Daily News


September 15 2008
Cabinet of Ministers adopts 2009 state budget draft

At an extraordinary sitting on Saturday, the Cabinet of Ministers of Ukraine adopted a draft of the 2009 state budget, with income of UAH 285 bln (USD 58.9 bln) and expenses of UAH 302.4 bln (USD 62.4 mln), which implies a deficit of UAH 17.4 bln (1.4% of GDP). CPI is forecast at 9.5% yoy.

September 15 2008
KDD Group plans to direct over USD 400 mln in financing into its projects by 2010

According to Interfax, KDD Group (KDDG: N/R) CEO Petro Slipets said on Friday that the company plans to direct USD 400 mln, including USD 300 mln in loans, on project development by 2010.

September 15 2008
Yanukovich Says No to Nato.

Viktor Yanukovich, prime minister, said during meetings with Nato’s leadership in Brussels that his government was not ready to sign a membership action plan.

September 15 2008
No Obvious Changes in Draft 2007 Budget.

The government today published its draft 2007 state budget with UAH 140.3 bn of revenues (up from UAH 124.9 bn in 2006, or 12.3%), 153.5 bn of expenditures (up from UAH 137.1 bn, or 12%) and a maximum deficit of UAH 15.1 bn (up from UAH 12.9, or 17%).

September 15 2008
Energy Ministry May Sell Oblenergo Minority Stakes.

Olexy Sheberstov, a deputy energy minister, said the ministry is working on a plan to sell the state’s remaining “blocking” stakes (more than 25%, less than 40%) in several Oblenergos, as the state sees no gain from these stakes.

September 15 2008
Law Requires Banks to Become Public Companies, Doubles Minimum Share Capital.

Parliament adopted a draft law requiring all new banks to be public (open joint stock) companies and obligating all banks currently registered as closed joint stock companies or limited companies to convert into OJSCs within three years.

September 15 2008
Eurocar August Output up 26.4% yoy.

Eurocar, which produces Volkswagen and Skoda cars under license, produced 1,096 cars in August, up 26.4% yoy, bringing 8M06 output to 12.2 ths, up 133.9% yoy.

September 15 2008
Ingulets Iron Ore Plans 90% Charter Fund Increase.

Ukraine’s largest iron ore miner decided at its EGM on Sept. 12 to increase its charter fund by $64.5m by issuing 1.3 bn additional shares with a par value of $0.05.

September 15 2008
More August Cement Production Figures.

After Balcem (controlled by Eurocement, Russia), Yugcement (Dyckerhoff, Germany) and Mykolayivcement (Lafarge, France) all report increases in production.

September 14 2008
SCM Considering Selling Stakes in Azovmash

According to the newspaper Delo, System Capital Management is considering selling the 33% stake it holds in Ukrainian Industrial and Transport Company, which controls 50% of Azovmash.

September 14 2008
Kryukiv Wagon Completes Testing Trains for Kyiv Subway

Kryukiv Wagon (KVBZ: N/R) has completed testing a subway train on the Kyiv subway system and is planning to finalize technical work over the next three months, according to the head of the company’s supervisory council, Vladimir Prikhodko.

September 14 2008
TKS Looking into Warehouse and Water Park Projects

Interfax reported yesterday that TKS Management (37W1 GR: BUY), will develop warehouses and a network of water parks in Western Ukraine.

September 14 2008
Dniproenergo Signs Investment Agreement

According to DTEK, two related coal mines signed an agreement yesterday with Dniproenergo (DNEN: HOLD) to invest USD 200 mln over 2008-2012 in the company.

September 14 2008
Nikopol Ferroalloy To Increase Share Capital by 5.1x

According to Kommersant, yesterday Nikopol Ferroalloy (NFER: N/R) shareholders decided to increase its charter fund by 5.1 times to USD 76.8 mln.

September 14 2008
Raiffeisen Bank Aval Slashes Hryvnia Interest Rates to Individuals

According to a bank press release, since yesterday, Raiffeisen Bank Aval (BAVL: HOLD) has significantly reduced interest rates on hryvnia-denominated loans to individuals by 2 p.p. on average.