Oil prices are rising on Thursday after falling by more than 4% in the previous session.
The price of July futures on Brent on London’s ICE Futures Exchange stood at $72.9 a barrel by 8:05 a.m. Thursday, up $0.57 (0.79%) from the previous session’s close. Those contracts fell $2.99 (4%) to $72.33 a barrel on Wednesday, the lowest since December 20, 2021.
The price of futures for June WTI crude oil on the electronic trading on the New York Mercantile Exchange (NYMEX) increased by that time by $0.34 (0.5%) – to $68.94 a barrel. At the end of the previous session, contracts fell $3.06 (4.3%) to $68.6 a barrel, the lowest since March 20.
The oil market has fallen sharply since the beginning of this week on signals of slow economic recovery in China, as well as increased fears of recession in the U.S. due to problems in the banking sector of the country.
“The correlation between tensions in the U.S. banking sector and falling oil prices cannot be denied,” said Price Futures Group chief analyst Phil Flynn, cited by Market Watch.
U.S. Department of Energy data published on Wednesday showed a decline of 1.28 million barrels of commercial oil inventories in the country for the week ended April 28. The decline marked the third week in a row.
Experts polled by S&P Global Commodity Insights expected on average a sharper reduction of 3.3 million barrels.
Stocks at Cushing terminal, which stores oil traded at Nymex, increased by 500,000 barrels, while stocks in the Strategic Petroleum Reserve (SPR) decreased by 2 million barrels.
According to the DOE report, gasoline inventories in the States rose by 1.74 million barrels last week, while distillates fell by 1.19 million barrels.
The issue of reforming the Constitutional Court of Ukraine (CC) will be one of the key issues in the conversation with the delegation of the European Commission for Democracy through Law (Venice Commission), which will soon arrive in Ukraine, the deputy prime minister for European and Euro-Atlantic integration Olha Stefanyshyn said in a commentary to the Interfax-Ukraine news agency.
According to her, representatives of the Venice Commission on the results of the visit will provide conclusions on the registered bill, which provides changes to the selection of candidates for the position of judge of the CC.
“There is an agreement with our international partners, who will nominate experts to the Commission, which will select judges of the Constitutional Court, that the Commission will act on the model of the Ethical Council, which formed compositions of other judicial bodies”, – noted Stefanishina, specifying that it means the priority in votes of international experts, when it comes to assessment of integrity.
According to her, today the only problematic issue is the assessment of candidates on professional qualities, where the Ukrainian parliament does not agree to give priority to international experts, because it is about the formation of the CC.
Stefanyshyna said that after all the issues are agreed, the Verkhovna Rada should pass a bill by 29 May.
“Nova Posta”, the leader of express delivery in Ukraine, partly lifted restrictions on sending food products to Poland in international parcels, the press service of the company said.
“The government of Poland lifted restrictions on the import and transit of certain types of food products. As a result, Nova Posta has resumed accepting some products as part of international parcels that are sent to the EU,” the company said in a press release Wednesday.
In the list of products that can be sent abroad again: chocolate and chocolates with stuffing, waffles, cookies, gingerbread, chewing gum, crispbread, croutons and toast, ready-made sauces, ketchups, mustard, canned fish or fish roe – provided that such products are suitable for long-term storage, transported only in original undamaged packages and do not require special temperature storage mode. The total weight of products that are approved by customs authorities for shipment abroad is 10 kg.
However, it is specified that it is prohibited to ship meat, animal products, products of short-term storage or products that require a special temperature regime, dairy and fermented dairy products (including canned condensed milk). canned condensed milk); fruits, vegetables, edible fruits in any form (fresh, dried, dried, canned); nuts, seeds, coffee, tea; vegetable oils; grains and cereals and flour; cereals; sugar, syrups, jams, jams, fruit jellies, marmalade, marshmallows; purees and pastes of fruits or nuts, natural and artificial honey, fruit juices, vinegar, spices and eggs.
For a complete list of goods and cargo that are allowed or prohibited to send in international parcels, see this link: https://novaposhta.ua/delivery_to_Poland/3_PAMIATKA_UA_PL.pdf.
Earlier it was reported that Nova Posta has suspended the shipment of products to the EU due to restrictions on the export of Ukrainian agricultural products.
All company branches have suspended the receipt of any products in international parcels sent to the EU, due to the introduction of temporary restrictions on the import and transit of a number of food products from Ukraine – sugar, cereals, confectionery, fruits, vegetables, etc.
Founded in 2001 Nova Posta is the leader of express-delivery market in Ukraine. Its network consists of more than 6 thousand outlets throughout the country.
“Nova Posta provides a full range of logistics and related services.
It includes Ukrainian and foreign companies, including Nova Posta, NP Logistik, Post Finance (Forpost system) and Nova Posta Global.
Scandinavian chain of home stores JYSK in April exported furniture from Ukraine for EUR2.11 mln which is 46.7% more than in April 2022, informed chief director of JYSK in Ukraine Evgeniy Ivanytsya to Interfax-Ukraine news agency.
“We are glad that in April JYSK in general has increased the volume of purchases of goods in Ukraine not only in comparison with 2022, when exported products for EUR 1 million 438 thousand, but also pre-war 2021 with EUR 1 million 704 thousand,” – said Ivanitsa.
As an example, he cited a series of furniture Billund, named after a small town in Jutland, which is produced by “Accord” from Khmelnitsky.
As it was reported, in 2023 chain JYSK opened two new stores, announced the opening of the renovated store in the shopping center “Riviera” in Odessa” and four new stores – in June in Dnepr, Kamensky in Dnepropetrovsk region and Kolomiya in Ivano-Frankivsk region, in July in Kiev.
JYSK is part of the family Lars Larsen Group. JYSK revenue in fiscal year 2021/22 was EUR 4.87 billion.
Today in Ukraine works 84 stores JYSK and online store jysk.ua. JYSK staff in Ukraine consists of more than 800 employees.
Number of unemployed in Ukraine and job opportunities, Mar 22 – Mar 23
Source: Open4Business.com.ua and experts.news
The Swiss city of Lugano, where the Ukraine Recovery Conference (URC2022) was held in July 2022 and relevant Lugano Principles were adopted, will host the first Lugano Business Forum on May 11-12.
“The forum will bring together representatives of European business, first of all from Switzerland and Ukraine, associations, organizations, officials and opinion leaders to discuss topical issues of private sector participation in real projects of post-war reconstruction of Ukraine,” the announcement of the forum says.
The organizers are the Ukrainian-Swiss Business Association, the Swiss Trade Association SGV and the Blockchain Association of Ukraine.
It is pointed out that Lugano Business Forum is officially recognized as a part of URC2023 and a stage of preparation of the main Conference on Recovery of Ukraine, which this year will be held on June 21-22 in London.
“The Lugano Business Forum is held to give foreign business and capital access to the largest global project of the next decade: the reconstruction and transformation of Ukraine,” the organizers point out.
Seven key topics will be discussed at the forum: energy resources, food technologies, Digital, FinTech and IT, medicine and biotechnology, construction and industry, venture capital and startups, as well as the extraction of raw materials.
Among the speakers are heads of the Ministry of Reconstruction Oleksandr Kubrakov, Ministry of Natural Resources Roman Strelets, Ministry of Agrarian Policy Oleksandr Kamyshyn, State Agency for Environmental Protection Roman Opimakh, and Zhytomyr Mayor Serhiy Sukhomlin.
Business will be represented, in particular, by the Head of the Board of Directors of Oshchadbank Sergiy Naumov, founder and managing partner of TA Ventures Viktoriya Tigipko, Head of the EFI Group Board of Directors Igor Liski, CEO of UMGI Andrei Gorokhov, co-owner of HD Group and GFS Group Boris Shestopalov, CEO of Geo Alliance Lyudmila Kuchmenko, CEO and owner of APK-Resurs Darya Didkovskaya, President of Ozdogu Murat Kavak.
