Ukrbud boosted profits in 2017. State-owned public joint-stock company Ukrbud Construction Company, part of the Ukrbud State Construction Corporation (based in Kyiv), saw a 12.4% rise in net profit in 2017, to UAH 6.8 million. According to its annual report, net revenue grew by 46.4%, to UAH 445.2 million, gross profit tripled, to UAH 98.3 million, and operating profit grew six-fold, to UAH 44.1 million. Undistributed profit grew by 28.8%, to UAH 18.5 million. Current liabilities shrank by 35%, to UAH 256.2 million and the company did not have non-current liabilities, Open4business.com.ua reports.
France’s Orano to reprocess Ukraine’s spent nuclear fuel in La Hague? Energoatom has signed a contract with France's Orano to assess cooperation in the processing of spent nuclear fuel from Ukrainian VVER-1000 reactors at La Hague (France). It should pave the way for the reprocessing of Ukrainian spent fuel by the French recycling sector, Ukrinform reports.
10% more taxes and fees received so far compared with 2017. Between January and April 2018, revenues from taxes and fees totaling UAH 202.billion were transferred to the state budget, which is UAH 20 billion more that during the same period last year ,the State Fiscal Service (SFS) reports. UAH 121.5 billion in revenues were from tax payments, which is 11% or UAH 12 billion higher than last year's figures, and UAH 99.1 billion in revenues from customs payments, 9% higher.
Economic Growth, Investments, External Funding Support – Vital. Prime minister Volodymyr Groysman has stressed the importance of achieving economic growth, servicing the country’s debt, attracting investment, and retaining the confidence of external creditors and donors. Under current circumstances debt management without external support would be extremely difficult, he elaborated, the Government portal reports. “To those politicians who say that this (debt) is not a problem, I want to say that it’s dangerous to deal with such people, because they lack a state-oriented view and they could lead the country to economic tragedy. Therefore, whether we like it or not, it’s necessary to cooperate (with international creditors),” he said.
Ukraine aiming for self-sufficiency in energy. Prime Minister Groysman believes that the energy sector should be transparent, demonopolized and competitive, the Government portal reports. Ukraine has sufficient deposits of energy resources and energy production capacities. "We could have become a completely energy independent country during the previous ten years, but this did not happen. Now we have set a course for energy independence, energy saving and production of our own Ukrainian gas, which will be enough for us to meet the needs of the state," he said.
Government committee approves list of large enterprises for privatization in 2018. The 26 companies include five regional energy companies, Centrenergo, Odesa Port-Side Chemical Plant, Turboatom, Zaporizhia Titanium and Magnesium Combine, United Mining-Chemical Company, Sumykhimprom, Acting Head of the State Property Fund (SPF) Vitaliy Trubarov has announced.
Fitch notes improvement and enduring needs in banking sector. The Fitch international rating agency sees improvement in the solvency of Ukrainian banks, while noting that some financial institutions need additional capitalization, according to a press release from the rating agency, Interfax-Ukraine reports. "At the end of Q1, 2018, most of the largest 25 banks (together representing over 90% of sector assets) were compliant with the standard regulatory capital adequacy requirement of 10%," the document states. "Impaired loans, which are mostly legacy exposures and include both those more than 90 days overdue and those with a low probability of repayment, represented 56% of loans at the end of Q1.”
Chinese Bohai Commodity Exchange (BOCE) interested in acquiring 25% shares in Ukrainian stock exchange. Last year BOCE became the owner of the Ukrainian Bank for Reconstruction and Development (EBRD). According to Open4business.com.ua, the Antimonopoly Committee of Ukraine reports that BOCE (Hong Kong) Co., Limited has asked the committee to share the preliminary conclusions on the acquisition of the stake in the Ukrainian exchange.
London court rejects SCM lawsuit on Ukrtelecom case. The High Court of Justice in London has rejected an appeal filed by the SCM Group, associated with oligarch Rinat Akhmetov, in a case relating to the sale of Ukrtelecom. The London court had previously ruled in favor of the Cyprus-based firm Raga Establishment which claims $820 million from SCM. “We are disappointed by today's decision of the High Court and, nevertheless, this does not mean that the LCIA arbitration came to the correct conclusion in its decision against SCM. As the judge said, today's decision is limited to a solely procedural issue," Director of International and Investor Relations at SCM Jock Mendoza-Wilson said, Interfax Ukraine reports.
Foreigners in Ukraine to get electronic residence permits. The government has approved biometric forms for permanent and temporary residence for foreigners, the State Migration Service of Ukraine has reported. They should facilitate the issuance to foreigners and stateless persons who have arrived in Ukraine for the purpose of permanent or temporary residence of next-generation documents - certificates for permanent and temporary residence in the form of cards with contactless data carrier.