Daily monitor

In August, Kryukiv Railcar [KVBZ UZ, BUY] increased railcar production by 2.27% MoM to 631 railcars, 14 of which were passenger railcars.

Shareholders of Dniprometiz [DMPO UZ, N/R] approved the creation of Dniprometiz Kraznozavod Facility LLC at an EGM on September 17. OJSC Dniprometiz will be the sole participant with a 100% stake. No assets will be contributed, and the statutory fund of UAH 16.5 mln (about USD 3.3 mln) will be paid in cash 100% by OJSC Dniprometiz.

Alchevsk ISW [ALMK UZ, BUY] plans to launch the 3 mln mt oxygen converter No. 1, the company’s second, on September 19-20. According to Metal Courier, the company will simultaneously retire a total of 1.4 mln tpa of open hearth steel smelting capacities.

According to Serhiy Sazonov, the CEO of HK “AvtoKrAZ” [KRAZ, N/R], the only Ukrainian manufacturer of heavy trucks, AvtoKrAZ is being forced to scale down the program "KrAZ by credit" and "KrAZ lease” due to the credit crisis in Ukraine.

According to a statement made on September 16, 2008 by the State Statistics Committee of Ukraine, August revenues of long distance telephone operators fell by 2.7% to UAH 461.5 mln, in comparison with July’s revenues, which totaled UAH 449 mln.

According to a statement made by the State Statistics Committee of Ukraine on September 16, 2008, August revenues for fixed line telephone operators’ provision of local calls fell by 2.1% to UAH 308.5 mln.

The National Bank of Ukraine (NBU) has announced Ukraine’s revised current balance figures for 1H08. Therefore, the current balance deficit increased (YoY) to USD 6.8 bln in June 2008 (-7.9% of GDP); 0.1 bln higher than the previously released figure. However, the deficit has been declining for three months in a row: a decrease of USD 1.7 bln in April 2008, USD 814 mln in May, and USD 558 mln in June.

The State Statistics Committee of Ukraine announced that unemployment in August stayed at the 1.8% level; the same as in July 2008 compared to 1.9% in June, 2% in May and 2.2% in April 2008.

The government of Ukraine announced its long-term economic growth forecast for 2009-2012. The government expects the following real GDP growth rates: 2008 – 6.8%, 2009 – 6%, 2010 – 6%, 2011 – 7%, 2012 – 6.8%.

According to the National Energy Company of Ukraine (ECU), the level of coal reserves at thermal power plants belonging to the ECU reached its historical minimum in September 2008.