In the wake of Russian aggression, small- and medium-sized businesses (SMEs) are increasingly bearing the brunt of the economic consequences, with losses from the ongoing war showing a significant up tick over the past six months. According to the European Business Association’s latest quarterly survey, only 6% of entrepreneurs have reported no damage so far, compared … Read more
Supernova Airlines of the leader of express delivery in Ukraine Nova Poshta LLC has opened the first route from Riga to Rzeszow in cooperation with the Latvian airline RAF-Avia with its ATR 72 aircraft, the press service of the postal operator told Interfax-Ukraine. “In order to start implementing the planned activity, the company agreed with … Read more
The National Bank of Ukraine (NBU) has introduced an additional requirement for nonresidents to repatriate interest income received on domestic loan government bonds: the minimum continuous period of investor ownership of this government bond is at least the last 90 calendar days in a row until interest is received. “This will help prevent premature repatriation … Read more
An airline subsidiary of Nova Poshta, one of Ukraine’s largest postal services, has completed its inaugural flight on the Riga-Jędrzejów-Riga route this week, the company said in a press release on May 19. The airline, Supernova Airlines, successfully transported 7 tons of international parcels for Nova Poshta from Riga International Airport to Jędrzejów, Poland. Subsequently, the … Read more
Prozorro, a procurement system used by the Ukrainian government, has announced that it will re-introduce optional auctions for purchases starting May 19, the Prozorro press service reported on Facebook, with reference to a resolution from the Cabinet of Ministers. This feature allows customers to conduct purchases in the form of open bidding – not only via option, though they would … Read more
The Cabinet of Ministers has improved its forecast for Ukraine’s GDP growth in 2023 to 3.2%, Ukrainian Finance Minister Serhiy Marchenko wrote in an article about the adaptivity of Ukrainian business, which was published online on May 19. Earlier predictions of economic growth were at 1%. The National Bank of Ukraine recently improved its forecast from … Read more
The National Agency on Corruption Prevention (NAZK) has added Indian company CK Birla Group to its list of international sponsors of war, the agency’s press service announced on May 19. According to NAZK, Birla Group, and its subsidiary, National Engineering Industries Limited, Qualify for the list due to Birla Group’s sales of bearings to the Russian military-industrial complex, … Read more
By the end of 2025, it is expected to put into operation some 160,000 square meters of new logistics space and the restoration of about 120,000 square meters affected by shelling in 2022 in the capital region, CBRE Ukraine managing partner Radomyr Tsurkan said during the architectural and construction business forum “Restoration of the country. … Read more
Ukraine’s banking sector in the first quarter (Q1) of 2023 posted a significantly high profit of UAH 34 billion ($920 million), with state-owned PrivatBank accounting for approximately half of the amount, according to the Banking Sector Review published by the National Bank of Ukraine (NBU) on May 18. These profits indicate that Ukraine’s banking sector successfully weathered the ongoing economic crisis … Read more
Philip Morris International (PMI), a U.S. multinational tobacco company, plans to launch “alternative” production facilities in Ukraine – instead of reopening its factory in Kharkiv Oblast, PMI President for Europe, Massimo Andolina, said in an interview with Interfax-Ukraine news agency on May 18. The company suspended production in Kharkiv Oblast at the beginning of Russia’s … Read more