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July 26, 2019 www.intellinews.com I Page 3
Economic growth will be dampened by weak global economic activity and a decrease in gas transits to "European countries starting in 2020, due to the construction of bypassing gas pipelines," the statement reads.
In March, the Ukrainian economy ministry revised downward its forecast for the growth of Ukraine's real GDP in 2019 to 2.8% y/y from 3% y/y. The ministry also forecasts 2020 growth of 3.8% y/y, and in 2021 of 4.1% y/y, according to local media.
The same month, Prime Minister Volodymyr Groysman said that the Ukrainian government forecast economic growth of over 3% y/y in 2019.
The International Monetary Fund (IMF) has
Sberbank takes on Yandex by teaming up with Mail.ru
Together with Sberbank, Yandex operates joint venture Yandex.Market marketplace, one of the largest investments in the Russian e-commerce space.
Now Sberbank has signed a memorandum of understanding (MoU) with MRG, with a binding agreement to follow after the approval of the board, anti-monopoly services, etc. The ambition is to create a "leading Russian platform" for online-to-offline solutions for transportation and food services.
Both companies plan to invest RUB64bn ($1bn) together should the target indicators be reached over the first 12 months. The target valuation for the joint venture is RUB100bn, and it is planned to grow at 30% annually, and IPO in "several years" is not excluded.
kept its forecasts for Ukraine's GDP growth in 2019 and 2020 unchanged at 2.7% y/y and 3% y/y respectively.
The European Bank for Reconstruction and Development (EBRD) has revised downward its forecast for the growth of Ukraine's real GDP in 2019 to 2.8% y/y from 3% y/y. The multinational lender's also forecasts that the nation's economy will expand by 3% y/y in 2020.
The EBRD believes that large payments on public debt scheduled for 2019-2020 pose a serious
risk to the economic development of Ukraine. Therefore maintaining co-operation with creditors remains vital for the recovery of the country's economy.
"JV with Mail.ru will add exposure for Sberbank’s ecosystem to food and transportation markets
(via online delivery service Delivery Club and taxi service Citymobil) that have a potential to grow
to more than RUB1 trillion over the next three years (compounded annual growth rate (CAGR of > 30%)," BCS Global Markets commented on July 25.
MRG will contribute 100% of Delivery Club
and 22.7% of its taxi service Citimobil, as
well as miniroty stakes in other related joint ventures such as Instamart food delivery service. Apart from cash, Sberbank would contribute 35% in the Foodplex venture.
The competition between MRG and Yandex is tightening. As reported by bne IntelliNews, most recently Yandex.Taxi snapped a valuable asset, Vezet taxi operator, from MRG.
Sberbank siding with MRG in the promising transportation and delivery segments is also another sign that no further integration between the bank and Yandex should be expected beyond their joint project Yandex.Market.