Business Update – Feb. 13: Banks generate record $2.5 billion profit, UAE firm buys local port operator

By Denys Krasnikov. Published Feb. 13 at 8:31 pm

Heavyweight marine cargo handling firm from the United Arab Emirates enters Ukraine. Called DP World, the company – one of the world’s leading port operators – has acquired a controlling stake in TIS Container Terminal Ukraine, the largest dry cargo port in the country. Ukraine will become the 51st country where DP World operates, CEO of TIS Andriy Stavnitser wrote on Facebook.

Ukraine’s Cabinet of Ministers introduces electronic excise stamps for alcoholic beverages. The government aims to battle the trade in counterfeit spirits in Ukraine, which cost the state budget up to $410 million a year. Hence, starting in April-May, it will roll out electronic excise stamps: producers and distributors will have online accounts to check and pay excise duties. Meanwhile, the paper excise stamps on bottles will have QR codes and barcodes. When scanned, they will show information about the alcoholic beverage.

Ukrainians use bank cards 29% more often to pay for goods. In 2019, the number of cashless card operations reached 5 billion, with Ukrainians spending some $146 billion — or 24% more than in 2018 — the National Bank of Ukraine reports. There are 45 million active bank cards in Ukraine to date. Meanwhile, Ukraine’s gross domestic product was $150 billion in 2019, according to the IMF.

Chornomorsk seaport increases cargo handling by 16.7% in January. Located in Odesa Oblast, the port increased its cargo shipment by 16.7% compared to the same period in 2019, reaching 2.3 million tons of various freight, Interfax-Ukraine reports.

Ukrposhta has stopped delivering parcels to China due to the deadly novel coronavirus outbreak. Because most flights to China were suspended in order to prevent the spread of the coronavirus, which has killed 1,357 people over the last month, the state postal service decided to cancel its deliveries to the Asian country too. Parcels that Ukrposhta received by Feb. 11 will still be delivered, though. Deliveries from China to Ukraine haven’t been affected, but delays are common.

Wizz Air may reopen its office in Ukraine. The Hungarian low-cost airline is interested in the Ukranian market and is considering to reopen its branch here, which it closed in 2015, Infrastructure Minister Vladyslav Krykliy told “They see how dynamically we are growing by 20% a year,” Krykliy said. Wizz Air and the government are still negotiating, but Krykliy said this might be “big and important” for Ukraine.


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