Business news from Ukraine

Business news from Ukraine

Tango Night was held in Kyiv with support of Embassy of Argentina in Ukraine

On October 25, 2024, the Kyiv National Academic Operetta Theater hosted the Argentine Tango Evening, a joint international project with the participation of Argentine and Ukrainian artists. The event was organized with the support of the Embassy of the Argentine Republic in Ukraine and brought together numerous fans of Argentine culture who had the opportunity to enjoy the skills of dancers, musicians, and singers.
“It is a great honor for me to be here today at the Kyiv Opera House, where we can present the richness of the Argentine tango and also show our cultural ties with Ukraine. This event is a testament to the cultural diplomacy that unites our peoples and promotes mutual understanding,” said Ambassador of Argentina to Ukraine Elena Leticia Teresa Mikusinski.
The Ambassador expressed her gratitude to Ukrainian partners, in particular to the General Director of the Kyiv Operetta Bohdan Strutynskyi, whose support was important for the realization of this project.
“Tonight was made possible by the hard work of teams from both countries. Their talent and dedication to tango culture is a valuable contribution to the development of our cooperation. This is not only an artistic event, but also a symbol of our partnership, which will continue in the future,” she added.
The Ambassador paid special attention to the performances of Argentine artists, including dancers Romina Garcia Fleury and Nicolas Correa from Tucumán, as well as the famous tango dancer Analia Celis.
“We are grateful to the Ukrainian people for the hospitality and support that our artists feel here in Kyiv, especially in such difficult times. Such cultural events are an example of the power of art to unite people,” said Jelena Mikusinski.


In conclusion, the Ambassador expressed her hope for further development of cultural ties between Argentina and Ukraine.
“This tango evening is just one of many steps towards a deeper cultural exchange between our countries. We are pleased that Ukraine remains open to Argentine culture,” she concluded.
Famous dancers and choreographers from the city of Tucumán – Nicolás Correa and Romina García Fleury, Argentine tango singer Analia Celis, as well as Ukrainian tenor Yuriy Godo and other artists – performed on stage.
Argentine tango is a unique cultural phenomenon that originated in the late nineteenth century in Buenos Aires and quickly gained popularity around the world. Tango is not only a music and dance style, but also a symbol of Argentine culture that reflects the passion, emotions, and drama of human relationships. This genre of dance and music combines the rich influence of African, Spanish and European rhythms, creating an atmosphere that captivates both the audience and the performers.
The Embassy of the Argentine Republic in Ukraine actively supports cultural exchange and promotes the development of bilateral relations between Ukraine and Argentina. Diplomatic relations between the two countries were established in 1992, when Argentina officially recognized Ukraine’s independence. Since then, the Embassy has been actively working to deepen cooperation in various fields, including culture, education, economy and science.

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Swedish government has decided to provide new package of humanitarian aid to Ukraine

The Swedish government has decided to provide a new humanitarian aid package of SEK110 million ($10.4 million) to Ukraine, which will be used to meet increased needs ahead of the winter period, the Swedish government website said Sunday.
“Russia has targeted civilian infrastructure and deprived Ukraine of much of its heat and electricity supply. Of course, the colder it gets, the more serious the consequences. Therefore, a significant part of the population is experiencing difficulties in heating their homes and cooking. That is why the government has decided to allocate 110 million crowns to a number of humanitarian organizations in Ukraine,” said Benjamin Dusa, Minister of Foreign Development and Foreign Trade.
The humanitarian package is distributed among four organizations. The Ukrainian Red Cross received SEK50 million; the support focuses on, among other things, guaranteed access to heat and electricity, distribution of food, hygiene products, medicines and water. UNHCR received SEK20 million; Sweden will contribute to help internally displaced persons prepare and protect themselves before and during the coming winter. UNDP received SEK30 million for demining. UNFPA will receive SEK10 million to address women’s sexual and reproductive health needs, prevent sexual and gender-based violence and support survivors of violence.
Earlier, on October 17, the Nordic and Baltic countries presented a new support package to Ukraine to repair damaged and replace destroyed energy systems with new ones before winter. Sweden’s contribution amounted to SEK320 million ($30 million).
“This support package is important to support the Ukrainian energy sector and help keep Ukrainian society functioning and Ukrainian homes warm,” Dusa said.
According to the government, Sweden has previously allocated a total of SEK57.4 billion ($5.4 billion) in support for Ukraine since Russia’s full-scale invasion of Ukraine in February 2022: humanitarian, military and financial support, as well as support for reconstruction and reform work. Including the new support packages, Sweden’s total contribution will amount to more than SEK57.8 billion.
Including in 2024 alone, the Swedish government has decided to allocate a total of SEK1.8 billion for additional support for the Ukrainian energy sector. After two aid packages in October, this amount exceeded SEK2.2bn (over $210m).

 

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White cabbage has started to become cheaper in Ukraine

In Ukraine this week there is a tendency of reduction of prices for white cabbage, analysts of EastFruit project report. Producers attribute this price situation to the excess of production in the market, and a significant part of the market supply is cabbage of medium-late varieties, which is not suitable for long-term storage.

At the moment, the prices for white cabbage are voiced by producers within the range from 15 to 23 UAH/kg ($0.36-0.56/kg), which is on average 16% cheaper than at the end of last week. Market participants explain the wide price range in this segment by different qualitative characteristics of the offered vegetables.

According to the project analysts, most farms are still active harvesting works, as a result of which the supply on the market is growing. At the same time, the demand for these products remains extremely low. Wholesale companies and retail chains are ready to purchase only in small wholesale, referring to the very limited period of realization, as most farmers offer for sale cabbage of low quality.

Read also: Potatoes in Ukraine continue to grow more expensive: prices are almost three times higher than last year’s prices

It should be noted that despite the negative price trend, the current prices for white cabbage in Ukraine are on average 2.9 times higher than in the same period last year. At the same time, market participants do not exclude that prices for this product will continue to decline, as many farms are actively harvesting due to improved weather conditions. As a result, the gradual growth of cabbage supplies to the market will force agrarians to continue to concede in price, if the situation with the rate of sales does not change.

You can get more detailed information about the market development of white cabbage and other horticultural products in Ukraine by subscribing to the operative analytical weekly – EastFruit Ukraine Weekly Pro. Detailed information about the product can be found here.

EastFruit

 

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Over past four months, number of bankrupt people in Ukraine has almost doubled

More than half of the bankrupts are Ukrainians aged 25 to 45

651 bankruptcy cases are currently open, according to the Supreme Court of Ukraine. The number of cases has almost doubled in the last 4 months of this year. The largest number of bankrupts is in Kyiv and its region and in Dnipropetrovs’k region. 64% of bankrupts are people aged 25 to 45.

651 bankruptcy cases have been opened in Ukraine this year. The number of cases has almost doubled since the beginning of summer.

So far, more bankruptcy cases have been opened against Ukrainians than in the whole of last year: 575 such cases were considered then.

Most often, people aged 25 to 45 apply to be declared insolvent – 64.1% of bankrupts. Another 28.7% are over 45 years old.

51% of bankrupts are women, and another 48% are men.

Most bankrupts are in the capital: 95 cases or 15% of the total number. Kyiv region follows with 58 or 9%. Dnipropetrovs’k region closes the top with 53 cases, which is 8% of the total.

Denys Lykhopiok, Insolvency Receiver, believes that the current dynamics is most likely a “pent-up demand” rather than a rapid growth caused by any one factor.

“It should be understood that at the beginning of the full-scale war, people did not have time to deal with debts – they were prioritizing survival.

At the same time, there was a moratorium on the collection of most debts in enforcement proceedings for more than a year. Even after the moratorium was lifted, private and public bailiffs reminded debtors of their obligations. This may have been the driving force that prompted people to seek a solution to their debts through insolvency proceedings.

In addition, Ukraine is already developing a positive judicial practice in bankruptcy matters,” comments Denys Lykhopiok, attorney at law, insolvency officer, member of the Qualification Commission of Insolvency Officers, and bankruptcy specialist.

Context.

The Verkhovna Rada allowed citizens to become bankrupt back in October 2018. The procedure became fully operational in 2019. Since then, a person in a difficult financial situation can initiate bankruptcy and, after going through the entire procedure, get rid of debts.

https://opendatabot.ua/analytics/people-bankrupts-2024-10

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Prices for apples in Ukraine set new records

This week prices for apples in Ukraine have resumed their growth, according to analysts of the EastFruit project. According to the producers themselves, the next increase in prices in this segment is due to a reduction in the supply of apples of winter varieties in the domestic market. At the same time, the demand from buyers remains quite high, which stimulates the rise in price of these products in the Ukrainian market.

To date, apples are offered for sale in the range of UAH 17-25/kg ($0.41-0.61/kg), depending on the variety, quality and volume of the offered batch, which is on average 13% more expensive than at the end of last week. Current prices for apples in Ukraine are still the highest at least for the last 7 years of monitoring!

At the same time, the supply of quality apples on the market is rather limited, as many producers prefer not to hurry with sales, and the entire volume of winter apples is put in storage in the hope of more intensive price growth in this segment both on the domestic market and higher prices on the part of exporting companies.

Read also: The growth of prices for cucumbers in Ukraine continues – 26% since the beginning of the week

As a result, already today apples in Ukraine cost buyers on average 54% more expensive than in the same period last year. At the same time, market operators note that the price growth did not contribute to the decrease in demand for apples, therefore they do not exclude that next week sellers will make attempts to revise prices in this segment once again.

More detailed information about the development of the market of apples and other fruit and vegetable products in Ukraine you can get by subscribing to the operative analytical weekly – EastFruit Ukraine Weekly Pro. Detailed product information is available here.

https://east-fruit.com/novosti/tseny-na-yabloki-v-ukraine-ustanovili-novye-rekordy/

 

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IMF approves new $1.1 tranche for Ukraine

The IMF Board of Directors on Friday completed the fifth review of Ukraine’s EFF Extended Fund Facility (EFF) program, allowing Ukraine to receive about $1.1 billion (SDR834.9 million) of the 6th tranche, which will be used for budget support.
“Despite the challenging environment, Ukraine’s economy remains resilient and EFF performance remains strong. As of end-June, the authorities had met all quantitative performance criteria and achieved the four structural beacons,” the Fund said in a press release on its website.
After the discussion, IMF Managing Director Kristalina Georgieva said that the total external financing under the 4-year program is raised from $122 billion to $151 billion in the base case and from $144 billion to $187 billion in the negative case due to new commitments under the G7 initiative to allocate $50 billion to Ukraine from the proceeds on frozen Russian assets (“Emergency Loans to Accelerate Ukraine’s Revenue Growth”, ERA).
It is stated that sustainable reforms, mobilization of domestic revenues and timely provision of external support are necessary to ensure macroeconomic stability, restore fiscal and debt sustainability and enhance institutional reforms.
It is specified that the structural beacons related to the abolition of tax exemptions, war-affected state-owned companies, customs reform and public investment management have been implemented, while the implementation of two structural beacons has been postponed to allow more time to complete the reform.
The IMF noted that the economy has been more resilient than expected in the first half of 2024, thanks to continued growth, moderate inflation, and adequate reserves backed by significant external support. However, the outlook for the rest of the year and 2025 has deteriorated since the fourth review, mainly due to prolonged Russian attacks on Ukraine’s energy infrastructure and uncertainty over the war.
“Overall, the outlook remains exceptionally uncertain,” the Fund emphasized.
Georgieva said that all quantitative performance criteria are expected to be met at the end of September as well.

https://interfax.com.ua/

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