Business news from Ukraine

Business news from Ukraine

Montenegro and Ukraine start consultations on preparation of security agreement

Ukraine and Montenegro have started consultations on the preparation of a bilateral security agreement, the press service of the Ukrainian head of state said.

“Ukraine and Montenegro held a meeting on the conclusion of a bilateral security agreement. The document will contribute to strengthening security in Europe and deepening cooperation between the two countries,” – said in a message on the President’s website on Friday.

It is noted that today’s consultations were held by the Deputy Head of the Office of the President Igor Zhovkva. “We appreciate Montenegro’s unwavering position and unwavering support for Ukraine since the beginning of the Russian invasion. We share common values and look forward to Montenegro’s assistance on Ukraine’s path to NATO membership. Ukraine and Montenegro also aspire to EU membership and undoubtedly already contribute to the security and prosperity of Europe,” Zhovkva said, quoted by the press service.

Ukraine concludes bilateral security agreements in pursuance of the G7 Joint Declaration adopted last year on July 12 in Vilnius. Twenty-five agreements have already been signed with the countries that supported it.

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League of Insurance Organizations of Ukraine has elected new vice-president

The Presidium of the League of Insurance Organizations of Ukraine (LIOU) has appointed Tetyana Mosiychuk to the position of vice-president, LIOU President Viktor Berlin said on his Facebook page.

“We have very ambitious goals, and for their realization we need professionals of the highest level. The tasks are many, the challenges are huge, it will not be easy, but I believe in our synergy!”, – emphasized Viktor Berlin.

According to him, Tetyana Mosiychuk will be responsible for the direction of interaction with the market regulator, as well as will tighten the activities already started by LSOU on consolidation of the insurance market of Ukraine.

“I thank you for your trust and I quite agree that it is very important now that the insurance market is united. There is still a lack of a monolithic voice of insurers. I believe it is necessary that insurance companies not only hear, but also take into account their position,” – said Tetyana Mosiychuk.

As reported, Tetyana Mosiychuk headed the Department of Supervision over the non-banking financial services market of the NBU from March 13, 2023 to May 3, 2024.

Tetyana Mosiychuk has worked in the financial sector of Ukraine for more than 30 years, in particular, she has significant experience in insurance, as well as in consulting and investment spheres.

Prior to her appointment to the National Bank, she worked as an advisor on strategic development of the insurance market to the Director General of the Insurance Business Association (2022-2023), was a member of the Management Board and Deputy Director of Persha Insurance Company (2021-2022). Prior to that, she worked in the Ukrainian Fire Insurance Company as Head of the Board (2019-2021), First Deputy Head of the Board (2018-2019).

She has significant experience in the civil service: she worked as Deputy Head of the State Commission for Regulation of the Financial Services Market of Ukraine and Head of the Financial Planning Department of the Ministry of Internal Affairs. She was an expert for EU projects in the field of financial market reforms.

Mosiychuk graduated with honors from Kharkiv State University (qualification: economist). In 2016, she received a PhD in Economics with a specialization in Economic Security of the State.

 

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Cost of housing in Ukraine in second quarter increased by 10%

The housing price index in Ukraine at the end of April-June 2024 amounted to 110%, while in the same period of 2023 the index amounted to 114.2%, the State Statistics Service reported. According to its data, in the primary market housing prices in the second quarter of 2024 accelerated growth to 12.6% against 11.9% in the first quarter of last year. The growth in prices for one- and two-bedroom apartments amounted to 12.8%, three-room apartments – 12.5%.

In the secondary market, prices slowed down to 8.7% in April-June 2024 against 15.6% in the same period of 2023. Thus, the price growth for one-bedroom apartments amounted to 9%, two-bedroom apartments – 8.8%, three-bedroom apartments – 8.7%.

Compared to the previous quarter, housing prices rose by an average of 0.5%, while in the primary market – increased by 2.1%, in the secondary market – decreased by 0.3%.

According to the State Statistics Committee, since the beginning of the year, the prices on the “primary market” increased by an average of 15.1%, with one-room apartments – by 15.2%, two-room apartments – by 15%, three-room apartments – by 15.1%. In the secondary market, prices rose by 12.4%, 11.9% and 12%, respectively.

The State Statistics Committee pointed out that the figures are given without taking into account the temporarily occupied territories and part of the territories where there are (were) hostilities.

 

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Germany wants to limit aid to Ukraine

By 2026, Germany aims to reduce its aid to Ukraine, relying on sources other than the federal budget. Capital gains from frozen Russian assets could be one such source.

It came as a shock to Ukraine and to all those who want to support Kyiv unconditionally: the German government apparently wants to end financial aid for military aid to Ukraine from the federal budget after next year and instead tap into an international pot.
The reason for this is the extremely difficult budgetary situation in which the governing coalition of the center-left Social Democratic Party (SPD), the Green Party, and the neoliberal Free Democratic Party (FDP) is struggling to make ends meet.
Finance Minister Christian Lindner (FDP) wrote in a letter to Defense Minister Boris Pistorius (SPD) and Foreign Minister Annalena Baerbock (Greens) that “new measures” involving payment obligations may only be agreed upon if “financing has been secured.”

The German government has allocated €7.5 billion ($8.3 billion) in the 2024 budget for Ukraine, and another €4 billion ($4.4 billion) for 2025. After that, no further money will be earmarked for Ukraine in Germany’s federal budget.
At that point, the money is expected to come from a new source, agreed upon by the representatives of the seven major Western industrialized nations, the G7, in June. At their summit meeting they declared that by the end of the year, around €50 billion ($55 billion) is supposed to have been raised in “additional funds,” not as a substitute for national contributions.
The interest for these loans are to be paid for by, among other things, interest earnings from frozen Russian assets. However, it is still unclear if and when such revenues will accrue, how much they will be and whether they can be used in this manner. International negotiations on this are ongoing. The G7 had explicitly stated that these funds were not going to substitute national contributions to Ukraine’s struggle.

Criticism from all sides

Ukraine’s ambassador to Germany, Oleksii Makeiev, was quick to issue an urgent warning to the German government against cutting financial support to his country. “Cutting military aid to Ukraine means jeopardizing Europe’s security,” he wrote on X. “That would be fatal and must be avoided. The funds are there, it’s a question of political will.”
Criticism showered down on the government. Representatives of the largest opposition party, the conservative Christian Democratic Union (CDU), accused the German government of abandoning Ukraine. The opposition party is also in favor of using Russian assets – not as a substitute for German funds, but in addition to them.
Critical voices are even coming from within the governing coalition. Michael Roth (SPD), chairman of the Foreign Affairs Committee in the Bundestag, said that Germany cannot make its support dependent on the budget situation. “We must not sacrifice the fate of Ukraine on the altar of the debt brake,” he said in reference to a provision in the German constitution limiting public debt.
Green Party co-leader Omid Nouripour said in an interview with public broadcaster ARD: “This is not a good signal, certainly not for Ukraine and certainly not for our partner states, which are all involved.”
Marie-Agnes Strack-Zimmermann from the FDP, one of the most vehement supporters of military and financial aid to Ukraine and chair of the Defense Committee in the European Parliament, echoed the same sentiment. But she also held her partners accountable. She wrote on X that aid to Ukraine still needs to be stepped up. “But this is only possible together with our European partners, from whom we are demanding just as much commitment as before.”

Fear ahead of the state elections?

The German government wants to limit aid to Ukraine not only because of the tight budget. In September, state elections will be held in three eastern German states: Saxony, Thuringia and Brandenburg. Polls predict good results for the far-right Alternative for Germany (AfD) and the populist Sahra Wagenknecht Alliance (BSW), who want to end support for Ukraine and are in favor of reconciliation with Russia.
After the initial uproar over cutting aid to Ukraine, the German government is now trying to mitigate the damage: “The chancellor will keep his word that support for Ukraine will continue for as long as necessary and that no one, especially not the Russian president, can count on us letting up,” said government spokesman Wolfgang Büchner.
However, he did not deny that a shift from the federal budget to international sources was being considered.

https://www.dw.com/en/germany-ukraine-military-aid-2026/a-69984998

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Heat up to 35° in Kiev on Monday-Tuesday

In Ukraine on Monday, August 19, without precipitation; only in the afternoon in the western regions in some places short-term rain, thunderstorms, reports Ukrhydrometcenter.

The wind is predominantly southeastern, 5-10 m/s.

The temperature at night 15-20 °, on the seashore up to 23 °; in the afternoon 29-34 °, in the southern and central regions of strong heat 35-37 °; in the Carpathians 23-28 °.

In Kiev on Monday without precipitation. No precipitation. The wind is predominantly southeastern, 5-10 m/s. The temperature at night is 18-20°, during the day 32-34°.

According to the Central Geophysical Observatory named after Boris Sreznevsky. Borys Sreznevsky in Kiev on August 19, the highest daytime temperature was 37.8 in 1946, the lowest nighttime temperature was 7.4 in 1893.

Tuesday, August 20, in Ukraine without precipitation; only in the western regions, in the afternoon and in Zhytomyr region, in some places short-term rain, thunderstorm.

Wind of variable directions, 3-5 m/s.

The temperature at night 15-20°, on the seashore up to 23°; in the afternoon strong heat 35-38°, in the western regions 30-34°, in some places 25-30°.

In Kiev on Tuesday without precipitation. Wind of variable directions, 3-5 m/s. The temperature at night is 18-20 °, in the daytime strong heat – 35 °.

 

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Ukraine increased imports of tin in January-July by 8%

Ukrainian companies increased imports of tin and tin products by 7.8% in January-July – up to $1.536 mln (in July – $185 thousand),
According to customs statistics released by the State Customs Service of Ukraine, exports of tin and products amounted to $331 thousand (in July – $150 thousand) against $53 thousand in the same period a year earlier.
In 2023, exports of tin and products totaled $159 thousand vs. $424 thousand for 2022.
Tin is used primarily as a safe, non-toxic, corrosion-resistant coating in pure form or in alloys with other metals. The main industrial uses of tin are in white tinplate for food containers, in solder for electronics, in house piping, in bearing alloys, and in coatings made from tin and its alloys. The most important tin alloy is bronze (with copper). Another well-known alloy – pewter – is used for the manufacture of tableware.

 

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