Business news from Ukraine

Marine insurance experts call for closer cooperation with shipowners

Maritime insurance experts are calling for closer cooperation with shipowners to develop decarbonization strategies, Reinsurance News reports.

The white paper, co-authored by underwriting firm Atrium and Bayes Business School (formerly Cass), City, University of London, emphasizes the crucial role insurers can play in facilitating the transition to greener practices in the shipping industry, the report says.

Noting the urgency of this issue, the document emphasizes that although the shipping sector currently accounts for about 3% of global greenhouse gas (GHG) emissions, this figure could soar to 13% in the near future.

This forecast is explained by the relatively slow progress in reducing emissions in the maritime industry compared to other sectors.

The International Maritime Organization (IMO) has implemented two key initiatives: The Existing Ships Energy Efficiency Index (EEXI) and the Carbon Intensity Index (CII), aimed at monitoring and assessing the environmental impact of maritime operations.

The paper outlines several strategies for insurers to promote decarbonization, including incorporating compliance requirements into insurance policies, adjusting premium rates based on compliance data, and working closely with clients to explore innovative solutions.

However, the authors warn that insurers must strike a delicate balance between encouraging decarbonization and remaining competitive in the market.

With global marine insurance premiums expected to reach S35.8 billion in 2022, the document emphasizes the importance of collective action by stakeholders to achieve sustainable development goals while maintaining market competitiveness.

The study emphasizes the need for concerted efforts by all stakeholders involved in the maritime industry to successfully overcome the challenges of decarbonization.

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Wall Street experts expect S&P 500 companies to increase earnings this quarter

Wall Street experts expect earnings of S&P 500 companies to increase in the current quarter after three quarters of annual decline, The Wall Street Journal writes.

This could create a more stable basis for the recovery of the US stock market, which has stalled recently. The S&P 500 is up nearly 17% year to date, but the index has ended in the red for four of the last six weeks.

The consensus among experts surveyed by FactSet is for S&P 500 earnings to rise 0.5% this quarter and 1.2% for the full year.

Analysts raised their forecasts for the current quarter in the first two months, something that hasn’t happened since the third quarter of 2021, said John Butters, chief earnings analyst at FactSet.

Earnings forecasts are at or near record levels across most segments of the S&P 500, including the IT, communications services and consumer goods companies.

The sub-indices of these segments in the S&P 500 are leading the gainers this year. Thus, the indicator of shares of IT companies has increased since the beginning of the year by 41%, communication services – 43%, manufacturers of consumer goods – 32%.

In recent days, analysts have raised earnings per share forecasts for industrial companies and utility providers to record highs, the WSJ notes. The industrials subindex of the S&P 500 is up 7.1% this year, while utilities are down 11%.

David Lefkowitz, head of US equities at UBS Global Wealth Management, expects the S&P 500 to be around 4,500 at the end of December this year and reach 4,700 by the end of June next year.

As of 17:00 Moscow time on Monday, the index value is 4476.37 points.

Lefkowitz expects the resumption of student loan payments, as well as high energy prices and mortgage rates, to keep the stock market down.

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Top 5 mistakes when working with grants: Experts Club video recommendations

More and more entrepreneurs and organizations are turning to grant programs in the hope of obtaining financial support for their projects. However, many of them make typical mistakes even at the stage of submitting and implementing an application, which can lead to undesirable consequences. In this regard, Kyiv Analytical Center “Experts Club” together with the founder of “Granta” company and grant projects implementation expert Olga Shaverina, launched a series of YouTube videos, dedicated to the peculiarities of grant financing. In the first video Olga Shaverina shared her experience and told about the most common mistakes made by beginner grantees, as well as gave recommendations on how to avoid them.

The first mistake many people make is not trusting grantmaking tools. Some entrepreneurs do not realize the opportunities that grants provide and miss the chance to get funding for their projects. Lack of information about grant programs and lack of knowledge about procedures can cause missed opportunities.

The second mistake, according to the expert, has to do with not accepting the fact that business is part of society. Many entrepreneurs forget that grant programs are usually aimed at solving social problems or supporting certain social initiatives. Emphasizing the social importance of their project can help in attracting the attention of grantmakers.

The third mistake is neglecting procedures. This is a critical component of successful grantmaking, where proper paperwork and adherence to grant program requirements are critical to your success. Negligence in this matter can cause the application to be rejected.

“Reassign the preparation of the grant application to your secretary on the principle of “He/She can do it! ” because he/she knows how to do the paperwork is the most common mistake among applicants. Most projects fail exactly on this basis,” says Olga Shaverina.

The fourth mistake entrepreneurs often make is underestimating the cost of training. First of all it is a question of labor inputs, because preparation of the grant application demands time, efforts and resources. Some entrepreneurs underestimate the amount of work required to prepare a quality application. Developing a detailed budget, creating a project plan, and analyzing the market and competitors all require careful preparation and research. The lack of a detailed plan and an incomplete understanding of the necessary resources can lead to project failure.

Finally, a fifth mistake worth noting is misunderstanding partnerships and consultant selection. Working in partnership with other organizations or consultants can greatly improve the chances of a successful grant project. However, choosing partners incorrectly or not understanding their role and contribution to the project can lead to conflicts and ineffective work. The criteria for selecting partners and consultants must be clearly defined and meet the goals and needs of the project.

Ms. Shaverina also emphasized the importance of a proper understanding of reporting. Many entrepreneurs underestimate the importance of reporting and do not pay adequate attention to it. Failure to comply with reporting requirements may result in penalties or loss of funding. Therefore, it is necessary to carefully study the reporting requirements and provide all the necessary documents in a timely manner.

Maxim Urakin, founder of the Club of Experts, in turn, shared statistics on grant assistance to Ukraine for the years 2022-2023. Thus, he noted that in 2022 international aid to Ukraine amounted to more than $32 billion, including 18 billion in grant support.
“This year Ukraine has already received about $19 billion in assistance, of which $11 billion was received in January-March, of which $3.7 billion came in the form of grants. That is why grant assistance, including those for specific projects, is extremely important for our economy under current conditions,” said Maxim Uralkin.

So, grant programs are an important tool for business development and implementation of social initiatives. However, in order to receive grant support successfully, it is necessary to avoid common mistakes, which the experts told us about. Compliance with requirements and procedures, understanding the importance of the social aspect of the project, choosing the right partners and consultants, as well as consciously estimating costs and preparing for reporting are all factors that can increase the chances of success.

You can learn more about the mistakes you make when submitting a grant proposal by watching the video on the Club of Experts YouTube channel:

Subscribe to the channel at:

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“Club of Experts” gathers winners of VII All-Ukrainian Wine Tasting Competition on May 18

On May 18, 2023, the capital’s Club of Experts will host a bright event for wine lovers – Wine Evening “Consumer Tasting of the Best Craft Wines of Ukraine-2023”. The event will feature the products of the best Ukrainian winemakers based on the results of the VIII All-Ukrainian Tasting Competition “Variety and Terroir. Micro winemaking. Unbreakable”, which took place on April 1, 2023.

According to Natalia Blagopoluchna, President of the Ukrainian Association of Winemakers and Sommeliers, the Wine Evening will create an opportunity for each guest to try themselves as a wine expert and taster, gain rich experience and taste the unique flavors of the best Ukrainian wines.

“Wine Evening provides a great opportunity to discover the diversity of Ukrainian wine. You may already be familiar with some of these brands, but the tasting is a chance to taste them in a new light, compare them with other wines, listen to the experts’ opinions and gain new knowledge about winemaking,” she said.

In his turn, the founder of the Club of Experts, Maksim Urakin, emphasized that the Tasting Evening is an event where you can meet like-minded people, communicate with experts, exchange experience, ideas and impressions. It is a place where new business relationships and partnerships are created, new ideas and projects emerge.

“Our competition for the Best Wine of the Wine Evening is of great interest to the guests of the evening. The producer of the most delicious wine, determined by the participants of the event, will receive a Diploma from the Club of Experts. This competition not only raises the mood, but also creates friendly competition between producers, encouraging them to continuously improve,” he emphasized.
In addition, according to Maksim Urakin, today more and more people in the world are showing interest in craft wines and want to learn more about the history and technology of this beverage. Events such as the Wine Evening are becoming important and necessary, they help to develop wine culture, open new horizons for winemakers and consumers, and make a huge contribution to the formation of the Ukrainian wine market.

Guests will be invited to taste the winning wines accompanied by craft gastronomy. The program of the evening includes the best sparkling rosé wine of 2021 from TM My Wine and Eduard Gorodetsky, the best Riesling of 2021 from Vladimir Simakin, Chardonnay of 2022 from TM Babchuk Winery, and many others. Full list of winners of the VIII All-Ukrainian Tasting Competition “Variety and Terroir. Micro winemaking. Unbreakable”:
1.    Nomination “Sparkling wines” – “Sparkling pink, 2021”, TM “My Wine”, Eduard Gorodetsky
2.    Nomination “Best Riesling” – “Riesling, 2021”, Vladimir Simakin
3.    Nomination “Best Chardonnay” – “Chardonnay, 2022”, TM “Babchuk Winery”
4.    Nomination “White Local Variety” – “Zagrei, 2022”, National Scientific Center “V.E. Tairov Institute of Viticulture and Winemaking
5.    Nomination “Orange wines” – “Orange, 2021”, TM “Kovacs Wines”
6.    Nomination “Pink wines” – Pinot Noir, 2021″, TM “My Wine”, Eduard Gorodetsky
7.    Nomination “Best Pinot Noir” – “Pinot Noir, 2020”, TM “46 Parallel” – gold medal
8.    Nomination “Best Merlot” – “Merlot, 2020”, TM “NAROVYLO WINERY”
9.    Nomination “Best Cabernet Sauvignon” – “Cabernet Sauvignon, 2021”, TM “Mon Crafto”
10.    Nomination “Red local variety” – “Aliberne, 2020”, TM “NAROVYLO WINERY”
11.    Nomination “Red Blend” – “KS/KF/Merlot, 2020”, TM “NAROVYLO WINERY” – Grand Prix of the Competition (the best wine of the Competition), 100 points from the Chairman of the Jury Ricardo Nunez!
12.    Nomination “Dessert wines” – “Muscat of the Carpathians, 2014”, TM “Kovach Wines”

It should be noted that each nomination represents unique wines that have been recognized as the best in their categories.
The cost of participation in the event is 1000 UAH, which includes tasting of all presented wines and delicious culinary accompaniments from craft chefs. This event will be a real treat for gourmets and wine lovers, as well as a great opportunity for winemakers to present their products to a wide range of professionals and wine connoisseurs.

The organizers of the Wine Evening are:
1.    Ukrainian Association of Winemakers and Sommeliers;
2.    Club of experts.

Information Partners: Interfax-Ukraine news agency; Open4business Internet portal.
General partner: UKRSADVINPROM.

Speaker of the Wine Evening: President of the Ukrainian Association of Winemakers and Sommeliers, wine expert, head of the First Sommelier School in Ukraine – Natalia Blagopoluchna.

Address of the event: 51/1a Tyutyunnyk St., Kyiv, Ukraine
Phone number for accreditation 0661480354

Do not miss the unique opportunity to join the Wine Evening “Consumer tasting of the best craft wines of Ukraine-2023”. For those who appreciate the culture of wine, this is a great opportunity to immerse yourself in the fascinating world of winemaking, meet those who share your passion, and discover new horizons of taste.

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How to import goods to Ukraine – tips from Experts Club and Exporters Club

The saturated market of Ukraine and its geographical location make our country an attractive market for foreign goods. However, importing goods to Ukraine is a complex process that requires knowledge of legislation, international relations, and customs clearance procedures. These and other issues were discussed by the founder of the Club of Experts Maxim Urakin and the President of the Ukrainian Exporters Club Yevheniia Lytvynova in a new video on the YouTube channel “Club of Experts”.

According to Maksym Urakin, before starting to import goods, it is necessary to conduct a detailed analysis of the market and legislation of Ukraine and the exporting country, as well as calculate all costs associated with delivery, customs clearance and taxes.

“This will help you draw up a clear action plan and avoid unpleasant situations during the import process,” the expert emphasized.

Yevheniia Lytvynova, President of the Ukrainian Exporters Club, also emphasizes the need to research the market and check the reputation of potential suppliers.

“Market research and checking the reputation of potential partners can help you find a reliable supplier,” she said.

According to Yevheniia Lytvynova, successful import of goods requires a thorough analysis of all aspects of the importer’s future business strategy.

“Before you start importing goods, you need to conduct a detailed analysis of the market, legal requirements and your capabilities, as well as calculate all the costs associated with delivery, customs clearance and taxes. This will help you draw up a clear plan of action and avoid unpleasant situations during the import process,” emphasized Lytvynova.

Regarding the documents to be prepared for importing goods, Lytvynova noted that the contract between the importer and exporter, invoice, transportation document (e.g., waybill or bill of lading), quality certificate and certificate of origin should be put in the forefront.

“In addition to these basic documents, additional documents may be required depending on the characteristics of the goods and the requirements of Ukrainian legislation. In particular, licenses, certificates of conformity, permits and other documents confirming compliance with safety, hygiene, environmental requirements, etc. may be required,” she explained.

Maksym Urakin also emphasized that studying local legislation and choosing a reliable supplier are also very important steps in the import process. According to the experts, in order to successfully sell goods in Ukraine, it is also necessary to take into account the difficulties that may arise after their delivery.

“Even if the goods are of high quality and interesting, they still need to be sold. But here in Ukraine, even after obtaining certificates and relevant permits, sales can be restricted due to various customs barriers, which leads to breach of contract. Therefore, we advise our companies to conduct a detailed analysis of the market and legal requirements. This will allow them to prepare the right documentation and comply with all requirements,” said Yevgeniya Lytvynova.

To increase export sales, experts recommend improving product quality and providing buyers with more information about their goods.

“Nowadays, many buyers check the quality of goods and their compliance with standards. If your products don’t meet the requirements, they simply won’t buy them,” emphasized Maksym Urakin.

In this regard, experts advise to focus on developing the quality of goods and their competitiveness. In addition, according to Maxim Urakin, it is important to participate in international exhibitions and forums where you can find new partners and establish contacts with potential suppliers.

Thus, according to the experts, it is very important to comply with all the requirements and norms set by law when importing goods, conduct a detailed market analysis and check the reputation of suppliers. It is also important to ensure the quality of goods and timely delivery, while considering all possible risks and costs. Importing goods can be a very profitable business if you organize it properly. Experienced experts advise to study the market and determine your capabilities to avoid unpleasant situations and ensure successful business development.

Watch the full video here:

Subscribe to the Experts Club channel here:

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Experts presented list of leading insurers in OSAGO

The leaders in terms of premiums collected under compulsory motor third party liability insurance (OSAGO) contracts in the second quarter of 2022, as in the previous one, were IG TAS and NJSIC Oranta, according to the website of the Motor (Transport) Insurance Bureau of Ukraine (MTSBU).
At the same time, according to the published data, there have been a number of changes in the TOP-10 leading insurers of Ukraine for this type of insurance. The Ukrainian Fire and Insurance Company, which occupied the eighth position in the first quarter, left the TOP-10.
In addition, IC Euroins Ukraine returned to the top 10 sellers of OSAGO from the top ten in terms of collected premiums, IC Guardian rose from 10th position to seventh, USG – from seventh to fifth.
MTIBU is the only association of insurers that provides compulsory insurance of civil liability of land vehicle owners for damage caused to third parties. MTIBU members are 42 insurance companies.

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