Return of prodigal McDonald’s, Moscow Stock Exchange falls, businessman Zhevago loses Poltava mining plant

25 September 2022, 01:48 PM
McDonald's returned to Ukraine (Photo:POH — Poznyak Osokorka Kharkiv via Facebook)

McDonald's returned to Ukraine (Photo:POH — Poznyak Osokorka Kharkiv via Facebook)

NV Business has selected the main economic news, with the most interesting statements and indicative figures of the current week.

U.S. fast food giant McDonald’s returns to Ukraine. Three restaurants reopened for delivery (on the left bank of the capital city of Kyiv only). Seven more restaurants will reopen for delivery soon. Later they will start working in a full-fledged format. So far, McDonald’s plans to resume work in Kyiv and the western regions of the country.

Video of day

The Glovo delivery service faced problems just 15-20 minutes after McDonald’s reopened three restaurants in Kyiv on Sept. 20. The service ran out of couriers.

The Ukrainian court “went into the past.”

Ukraine’s Court of Appeal invalidated a purchase and sale agreement for 40.19% of the shares of Poltava mining and processing plant that was concluded 20 years ago. The shares were transferred to the former owners, namely companies from the VS Energy group, which is close to Russian business interests.

The National Anti-Corruption Bureau of Ukraine and the Specialized Anti-Corruption Prosecutor’s Office completed a probe into the Rotterdam Plus case. According to the results of the investigation, the circle of suspects included:

  • former chairman of the National Commission for State Regulation of Energy and Public Utilities (NCRECP);
  • director of the Market Operator state enterprise (a member of the NCRECP at the time of the introduction of Rotterdam Plus formula);
  • head of the NCRECP department;
  • head of the NCRECP management;
  • deputy commercial director of one of the group’s private companies – a key operator of the Ukrainian heat generation market;
  • director of the department of one of the companies of this group.

NABU emphasized that SAPO head Oleksandr Klymenko cancelled the decision to close the proceedings after the decision of the Appellate Chamber of the High Anti-Corruption Court.

Sergiy Makogon, the head of the Gas Transmission System Operator of Ukraine, was dismissed from his post. Makogon himself learned about this during a business trip. Pawel Jozef Stanczak has been appointed the new head of the company.

At the same time, the Verkhovna Rada, Ukraine’s parliament, registered a draft law on the liquidation of JSC Main Gas Pipelines of Ukraine through its merger with the Gas Transmission System Operator of Ukraine.

The Moscow Stock Exchange collapsed twice. The Moscow Stock Exchange index fell below the 2,200-point mark on Sept. 20, more than 10% down from the close of trading on Sept. 19. This happened against the background of the news about sham referendums on “joining” some temporarily occupied territories of Ukraine to Russia, as well as amendments to the Criminal Code of the Russian Federation related to mobilization and martial law.

Just the next day, the Moscow Stock Exchange took another tumble – at the start of trading on Sept. 21, the Russian stock market continued its steep decline against the background of Russian dictator Vladimir Putin’s threats to use nuclear weapons and announcement of a partial mobilization in Russia.

Quotes of the week

“The country didn’t have an instrument of ‘eternal subordinated debt.’ This money is in the form of an eternal debt that will never be repaid, interest may be paid on it, but it’s a subordinated debt that goes into the first-tier capital,” Roman Shpek, Chairman of the Supervisory Board of Alfa Bank Ukraine, speaking about the mechanism of recapitalization of the bank with $1 billion.

“This is the budget of a country at war, the budget is half defense: the Armed Forces of Ukraine, the defense forces, salaries, expenses, weapons, ammunition – all that will help us deter the fantastic attacks that are prophesied to us,” First Deputy Chairman of the Verkhovna Rada Oleksandr Kornienko. He added that the state budget for the next year will be passed earlier than usual.

The White house said the United States will work with its allies and partners to impose additional swift and severe economic costs on Russia in response to these actions if they proceed with annexation.

Numbers of the week

The demand for low-skilled work in Poland by Russians increased by 600% in two days.

The price of bread in Europe has risen by almost 20% due to Russia’s Russian invasion of Ukraine.

Western countries have frozen Russian assets worth $500 billion.

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