The National Bank of Ukraine (NBU) on September 24 made a decision to revoke the banking license and liquidate Bank Arcada (Kyiv), according to the regulator’s website. “The NBU, at the suggestion of the Deposit Guarantee Fund, made a decision dated September 24, 2020 under No. 601-RSh to revoke the banking license and liquidate Bank … Read more
Morgan Stanley analysts believe that the plans of the Ukrainian government to finance the lion’s share of the UAH 208 billion deficit provided for in the draft state budget 2021 in the domestic market through the placement of government bonds are overstated, which, in their opinion, increases the likelihood of unscheduled placements of eurobonds and … Read more
The district court of Amsterdam on September 18, 2020 under a claim of Sberbank of Russia against DTEK Energy B.V. ordered to pay around $45.1 million and to take interim measures in respect of certain assets of DTEK Energy B.V. in the Netherlands. DTEK Energy said that these actions have no impact on the company’s … Read more
Fitch Ratings has affirmed Ukrainian commodity processor Kernel Holding S.A.’s Long-Term Foreign- and Local-Currency (LC) Long-Term Issuer Default Ratings (IDR) at ‘BB-‘. The Outlook is Stable. “The affirmation reflects our expectations that Kernel will maintain a high share of export profits (FY20: 95% of EBITDA), and continue proactively refinancing upcoming debt maturities,” Fitch said in … Read more
The owner of Novus Ukraine LLC, Consul Trade House UAB, has signed an agreement with Rewe International AG on the acquisition of a 100% stake in the charter capital of Billa-Ukraine, an enterprise with foreign investment, which develops the Billa supermarket chain in Ukraine. “Novus Ukraine LLC and Billa-Ukraine will continue to work as usual, … Read more
J.P. Morgan predicts an economic recession in Ukraine with GDP fall of 4% in 2020, with an average annual inflation of 2.6% (3.5% at the end of the year) and with a sharp rise in the current account surplus of the balance of payments to 5.7% of GDP, according to a review issued on September … Read more
The hryvnia will devalue to UAH 29-30/$1 at the end of 2020, and by the end of 2021 it will be UAH 29.50-30.50/$1, Head of Corporate Research at ICU investment group Oleksandr Martynenko has said. “We expect that at the end of the year it will be the range of UAH 29-30/$1. Next year, the … Read more
The consumer price index in 2021 may grow by 6.5%, whereas earlier it was predicted to grow by 5.3%, Head of Macroeconomic Research of Investment Group ICU Serhiy Nikolaychuk has said. “In the fourth quarter, year-over-year inflation will return to the NBU target range. We will end the year at 5.3%, according to our forecast. … Read more
The Cabinet of Ministers of Ukraine at a meeting on September 9 approved the provisions of the bill on amendments to the law on automobile transport in order to approve the definitions “electric vehicle” and “electric charging infrastructure.” According to the text of the said bill, promulgated during the government meeting, the terms defined are … Read more
The decision to partially buy back GDP warrants issued during the restructuring of Ukraine’s external debt in 2015 is aimed at reducing payments from the state budget, which next year should amount to $40 million, and for the entire circulation period of these securities may exceed $22 billion by 2040, Finance Minister Serhiy Marchenko has … Read more