Daily Market Brief

Market Comment

It was a seesaw day on for Ukrainian equity markets Monday (Nov 1). The UX exchange closed 0.36% higher with gains in the banking sector (BAVL +1.48%, USCB +2.66%) offsetting losses for in metals and mining shares (ALMK -4.25%, AVDK -1.68%, AZST -1.31%, YASK -1.85%). Trading activity was moderate – total volume came in at UAH 94 mln. Motor Sich (MSICH) and Ukrnafta (UNAF +2.13%) outperformed the market, while Ukrtelecom (UTLM -0.97%) and GenCos (CEEN -1.33%, ZAEN -0.62%) turned lower.

Ukrainian stocks listed on international markets closed mixed. Ferrexpo (FXPO LN) rebounded after its recent loss to close 3.12% higher. Among oil and gas names, Regal Petroleum (RPT LN) slid 1.59%, JKX Oil & Gas (JKX LN) added 0.21%, and Cadogan Petroleum (CAD LN) closed flat. Food processing stocks extended losses: MHPC LI -1.27%, KER PW -1.19%.


Fixed Income: Fitch assigns a B- credit rating to Mriya
Fixed Income: Ukraine’s sovereign agency sells Eurobonds for $568 m
Metals and Mining: Ukraine’s coke output rises 6% in October
Metals and Mining: Khartsyzsk Tube plant decreases production by 23% M-o-M in October
Agriculture: Ukraine considers lifting export quotas for countries having free trade agreements with Ukraine

Daily Market Brief

Market Comment

Ukrainian equity markets declined Thursday (Sep.23) in line with global markets that were pushed lower by a string of negative news (unexpected jump in jobless claims in the US, disappointing GDP and manufacturing data out of Europe, etc.). The UX exchange closed 0.54% lower on a slim trading volume of UAH 43 mln. Metals and mining stocks led the decline: ALMK -1.18%, AVDK -1.06%, AZST -1.40%, ENMZ -1.67%. Banks also weakened with Raiffeisen Bank Aval (BAVL) losing 0.99% and Ukrsotsbank (USCB) dropping 0.88%. Other blue chips finishing in the red included Centerenergo (CEEN -1.33%), Ukrtelecom (UTLM -0.78%) and Zakhidenergo (ZAEN -0.19%). Only Motor Sich (MSICH +0.18%) and Yasynivka Coke (YASK +0.19%) managed to eked out gains.

Ukrainian stocks traded on international markets showed mixed dynamics. Profit takers were out in force for Regal Petroleum (RPT LN), the stock dropped 4.92% after posting significant gains earlier this week. Regal’s peers were on the rise: Cadogan Petroleum (CAD LN) jumped 3.85% and JKX Oil & Gas (JKX LN) added 0.31%. Among other London-listed stock, Ferrexpo (FXPO LN) lost 0.38% and MHP (MHPC LI) advanced 1.13%. In Warsaw, the bleeding slowed for Astarta (AST PW -1.23%), while Kernel (KER PW) rose 1.28%.


Macro: National Bank of Ukraine’s current account balance slides
Fixed Income: DTEK releases upbeat financials

Daily Market Brief

Market Comment

Ukrainian equity markets showed mixed dynamics Monday (Aug. 30). The UX exchange opened strong, but failed to keep gains and closed only 0.07% higher. Total trading volume was moderate at UAH 73 mln. An impressive gain for Avdiivka Coke (AVDK +4.02%) was offset by a weak performance by Yasynivka Coke (YASK -4.18%). Steel producers posted mild losses: ALMK -0.35%, AZST -0.74%, ENMZ -1.10%. Centerenergo (CEEN -0.67%) and Ukrtelecom (UTLM -0.38%) came under selling pressure, while Motor Sich (MSICH +0.31%), Ukrnafta (UNAF +1.36%) and Ukrsotsbank (USCB +0.72%) enjoyed modest demand.

The London Stock Exchange was closed yesterday due to a banking holiday. Ukrainian food processing stocks listed in Warsaw advanced. Astarta (AST PW) soared 2.14% and Kernel (KER PW) inched up 0.41%.


Politics: Amendments to Ukrainian law pave the way for local elections
Fixed Income: Ministry of Finance places third tranche of VAT bonds
Metals and Mining: Alchevsk repays one-third of its debt for raw materials to Metinvest
Food processing: Kernel reports $152.7 mln net profit

Ukraine Dismisses Tymoshenko Government, Sovereign Debt Risk Falls & Stock Markets Rise In Response

Yesterday was another roller coaster day in Ukrainian politics, and it was a difficult day for Ukraine's former Prime Minister Yulia Tymoshenko. Despite her best political maneuvering efforts, she lost a no confidence vote in Parliament.  As a result she has been dismissed from her post and is reported to be heading off on an indefinite vacation.

This is not the death knell for Ms. Tymoshenko's political future by any extent, she will remain a powerful figure in local politics... for one thing, national campaigning is a highly expensive competitive sport in Ukraine; there is only a small set of rich players who can afford the game. One only needs to look at the current President Victor Yanukovych's 5 year career arc to see how a resurrection theoretically could be possible.

A charismatic, photogenic and highly recognizable international personality, most of the former Prime Minister's popularity problems at home stem from serious perceived shortcomings in her economic policies and business sector leadership. Case in point: after the announcement of her dismissal, almost all Ukrainian stocks responded with positive gains on the day (http://ux.com.ua/en), while international economists and analysts widely predicted positive outlooks on her country's debt and default risk profiles.

If Ms. Tymoshenko plans to try for a Yanukovych-style comeback in future years, she could do well to listen to her economic and business critics, and learn from this experience to build a more functional business platform into her political agenda. Charismatic speeches and being a a popular personality are great assets for a politician, and they can make someone a media darling overseas, but among the home town voters the economy needs to work too. One cannot ignore this core fact and focus primarily on witty soundbites and biting criticisms of one's opponents, looking the part and talking rhetoric -- a country of Ukraine's size and importance requires effective top-down leadership and a working economy.

If President Yanukovych and the coalition in power achieve large economic improvements during her absence, Ms. Tymoshenko may face an uphill battle back into power. She will need to convince future voters and financial contributors that the next version of "Yulia" is a better business prospect... not a step backwards to her crisis enhancing populism of 2007-2009.

The Wall Street Journal had the following to say about Ms. Tymoshenko's dismissal, in an article entitled "Ukraine Debt Risk Falls As Tymoshenko Loses Vote" published shortly after the no confidence vote occured (below).  Best regards -- Jon


Ukraine Debt Risk Falls As Tymoshenko Loses Vote
MARCH 3, 2010, 11:41 A.M. ET

By William Mauldin 
   Of DOW JONES NEWSWIRES 

MOSCOW (Dow Jones)--Risks to Ukrainian bondholders fell Wednesday as Prime Minister Yulia Tymoshenko's government lost a vote of confidence in parliament, paving the way for President Viktor Yanukovych to assemble a coalition to repair the country's finances.

The cost of insuring Ukrainian sovereign debt against default for five years fell to the lowest level since October 2008. Credit-default swaps with five-year protection fell 55 basis points to 834 basis points, showing that "investors think Ukraine is much less risky now," said Tatyana Chub, a trader at BG Capital in Kiev.

The hryvnia strengthened 0.6% against the U.S. dollar, and the yield on Ukraine's bond maturing in 2016 fell to 8.95%, from 9.005% Tuesday, Chub said.

Following the no-confidence vote and the collapse of the ruling coalition Tuesday, Yanukovych's allies in parliament can now begin the process of creating a new government with the goal of renewing a $16.4 billion lending program from the International Monetary Fund, which would help repay $6 billion in debt due this year.

"The collapse of Ukraine's government earlier today may paradoxically be a positive development, but a lot of progress still needs to be made before access to IMF funding is unfrozen," Capital Economics said. "While it is possible that the government can scrape through this year without external financing, Ukraine will remain particularly vulnerable to swings in global investor risk appetite for some time to come," it added.

Ukraine needs political stability to help revive the economy after a 15% drop in gross domestic product last year.

Public Statement of Victor Yanukovych... President Elect of Ukraine

Greetings to all -- on February 14, the Central Election Committee of Ukraine officially recognized Victor Yanukovych as the winner of the country's February 7 presidential elections.  Here is Mr. Yanukovych's first official international statement to the West.  It is apparent that the new President understands and appreciates initial Western misgivings about the outcome of the recent elections... and what it could mean for Western interactions with Ukraine.  In the statement below he seeks to address these concerns and to lay a platform for future Western investor and country engagement.

UKRAINE WILL BE A BRIDGE BETWEEN EAST AND WEST

We are a nation with a European identity, but we have historic cultural and economic ties to Russia as well. We can benefit from both.

Opinion Europe: By Victor Yanukovych

The Wall Street Journal, NY, NY, Wed, Feb 17, 2010 

Over the past month, Ukraine has demonstrated twice that it cherishes the values of democracy and the belief that it is important for people to vote. Ukraine's presidential election was validated by all of the major international observer groups as free, fair and transparent, which attested to the Ukrainian people's resolve for a democratic election. The people of Ukraine desired change and their voices were heard. Now we have the great responsibility to help our fellow countrymen, who have cast votes for me hoping for a better life.

This election was defined by a financial and economic crisis that has devastated our country. Before the global economic crisis, Ukraine was one of Europe's top emerging markets, and economic prosperity did not seem beyond our reach in the near term. Now all that has changed, and the people demanded change in the way our Government works in Ukraine.

We must still put an end to the political turmoil that has crippled Ukraine and held our country hostage for so long. I will work ardently to do this as president. The only way that this can be accomplished is for the top political forces and their leaders, immediately after the presidential election results have been declared and certified, to avoid confrontation and unite for the sake of saving our country. We are a nation capable of great things but we will accomplish none of them if we continue to bicker among ourselves and ignore the enormous challenges that we must confront.

Let me say here, a Yanukovych presidency is committed to the integration of European values in Ukraine. Ukraine should make use of its geopolitical advantages and become a bridge between Russia and the West. Developing a good relationship with the West and bridging the gap to Russia will help Ukraine. We should not be forced to make the false choice between the benefits of the East and those of the West. As president I will endeavor to build a bridge between both, not a one-way street in either direction. We are a nation with a European identity, but we have historic cultural and economic ties to Russia as well. The re-establishment of relations with the Russian Federation is consistent with our European ambitions. We will rebuild relations with Moscow as a strategic economic partner. There is no reason that good relations with all of our neighbors cannot be achieved.

If we hope to become a bridge between two important spheres we cannot merely talk and make promises; we must deliver concrete policies and achieve real progress. If we hope to join the European Union we must secure political stability and establish ourselves as an economically viable nation. We must be pragmatic and focused to achieve EU membership. We must create transparent policies that allow our economy to thrive and demonstrate that Ukraine will add value to the EU as a new member state.

I am committed to conducting a policy that would strengthen our links with respected international financial institutions, and increase our standing in the world economic community. My election program, "Ukraine for the People," is a deep and comprehensive plan that clearly specifies how to achieve social and economic progress. It is not an easy task. We will be confronted with the same conflicts as Europe and Washington have faced—how to stimulate our economy to create jobs while not decreasing the social protections needed by our citizens. We must defeat corruption, which has become rampant over the last several years and has damaged our ability to attract foreign investment.

If we hope to join the EU and raise the standard of living of Ukrainians to that of other European nations, we must restore our economy from within. There are three fundamental objectives the Ukrainian economy must achieve in order to thrive: First, we must create jobs; second, we must stabilize prices so people can afford the necessities that they need to live; and third, we must ensure our citizens receive adequate wages and pensions. Giving our citizens a basic economic foundation is a critical first step to restoring the broken bond between the people and the government of Ukraine.

And so that is my agenda—to restore economic vitality and calm the political turbulence that has plagued our nation; to enable Ukraine to take advantage of its natural positioning as a thriving bridge between Russia and the West; and finally, to prepare a free and open Ukraine, economically and politically, to join the European Union when the time comes.

Ukraine is a beautiful country with hard-working and virtuous people who ask only for a chance at a better life. I know that if we can come together, we will achieve great things. As president, I plan to give Ukrainians the nation they deserve—a Ukraine for the people.

(Best regards from Kiev -- Jon)

Ukraine's Pre-Election Day Presidential Candidate Comparison (One Is A Jedi)

Greetings folks -- February 7, 2010 is a very important day in Ukraine, for reasons completely unrelated to the NFL Superbowl. It is the scheduled date for the final runoff Presidential elections! With the election spirit in the air, I thought I would re-post an excellent article from Reuters and the U.S.-Ukraine Business Council.

Here is a brief breakdown and insight into the two principals, may the best candidate win... to be decided in the polls on Sunday and the constitutional courts thereafter, most likely... cheers.


ECONOMIC POLICIES OF UKRAINE'S ELECTION FRONTRUNNERS
IMF, Currency Market, Fiscal Policy, Gas, Energy Security

Sabina Zawadzki, Reuters, Kiev, Ukraine, Mon, Jan 18, 2010

KIEV - Ukrainian opposition leader Viktor Yanukovich and Prime Minister Yulia Tymoshenko will face each other in a run-off presidential election on February 7 and official results from Sunday's first round suggest a close contest ahead.

The election will define how Ukraine, a former Soviet republic of 46 million people wedged between the European Union and Russia, handles relations with its powerful neighbours, and may help unblock frozen IMF aid for its ailing economy. Despite fierce accusations and recriminations in the run-up to the vote, analysts say the differences between Tymoshenko's and Yanukovich's economic policies are few and nuanced.

Both say they aim to fight poverty and improve the lot of ordinary Ukrainians through a generous state safety-net first, putting emphasis on investment and modernisation second.

Yanukovich and Tymoshenko have sought to balance improved relations with Russia with closer economic integration with the European Union -- both potential lenders.

Whoever wins, their priority will be to bring the International Monetary Fund and its billions that have propped up state finances, helped stem the weakness of the hryvnia currency and provide funds for timely payments for Russian gas.

IMF
[1] Ukraine agreed to an unprecedented bailout programme of $16.4 billion (10 billion pounds) with the International Monetary Fund but on several fiscal and economic conditions.
[2] Although Yanukovich's supporters have demanded "vital" changes to the IMF programme, they have not detailed them and the majority of their criticism has been levelled at Tymoshenko's fulfilment of the conditions.
[3] Tymoshenko has promised to keep to the IMF programme -- she was against the minimum wage rises passed by parliament that led to the suspension of the bailout on grounds that it breached promises of keeping the budget deficit under control.
[4] But she has not fulfilled her highly unpopular promise of raising gas prices last year and this.
[5] The IMF is unlikely to change the conditions, whoever wins.

CURRENCY MARKET
[1] Tymoshenko has repeatedly attacked the central bank, accusing it of facilitating illegal speculation on the hryvnia currency and demanding that Central Bank chief Volodymyr Stelmakh step down.
[2] Stelmakh, as central bank chief nominated by the president, has held his position beyond the retirement age of 60 so is very likely to step down.
[3] "If Tymoshenko becomes president, then the banks will start selling the dollar. How many times has she promised to install her own central banker, (how many times) has she said that there is no chance the dollar will rise? She will start bringing it down artificially," a dealer said.
[4] "If Yanukovich, then it is not clear whom he will bring on as the head of the bank. But it could be that because there are export-driven producers amongst his circle who are interested in an expensive dollar ... they will insist on a high dollar rate."

FISCAL POLICY
[1] Both Tymoshenko and Yanukovich have promised lower taxation and increased minimum wages, pensions and social benefits.
[2] Yanukovich has said he wants to cut the Value Added Tax (VAT) to 17 percent by 2011 from 20 percent and corporate tax to 19 percent from 25 percent. He wants banks to offer mortgages with no more than 7 percent interest rates.
[3] Tymoshenko wants to cut the number of taxes by a third, simplifying the system. She wants to cut VAT and offer tax breaks to importers of new technologies as well as poor regions to boost investment. She has not mentioned any figures.

GAS...
[1] Tymoshenko struck a gas supply and pricing deal with Russia at the start of last year to end a three-week dispute that led to cut-offs to Europe. Ukraine paid European price at 20 percent discount in 2009 and this year the full market price.
[2] Moscow and gas export monopoly Gazprom have so far shown willingness to amend that deal, allowing Ukraine to import less as its demand plunged due to an economic recession and waiving for now fines for under-buying.
[3] Yanukovich says he had always been able to strike better pricing deals with Moscow and that he wants to renegotiate the 10-year contract.
[4] Tough negotiations on any new contract may cause another row, risking more supply cuts to Europe. But neither are there any signs that Russia would negotiate, nor that it will continue to be lax on enforcing the contract's conditions.

...AND ENERGY SECURITY
[1] Both Tymoshenko and Yanukovich believe Ukraine, site of the world's worst nuclear disaster at Chernobyl, could gain energy security through the development and construction of more nuclear power stations.
[2] Tymoshenko wants to speed up exploration and extraction of oil and gas on the Black Sea shelf, to shore up Ukraine's energy security, while Yanukovich wants to modernise the coal industry, that could fuel much of steel production -- key to the economy. (Editing by Stephen Nisbet)

Ukraine Must Consolidate Politically After The February Second Round Elections To Address The Current Financial Crisis

When the final February results are determined for who is Ukraine's next president, it will be necessary for the winner to quickly consolidate his or her power in the Cabinet and throughout other areas of government to forge a common political mandate.

Without such a unified approach, it will be impossible to enforce crucial policy decisions needed to bring the IMF lending facility back into action, etc. Ukraine must quickly heal any post election wounded feelings and focus on moving forward as best it can. In the Parliament, no doubt there will be bitterness and divisions among those who did not win... a lot of olive branches will need to be extended.

With that in mind, here's an old Ukrainian anthem that could be dusted off and brought back into circulation with its healing message. I hereby offer you the Black Sea Orchestra's musical interpretation of an old Lennon/McCartney classic:

Legacy of Outgoing Ukrainian President Viktor Yushenko

Regardless of which way the February 7 votes are cast... there is no doubt that Ukraine enjoys more social freedoms nowadays than previously.  The economy is in crisis, the government remains allegedly corrupt and the country has a lot of problems surely.  Either Mr. Yanukovych or Ms. Tymoshenko has a large task on their hands to try and get the IMF lending program for Ukraine back on some sort of track in 2010, and to avoid risk of even greater crises in the coming months.

With all these worries ahead, it is nice to reflect on some of the positive results achieved during the past 5 years.  The Yushchenko government was not a total failure in some areas and it is likely that history will judge him more kindly than present times.  I came across an article by Tony Halpin in the news which, in my opinion, hits upon this subject nicely.  It reminds everyone that no matter how bad things might get in Ukraine, there is still plenty to be thankful for.  See below:

VIKTOR YUSHCHENKO'S LEGACY FOR UKRAINE? SMILING PEOPLE

Despite his humiliating rejection...history should just him kindly.

By Tony Halpin in Kiev, TimesOnline (UK), London, UK, Mon, 18 January 2010

KIEV - Viktor Yushchenko, Ukraine’s outgoing president, has tasted a heavy defeat at the polls. But despite his humiliating rejection by all but 6 per cent of the electorate, history should judge him kindly.

For all the political and economic turbulence of the past five years, Ukraine has been transformed under his presidency from just another ugly post-Soviet basket case into a country with real hopes of success as a democratic civil society.

One has only to compare political life in neighbouring Belarus and Russia to the vibrancy of the contest in Ukraine to see the effect the Orange Revolution has had.

Voters enjoyed a genuine choice of candidates reflecting a full spectrum of political opinions. Campaigns were conducted without fear that the ruling regime would send in riot police to break up election meetings and arrest opposition activists. Vigorous debates were available on every television channel, while street billboards were a riot of posters from competing candidates.

Mr Yushchenko and his former Orange ally Yuliya Tymoshenko, the Prime Minister, did not use the infamous “administrative resources” so often wheeled out in Russia to rig results.

One of the most remarkable aspects of the first round of voting was the absence of any serious complaints from candidates about ballot-rigging, given the massive fraud that prompted the Orange revolt in 2004.

Ukraine still has many problems, particularly with corruption, and none of these achievements is irreversible. But people freely speak their minds here and the fear that so stifles public life in other former Soviet republics has gone.

Which is why Ukraine matters and why the West has a big stake in the outcome of this election. The Kremlin keenly portrays its neighbour to domestic audiences as being in a state of constant chaos since the revolution because it fears the example of a thriving open society on Russia’s border. A Ukraine that works is a direct challenge to the former KGB spooks and shadowy apparatchiks who control politics in Moscow.

A trend has developed in recent years for Russians to travel to Kiev for the weekend to enjoy the more relaxed atmosphere of Ukraine’s capital, where police keep a lower profile than their counterparts in Moscow. They see that people smile more easily, service in restaurants and stores is more cheerful, that the tension they sense at home is absent in human relations.

In short, they see that Ukrainians have a stake in their society and can influence its future, and that this affects the public mood. The average Russian has no such opportunity and feels a sense of sullen resentment towards the authorities that leaves the Kremlin constantly fearful of political upheaval.

This election will determine whether the Ukrainian experiment continues or starts to degrade. It is tempting for the United States and the European Union collectively to wring their hands at the bickering that soured the Orange dream but Mr Yushchenko has left a legacy worth defending and they should be far more vigorous in saying so.

Ukraine's First Round Election Results Are In: Final Round To Be On February 7

The Central Electoral Commission of Ukraine has processed almost all of the ballot papers of the district electoral commissions this morning... Victor Yanukovych (the current opposition leader in government, who was alleged to have possibly tampered with the 2004 presidential elections by vote rigging) is the first round winner with 35-37% of the vote leading up to the second round February vote.

Acting Prime Minister Yulia Tymoshenko gained about 24% of the vote, and her Orange Revolution running mate Victor Yushchenko received about 5%. A final runoff vote between Mr. Yanukovych and Ms. Tymoshenko will occur on February 7, at which time the new President of Ukraine will be declared.

Current public polls and surveys conducted by local and international media sources appear to indicate a degree of cynicism among Ukrainian voters, and many of the polled voters have told the media that they view neither of the final two candidates as representing a major change from the status quo or "politics as usual." As Ukraine sits in the middle of a financial crisis and is working to strengthen/reinforce its ties to both Europe and Russia, both candidates appear similarly qualified to act in these areas, and neither appears to offer a competitive difference in terms of addressing corruption or fraud.

During the massive Orange Revolution in 2004, both Ms. Tymoshenko and former President Victor Yushchenko were widely embraced as a fresh wave of government cleansing and business market transparency. But since that date 5 years ago, many opportunities to deliver the promised improvements were missed and the Orange legacy in the eyes of many Ukrainians has faded. It has been replaced in part with a jaded public outlook toward political reform speeches and rhetoric.

Unfortunately across all party groups, several leading politicians have spent the Orange Revolution years engaging in self-defeating agendas of mudslinging, populist pandering and decision paralysis.  In absence of a unified political reform direction, the common men and women of Ukraine have not seen large improvements to their qualities of life or their prospects. 

Therefore the Ukrainian people have stopped expecting delivery on the lofty promises from the Orange Revolution or its associated figureheads... and this 2010 election will be about choosing a favorite between the two leading names rather than choosing between cultural ideologies or a "Russia versus Europe" direction debate. 

Voters have more modest views of what can be achieved now, and seem to hold politicians less accountable for their actions because they don't believe true accountability is possible in the near term realistically. Anti-corruption campaigns in Ukraine since 2004 typically have meant "attempting to undo the business interests of one's political enemies in the name of corruption" rather than sincere reform efforts against widespread elitism, fraud, graft or covert criminality.

The final February voting results will greatly depend on which region of Ukraine has greater voter turnout. If more voters show up to the polls in Eastern Ukraine then Victor Yanukovych probably will carry enough votes to become Ukraine's next President. If more Western Ukrainian voters participate, then the Prime Minister could win -- especially if she picks up some swing votes from recently defeated co-candidates from the first round. Much money will be spent over the next three weeks to mobilize these respective voter pools.

The developing back story is how Sergiy Tigipko's political block aligns in days leading up to February 7. He gained approximately 13% of the first round votes, he is a successful businessman and relatively fresh face that has gained fast traction with voters, and his endorsement could represent the swing block needed to safely clinch the elections by either Mr. Yanukovych of Ms. Tymoshenko.

However, several people who voted for Mr. Tigipko did so as a sort of "no confidence" vote against both the two leading candidates.  If he fails to align with either candidate prior to February, then it is possible that his supporters may largely abstain from voting in February. Surely both Mr. Yanukovych and Ms. Tymoshenko will be reaching out with personal entreaties to Mr. Tigipko's camp to try and get his vocal endorsement and mobilize his voter pool to their opponent's detriment.

It will be interesting to see which of Ukraine's two cults of personality wins the final vote in February.  The vote seems like it will be more of a personal popularity contest than a policy and government choice.  Both candidates are larger than life with their faces plastered on buildings and billboards all over the country.  Both are supported by massive business and political networks who will battle it out until the final vote is cast. Both represent a hopeful improvement to the former President Victor Yushchenko, who spent his final years focused on blocking his rivals rather than playing the role of a head statesman.

I will monitor all the voting news in the press over the next three weeks, and I will summarize the events as they unfold on a rolling basis.

Regards from Kiev,
Jon