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Just The Facts: Ukrainian troops report first clash with North Korean forces in the Kursk region of Russia, Economy Ministry says women started 59% of all new businesses in Ukraine this year, and the Culture Ministry says 500,000 items have been evacuated from museums since the full-scale invasion of 2022.
Here's What They Think: Dozens of influential media outlets, from CNN and NBC to BBC and The Guardian, ran pieces on Wednesday wondering how Donald Trump's reelection as US president would affect the war in Ukraine. URN Daily offers a sampling.
Sober Second Thought: Ukraine has made more progress in fighting corruption in the past 10 years than in the previous 23 years of independence combined, with gains spurred by hopes to join the European Union, Transparency International Ukraine experts conclude in a new report, prepared with Polish NGO Stefan Batory Foundation.
The Rebuilder's Social: After the US election, the Rebuild Ukraine event scheduled for Warsaw next week adds a discussion on US-Ukraine relations, with speakers including Economy Minister Yulia Svyrydenko and Richard Verma, US special envoy to the reconstruction of Ukraine. The Ministry of Economy of Ukraine announces the results of the first month of activity of its "Land Bank" plan to lease state-owned land to farmers and others. AndTransparency International Ukraine will present the report, covered above in Sober Second Thought, in Brussels on Nov 7 at the EU Parliament.
Saint-Gobain opens first factory in Ukraine to make 60,000 tons a year of gypsum mixes
Saint-Gobain, the French multinational, has invested $11 million to build a factory in Ukraine with the capacity to make 60,000 tons of gypsum mixes.
The factory, which opened this week in the Ivano Frankivsk region, will employ 50 people and produce produce gypsum mixtures under the Rigips brand, with the support of one of Saint-Gobain’s R&D centers, the company said.
"From now on, the company, which was previously only an importer, will become a national manufacturer, implementing a full production cycle – from raw material extraction to the creation of finished building materials," Saint-Gobain said in a communique.
Production in Ukraine will allow the company to develop products to specifically meet the needs of the local market, the company said. It will also reduce reliance on imports, lower transportation costs and help ensure supply of building materials ahead of the expected rush to rebuild the country when the war ends,.
"The plant opening is a relevant step in the development of Ukraine's construction industry and contributes not only to increasing the country’s production capacity but also to the economic growth of the region," Saint-Gobain said, adding that it started building the plant in 2023.
Saint-Gobain, which reported global revenue of €47.9 billion last year, has 160,000 employees in 76 countries. Besides the Rigips brand, it produces plaster products under the British Gypsum and Gyproc brands, Norton abrasive solutions and others.
In Ukraine, it joins other foreign building supply companies such as Ireland's Kingspan, Finland's Peikko, and Neo-Eco, also from France, to invest despite the ongoing war.
Ukraine's dollar bonds jump after Trump's reelection
Ukraine's dollar bonds jumped on Wednesday after Donald Trump was reelected as US president on a platform that included promises to end the war with Russia, Bloomberg reported.
Warrants that have payments tied to the performance of Ukraine's economy traded near 74 cents on the dollar, a level last reached before Russia's full-scale invasion in early 2022.
Fund managers have recently been buying Ukraine's dollar bonds as the likelihood of a Trump presidency appeared to increase.
As of 9:25 am in New York, these bonds ranked among the top-performing emerging market assets by percentage gains, according to Bloomberg data. Ukraine's 1.75% notes due in 2035 climbed 1.8 cents on the dollar to 47.3 cents.
"Bonds are reflecting the probability that the war could end sooner, rather than focusing on what shape that deal would look like," Thys Louw, a portfolio manager at Ninety One UK, told Bloomberg.
A $20 billion debt restructuring agreement for Ukraine's bonds that was approved by private creditors in August did not include the warrants.
Zelensky congratulates Trump, says he appreciates his 'peace through strength' approach
Ukrainian President Volodymyr Zelensky congratulated Donald Trump on his reelection as US president, saying he appreciated Trump's commitment to the "peace through strength" approach in global affairs.
"This is exactly the principle that can practically bring just peace in Ukraine closer," Zelensky wrote in a post on X on Wednesday. "I am hopeful that we will put it into action together."
Zelensky recalled he and Trump met in September and discussed the strategic partnership between Ukraine and the US, Zelensky's "victory plan" as well as ways to end the war with Russia.
Zelensky met Trump in September during his visit to the US, where he presented his victory plan to end the war with Russia to him as well as to his opponent Kamala Harris and incumbent US President Joe Biden, among others.
"We look forward to an era of a strong United States of America under President Trump's decisive leadership. We rely on continued strong bipartisan support for Ukraine in the United States," Zelensky wrote on Wednesday.
Ukrenergo to suspend bond payments pending debt restructuring
Ukraine's state-run energy transmission system operator Ukrenergo said it will temporarily suspend payments on $825 million in green bonds pending a restructuring deal with bondholders.
The suspension of payments on the 6.875% guaranteed sustainability-linked notes maturing in 2028 will include payments due on Nov. 9, Ukrenergo said Wednesday in a press release.
"In the near future, the Company intends to engage with the group of Bondholders to agree fair and mutually acceptable amendments to the terms of the Bonds in order to ensure the long-term financial stability of NPC Ukrenergo," the statement read.
Ukrenergo said the suspension came based on decisions adopted by Ukraine's government and Energy Ministry.
"The Bondholders of the Company have been and will continue to be important partners of the Ukrenergo," the company said, recalling the creditors agreed in 2022 to defer the repayment of the bonds, "which helped to support the Company during wartime and significantly contributed to its financial resilience over the past two years."
Ukrenergo issued the bonds in 2021.
Ukrainians' assessment of economy close to pre-invasion level, study finds
Ukrainians remain largely wary of the country's economic condition with 60% rating it as very poor or poor, only 6% seeing it as good or very good, and 29.5% considering it average, a survey conducted by Kyiv-based think tank Razumkov Centre showed.
However, in December 2023, these views were even more pessimistic, with 66.5% negative, 3% positive, and 27% neutral responses. The latest survey results, from September, show a slight improvement and are closer to pre-invasion sentiment recorded in May 2021, Razumkov Centre said in a press release on Wednesday.
Looking forward, only 7% of respondents expect economic improvement in the next three months, while 31% foresee a downturn, and 48.5% believe it will remain unchanged. Regarding family finances, 8% anticipate improvement, 24% expect a decline, and 52% foresee stability.
The face-to-face survey was conducted Sept 20-26 across government-controlled areas not in active conflict, involving 2,016 respondents aged 18 and older.
Global media ask what Trump presidency might mean for Ukraine in wake of historic election
Dozens of influential media outlets, from CNN and NBC to BBC and The Guardian, ran pieces on Wednesday wondering how Donald Trump's reelection as US president would affect the war in Ukraine.
CNN argued that, with Trump as US president, Ukraine will might have to adapt to a "dramatic reduction" in US support, citing Trump and his running mate JD Vance's statements during the campaign that appeared to cast doubt on continued US assistance. CNN noted that Trump's reelection comes at a sensitive moment as Russia makes gains in Ukraine's eastern Donbas region.
NBC also highlighted doubts about whether Trump's administration will continue supporting Ukraine at the level seen with incumbent President Joe Biden. Trump will make "attempts at appeasement with the aggressor," Maksym Kostetskyi, head of the Kyiv-based think tank Centre for Policy Making, told NBC. "I am afraid it would have negative effects on Ukrainian society," he added.
BBC recalled that Trump has repeatedly said he could end the war in Ukraine "in a day," without revealing how. BBC spotlighted a May research paper written by two of Trump's former national security chiefs that said the US should continue its weapons supply to Ukraine, but condition the support on Kyiv entering peace talks with Russia. It is not clear, however, how this aligns with Trump's views, BBC noted.
The Guardian wrote that Ukraine was "plunged into gloom and uncertainty" after Trump's election victory amid expectations he could halt US military assistance to the country. A second Trump presidency would likely bring difficult consequences for Ukraine, especially as Russia advances on the battlefield at its fastest pace since 2022, the Guardian noted, adding that, without continued US military aid, Ukraine risks losing further territory in Donetsk region.
Similarly, Le Monde said Trump's victory "plunges Ukraine into unknown," noting that Trump has constantly criticized Biden's policy of support for Ukraine. Trump has also criticized Zelensky, accusing him of lacking the will to find a way out of the conflict, as per the report.
The Conversation reported that Trump would likely push for Kyiv and Moscow to agree to a ceasefire along current front lines, potentially leading to a permanent settlement that acknowledges Russia's territorial gains, including the 2014 annexation of Crimea and territories seized since the full-scale invasion in February 2022. Trump may also be inclined to concede to Russian President Vladimir Putin's demands to block Ukraine’s future NATO membership, the report said.
Kyiv Independent wrote 'How does Trump plan to stop Russia's war against Ukraine?' is the "million-dollar question" being debated in capitals around the world, particularly in Kyiv and Moscow.
Goal of EU entry spurs progress in Ukraine's fight against corruption, Transparency International report says
Ukraine has made more progress in fighting corruption in the past 10 years than in the previous 23 years of independence combined, with gains spurred by hopes to join the European Union, Transparency International Ukraine experts conclude in a new report, prepared with Polish NGO Stefan Batory Foundation.
However, the report, issued Wednesday, also calls on the authorities to pass a series of laws and regulations to increase transparency in public procurement, deepen cooperation with civil society organizations and strengthen state auditing processes.
"Taking into account European standards, anti-corruption bodies were created and the most successful public procurement reform to date was launched, administrative services were digitalised, as well as collection and disclosure of information," the 32-page report says. "Also, the cooperation of the public with state bodies through public councils and expert examinations has significantly improved."
Ukraine has significantly improved its rating on Transparency International's Corruption Perception Index, with a score of 36 out of a possible 100 points last year, from 26 points in 2014. At the same time, it improved its ranking to 104th best among countries, from 142nd.
"Thus, it has already reached the level of an EU candidate country, with Ukraine equalising Serbia, surpassing Turkey as well as Bosnia and Herzegovina, and staying one point behind Albania," the report reads. "This proves that even despite the war, Ukraine is successfully continuing its transformation."
Among the major issues resolved in recent years include the creation between 2014 and 2019 of a "working system of anti-corruption bodies," including the National Anti-Corruption Bureau of Ukraine (NABU), the Specialised Anti-Corruption Prosecutor’s Office (SAPO), the High Anti-Corruption Court (HACC), the National Agency on Corruption Prevention (NACP), and the Asset Recovery and Management Agency (ARMA).
"Also, the country introduced a variety of anti-corruption tools: e-declaration, the system of public e-procurement Prozorro and the system for the sale and lease of public property Prozorro.Sale," the report says. "Among others, state registers have been opened, a whistleblower protection institute and a single web-portal for the use of public funds have been launched."
The report concludes, though, that the country must still take a series of key steps, including giving the National Anti-Corruption Bureau of Ukraine its own forensic investigative institution, harmonize procurement laws with EU legislation, and involve civil society in policy making at the local and central government levels.
It also calls on parliament to make mandatory the use of the DREAM system, an online tool launched last year to improve transparency of reconstruction projects, regardless of the source of funding used by the government.
To further support the DREAM system, Transparency said the government "needs to determine the minimum requirements for the completeness of project information entered into the system, and the parliament needs to establish responsibility for non-compliance with these requirements."
The Ministry of Economy of Ukraine highlights the results of the first month of activity of its "Land Bank" plan to lease state-owned land to farmers and others. "In total, Land Bank announced 252 auctions in 13 regions of the country, where plots with a total area of 21044 hectares are offered."
Transparency International Ukraine says it will present the report, covered above in Sober Second Thought, in Brussels on Nov 7 at the EU Parliament during the debate “Ukraine’s Road to the Rule of Law."
Tomohiro Yoden, deputy director general of the Ukraine Team at JETRO (Japan External Trade Organization) posts about meeting officals from investment promotion agency UkraineInvest to discuss the possibilities for Japanese companies in Ukraine.
Liudmyla Denysiuk, international sales director at Premier Expo, announced an addition to next week's Rebuild Ukraine expo in Warsaw dedicated to US-Ukraine relations in light of this week's election. The discussion, on Nov 13, will include Richard R. Verma, the special envoy for Economic Recovery of Ukraine, and Ukrainian Economy Minister Yulia Svyrydenko.
