Ukraine: Finance ministry backs expansion of division fighting capital outflow via transfer pricing

The division of the State Fiscal Service fighting capital outflow via transfer pricing should be expanded and reinforced, Finance Minister Oleksandr Danyliuk has said. “This is one of the spheres where the State Fiscal Service should work more. Instead of developing this sphere they reduced the transfer pricing division. I want the division expanded and…

Belarus: supplies of agricultural machines to Uruguay under consideration

Belarusian Deputy Minister of Foreign Affairs Evgeny Shestakov met with Uruguay’s Deputy Minister of Livestock, Agriculture and Fisheries Enzo Benech and Executive Director of Uruguay XXI Antonio Carambula to discuss possible supplies of agricultural equipment for small and medium-sized Uruguayan farms, the press service of the Belarusian Ministry of Foreign Affairs reported. “The parties discussed…

Belarus: Belenergo and Czech-Belarusian Chamber of Commerce and Industry to step up cooperation

The Belarusian national electrical company Belenergo and the Czech-Belarusian Chamber of Commerce and Industry signed a memorandum of understanding in Prague, the website of the Belarusian Energy Ministry reported. The memorandum provides for enabling conditions conducive to the development of foreign economic contacts, establishment, maintenance and development of business ties and contacts between Belenergo’s enterprises…

Belarus: industrial recession over

Industrial recession in Belarus is over, Vice Prime Minister Vladimir Semashko said. “I am happy that we have survived through the crisis. I can see that the recession is over. Today the Industry Ministry is posting a 3% growth. We plan to reach the growth of 11.3% next year”, Vladimir Semashko noted. “The machine-building industry…

Belarus: Belarusian-made equipment absolutely competitive

Belarusian equipment is absolutely competitive, Belarus’ Deputy Prime Minister Vladimir Semashko said. “In terms of the price-quality-maintenance ratio, our equipment is absolutely competitive”, Vladimir Semashko said. He noted that over the past seven years, Belarus had produced agricultural machinery to the tune of $23.7 billion. “Of this amount, $7.9 billion worth of equipment was produced…

Ukraine: full-featured energy market being created

Ukrainian Prime Minister Volodymyr Groysman has said that the full-featured energy market is being created in Ukraine. “The market is competition, including competitive prices for consumers. The creation of the full-featured energy market, growth of own gas production, introduction of energy efficiency and the increase of budget revenue received from state-run companies – all these…

Belarus: ways to introduce IFRS at major state-run enterprises under consideration

In view of recommendations of the International Monetary Fund (IMF) Belarus is considering ways to introduce the International Financial Reporting Standards (IFRS) at major state-run enterprises. The statement was made by Belarusian Deputy Finance Minister Dmitry Kiyko. The law requires a number of Belarusian enterprises to present annual consolidated reports in accordance with the International…

Kazakhstan: huge greenhouse complex built

A huge greenhouse complex of 12 ha has been built in Kazakhstan, KazAgro National Holding reported. The official launch of the complex, the largest in the country, is scheduled for early December. The complex is located in the city of Almaty. The project was worth 6.6 billion tenges and was financed by KazAgro’s subsidiary KazAgroFinance.…

Ukraine: AMC allows Tigipko to buy Universal Bank

The Antimonopoly Committee of Ukraine (AMC) has allowed ex-Deputy Prime Minister for Social Policy Sergiy Tigipko, the founder and major shareholder of TAS Group, to indirectly acquire Universal Bank (Kyiv) through Bailican Limited (Cyprus). Universal Bank was founded in 1994. The largest shareholder of the bank as of the beginning of 2016 was ERB New…