Business news from Ukraine

Business news from Ukraine

Modular town for 336 people has been built in Kherson region

A new modular township has appeared in Kherson region, it is located in Chernobaivka community, the Ministry of Reintegration reported on Saturday with reference to the Kherson OVA.

Internally displaced persons, among those who lost their homes because of Russian aggression, large families, families with children, people with disabilities, combatants, elderly people, families of fallen defenders and victims of the Chernobaevka disaster living in Kherson region can settle in the town.

The complex consists of four modules. In each of them there are 21 living rooms for 4 beds. The module has 2 showers, 2 restrooms, laundry room, play area and kitchen-dining room.

All rooms are equipped with appliances, furniture and everything necessary for a comfortable stay. For children there is a playground, where children can spend their free time in an interesting and useful way.

The new modular town is designed for simultaneous accommodation of 336 people.

 

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S&P downgraded Ukraine’s long-term and short-term foreign currency credit ratings to “selective default” from “CC/C” to “SD/S/S”

International rating agency S&P Global downgraded Ukraine’s long-term and short-term foreign currency credit ratings to ‘selective default’ – from ‘CC/C’ to ‘SD/SD’ – due to a missed August 1 Eurobond payment amid debt restructuring.
“We understand that the government has decided to suspend bond payments pending restructuring. To this end, the government has not made the coupon payment on its 2026 Eurobond on August 1, 2024, when the payment was due, and we do not expect payment within the bonds’ contractual grace period of 10 business days,” S&P said in a statement on its website on Saturday.
As a result, it noted, it also downgraded the rating of the sovereign’s 2026 Eurobond issue to ‘D’ (default) from ‘CC’, while the ‘CC’ rating on Ukraine’s remaining senior unsecured foreign currency bond issues was affirmed.
At the same time, the agency affirmed its ‘CCC+/C’ hryvnia sovereign (LC) ratings and ‘uaBB’ national scale rating. “We understand that Ukraine’s hryvnia-denominated sovereign debt is not subject to restructuring. The outlook on the LC rating is stable,” the statement said.

 

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Number of unemployed in Ukraine and job opportunities, May 2023 – May 2024

Number of unemployed in Ukraine and job opportunities, May 2023 – May 2024

Source: Open4Business.com.ua

“Ukrenergo” is working with Poland to increase electricity supplies to Ukraine in autumn and winter

NPC Ukrenergo, together with Poland, is working to increase the technical capabilities and volumes of electricity supplies to Ukraine in autumn and winter, said Volodymyr Kudrytskyi, Chairman of the Board of the NPC.
“We continue to work not only on repairs and development of protection, but also on finding solutions to attract more electricity to Ukraine from Europe. In particular, we are actively working with the Polish side to increase the technical capabilities and volume of electricity supplies to Ukraine in the fall and winter. We are working on options to compensate for the deficit caused by Russian attacks,” he wrote on his Facebook page on Friday evening.
Kudrytsky noted that he would provide more details when agreements are reached.
He also emphasized that Ukrenergo has not imposed any restrictions on electricity consumption for almost a week now, as there is enough electricity in the system to meet all needs.
Also, according to him, the dispatch center does not plan to cut power this weekend. “This is an important relief for all Ukrainians, but I have to remind you that we have no right to relax: the damage to the power system is significant, and we still face challenges. The heat above 30 degrees may still return, and then the situation in the power system may change. Please follow our messages and those of your regional power distribution companies,” emphasized the CEO.

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Knyazha VIG Insurance Company increased gross premiums collection by 41.5%, payments by 63.3%

In January-March 2024, the insurance company “Knyazha Vienna Insurance Group” (Kyiv) collected UAH 543.5 million of insurance payments, which is 41.54% more than in the same period a year earlier, according to the message of the rating agency “Standard Rating” on the confirmation of the financial strength rating/credit rating of the insurer at the level of “uaAA+” for the specified period.
As reported on the RA website, during the period under review, the insurer’s revenues from individuals increased by 45.71% to UAH 376.64 million, and from reinsurers – by 27.81% to UAH 0.579 million. At the end of the quarter, the share of individuals in the company’s gross premiums amounted to 69.30%, and the share of reinsurers – 0.11%.
Insurance payments sent to reinsurers in the first quarter of 2024 increased by 46.48% to UAH 182.286 million compared to the same period in 2023, while the participation ratio of reinsurance companies in insurance premiums increased by 1.13 percentage points to 33.54%.
Net written premiums increased by 39.16% to UAH 361.221 million, while earned premiums increased by 47.24% to UAH 451.132 million.
Insurance claims and reimbursements increased by 63.25% to UAH 217.704 million. Thus, the claims ratio increased by 5.33 percentage points to 40.06%.
The insurer’s net profit for the first quarter of 2024 amounted to UAH 18.094 million.
At the same time, assets increased by 3.97% to UAH 1.853 billion, equity increased by 3.09% to UAH 462.559 million, liabilities increased by 4.27% to UAH 1.391 billion, cash and cash equivalent decreased by 37.72% to UAH 31.166 million.
The RA notes that as of April 1, 2024, the insurer made financial investments in the amount of UAH 930.821 million, consisting of government bonds (78.15% of the investment portfolio), as well as deposits in banks with a high credit rating (21.85% of the portfolio).
PrJSC “IC “Knyazha Vienna Insurance Group” is a part of IFG Vienna Insurance Group Ukraine, the main shareholder of which is Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria). The group also includes PrJSC IC Ukrainian Insurance Group – 100%, PrJSC IC Knyazha Life Vienne Insurance Group – 97.8%, LLC USG Consulting – 50.7%, LLC VIG Services Ukraine – 78.7%, LLC Assistance Company Ukrainian Assistance Service – 100%.

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ATB paid UAH 13.26 bln in taxes and fees

ATB Group of companies paid UAH 13.26 billion in taxes and fees for the first half of 2024, which is 10%, or UAH 1.25 billion, more than in the same period in 2023, the company’s press service reports.
Of this amount, UAH 8.68 billion was transferred to the state budget, local budgets received UAH 3 billion, and UAH 1.58 billion was allocated to trust funds.
The leader in terms of tax payments is the corporation’s flagship company, ATB-Market LLC, which operates a retail network. Since the beginning of 2024, ATB-Market has paid taxes and duties totaling UAH 10.22 billion, including UAH 6.52 billion to the state budget, UAH 2.48 billion to local budgets, and UAH 1.22 billion to trust funds.
In 2023, ATB-Market paid taxes and fees totaling UAH 19.45 billion (in 2022 – UAH 15.63 billion). At the same time, the chain’s turnover amounted to UAH 176.9 billion, which is 2% lower than in 2021 (UAH 179.8 billion).
According to the press service, ATB has been among the ten largest taxpayers in Ukraine for many years.
ATB Corporation is an association of large Ukrainian enterprises operating in such business areas as retail, asset management, food production and sales, and sports and recreation services. Its companies employ more than 70 thousand people.
In 2023, ATB paid UAH 25.06 billion in taxes and fees. Despite the negative factors caused by the war, this figure is UAH 4.62 billion higher than the financial results of 2022 (UAH 20.44 billion).
As of July 15, 2024, the corporation’s retail network includes 1228 stores, compared to 1316 stores in January 2022.

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