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Ukrainian lawmakers vote to lift ban on sale of farmland by 2020

KIEV: Ukrainian lawmakers voted on Wednesday to remove a ban on the sale of farmland for the first time in nearly two decades, a move supported by the country’s foreign backers that risks a political backlash. The proposal must be voted on a second time to come into force. The ban would be lifted in October 2020 and the government ... Read More »

Ukraine’s Turkish Business Community Welcomes VIP Guest

Ukraine’s rapidly expanding Turkish business community welcomed the President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) Rifat Hisarciklioglu to a Kyiv dinner in September hosted by the Turkish-Ukrainian Business Association (TUID). The dinner marked an official visit by Mr. Hisarciklioglu that reflected the growing importance of bilateral business ties between the two Black Sea neighbors. TOBB ... Read More »

Yaroslavsky ready to invest USD 100 million to construct new airport in Donetsk

DCH Group president Oleksandr Yaroslavsky has confirmed his readiness to invest USD 100 million in the construction of a new airport in Donetsk following the reintegration of the city. The Ukrainian businessman was speaking on the sidelines “RE:THINK. Invest in Ukraine” forum in Mariupol, held at the initiative of President Zelenskyy with the aim of highlighting investment opportunities in Ukraine ... Read More »

Ukrainian it sector review: revenues expected to reach $5billion in 2019

A comprehensive new report into the Ukrainian IT industry produced by tech service provider N-iX has predicted a rise in annual industry revenues to a new high of USD 5 billion during the current year, representing almost double the total reached four years ago in 2015. The report, which draws on data from a range of domestic and international sources ... Read More »

Ukrainian It Sector Review: Revenues Expected To Reach $5 Billion In 2019

A comprehensive new report into the Ukrainian IT industry produced by tech service provider N-iX has predicted a rise in annual industry revenues to a new high of USD 5 billion during the current year, representing almost double the total reached four years ago in 2015. The report, which draws on data from a range of domestic and international sources ... Read More »

Hunter Biden had falling out with business partner over Ukraine gig

​Hunter Biden’s decision to join the board of gas company owned by a Ukrainian oligarch led to a falling out with his investment firm partner – the stepson of former Secretary of State John Kerry, according to a report. Chris Heinz ended his business relationship when Biden in 2014 took a position on the board of Burisma Holdings, which was ... Read More »

Ukriane’s security service hit group smuggling illegal immigrants to EU

The Security Service of Ukraine (SBU) has blocked the activities of an organized inter-regional group that specialized in the illegal transfer of foreigners from Middle East countries to the European Union. Illegal immigrants entered the territory of Ukraine also through the Russian Federation, the SBU website said on Sept. 25. “It was established that two residents of Lviv and a ... Read More »

Ukraine businesses must cultivate a culture of compliance if they wish to become more globally competitive

The past five years have witnessed a dramatic broadening of Ukraine’s global business horizons as Ukrainian companies have branched out beyond the traditional comfort zone of the former USSR to increase their presence in EU markets and beyond. This expansion is increasingly exposing Ukrainian companies to the scrutiny of international regulatory frameworks and serving to make compliance one of the ... Read More »

Ukraine to introduce new UAH 1000 banknote in autumn 2019

The new banknote features a portrait of Ukrainian scientist Volodymyr Vernadskiy, one of the fathers of modern geochemistry and founder of the Ukrainian Academy of Sciences, which appears on the opposite side of the bill. The UAH 1,000 banknote will be the highest value denomination issued by the NBU to date, ending the 13-year reign of the UAH 500 as ... Read More »

Swiss-based agribusiness giant Syngenta finds fertile market in Ukraine

As Ukraine has emerged over the past two decades as one of the world’s leading agricultural superpowers, the growth of Swiss-based Syngenta’s business in country has mirrored this process. In fact, the agribusiness giant has actually outpaced the expansion of the Ukrainian market. “In 2001, we had an annual turnover of around USD 14 million in Ukraine. This has since ... Read More »

Ukraine peace the prize as Macron hosts Putin

French President Emmanuel Macron will attempt to convince Russia to accept Ukraine’s overtures of dialogue when he meets Vladimir Putin for talks on Monday ahead of a Group of Seven (G-7) summit. Macron, who hosted his Russian counterpart in grand style at the palace of Versailles in 2017, will this time meet Putin at his official holiday residence in Bregancon ... Read More »

Ukrainian president’s staff chief tries to quit after two months

KIEV: Ukrainian President Volodymyr Zelenskiy’s chief of staff sent in a letter of resignation, after two months in his job, but Zelenskiy has not signed it, according to a statement on the presidential. Mystery has surrounded the status of Andriy Bogdan, the head of the presidential administration, since Thursday evening. The local news agency Interfax Ukraine had reported Bogdan’s resignation ... Read More »

Polish lawmaker Swiecicki to become Ukraine’s Business Ombudsman

Polish lawmaker Marcin Swiecicki will replace Lithuanian economist Algirdas Semeta as the head of the Ukrainian Business Ombudsman Council, the country’s watchdog that monitors state activity in relation to business. Swiecicki will begin work after Semeta’s contract expires in October. “At yesterday’s meeting, the council approved the candidacy of the future Business Ombudsman Marcin Swiecicki,” Semeta said at a quarterly ... Read More »

Ukrainian businesses to additionally pay over $792 million in taxes

Ukraine’s State Fiscal Service (SFS) that is now undergoing the liquidation procedure carried out 10,600 inspections of taxpayers in January-June 2019, as a result of which they were obliged to additionally pay Hr 20.3 billion, or $792 million, in taxes and fees to the national budget. Read More »

Ukraine president kicks official out of meeting over criminal record

KIEV: Ukraine’s President Volodymyr Zelenskiy had a regional official expelled from a meeting broadcast live on television on Wednesday because of a past criminal record. “Get out of here, rogue! Are you not hearing me correctly?” he told Yaroslav Hodunok, to applause from other officials present at the otherwise routine meeting. The official threatened legal action against Zelenskiy, telling a ... Read More »

Party of Ukraine’s president can win parliamentary majority: poll

KIEV: The new party set up by Ukraine’s President Volodymyr Zelenskiy, who took office last month, could win a majority in a parliamentary election due on July 21, an opinion poll showed. A good showing next month would cement the former television comedian’s meteoric rise and upending of Ukrainian politics. The survey by research group SOCIS showed Zelenskiy’s party, Servant ... Read More »

Ukrainian banks report 69.2% increase in profits during the first four months of 2019

Ukraine’s banking sector remains on a strong growth trajectory as the far-reaching reforms of the past five years continue to bear fruit. According to figures released in late May by the National Bank of Ukraine (NBU), Ukrainian banks posted a 69.2% year-on-year increase in profits during the January-April 2019 period to reach a new total of UAH 18.1 billion. This ... Read More »

UNIAN: Deficit of Ukraine’s national budget shrinks by 12 times

The deficit of Ukraine’s national budget in January-April 2019 was estimated at Hr 1.719 billion, or $65.3 million, which was 12 times down from the deficit of Hr 20.587 billion, or $781.9 million, year-over-year (y-o-y). Read More »

Ukraine Seizes Cocaine Worth $51 Million In Cargo Ship

Ukraine’s Security Service (SBU) says it has seized a shipment of South American narcotics worth some $51 million. The SBU said it found more than a quarter of a ton of cocaine hidden in “containers with bananas” during an inspection on a South American cargo ship that docked in the Black Sea port of Odesa. The statement did not identify ... Read More »

Franco-Ukrainian economic ties could benefit from a major tech upgrade

Ever since the proclamation of Ukrainian independence in 1991, France has featured prominently in the imaginations of Ukrainians as a symbol of the country’s aspirations and an economic success story worthy of emulation. Unfortunately, Ukraine’s transition from planned economy to market economy has proven far more painful and lengthy than anticipated, and has been accompanied by a plethora of persistent ... Read More »