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Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

NEWS IN BRIEF

13 November, 2012 - 00:00

Deposit Certificates Strongly Protected

Praveks Bank has begun sale of the second emission of certificates of deposit. The securities have 11 grades of protection and three nominal prices: Hr 500, 1000, and 5000. The certificates have been issued for three different terms: three, six, and nine months. The interest rate will be paid at maturity. Profitability is fixed at 50%, 52% and 56% correspondingly. The certificates are in demand: last week sales totaled Hr 1,150,000.

Highlights of Economy Ministry's 1999 Macroeconomic Forecast

The Ukrainian Ministry of the Economy has prepared a draft of its main forecast figures for 1999, predicting that the country's GDP will be UAH 112 billion (the figure in brackets show the forecast for 1998 – UAH 101.1 billion); GDP growth: 2% (0.5%); inflation rate: 9.6% (10.3%); state budget deficit: 1.5% (2.5%); increase in monetary stock: 20% (13%); volume of state capital investments: UAH 16 billion (13.5 billion); unemployment rate: 6.2% (4.62%). According to the Economy Ministry's forecast, the growth of production volume is expected in industry (1.8% over 1998), agriculture (2.5%), construction (2.2%) along with transport and communications (3%).

First Stage of Rivne Amber-Processing Jewelry Plant Completed

On August 5, Ukrainian Prime Minister Valery Pustovoitenko took part in the opening of the first stage of the jewelry factory renovation in Rivne, which has a monopoly on amber jewelry in Ukraine. Serhiy Solovei, factory marketing engineer, told Infobank that the facility plans to process three tons of amber annually. It will also make adenine and amber acids for paint, varnish, and pharmaceutical industries. According to Mr. Solovei, the plant can manufacture 200 items from amber, has organized production in silver framing, and will also produce gold framing. The company has received first foreign orders from Germany, France, and the USA. According to the business plan, factory reconstruction is expected to recoup itself three years after it was put into operation. The total cost of construction will be nearly UAH 50 million and is being financed by the state budget, since the Rivne facility is 100% state-owned. Equipment for the first stage of factory renovation has been purchased from Germany for DM 800,000.

 

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