the information system e-resident is being tested.
The Ministry also reminded that e-residency of Ukraine will not be available for citizens of Russia, Belarus and the countries included in the “gray” or “black” list of FATF.
In addition, e-residents will not be able to provide services to Ukrainian citizens, that is, will work exclusively with other foreigners.
It was also reported that the law with the amendments to the Tax Code and several other laws on peculiarities of taxation of business activities of e-residents – e-resident – came into force on April 1. When working as an “e-resident” will pay tax of 5% of income within the limit of FLP Group 3, and above the limit – 15%, but only on foreign contracts for the export of services.
As of April 1, National Bank of Ukraine gave e-residents the right to open current bank accounts, implementing the norm of the law of October 6, 2022 “On peculiarities of taxation of business activities of e-residents”.
The Ministry of Finance has been working on the “e-residency” project since 2019. “E-resident” is a special status of a foreign citizen in Ukraine, which opens him access to information and advisory services, simplifies procedures for obtaining administrative services and entering into civil law agreements. It also allows him to establish a business in Ukraine remotely.
Earlier, Boryakov said that at the first stage of the project it will be possible to register only in the form of sole proprietorship, but in the future there will be opportunities to register legal entities in the form of a limited liability company (LLC).
The insurance company ARX (Kiev) acted as the insurance partner of the international swimming competition Oceanman Kyiv Kyiv 2023, the first international swimming tournament, which will be held in Kiev since the beginning of the full-scale invasion.
According to the press release of the insurer, the open water swimming competition Oceanman Kyiv Kyiv 2023 will take place on July 15-16, 2023.
Apart from the endurance races – 10, 5, 2 km – there will be a separate charitable 500 m swim, all proceeds from which will be used to purchase a car for the 126th TRO team. The competition program also includes a children’s 500m swim and 3x500m (relay).
It is also noted that ARX insures the participants against accidents and injuries (insurance coverage is up to 100 thousand UAH). 50% of all fees from registrations will be sent to purchase of sports equipment for children and youth sports schools in Kiev. The competitions are supported and promoted by the department of youth and sport of KSCA.
ARX insurance company is the leader of the Ukrainian insurance market, the representative of the Canadian international insurance holding Fairfax. It has been working in Ukrainian market for 27 years. It offers a wide spectrum of insurance services.
As it was informed, ARX insured OCEANMAN Odesa participants against accidents and injuries in 2021.
