On Thursday, oil prices for benchmark brands adjusted upward after a strong drop in the previous days.
The decline is due to concerns about the possibility of a recession in the US economy and the resulting decline in fuel demand, Trading Economics writes. In addition, the situation in the banking sector of the country remains tense, which also negatively affects the sentiment of traders.
Meanwhile, the market was supported by data on the reduction of fuel reserves in the United States.
Quotations of June futures for Brent on the London ICE Futures exchange by 8:01 a.m. amounted to $77.93 per barrel, which is $0.24 (0.3%) higher than the price at the previous session’s close. On Wednesday, these contracts fell by $3.08 (3.8%) to $77.69 per barrel.
The price of June futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) rose by $0.18 (0.2%) to $74.48 per barrel in the morning. At the end of the previous session, the value of contracts fell by $2.77 (3.6%) to $74.3 per barrel.
Last week, oil reserves decreased by 5.05 million barrels to 460.91 million barrels, according to the Ministry of Energy. Experts expected a decrease of 1.5 million barrels.
Gasoline reserves decreased by 2.41 million barrels, distillate reserves – by 577 thousand barrels. The average forecast of analysts was for a decrease of 1.5 million barrels and 1.08 million barrels, respectively.
Cherkasskiy Avtobus” JSC, producing small class buses Ataman and trucks on the bases of Japanese Isuzu, plans to increase monthly production of buses on 25 %, till 50 pieces, trucks – on one third, till 40 pieces.
“Now “Cherkassy Bus” produces 40 buses and 30 trucks per month, and from July plans to increase production volumes to 50 buses and 40 trucks,” MP Dmitry Kisilevsky told the Interfax-Ukraine news agency.
In this connection he highlighted the importance for the company of the project on the production of 30 Isuzu trucks with flatbed and crane-manipulator Tadano, which is being implemented in Ukraine and handed over to the State Emergency Service.
Localization of production of the transferred vehicles is about 30%. State Emergency Service of Ukraine will use the vehicles, in particular for demining and clearing the territories affected by the Russian invasion and shelling.
As reported, the project is financed by the Japan International Cooperation Agency JICA, the first six vehicles have already been transferred to the SES.
“Cherkassy Bus” plant plans to hand over another 24 trucks in August-September this year. But JICA plans to participate in further deliveries of vehicles (buses and special trucks). The Ukrainian party is interested in producing these vehicles at Ukrainian enterprises as well,” Kisilevsky told the agency.
According to the Facebook page of the Federation of Employers of Ukraine, the ceremony of handing over Isuzu trucks to the State Emergency Situations Service was attended by Chief of the Isuzu-Ataman Ukraine business, Oleksandr Dorosh, Deputy Economy Minister Ihor Fomenko, Chairman of the State Emergency Situations Service Serhiy Kruk and Japanese Ambassador to Ukraine Matsuda Kuninori who, in particular, noted that Japan may cooperate with Ukraine in manufacturing heavy machinery or special vehicles for transporting people.
Founded in 1994, the Cherkassy Bus plant produces small class buses, as well as other wheeled vehicles based on Isuzu units.
As previously reported, the plant plans to invest 200 mln hryvnia in the production of a larger class of buses.
In 2022, the plant increased its net profit nearly 2.9 times to UAH 65.02 mln, with net income growth by 32.5% to UAH 842.29 mln.
Ukraine’s Foreign Ministry on Wednesday signed a Memorandum of Cooperation with the Italian Trade Agency in the framework of the conference on the restoration of the Ukrainian state, the Foreign Ministry’s press service said.
In particular, the Memorandum is an important step towards creating new opportunities for Ukrainian exporters in the Italian market, revitalizing B2B contacts, and expanding Ukrainian products on the shelves of leading Italian retail chains.
It is noted that within the framework of the initiated cooperation, Ukrainian exporters will be able to get expanded opportunities to establish direct working contacts with Italian partners, business meetings, participation in exhibitions and retail events.
“The Ministry of Foreign Affairs of Ukraine is consistently expanding its partnerships with foreign specialized associations to help Ukrainian exporters enter new foreign markets using the capabilities of the Nazovni digital platform,” the Foreign Ministry’s press service summarized.
The international platform NAZOVNI is a globalization service for Ukrainian business created to promote goods and services abroad with the assistance of Ukrainian diplomatic missions.
The National Bank of Ukraine (NBU) has started assessing the soundness of 20 banks and the banking system, the regulator’s press service said on Wednesday.
According to the report, the assessment of soundness will be carried out as of April 1, 2023, in three stages.
The first stage includes assessment of asset quality and acceptability of collateral for credit operations, as well as verification of the assessment of the value of property received by the bank as collateral and the calculation of capital adequacy ratios.
The second stage involves extrapolation of the results of evaluation of asset quality and collateral acceptability to the bank’s credit operations, which were not selected in the first stage, and the third stage involves evaluation of the bank’s performance under the baseline scenario and determination of the required levels of capital adequacy ratios.
Terms of Reference and a model for assessing the forecast performance of the bank will be published separately on the website of the National Bank.
It is indicated that 2023 will be evaluated by financial institutions, which are leaders in the aggregate indicators of risk-weighted assets, deposits and loans to individuals.
The total net assets of these banks amount to more than 90% of the banking system assets.
In particular, PrivatBank, Oshchadbank, Raiffeisen Bank, Sense Bank, Universal Bank, FUIB, Ukreximbank, Ukrgasbank, OTP Bank, Ukrsibbank, Credit Agricole Bank, Credobank, A-Bank, Taskbank, ProCredit Bank, Pivdennyi Bank, Credit Dnipro Bank, Vostok Bank, MTB Bank and Pravex Bank will undergo the inspection.
The press service added that the results of the assessment of the stability of banks and the banking system of Ukraine, carried out in 2023, will be made public by March 31, 2024.
Rules of assessment of stability this year approved by the Board of the National Bank of Ukraine № 56, which comes into force on April 27, 2023.
NBU reminded that the assessment of the current situation in the banking system and obtaining information to determine the priorities for banking supervision is stipulated by a memorandum with the International Monetary Fund on economic and financial policies of March 24, 2023.
The average number of children deprived of parental care has not changed significantly during the full-scale war, the Minister of Social Policy of Ukraine Oksana Zholnovych said.
“In general last year, according to the statistics that we received, the average number of children who are removed has not changed much, it is approximately the same format as every year. It’s about 8,000 to 9,000 children a year,” Zholnovich said on national telethon Tuesday.
The Minister noted that, as a significant number of families with children have gone abroad, identification of difficult life circumstances for them is carried out outside Ukraine, and the Ministry of Social Policy only accompanies this process.
As for the deprivation of parental care, which is associated with new challenges because of the war, there are about 500 such cases today, according to Zholnovych.
China will send a special representative for Eurasian affairs to visit Ukraine, the official Xinhua news agency said Wednesday.
“China will send a special representative of the government for Eurasian affairs to visit Ukraine and other countries for in-depth communication with all parties on the political settlement of the Ukrainian crisis,” the agency wrote, citing a telephone conversation between Chinese President Xi Jinping and Ukrainian President Vladimir Zelensky.
Reportedly, Xi Jinping noted that the complex evolution of the “Ukrainian crisis” has a serious impact on the international situation. According to him, the agency reported, China will press for peace and promote negotiations, and will make its own efforts to stop the fighting and cease-fire and restore peace as soon as possible. The Chinese side will send a special representative of the Chinese government for Eurasian affairs to visit other countries as well to conduct in-depth communication with all parties on the political settlement of the “Ukrainian crisis.”
“In the afternoon of April 26, 2023, President Xi Jinping had a telephone conversation with Ukrainian President Volodymyr Zelensky at the initiative of the Ukrainian side. The two sides exchanged views on Sino-Ukrainian relations and the Ukrainian crisis,” the Chinese Foreign Ministry said in a statement.
According to the press service of the Foreign Ministry, Xi Jinping noted that the Sino-Ukrainian relations have passed through 31 years of development and reached the level of strategic partnership, which contributed to the appropriate development of the two countries.
He also noted President Vladimir Zelensky’s “emphasis on the development of China-Ukraine relations and cooperation with China,” and thanked Ukraine for its great assistance in evacuating Chinese citizens last year.
“Mutual respect for sovereignty and territorial integrity is the political foundation of Sino-Ukrainian relations. Both sides should focus on the future, persistently consider and plan bilateral relations in the long term, continue the tradition of mutual respect and sincerity between the two sides and promote the development of the China-Ukraine strategic partnership,” the statement said.
It stressed that “China’s readiness to develop China-Ukraine relations is consistent and clear.”
The Chinese side said that no matter how the international situation changes, China is ready to work with Ukraine to promote mutually beneficial cooperation between the two countries.
“Xi Jinping noted that the complex evolution of the Ukrainian crisis has had a serious impact on the international situation. On the issue of the Ukrainian crisis, China has always stood on the side of peace, and its main position is to promote peace and negotiations,” the Foreign Ministry said.
The ministry recalled their “peace plan,” and added that China is “neither a creator nor a party involved in the Ukrainian crisis.”
“As a permanent member of the UN Security Council and a responsible large country, we will neither watch the fire from the other side nor pour oil on the fire, let alone seize the opportunity to profit,” China said.
It stressed that “dialogue and negotiation are the only possible way out,” there are no winners in a nuclear war, and “all parties concerned must remain calm and restrained in solving the nuclear problem.”
“It is hoped that all parties will think deeply about the Ukrainian crisis and work together to seek a path toward long-term peace and stability in Europe through dialogue. China will insist on establishing peace and facilitating negotiations, and will make its own efforts to stop the war as soon as possible, cease fire and restore peace,” China said.
In addition, the Chinese side will send the Chinese government’s special representative for Eurasian affairs to Ukraine and other countries to conduct in-depth communication with all parties “on the political resolution of the Ukrainian crisis.
China has provided several batches of humanitarian aid to Ukraine and is ready to continue providing assistance within its capabilities.
For his part, Zelensky presented his views on the current crisis in Ukraine, thanked China for its humanitarian aid to Ukraine and welcomed China’s important role in restoring peace and resolving the crisis through diplomacy.
