On 28 May we held another succesful networking meeting together with the International Chamber of Commerce in Ukraine. 72 people attended.
Our guest speakers were: Vladimir Mikhailov, First Deputy Chairman and Secretary General of ICC Ukraine and Ihor Shevliakov an economist from the International Centre of Policy Studies (Ukraine Think Tank).
Generally it was agreed that we will still have a difficult year in Ukraine and many investors are waiting for the results of the Presidential elections, however, a feeling of optimism was shared regarding the prospects for opportunities late 2009 and through 2010.
24 May 2009
Charity Auction a great success
Last night we held a charity event to raise money for the Kharkov Childrens Cancer Clinic.
Supported by many of our partners including: IDISA Clinic, Open Up Communications, EBA, Kyiv Lions Club, Radisson SAS Hotel Kyiv, Canadian Embassy, EU-Ukraine Business Council, Engarde Law Firm, Institute of Stem Cell Research, Ol & Rust (Law Firm).
We raised UAH 138,100 on the night via an auction of artistic photos kindly donated by the well know artist Ksenia Shevchenko.
(Other works also donated by the famous artist Oksana Mas, and local well known photographer Leonardo Dixon)
Many thanks to all those involved in organising and planning th event and those supporting the night and also those succesful bidders who purchased artwork at great prices.
The money will go to a good cause.
Supported by many of our partners including: IDISA Clinic, Open Up Communications, EBA, Kyiv Lions Club, Radisson SAS Hotel Kyiv, Canadian Embassy, EU-Ukraine Business Council, Engarde Law Firm, Institute of Stem Cell Research, Ol & Rust (Law Firm).
We raised UAH 138,100 on the night via an auction of artistic photos kindly donated by the well know artist Ksenia Shevchenko.
(Other works also donated by the famous artist Oksana Mas, and local well known photographer Leonardo Dixon)
Many thanks to all those involved in organising and planning th event and those supporting the night and also those succesful bidders who purchased artwork at great prices.
The money will go to a good cause.
03 May 2009
Networking Meeting 29 April - Feedback
Our meeting on 29 April in Kyiv was a great success with 84 people attending.
The Theme: Property Market in Ukraine.
We had presentations from DTZ, CBRE, EFG Property Services and NAI Pickard.
Many members told me later that this was one of the best events they had attended this year.
The Theme: Property Market in Ukraine.
We had presentations from DTZ, CBRE, EFG Property Services and NAI Pickard.
Many members told me later that this was one of the best events they had attended this year.
25 April 2009
Damien Hirst Exhibition in Kyiv
Last night my wife and I visited the opening of the Damien Hirst Exhibition at the famous Pinchuk Art Centre in Kyiv. The usual VIP guests were in attendance, including Pinchuk and many of the so called famous Ukrainians and we met many expats who had been invited.
This is the first time we have seen any of Hirsts 'material' in Ukraine. Fellow brits are only too aware of the reputation that Damian Hirst has established. On display were the usual 'Shark in Formaldehyde', followed by 'sheep',etc etc. The stunning slaughter of the cow exhibit is also there, plus a seperate cows head, with blood and flies etc. Most of the exhibit is concerned with SKULLS, ASH TRAYS and lemons............ Even a collection of Cigarete Butts, a collection of tablets and a display which looked like a display cabinet from Boots the Chemists???
Many Ukrainains were just trying to keep a straight face I am sure!!! I had to pose the question to most of my fellow expats I met at the exhibition: "So what do you think?"The answers ranged from " Interesting" (That sly British diplomatic way of saying it was not so good) to
"No comment" and even "Maybe I am missing something". But I had to remind my friends that Damien Hirst made USD 198 MILLION last year from the sale of a complete collection at Sothebys. (Plus he has made other sums) but this was a record by an artist in one sale.
So, what is it about his 'works'? Why do people pay vast amounts for his work. If as I suspect, the main intention is to SHOCK and cause comment and wide spread discussion, you have to take your hat off to him. BUT IS IT ART? What is ART??
Finally, as usual, my dear wife summed up our visit very nicely:"Its all garbage...just garbage.....lets leave and go for something to eat". So we did.
But a visit to the exhibition is recommended.
This is the first time we have seen any of Hirsts 'material' in Ukraine. Fellow brits are only too aware of the reputation that Damian Hirst has established. On display were the usual 'Shark in Formaldehyde', followed by 'sheep',etc etc. The stunning slaughter of the cow exhibit is also there, plus a seperate cows head, with blood and flies etc. Most of the exhibit is concerned with SKULLS, ASH TRAYS and lemons............ Even a collection of Cigarete Butts, a collection of tablets and a display which looked like a display cabinet from Boots the Chemists???
Many Ukrainains were just trying to keep a straight face I am sure!!! I had to pose the question to most of my fellow expats I met at the exhibition: "So what do you think?"The answers ranged from " Interesting" (That sly British diplomatic way of saying it was not so good) to
"No comment" and even "Maybe I am missing something". But I had to remind my friends that Damien Hirst made USD 198 MILLION last year from the sale of a complete collection at Sothebys. (Plus he has made other sums) but this was a record by an artist in one sale.
So, what is it about his 'works'? Why do people pay vast amounts for his work. If as I suspect, the main intention is to SHOCK and cause comment and wide spread discussion, you have to take your hat off to him. BUT IS IT ART? What is ART??
Finally, as usual, my dear wife summed up our visit very nicely:"Its all garbage...just garbage.....lets leave and go for something to eat". So we did.
But a visit to the exhibition is recommended.
11 April 2009
Ukraine Property Market
Yesterday, I gave a short presentation at the Ukraine Real Estate Club meeting in Kyiv.
I was asked to talk about the attractiveness of the Ukraine market for foreign investors and also the problems they face.
The main attractiveness of Ukraine right now (mostly Kyiv) is that investors can purchase an income producing asset at a greatly reduced price!!!!
However, the large investment groups are staying away from Ukraine and it will be a LONG time before they return. The people we are meeting now are opportunists (and why not) who are looking to see what they can pick up in a market that is getting hungry for business.
I think the prices from the boom years will NOT return in Kyiv and we are going to see more realistic property prices.
The next BBCU meeting in Kyiv will also look at the current situation in the property market and it will be a round table event.
I was asked to talk about the attractiveness of the Ukraine market for foreign investors and also the problems they face.
The main attractiveness of Ukraine right now (mostly Kyiv) is that investors can purchase an income producing asset at a greatly reduced price!!!!
However, the large investment groups are staying away from Ukraine and it will be a LONG time before they return. The people we are meeting now are opportunists (and why not) who are looking to see what they can pick up in a market that is getting hungry for business.
I think the prices from the boom years will NOT return in Kyiv and we are going to see more realistic property prices.
The next BBCU meeting in Kyiv will also look at the current situation in the property market and it will be a round table event.
10 April 2009
Financial Crisis in the UK and Ukraine
This week on 7th April we held another joint meeting with the British Ukrainian Society here in Kyiv. 88 people attended to listen to our guest speakers - Richard Spring MP (Vice Chairman of the Conservative Party) and Igor Mitiukov (Managing Director of Morgan Stanley in Ukraine and previously Ukraine Ambassador to the UK). My personal thanks to Richard and Igor.
Many of our members informed me later that this was one of the best meetings we have had this year.
The outlook for the remainder of 2009 is gloomy in both of the above mentioned economies.Interesting and thought provoking how SO MANY people now work for the government, both national and local in the UK. The salaries of the CEO's of many local authorities outways those of senior managers in large private sector companies.
In Ukraine we have the dual problem of economic 'mess' and political instability.
Ukraine does not have the social support infrastructure as in a developed economy.
I could go so far as to say that 'Capitalism' is supreme in Ukraine and we have more socialism in the UK!!!
We will see what is happening in the property market in our next meeting on 29th April.
Many of our members informed me later that this was one of the best meetings we have had this year.
The outlook for the remainder of 2009 is gloomy in both of the above mentioned economies.Interesting and thought provoking how SO MANY people now work for the government, both national and local in the UK. The salaries of the CEO's of many local authorities outways those of senior managers in large private sector companies.
In Ukraine we have the dual problem of economic 'mess' and political instability.
Ukraine does not have the social support infrastructure as in a developed economy.
I could go so far as to say that 'Capitalism' is supreme in Ukraine and we have more socialism in the UK!!!
We will see what is happening in the property market in our next meeting on 29th April.
28 March 2009
Legal System in Ukraine
I am often asked by business visitors if I can recommend a 'good' law firm that they can use in Ukraine. The BBCU has many law firms who are reliable and I have no problem in making introductions.
There is an interesting article this week in the Kyiv Post written by a young lawyer - Warwick McDonald from Salans law firm. "Establishing confidence in Judiciary will be a key barometer".
The BBCU is involved in a project with the EU-Ukraine Business Council - 'The Rule of Law in Ukraine". If the project moves forward, and I am sure it will, it will require a tremendous amount of work in helping Ukraine to improve how judges are trained, selected and monitored etc.
The former Lord Mayor of London, Sir Gavin Arthur gave an excellent speech back in February at the British-Ukraine Law Society meeting about how the lack of 'the rule of law' is holding back investment into Ukraine. See: http://bula.org.uk/20090205.htm
The EU is funding a project to also help increase the legal system in Ukraine. The project has a budget of Euro 6m. See: http://www.jp.coe.int/CEAD/JP/Default.asp?TransID=146
However, most expats here use a popular phrase to answer just about every problem. "This is Ukraine". Lets be honest, we all know its going to be a huge mountain to climb when it comes to tackling the problem of corruption in the legal system in Ukraine. Judges are poorly paid and 'financial incentives' are still very much a part of life in this part of the former soviet union. Moreover, judges are still used to the system of poltical interference in cases (Is there any other way they may think?).
If western politicians/lawyers/investors are expecting the system in Ukraine to change quickly, they are wrong. (I wish I could say otherwise). I think the system will only change when work begins at university level and later the training of lawyers and judges. Judges in Ukraine are NOT like judges in the EU or indeed the UK. Many of the judges here are not even trained as lawyers. Some of them are former policemen or civil servants.
If western investors are waiting for the legal system in Ukraine to change, they will be waiting a long time. It therefore follows that those investors who are prepared to 'take the chance', will probably succeed and learn how the system works in Ukraine.
On the positive side, things are changing because most of the leading western law firms have established an office in Kyiv. For investors, the process of due dilligence in Ukraine can take a long time and be frustrating. But there are no 100% guarantees.
This is Ukraine.
There is an interesting article this week in the Kyiv Post written by a young lawyer - Warwick McDonald from Salans law firm. "Establishing confidence in Judiciary will be a key barometer".
The BBCU is involved in a project with the EU-Ukraine Business Council - 'The Rule of Law in Ukraine". If the project moves forward, and I am sure it will, it will require a tremendous amount of work in helping Ukraine to improve how judges are trained, selected and monitored etc.
The former Lord Mayor of London, Sir Gavin Arthur gave an excellent speech back in February at the British-Ukraine Law Society meeting about how the lack of 'the rule of law' is holding back investment into Ukraine. See: http://bula.org.uk/20090205.htm
The EU is funding a project to also help increase the legal system in Ukraine. The project has a budget of Euro 6m. See: http://www.jp.coe.int/CEAD/JP/Default.asp?TransID=146
However, most expats here use a popular phrase to answer just about every problem. "This is Ukraine". Lets be honest, we all know its going to be a huge mountain to climb when it comes to tackling the problem of corruption in the legal system in Ukraine. Judges are poorly paid and 'financial incentives' are still very much a part of life in this part of the former soviet union. Moreover, judges are still used to the system of poltical interference in cases (Is there any other way they may think?).
If western politicians/lawyers/investors are expecting the system in Ukraine to change quickly, they are wrong. (I wish I could say otherwise). I think the system will only change when work begins at university level and later the training of lawyers and judges. Judges in Ukraine are NOT like judges in the EU or indeed the UK. Many of the judges here are not even trained as lawyers. Some of them are former policemen or civil servants.
If western investors are waiting for the legal system in Ukraine to change, they will be waiting a long time. It therefore follows that those investors who are prepared to 'take the chance', will probably succeed and learn how the system works in Ukraine.
On the positive side, things are changing because most of the leading western law firms have established an office in Kyiv. For investors, the process of due dilligence in Ukraine can take a long time and be frustrating. But there are no 100% guarantees.
This is Ukraine.
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