On Monday, Business Arena’s host Rafał Tomański discussed the latest developments in the world of finance, including the reduced rating for Ukraine.
On Friday, global rating agencies S&P and Fitch lowered Ukraine’s foreign currency ratings to selective default and restricted default respectively.
Earlier in the previous week, Ukraine’s overseas creditors backed the country’s request for a two-year freeze on payments on almost USD 20 bn in international bonds. The move will save Ukraine some USD 6 bn on payments according to Prime Minister Denys Shmyhal.
Business Arena’s guests
Jakub Rybacki of the Polish Institute of Economics and Zbigniew Krysiak of the Institute of Shuman’s Thought were invited by TVP World to shed more light on the matter.
In other financial news:
– With many western companies deciding to leave Russia after its invasion of Ukraine, some have done the opposite sensing an opportunity to invest in firms at a lower price.
– Industrial production in Japan saw a record month-on-month growth of 9.2 percent in June 2022, a significant increase from May’s results when it stood at negative 7.5 percent and slightly higher than the initial predictions of 8.9 percent.
– After almost six months, the Moscow Stock Exchange has resumed operations, but only for those countries deemed as friendly, which haven’t imposed sanctions on the Kremlin.