Business news from Ukraine

NINE-STOREY BUSINESS CENTER UNDER THE SPACES BRAND TO OPEN IN KYIV

British-based IWG Plc, which provides rental services for office space and temporary workplaces, plans to open a nine-storey office space under the Spaces brand in the Maidan Plaza business center (Kyiv). “In 2019, the first center of the global network of creative space for work Spaces will open in Kyiv. The Maidan Plaza business center was chosen as the location. The space of 6,100 square meters for 600 workplaces will occupy nine floors at once. The official opening of the first stage of the premises is scheduled for August,” according to a press release from Spaces in Ukraine.
According to the report, one of the key components of the Spaces concept are also regular events – both business and lifestyle. The goal is not only to provide new opportunities for development, but also inspire the creation of ideas, encourage the use of non-standard approaches in solving daily operational problems, and promote networking.
The Spaces brand was founded in 2006 and is managed by IWG. The Spaces premises are located in 39 countries of the world (including the Netherlands, the United States and Australia) and 150 locations. The format of Spaces offices is designed to promote the active development of business – from entrepreneurs and startups to major corporations.

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VOLKSWAGEN BRAND REMAINS LEADER OF REGISTRATIONS AMONG IMPORTED USED CARS IN UKRAINE

The primary registrations of imported used cars in Ukraine in January-June 2019 totaled 250,100, which is almost six times more than a year ago, the Ukrautoprom association has reported.
The Volkswagen brand remains the leader of registrations in the first six months of 2019 (48,793), Opel is in the second position (24,414), Audi is third (19,072), Renault is fourth (18,822), and Skoda is fifth (17,766.).
According to the association, in June, the Ukrainians registered 19,200 imported used cars, which was the lowest since the beginning of the year, but compared to June last year, registration increased 2.2-fold.
Cars aged from 5 to 10 accounted for the largest share in the registrations of used imported cars – 46%. Cars older than 10 years covered 35% of the June market, the remaining 19% were cars under the age of five years.
The most popular Volkswagen brand registered 2,960 vehicles last month, followed by Skoda (1,742), Renault (1,588), Ford (1,393) and Opel (1,321).

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GRAND CHAMBER OF SUPREME COURT OF UKRAINE SENDS DISPUTE OVER CORVALOLUM BRAND TO COURT OF LOWER INSTANCE

The Grand Chamber of the Supreme Court of Ukraine has sent the dispute over the Corvalolum well-known brand to the court of lowest instance for repeated hearing and partially satisfied cassation claims of the Economic Development and Trade Ministry of Ukraine and PJSC Farmak, annulling the ruling of the appeal court and the ruling of the court of lower instance.
Earlier, the Kyiv business court of appeals under the counterclaim of PrJSC Darnitsa Pharmaceutical Firm revoked the decision of the Appeals Chamber of the Ministry of Economic Development and Trade recognizing the designation Corvalolum as well-known.
“PJSC Farmak stands for civilized competition and for many years it has been defending its rights to the Corvalolum well-known brand. We defend our right only to the brand designation,” Farmak Legal Director Dmytro Taranchuk said.
He said that “the medicine itself and its components are not protected by a patent, and it is not protected in Ukraine from the point of view of intellectual property.”
“A similar medicine can be produced by any manufacturer who will prove its quality and effectiveness and undergo all the required licensing procedures. But under a different name, under its own brand,” the lawyer said.

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AXA INSURANCE STARTS WORKING UNDER ARX BRAND FROM JULY 1

AXA Insurance and AXA Life Insurance (both based in Kyiv) from July 1, 2019 changed their names to ARX and ARX Life, the insurance companies said in a press release.
“ARX in Latin means “fortress, castle, citadel.” The name sounds succinctly in the spirit of modern trends and reflects the main attribute of the insurance business – reliability,” the press service said.
ARX insurance company and ARX Life insurance company are the assignee of AXA Insurance and AXA Life Insurance. The companies continue working with all banks, car dealers, partners in a regional network, corporate clients, as well as with assisting companies and contractors.
The main shareholder of ARX is the Canadian holding Fairfax Limited.
According to the press release, Andriy Peretiazhko is chairman of the company’s board, Maksym Mezhebitsky is his first deputy, Viacheslav Havrylenko is deputy board chairman and since June 12 he is Director General of ARX Life.

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U.S. OUTDOOR BRAND THE NORTH FACE AND EIGHT OTHER STORES TO OPEN IN RIVER MALL

Intertop Ukraine LLC (Kyiv), founded by MTI Holding, plans to open Ukraine’s first mono-brand store of the U.S. outdoor brand The North Face and eight more stores in the River Shopping trade and entertainment center with a total area of 140,000 square meters being built in Darnytsky district in Kyiv. The press service of River Mall told the Interfax-Ukraine news agency that the total area of Intertop Ukraine stores in the facility will be 1,300 square meters.
“Intertop Ukraine opens the first mono-brand store of the legendary U.S. brand The North Face and eight more stores in the River Mall center. Among them are such well-known international brands as Armani Exchange, Napapijri, Marc O’Polo, Ecco, Skechers, Geox, Timberland, as well as the Intertop store for the whole family,” the report says.
The North Face store will become the first mono-brand store in the Intertop Ukraine portfolio in Ukraine. It will present male and female clothes, as well as accessories.
“As of the end of January 2019, the design of the stores is at the completion stage. In the near future, the company is ready to start repair and construction work. The opening of the stores is scheduled simultaneously with the official opening of the River Mall center in the spring of this year,” the press service said.
Intertop Ukraine was founded by the international trading holding MTI, one of the largest distributors of computer and office equipment in Ukraine.

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UKRAINIAN SUPREME COURT SENDS WELL-KNOWN MEDICINE BRAND CORVALOL CASE TO GRAND CHAMBER

The Supreme Court has sent a case opened vis-à-vis the well-known medicine brand Corvalol Corvalolum to the Grand Chamber of the Supreme Court. This decision was taken by the court on Tuesday, Head of the Legal Department of PJSC Farmak, lawyer Dmytro Taranchuk has told Interfax-Ukraine.
Having taken this decision, the Supreme Court granted the request of a third party – PJSC Farmak – on sending the case to the Grand Chamber of the Supreme Court.
“This is a lawful decision and was taken in line with all procedural requirements; it will provide an impartial and objective consideration of the case,” the lawyer said.
As reported, the appeal chamber of Ukraine’s Economic Development and Trade Ministry on June 20, 2017, declared the Corvalol Corvalolum trademark used by PJSC Farmak as a well-known one.
Kyiv-based Darnitsa pharmaceutical firm in turn seeks the legal right to produce its own medicine, Corvalol. The firm appealed to the business court of Kyiv seeking to declare the decision of the ministry unlawful. The court of lower instance dismissed Darnitsa’s lawsuit, while Kyiv’s business court of appeals upheld the firm’s counterclaim.
Farmak declares that the name “Corvalol,” which has been produced since 1960, belongs to the company, as the medication was created in 1960 by Lomonosov Kyiv Chemical-Pharmaceutical Plant, and Farmak is the legal successor of the plant.
Since 1991, PJSC Farmak has been the only manufacturer of this medication in the post-Soviet space. The trademark Corvalol is protected in 15 countries of Europe and Central Asia: Germany, Poland, Lithuania, Latvia, Belarus, Moldova, Romania, Bulgaria, Turkmenistan, Armenia, Georgia, Azerbaijan, Tajikistan, Kyrgyzstan, and Kazakhstan.
Darnitsa pharmaceutical firm is one of the ten largest pharmaceutical producers in Ukraine and belongs to the top ten hospital suppliers. The ultimate beneficiary is Hlib Zahoriy.
PJSC Farmak is among Ukraine’s top three pharmaceutical producers and is a member of the Association Manufacturers of Medications of Ukraine (AMMU). PJSC Farmak’s beneficiary is Chairperson of PJSC Farmak’s supervisory board Filia Zhebrovska.

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