Daily monitor

According to a note from the State Statistics Committee of Ukraine, industrial output grew 3.1% MoM in June (1.3% MoM growth in May). Therefore, industrial output has fallen 27.5% YoY in June (31.8% YoY decline in May) and 31.1% YoY in January-June (31.9% YoY in January-May).

Ukrproduct [UKR LN, N/R], a London AIM-listed Ukrainian dairy producer, announced that it acquired 1.8 mln of its shares at GBp 12 per share. The shares will be held as treasury shares. As result, the company holds a total of 1.8 mln shares as treasury shares and 41.1 mln shares remain as free float.

According to the bank’s press service, Cargill has had a court arrest the correspondent accounts of Finance and Credit Bank in American Express Bank, Citibank, The Bank of New York Mellon and Deutsche Bank Trust Company Americas. Cargill claims that Finance and Credit Bank has failed to repay Cargill USD 44.4 mln in debt, bank confirms.

The auction for 99.5% of Odesa Portside Plant has been officially announced to take place on September 29, 2009. The initial price will be set at UAH 4 bln (USD 520 mln), and the auction step will amount to UAH 50 mln (USD 6.5 mln).

Bogdan Automobile Plant [LUAZ UZ, U/R] decreased production output by 81.4%YoY to 7684 vehicles in 1H09. Plant operations had stood down beginning in early April 2009 due to the significant number of automobiles ready for sale in the plant’s warehouse and the lack of demand for new cars in Ukraine.

Myronivsky Khliboprodukt [MHPC LI, BUY] announced its operational results for 1H09 in a press release today. MHP successfully launched the second phase of the Myronivka Poultry Plant in 2Q09. The company’s annual chicken meat production capacity will reach more than 200 thsd mt. MHP’s poultry volumey increased by 6% YoY to 116.3 thsd mt of meat in 1H09.

According to the newspaper “Delo”, the top five Ukrainian grain traders are as follows: Nibulon (exported 4 mln mt of gain); Louis Dreyfus and Serna (Glencore), which exported 2 mln mt of grain each; Toepfer, Bunge and Kernel exported 1.5 mln mt each.

The recapitalization process at Ukrgazbank [UGZB UZ, U/R] has finished, the bank is once again fully repaying deposits and it has cancelled all limits on credit card payment operations. According to a bank statement, UGZB had previously been repaying only those deposits with amounts less than UAH 30 thsd.

According to a note from the State Statistics Committee, the merchandise balance dropped 74.9% YoY to USD 2.2 bln in Jan-May 2009. Merchandise exports in Jan-May fell 44.1% to USD 14.4 bln while merchandise imports fell 52.0% to USD 16.6 bln. Compared to Jan-Apr, merchandise exports in Jan-May grew 25.6% while imports grew 24.0%.

The head of the IMF mission to Ukraine Ms. Ceyla Pazarbasioglu has announced that the Ukrainian government and the IMF mission have reached a preliminary agreement to provide with the third tranche of the stand-by emergency loan.