News
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July 28, 2010
Politics: Ukraine cuts a Vice Prime Minister from the loop
Event: The Ukrainian government has redistributed the responsibilities of former Vice Prime Minister Volodymyr Semynozhenko, who was sacked July 2, Interfax reported.
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July 28, 2010
Consumer Goods: Court initiates reorganization of Ukrros plant
Event: Kharkiv economic court initiated the reorganization of Kupyanskiy Sugar Plant, which is owned by Ukrros, Interfax reported July 26. According to the news agency, the court decision was made on July 14.
Impact: The news is neutral for Ukrros.
Rationale: We regard this news as neutral for the company as the plant didn’t operate last year due to a lack of sugar beet in the region. Besides, Ukrros had considered disposing of the plant back in 2009.
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July 27, 2010
Market Comment
The Ukrainian equity market opened the week with growth. The UX exchange closed slightly higher yesterday (July 26), adding 0.67% on encouraging stats out of the US (new home sales proved better than expected). Total volume was moderate at UAH 53.6 mln. Stocks finished a volatile day with modest gains. News that Alchevsk Steel’s (ALMK -3.67%) assets had been distrained pushed the stock lower. Ukrnafta (UNAF) was the stock of the day, climbing 1.28%.
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July 27, 2010
Macro: Ukraine's balance of payments surplus reaches $2.8 bln
Event: Ukraine’s balance of payments (BoP) surplus reached $2.8 bln in June, the highest level since 2005, Interfax reported yesterday (26 July) with the reference to the National Bank of Ukraine (NBU). The current account added $195 mln, and direct foreign investments rose to $755 mln. The current account surplus for 1H2010 totaled $472 mln compared to a deficit of $835 mln in 1H2009.
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July 27, 2010
Coal: Donbasenergo purchases coal from private mines
Event: Six private coal companies won the tender to supply Donbasenergo with coal in 2H2010. The total cost of the 120 kt will be UAH 78.8 mln ($10 mln), including 20% VAT.
