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  • $2 billion Eurobond Placement: More Money, Cheaper Money
  • EU Gives €1.2 billion ‘Soft’ Loan to Ukraine
  • Prime Interest Rate Stays 6%
  • Russian Gas Transiting Ukraine Down 45%
  • Gamers, not Gamblers, for the Hotel Dnipro

Ukraine placed $2 billion of Eurobonds at 7.25% last week – more money at a lower rate than at the frustrated bond placement of three weeks ago. On July 1, investors committed to buy $1.75 billion at 7.3%. But the news that the head of the central bank had unexpectedly resigned forced the Finance Ministry to pull the placement. Yesterday’s issue was more than three times oversubscribed. The initial target yield was 7.75%.

Investors desperate for yield drove the success of the placement. In addition, Kyrylo Shevchenko, the new governor of the National Bank of Ukraine, worked hard over the last week to persuade investors that Ukraine intends to stay on track with the $5 billion IMF loan program signed last month.  “He gave us the message that it’s business as usual, and that the objectives of central bank policy aren’t about to change,” Richard House, head of emerging market debt at Allianz Global Investors, told the Financial Times, in an article headlined: “Investors back Ukraine bond after change at top of central bank.”

EU and Ukrainian officials signed documents in Brussels for a €1.2 billion loan to Ukraine – almost half of total emergency aid that the European Commission is extending to 10 countries in the region.  Over the next year, the money is to be paid out in two tranches of €600 million. Conditions are typical of ‘soft’ loans to Ukraine – a 15-year loan with an annual interest rate of 0.125%.

Although billed as coronavirus relief, the aid is tied to quantifiable progress on free market reforms: improving courts, increasing transparency of medical procurement, and improving corporate governance for state-owned companies, and building anti-corruption bodies.This shows our continued support to Ukraine’s reform agenda,” said Valdis Dombrovskis, the European Commission’s executive vice president for economy. “We will continue our strong engagement to support the reform orientation and strategic path that Ukraine has chosen to follow.”

Police are treating as arson a fire that yesterday burned down the house of Vitaliy Shabunin, head of the Anti-Corruption Action Center, an influential NGO. No one was injured, as the only people at home at the time, Shabunin’s parents, escaped uninjured. A frequent source for foreign press stories about corruption in Ukraine, Shabunin gave a press conference in front of his ruined home, naming three different businessmen as possible suspects. In recent years, demonstrations in front of his house have been organized by officers of the State Security Service and the National Police. Last month, President Zelenskiy dropped Shabunin from the National Council for Anti-Corruption Policy, an advisory body.


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The central bank has sold $350 million since Tuesday, easing pressure on the hryvnia, Dmitry Sologub a deputy governor of the National Bank of Ukraine, told reporters yesterday. “For me, there is no other explanation, except that this is due to public statements about the need for devaluation, that the hryvnia will be weaker,” he said. Over the last two weeks, President Zelenskiy and leaders of his Servant of the People party have called for the hryvnia to devalue to 30 hryvnia / dollar. Today, the official exchange rate is 27.87 hryvnia / dollar.

Ukraine’s international reserves should hit $30 billion at the end of this year and $32-33 billion in coming years, central bank governor Shevchenko said last Thursday. On July 1, reserves were $28.5 billion.

After cutting Ukraine’s prime interest rate for eight straight meetings, the central bank put on the brakes yesterday, keeping the key rate at 6%. The majorities of economists surveyed by Bloomberg and Reuters has expected a cut. But, citing inflation, the National Bank of Ukraine signaled that the rate would stay at 6% for the rest of this year. The bank said: “We expect the discount rate to remain at the current low level at least until the end of this year.” The next meeting of the monetary board will be Sept. 3.

Justifying the 6% rate, the central bank predicts inflation is growing again and will hit 4.7% at the end of this year. It says inflation will be driven by higher energy prices and “soft monetary and fiscal policies that will mitigate the negative effects of COVID-19 and support consumer demand and business activity.” Later deputy bank governor  Dmitry Sologub told reporters: “If we see that inflation is in the target range, we do not see a significant expansion of the fiscal deficit, and we also see continued cooperation with donors, then I do not rule out a decrease in the interest rate.”

Prices increase as the economy contracts. Yesterday, the central bank slightly worsened its forecast for the GDP fall in 2020 – to 6%. It also slightly trimmed its 2021 growth forecast, to 4%.

Due to the opening this year of Turkish Stream, a Russian gas line bypassing Ukraine, the volume of Russian gas transiting Ukraine fell by 45% during the first half of this year, compared to January-June of 2019. If Russia opens a duplicate pipe next year, Ukraine will lose another 15 billion cubic meters of transit gas, says Sergiy Makogon, head of the state-owned GTS Operator of Ukraine. Under the ‘pump or pay’ contract signed last December with Russia, Gazprom pays for moving 65 bcm across Ukraine this year. During the first half of this year, Gazprom has shipped only 77% of the contracted amount.

The buyer of Kyiv’s Dnipro Hotel plans to invest $20 million to make it “the world’s first Esports Ready Hotel,” he tells ain.ua news site. Alexander Kokhanovsky in partnership with Smartland, won the last week’s privatization auction, committing to pay $41 million for the 186-room hotel. He says his company has no Russian connections and has no plans to build a casino. “Our goal is to make Kyiv the Mecca of world esports, and bring Ukraine closer in level to South Korea and the United States,” he said of the $2 billion a year competitive video gaming industry. Kokhanovsky writes on his Facebook page: “The victory in the tender for the Dnipro Hotel wasn’t won by Russian oligarchs, but by Ukrainian tech guys.”

UIA is starting regular flights from Kyiv Boryspil to three countries on the Adriatic – Albania, Croatia, and Montenegro. All three countries have relaxed corona controls for Ukrainian tourists. Each flight is $250 round trip.

 

  • Ukraine Returns to Eurobond Market
  • Recession Ending? Retail Sales and Industrial Production Climb in June
  • Corona Controls Extended to Aug. 31
  • Aussies, Kiwis and Saudis Come Here Visa-Free

With a new central bank governor in place, Ukraine returns today to the Eurobond market. Goldman Sachs International and J.P. Morgan led a global investment call yesterday for a 12-year bond. Three weeks ago, the two banks were joint managers on a $1.75 billion Ukraine Eurobond offering. The bond was four times oversubscribed and the yield had been pushed down by 50 basis points, to 7.3%. But the Finance Ministry scrapped the launch due to the surprise July 1 resignation of Yakiv Smoliy, then governor of the National Bank of Ukraine.

Today, the two banks will help Ukraine launch an accelerated switch tender offer on Ukraine’s 2021 and 2022 notes for up to US$750 million. In this offer, Goldman and J.P. Morgan act as Dealer Managers.

In the last days, Shevchenko has held a marathon of meetings in Kyiv — with the national press, foreign investors, G7 ambassadors, the EBRD, the World Bank and the IMF. In each meeting, Shevchenko stressed that he will retain the apolitical, technocratic nature of the National Bank of Ukraine. He also vowed to comply with the conditions of the $5 billion IMF Stand-By Agreement signed last month.

Yuriy Geletiy, a former deputy finance minister, succeeds Oleh Churiy as Deputy Governor of the National Bank of Ukraine. A lifelong civil servant, Geletiy worked at the central bank from 2003 to 2015, first as economist, then as head of banking supervision. From 2015 to 2018, he worked at the Finance Ministry as director of the Financial Policy Department. For the last two years, he worked as a Deputy Minister for European Integration.

Churiy steps down at the end of his five-year term. The bank credits him with: moving Ukraine to a floating foreign exchange rate; liberalizing foreign exchange by abolishing 40 restrictions; establishing correspondent relations with the international depository Clearstream; and transferring interbank foreign exchange market operations to modern international IT platforms – Bloomberg and Refinitiv.

Today’s central bank exchange rate is 27.78 hryvnia / dollar. Over the last 10 days, the hryvnia has lost 3% of its value against the dollar. Two weeks ago, President Zelenskiy said he believes the exchange rate should be 30 hryvnia / dollar.

Honeywell and DTEK are joining forces to develop Ukraine’s first grid-scale energy storage system. In a pilot program, the US company will supply its 1 MW lithium-ion energy storage batteries for DTEK to use at its Zaporizka thermal power station in Enerhodar, Ukraine’s largest thermal power plant. These massive batteries will function as operating reserves managing frequency fluctuations on the grid and charging up during off-peak times and discharging when energy demand increases.

DTEK, Ukraine’s largest investor in renewable energy, faces a growing challenge of balancing energy supply and demand. Emanuele Volpe, DTEK’s chief innovation officer, said: “The future of energy is focused on the transition from a centralized energy system to one that is decentralized and flexible.”

The Cabinet of Ministers decided yesterday to create a Ministry for Strategic Industries. The Minister will be Oleg Urusky. Last week, he was appointed deputy prime minister for Strategic Industries. At the time, he said the ministry would form national industrial policy for such sectors as steel making, vehicle manufacture and chemicals.

Ukraine’s industrial production dropped by 8.3% in the first half of this year, compared to January-June 2019. The State Statistics Service reports that the biggest drops were: coal – 23%; ceramic bricks – 28%; and electricity – 11%.

Indicating that Ukraine is emerging from a horseshoe-shaped recession, June industrial production was 4.1% higher than in May, reports the Statistics Service. In year-over-year terms, the monthly declines were: -7.7% in March; -16.2% in April; -12.2% in May; and -5.6% in June.

Retail sales are up 3% yoy in real terms for the first half of this year, reports the State Statistics Service. In June, sales were up 8.8% in real terms over May. For the first half of this year, the highest growth regions were: Kyiv +11.5% yoy; Zaporizhzhia + 9%; and Kirovohrad +8.7%.

Concorde Capital’s Evgeniya Akhtyrko writes: “It was encouraging to see that retail recovered right after the restriction on retail trade was removed. The positive trends in trade might serve as the single offsetting factor to the economic recession since the situation in other sectors doesn’t look very promising.”

COVID-19 quarantine restrictions are extended until the end of August, the Cabinet of Ministers decided yesterday. Despite four months of restrictions of varying intensity, the number of newly identified cases has oscillated around 800 a day for the last week. Yesterday morning the Health Ministry reported 829 new cases. The largest numbers of new cases were in: Kyiv City – 132; Lviv Oblast – 124; Ivano-Frankivsk Oblast – 78; and Zakarpattia Oblast – 60. Nationwide, a total of 1,534 people have died since mid-March.

Starting Aug. 1, Ukraine will be divided according to corona infection rates into four zones: green, yellow, orange and red. In the coveted green zone, people will be able to: go to cinemas or theaters with 50% occupancy; use public transport if seated; and go to summer camps and sanatoria. At present seven of Ukraine’s 24 regions do not meet the Health Ministry’s criteria for quarantine easing. They are: Volyn, Zakarpattia, Ivano-Frankivsk, Lviv, Ternopil, Kharkiv and Chernihiv.

Bulgaria’s low cost carrier Voyage Air is starting flights between Ukraine and Varna, Bulgaria’s Black Sea resort. On Friday, flights start from Kyiv Boryspil and on Monday from Lviv. SkyUp is dropping its Kyiv-Varna summer flight. Last week, Bulgaria started to allow Ukrainians to enter the country without Covid tests or self-isolation. Georgia is banning the entry of foreigners until August and Israel is banning entries until September.

By last weekend, Ukrainians can fly domestically from Kyiv Boryspil, Kherson, Lviv and Odesa by showing their digital passports in their Diya app. “Show the smartphone screen at the air security control point to read the QR code,” Infrastructure Minister Vladyslav Krikliy writes on his Facebook page. “After that, the passenger is allowed to fly.” To take trains, students can show their Diya student IDs, and Diya digital drivers licenses also work for train travel. In the six months since Diya was launched, several million Ukrainians have downloaded the app.

Starting Aug. 1, citizens of Australia, New Zealand, Saudi Arabia, Bahrain, Kuwait and Oman can enter Ukraine without visas and stay for 90 days. Australia and Saudi Arabia have embassies in Kyiv.

 

  • Green Power Compromise Bill Passes
  • New Central Bank Chief Nixes PrivatBank Return to Kolomoisky
  • Foreign Holdings of Gov’t Hryvnia Bonds Drop 35%
  • Investor Nannies Are Coming
  • Steelmakers Invest $800 million
  • Booming IT Sector Seeks to Import 5,000 Foreign Workers

Ending a one-year impasse between the green energy industry and the Zelenskiy government, the Rada approved yesterday the ‘voluntary’ tariff cuts agreed last month with the sector: a 7.5% drop for wind and a 15% drop for solar. Many power producers agreed to after three months of receiving little or no payments from the State Guaranteed Buyer.

The new law includes a repayment schedule for what is growing toward $1 billion in unpaid electricity bills. Under the new law, all these unpaid debts are to be paid in full by the end of next year. The repayment schedule is: 40% in the fourth quarter of this year, and 15% in each quarter of 2021. It is unclear where Ukrenergo, the mother company for the Guaranteed Buyer, will find the money.

These unpaid bills, plus slow-moving talks between industry and government, led to a freeze this year of billions of dollars of green energy constructions projects. In 2018 and 2019, renewable energy was the bright spot of Ukraine’s foreign investment scene. Investors from over a dozen countries built plants. Today, some face default.

“On the upside, after more than three quarters of non-payments, the industry can now expect the government’s Guaranteed Buyer to begin repaying some its debt before the end of the year, which will help the cash flow of many renewables investors,” Oleksandr Kozakevych, chairman of the Ukrainian Association of Renewable Energy, wrote after yesterday’s vote.

The down side, Kozakevych wrote, is that the Rada rejected a two-year prolongation of power purchases agreements. Green energy producers literally took these documents to banks to win financing.  He wrote: “This will negatively affect many of the early renewables’ investors, and some I expect, will take their cases to international arbitration.”

The installed capacity of renewable energy facilities today is 7 GW. This figure excludes large hydroelectric power plants, renewable energy facilities in the Russia-controlled parts of Ukraine — 637 MW — and small solar power plants of private households – 618 MW. Today, renewables account for 8% of Ukraine’s power, but 26% of the national power bill. Defenders of green power say Ukraine’s power bill does not reflect the hidden, long term costs of power — dismantling nuclear reactors and re-building aging hydroelectric dams.

The Finance Ministry sold $422 million worth of bonds at auction yesterday. Yields were little changed. Six-month dollar bonds accounted for 40% of the total. The average yield was 3.39%, unchanged since the most recent auction. The Ministry also sold 6-month bonds at 7.74%, also unchanged. The two-year bonds carried 10.25% yields, up 5 basis points since the last auction.

Foreign holdings of Ukraine government hryvnia bonds have dropped by 35% since mid-February, when they peaked at $5.2 billion, reports ICU, citing central bank figures. Since then, this figure has dropped by about $260 million a month, to hit $3.4 billion today. Foreigners hold 12% of Ukraine’s government hryvnia bonds.

The new governor of Ukraine’s central bank promised foreign investors to maintain the bank policy of blocking any return of PrivatBank to its former owners, led by Igor Kolomoisky. “On PrivatBank, I strongly believe that the NBU should continue the same policy with the former owner of PrivatBank,” Kyrylo Shevchenko, the new head of the National Bank of Ukraine, told foreign investors in telephone briefing. “I completely support the NBU strategy in terms of PrivatBank.”

Heard on the Street, from Bloomberg: “The hryvnia was the world’s best performer against the dollar last year as high rates attracted foreign investors. It has fallen 14.18% so far this year.”

The Rada approved yesterday the ‘investor nanny’ bill designed to promote foreign and domestic investment. Investments over €30 million that create over 150 jobs within five years will be eligible for an ‘investor nanny.’ This government fixer attached to the President’s office will be empowered to cut bureaucratic red tape. Eligible sectors are: processing, infrastructure and logistics, household waste management, tourism, health care, education, and sports. Not eligible are: renewable energy, mining, farming and banks.

By the end of 2023, ArcelorMittal Kryvyi Rih plans to spend $700 million in steel making upgrades that will clean the city’s air, company CEO Mauro Longobardo told a group of environmental officials from Kyiv. Recently, the Dnipropetrovsk region steelmaker decommissioned its open-hearth shop. Upcoming: install a gas cleaning system in the converter shop, modernize blast furnace No. 9, modernize sinter shop No. 2, build a modern iron pelletizing plant, close two sinter shops and decommission two coke oven batteries. Ukraine’s largest foreign investment, ArcelorMittal Kryvyi Rih is the nation’s largest manufacturer of rolled steel. It also makes rebar and wire rod.

Ferrexpo’s main unit, Poltava mining and processing plant, has inaugurated a 4-year, $100 million upgrade of its iron ore concentrating plants. Largely based on equipment from Finland’s Metso Outotec, the new complex will boost concentrate production by 15%, to 15 million tons. This is to boost revenues by $75 million a year.

With the goal of attracting 5,000 foreign IT specialists to Ukraine by the end of this year, the State Migration Service starts a program of simplifying paperwork – at Ukrainian consulates abroad and at Migration Service offices at home. Announced six months ago, the program was delayed to coronavirus travel restrictions. IT job vacancies hit 4,245 in June, 21% above May, reports jobs.dou.ua, an IT industry website. Little affected by the coronavirus lockdown, Ukraine’s big IT companies recruit from Belarus, Kazakhstan and Moldova.

Switzerland-based IWG, owner of Regus and Spaces, will open its 10th workspace in Kyiv. A Regus, the 1,700 square meter space will be in the new Avenue 53 business center, at 53 Peremohy Avenue. The western address is designed to workers coming into Kyiv from Akademmistechko or Irpin. There will be almost 300 work places.

In the three weeks since flights resumed between Ukraine and Antalya, about 20,000 Ukrainian tourists have visited the southern Turkey resort on the Mediterranean, reports Ukrinform, citing Vyacheslav Khomenko, Ukraine’s local consul. Eight flights arrive daily from Ukraine – from Kyiv Boryspil, Kharkiv, Dnipro, Lviv, and Zaporizhia. No corona cases have been reported among the tourists, he said.

 

  • New Central Bank Chief: Cheaper Loans, Cheaper Hryvnia
  • Big Mac Index: Ukraine Already Is Cheap
  • Spring Drought Pulled Down Farm Production
  • Wizz Air Starts Flying out of Zaporizhia, its 5th Ukrainian City

The new head of Ukraine’s central bank signaled that he favors lower interest rates and a weakened hryvnia. “The National Bank of Ukraine must press forward with cutting the key policy rate, which will eventually lead to cheaper loans for final consumers,” Kyrylo Shevchenko, the new governor said as he made his debut at the central bank, alongside President Zelenskiy.

Boosting loans and fueling economic growth are keys for coming out of the corona recession, Shevchenko said: “Today Ukraine has a new challenge – economic recovery. And the National Bank, together with the government, must take care to restore the economy as soon as possible. This is priority number one.”

Ukraine’s hryvnia ranks fourth from the bottom of 55 world currencies, according to Economist magazine’s latest Big Mac Index of purchasing power parity. By this scale, the hryvnia is undervalued by 62% against the dollar. More undervalued are: Turkey – 64.3%; Russia – 66.5%; and South Africa – 67.4%.

Interest and exchange rates are not crucial for international lenders, Timothy Ash writes from London. “The big red line in all this for the IMF is not FX policy but banking reform,” he writes of the 2014-2015 closings of 100 bankrupt banks. “Opponents of reform in Ukraine are trying to use the exchange rate to cleanse the NBU board of reformers to change the course of banking reform. The exchange rate is just being used as a cover for this agenda…Banking reform remains the key litmus test for the Zelenskiy administration, not really exchange rate policy, as banking reform goes to the heart of key long term issues for Ukraine such fighting corruption.”

David Clark, British analyst of European affairs, warns in an Atlantic Council UkraineAlert blog: “Ukraine would be taking a big step backwards if it once again allowed oligarchs to run banks as private treasuries for the organization of opaque and often fraudulent financial schemes.”

Despite uncertainty about rates, work continues on two new wind farms. Southern Energy LLC plans to complete by February a $65 million, 76 MW wind farm near Odesa’s port city of Yuzhne, reports timer-odessa.net. At the other end of the country, at Zarichne, near Rivne’s border with Belarus, a German company plans to build a 110 MW wind farm, reports bug.org.ua. The multi-million dollar project calls for the construction of 22 windmills of 5.5 MW generating capacity apiece.

Ukraine’s agricultural production fell by 19% during the first half of this year, compared to the same January-June period last year, reports the State Statistics Service. Drought pulled crop production down by 57%. The bulk of Ukraine’s crops are harvested after June.

Wizz Air started flying out of Zaporizhia, its fifth Ukrainian airport, after Kyiv Sikorsky, Kharkiv, Lviv, and Odesa. The Budapest-based low cost carrier started flights between Budapest and Zaporizhia. On Aug. 2, Wizz Air starts flights from Zaporizhia to Dortmund, and on Oct. 27 to Milan. It also plans flights from Zaporizhia to Gdansk, Krakow, Vienna, Vilnius, and Wroclaw. With a new terminal and a freshly resurfaced runway, Zaporizhia wants to become the dominant airport of the Donbas.

Betting that the EU will fully reopen to Ukrainians tourists and workers, Wizz Air plans to start flights from Kyiv Sikorsky to Naples and to Venice Treviso, and from Lviv to Milan Malpensa and to Rome Ciampino. On Oct. 26, it starts flights from Kharkiv to Milan. Next March, Wizz Air launches eight new routes from Ukraine to Italy. An estimated 400,000 Ukrainians work in Italy, largely taking care of the elderly in the north.

Travelers arriving from coronavirus ‘red zone’ countries can now undergo PCR tests at Kyiv Boryspil, Kharkiv, Lviv and Odesa airports. One test costs between $50 and $75. Travelers must still download the Diy vdom tracking app. If the test results are negative, the lab will notify Ukraine’s Public Health Center and the traveler will be released from self-isolation.

 

  • Economy Perks Up
  • Prices Soar in Online Auctions for Mining Licenses
  • Construction Starts This Fall on Ukraine’s Biggest Air Cargo Terminal
  • Today: Experts Open UIA Black Box from Iran Shootdown

Industrial electricity consumers are pushing back against next month’s planned doubling of the electricity transmission tariff – a hike designed in part to help pay overdue bills to renewable power producers. ArcelorMittal Kryvyi Rih, the largest foreign investment in Ukraine, warns: “This increase threatens to complicate significantly the work of mining and steel companies in Ukraine, which are among the key electricity consumers.”

Cheap electricity is key for Ukrainians metals competing in world markets. “To be a successful competitor in the rolled metal market, we are obliged to offer high quality product and reasonable prices,” says Stanislav Gi, Arcelor’s Ukraine head of Energy Resources. “The tariff growth for electricity transmission puts steel manufacturers in an obvious disadvantage, which in turn will affect economy of Ukraine in general.”

Rising electricity use, more registrations of autonomous workers and re-openings of small and medium businesses are “indicators of economic recovery,” Finance Minister Serhiy Marchenko told journalists at the Rada. He said: “In principle, the economic situation is under control. In the second half of June there were already indicators of economic recovery.”

The current hryvnia dollar exchange rate is “normal,” Minister Marchenko told reporters. Ten days ago, President Zelenskiy said the hryvnia is over valued by 10%.

Ukrainians declared UAH 94.5 billion [$3.5 billion] in income tax last year, 13% more than in 2018, reports the State Tax Service. Almost 505,000 Ukrainians filed their declarations by June 30, the deadline extended due to coronavirus. There are 20 million working age Ukrainians, but most to not earn enough official income to pay tax. Last year’s inflation rate was 8%.

A license to mine fire clay near the Donetsk front line sold for 2,362 times the asking price Friday. The difference came when the State Geology and Subsoil Service innovated and sold the license through an electronic auction.  The license to mine the Klishchiivka deposit, midway between Kramatorsk and the front line, went for $1,481,481 – far above the starting price of $627. Refractory clays are used to make ceramics and fire bricks.

The first auctions for mining amber deposits were held Friday on ProZorro. In a market test of the new amber mining law, four mining companies bid the price of the first license up almost 40 times, to $468,000. In the second auction, six companies bid up the asking price 90 times, to almost $1.1 million. The 5-year licenses are for two 10-hectare deposits in Sarny district, midway between Rivne city and the Belarus border. Vitaly Koval, head of Rivne Regional Administration wrote on Facebook page: “The results exceeded all our expectations…We work openly and transparently for business!”

The 50 speed cameras operating in Kyiv since June have cut the number of speeders by 80% and have netted the Treasury $2 million in fines, Anton Gerashchenko, deputy minister of Internal Affairs, tells Liga Novosti. The Ministry is buying 300 more speed cameras to install across the nation by the end of this year.

Construction of Ukraine’s largest air cargo terminal should start this fall at Boryspil, reports the European Business Association, citing an EBA logicistics meeting with airport executives and Oleh Yushchenko, deputy minister of Infrastructure. Two weeks ago, the Kyiv Regional Administration allocated to the airport five square kilometers of land belonging to Hora, the last village on Boryspil Highway before the airport turnoff.  Design work is underway, money has been allocated, and the terminal should open in time for the Christmas 2021 package shipping season, the EBA predicts.

With the EU closed to Ukrainian tourists, SkyUp airline is postponing resuming EU flights until Ukraine’s Covid infection rate drops to EU levels. For now, the airline flies to Albania, Egypt and Turkey. Domestically, it flies from Kyiv Boryspil, Kharkiv and Lviv to Odesa; from Lviv to Kherson; and from Zaporizhia to Kyiv.

Ivano-Frankivsk is the latest regional airport to resume service. Windrose, an airline controlled by Ihor Kolomoisky, started flying Thursday from Kyiv Boryspil, to the airport, which also is controlled by Kolomoisky.

The original English version is from our partner UBN – Ukraine Business News. For more information and news archive, go to: www.ubn.news.

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