"Mr. X": New law for investors
The Verkhovna Rada adopted a law simplifying the entry to the Ukrainian market of foreign investors. This should ensure the introduction of foreign financial intermediaries, nominal holders – a sort of Mr X. Meanwhile, experts are divided on the prospects for the new legislation. UNIAN tries to clear up the situation.
Week's balance: Anti-corruption court for IMF, finance minister sacked, and new energy regulator's stance on "Rotterdam +" formula
Verkhovna Rada's constitutional majority adopted the Anti-Corruption Court it earlier resented, thus, fortunately, retaining cooperation with the IMF, but then immediately sacked Finance Minister Oleksandr Danyliuk, who had dared accuse of corruption the entourage of President Poroshenko. The National Energy and Utilities Regulation Commission received a new leader: its notorious ex-chief was not given even an advisor post. These are the main economic of the outgoing week.
Week's balance: Attack on Gazprom, Vovk's lay-off, and premier's war with finance minister
Naftogaz began the process of forcing a US$2.6 bln debt from Gazprom in Europe, targeting Putin's favorite Nord Stream 2; squabbles between Prime Minister Volodymyr Groysman and Finance Minister Oleksandr Danyliuk hit an international level, while President Petro Poroshenko finally approved five new members of the energy regulator and dismissed its scandalous head, Dmytro Vovk – these are the main economic news of the outgoing week.
Naftogaz attacks Gazprom's assets
Naftogaz launched a forced recovery of Gazprom's debt in the jurisdiction of European countries within the framework of the award of the Stockholm Arbitration. The first blow was struck on the assets of the Russian gas monopoly in the Nord Stream 2 project. Experts believe that this will at least delay construction of the gas pipeline bypassing Ukraine, while Gazprom will have to pay off debts anyway.
Week's balance: New tunnel to Europe, anti-corruption court's final stretch, and Russia sanctions
Ukraine has opened the Beskidy Tunnel passing through the Carpathian ridge and connecting the country with European Union with a new railway line, the National Bank warned about the need to fulfill IMF conditions as soon as possible, while the presidential administration promulgated the sanctions list against Russia – these are the key economic developments in the outgoing week.
Bosch's Dr. Stefan Hartung: I might still want to be allowed to have my secrets. In the era of the Internet of Things, discussion on personal data issues is needed – individuals are at stake
Humankind is entering a new era of the Internet of Things. In the coming years, everyday necessities like cars and household appliances will become interconnected in a single network to ensure our comfort. Technology already allows accomplishing this. But the risks to an individual that innovation might bring along lead to an active discussion about the boundaries of people's personal space, where technology might penetrate.
Week's balance: EU decides to lend EUR 1 bln, Rada outlaws palm oil, Kyiv ups public transport fares
The EU plans to lend EUR 1 billion to Ukraine, demanding more efforts to fight corruption, on the eve of summer vacations the Verkhovna Rada intends to outlaw the use of palm oil in food production, and the Kyiv authorities have decided to sharply raise the fare in public transport to prevent collapse – these are the major economic developments of the past week.
Week's balance: Punishment for Crimea, Nord Stream 2 in Germany, and oil price hikes
The Permanent Court of Arbitration in The Hague issued its award on Russia, making it responsible for the seizure of Ukrainian companies' assets in Crimea; the construction of the Russian Nord Stream 2 gas pipeline was launched in the north of Germany; and the prices of crude oil soared in connection with a decision by U.S. President Donald Trump to withdraw from the Iran nuclear deal and the imposition of sanctions on that country – these are the major economic developments of the past week.
Week's balance: cuts in subsidies, completion of sowing campaign, and large privatization list
The Cabinet decided to reduce the number of recipients of social assistance for utilities, having introduced new criteria for their provision; agrarians sowed 90% of the target area with early grains and leguminous crops; the Government committee decided on a list of large-scale state enterprises to put up for sale; and infrastructure minister Volodymyr Omelyan traveled in a second class rail car to inspect Ukrainian Railways - these are the main economic news of the outgoing week.
Week's balance: Roundwood timber in exchange for EU aid, slowdown in industrial output, and billions on road safety
To get a billion euros from the European Union, Ukraine will have to meet a number of useful requirements, in particular, to introduce an automatic verification of those astonishing "riches" declared by the country's officials. Meanwhile, the State Statistics Service released data on the slowdown of industrial output, and the Cabinet adopted a large-scale state program to improve road safety and ordered that the Ukrzaliznytsia [Ukrainian Railways] top managers ride trains - these are the main economic news of the outgoing week.
Week's balance: UAH 30 per dollar, burden of minimum wage rise, and energy regulator's staffing issue
The government set Ukraine's budget policy for 2019-2021, predicting a fall of the national currency down to UAH 31.8 per dollar; the IMF issued an outlook for the country's economic development; the finance ministry came out with an unexpected confession that raising minimum wage is impossible, while Prime Minister Groysman named Ukraine's main economic problem - these are the main economic news of the outgoing week.
Week's balance: Partners recommend reforms, Groysman declares war on "secret club of subsoil users," and law enforcers go for useless searches at Ukrzaliznytsia
The World Bank urged Ukraine authorities to speed up reform, Prime Minister Groysman attacked extraction companies from the President's entourage, while law enforcers once again raided the Ukrzaliznytsia headquarters - these are the key economic news of the past week.
Can sanctions against Russian oligarchs hit their Ukraine property
A few years ago, the dependence of the Ukrainian economy on that of its northern neighbor was so strong that a sanctions strike against Russia would ricochet violently over Ukraine. However, despite the fact that the hryvnia today saw no damage from the ruble plunge, a new package of Russia sanctions could still affect certain Ukrainian companies.
Week's balance: Start of sowing campaign and road repairs, new stage of decentralization and delay of rail ticket price hike
The agrarians started the sowing campaign that will cost them at least 10% more than last year, road repairs were launched after a long winter, Ukrzaliznytsia postponed the increase in train ticket prices, while the authorities announced a new stage of decentralization - these are the main economic news of the outgoing pre-Easter week.
Week's balance: FTA with Israel, paradise for low-cost airlines, and record placement of domestic bonds
The Ministry of Finance made a placement of domestic bonds, this year's largest. Ukraine and Israel are finally set to sign off an agreement on a free trade zone. Discount airlines will open new flights from Ukraine. These are the past week's key economic news.
Week's balance: Ryanair in Ukraine, break-up with Russia, billions on roads, and farmers fighting for VAT
The Cabinet of Ministers announced the largest ever road construction and repair efforts in Ukraine, Ryanair discount carrier signed the long-awaited cooperation agreement with the airports Boryspil and Lviv, the government severed economic relations with Russia, while the agrarians continue to demand from deputies to give them back VAT refunds for oilseeds exports - these are the key economic developments of the outgoing week.
Week's balance: Mogherini promises another billion, Smolii takes lead of NBU , hryvnia sees new coins
EU High Representative Federica Mogherini paid a visit to Kyiv, President Petro Poroshenko met with Ukraine's businesses, Parliament finally appointed a new head of the National Bank, who announced the issue of coins instead of small hryvnia bills - these are the key economic news of the outgoing week.
Week's balance: 4G licenses worth UAH 5.4 billion, Gazprom's Stockholm syndrome, and hryvnia ascent
Mobile operators will pay UAH 5.4 billion to the state budget for their 4G licenses, Russia's Gazprom informed Naftogaz of their intention to terminate gas contracts, prompting the European Union to reflect on its energy security, while the hryvnia continues strengthening against higher foreign currency earnings of exporters - these are the main economic news of the outgoing week.
Week's balance: Stockholm victory for Naftogaz, Gazprom's new gas war, and major aid from EU
Naftogaz claimed a resounding victory in the Stockholm Arbitration over Gazprom, in response to which the Russian gas monopoly decided to go for a despicable revenge in contravention of the Swedish court decisions, but Ukraine holds its ground and intends to seek penalties. The National Security and Defense Council extended sanctions against Russian banks, while the European Union promised a new program of macro-financial assistance worth EUR 1 billion - these are the main economic news of the outgoing week.
Week's balance: American locomotives to get on Ukrainian tracks, IMF demanding anti-corruption court, inspections of Ukrainian businesses returning
Ukraine plans to purchase several hundred American diesel locomotives over the next decade, the IMF insists that the country create an Anti-Corruption Court and implement reform of the energy sector, while the government unexpectedly lifted the moratorium on business inspections, and the NBU reported on disappointing performance by banks in 2017 - these are the main economic news of the outgoing week.