Wednesday, April 30, 2014

Crisis In Ukraine - UCC Briefing for April 30


Crisis in Ukraine: Daily Briefing 
30 April 2014

1. Kremlin-backed “separatism” in Eastern Ukraine
The situation in several cities in eastern Ukraine remains very tense. Kremlin-backed “separatists” continue to occupy several government buildings and police headquarters in several cities in Donetsk and Luhansk oblasts. 3 roadblocks on roads leading into Slavyansk were cleared by Ukrainian law enforcement units as part of the anti-terrorist operation. The city hall in Alchevsk, Luhansk oblast, has reportedly been seized by approximately 30 “separatists.” The Ministry of Internal Affairs reports that two organizers of mass unrest in Kharkiv oblast were detained and that the two men “coordinated their actions outside of Ukraine, after which they organized mass unrest and offenses.” In Slovaynsk, Kremlin-backed “separatists” continue to hold hostage a group of seven German-led unarmed military inspectors from OSCE-participating states, together with five Ukrainian armed forces officers, which were taken hostage on Friday. According to reports a member of a District Election Commission for the 25 May presidential election in Krasnoarmiysk, Donetsk oblast, has been kidnapped. Acting President Turchynov announced that the State Security Service (SBU), and Ministry of Internal Affairs will be forming new law enforcement units. The SBU opened a hotline for interested persons with experience in law enforcement and military service.

2. Turchynov meets with Oblast governors
Acting President O. Turchynov met with the heads of Oblast State Administrations (“oblast governors”) in Kyiv on 30 April. Turchynov stated that in addition to Donetsk and Luhansk oblasts, there are attempts to destabilize the situation in Kharkiv, Odesa, Dnipropetrovs'k, Zaporizhzhia, Kherson and Mykolaiv oblasts. The threat of destabilization by diversionary groups is especially high in Kharkiv and Odesa oblasts.

3. Ukraine Forum on Asset Recovery, London – 29-30 April
The Ukraine Forum on Asset Recovery, jointly organized by the governments of the United Kingdom and the United States in support of the efforts of the government of Ukraine in their goal of recovering assets that were plundered from Ukraine is being held in London. The meetings are being held in order to “bring together representatives of key financial centres and international organizations to bolster collective action, foster direct exchange between practitioners and plan practical steps towards this goal.”

4. Assassination attempt of Kharkiv Mayor

Tuesday, April 29, 2014

Фінансовий Коментар - Вартісний підхід у оцінці акцій

Чи відбувається перехід до вартісного підходу у оцінці акцій?

Вибір між вартістю і зростанням у підходах до інвестування цікавить інвесторів вже довший час. Більшість інвесторів використовують той чи інший підхід, а багато хто використовує обидва підходи на різних стадіях циклу фондового ринку. На стадії зростання інвестори налаштовані більш оптимістично і багато компаній переживають тривалі періоди значного зростання прибутку, під час яких вони мають високі мультиплікатори ціна/прибуток (P/E). Для подібних акцій мультиплікатор P/E нижчий за 50 вважається занизьким.

Компанії, які оцінюються за показниками вартості, а не росту, знаходяться на більш зрілих етапах розвитку бізнесу і мають більш низькі темпи зростання доходів та прибутків. Підхід до інвестування, який оснований на оцінці вартості, передбачає пошук компаній з сильними фундаментальними показниками, які мають низький мультиплікатор P/Е (або інший показник дешевизни). Привабливий P/E для подібних акцій знаходиться на рівні нижче 12-14. Подібні акції показують результати, кращі за результати акцій зростання, коли фондовий ринок та економіка знаходяться на більш зрілих етапах циклу.

В останні 30 років на американському фондовому ринку було декілька етапів, на яких акції зростання і вартості показували порівняно кращі результати. У 1990-ті роки ринок істотно зріс і кількість акцій зростання, які належали до сектора високих технологій, була великою, аж поки ці акції не стали занадто дорогими і ринок не зазнав краху у 2000 році. У 2000-2008 рр., під час переходу ведмежого ринку у бичачий, результати вартісних акцій значно випередили результати акцій зростання. Тепер, під час підйому ринку, який почався у 2009 р., акції зростання знов показують кращі результати. Про це свідчить той факт, що високотехнологічний індекс NASDAQ Composite виріс майже на 170% з березня 2009 р., в той час як індекс широкого ринку S&P 500 виріс приблизно на 130%.

Зараз питання полягає в тому, куди американський ринок рухається в плані акцій вартості і зростання? У недавньому інтерв'ю з Yahoo Finance, головний стратег компанії Belpointe Девід Нельсон висловив свою думку про те, що падіння індексу NASDAQ на 8% у березні-квітні 2014 р. є попередженням про прийдешню заміну акцій зростання на акції вартості у якості фаворитів ринку. Картер Ворт, головний ринковий технік компанії Sterne Agee, вислювлює схожу думку (згідно cnbc.com). Він наводить приклад індексу Russell 2000: у березні 2014 року акції зростання, які входять до індексу, впали на 4%, а акції вартості, які також входять до індексу, зросли на 4%. Він очікує, що акції вартості тепер будуть наздоганяти акції зростання: вони не обов'язково будуть рости, але можуть падати не так швидко, як акції зростання, якщо ринок увійде у стадію корекції.

Українська Кредитова Спілка Лімітед

Financial Comment - Shift to Value Investing?

Shift to Value Investing Coming?

A choice between value and growth approaches to investing is an age-old one, and many investors are often dedicated to one style or the other. Sometimes, investors switch between styles, depending on which one they consider to be more successful at any given time. During growth stages, investors are more optimistic and many companies are undergoing long periods of significant profit growth, and trade at high price/earnings (P/E) multiples. For growth stocks, P/E multiples below 50x are considered cheap.

Value companies are at more mature stages of their development and have lower revenue and profit growth rates. Value approach to investing involves looking for companies with strong fundamentals that trade at low P/E multiples (or other variables indicating cheapness). P/E multiples for attractive value stocks are mostly below 12x-14x. Value stocks outperform growth stocks when the stock market is in a more mature part of the economic and business cycles.

In the past 30 years, there have been several periods where shifts have been seen between growth and value stocks outperforming the general market. In the 1990s, the market grew substantially with a high number of growth stocks from the technology sector, until these became overstretched and the dot bomb hit in 2000. From 2000-2008, during a switch from a bear to a bull market, value stocks significantly outperformed growth ones. Now, since the market trough in March 2009, the market appears to be favoring growth stocks. This is evidenced by the fact that the high-tech NASDAQ Composite index has since bounced up by almost 170% while the broad–market S&P 500 index has grown by around 130%.

The important question going forward is: Where are equity markets headed now in terms of value and growth stocks? In a recent interview with Yahoo Finance, David Nelson, Chief Strategist at Belpointe, expressed his opinion that the decline of the NASDAQ index by 8% in March-April 2014 was a warning about the coming change of the market’s footing from growth stock outperformance to value stock outperformance. Carter Worth, chief market technician with Sterne Agee, seconds this opinion (as per cnbc.com). He provided an example of the Russell 2000 index: in March 2014, growth stocks within the index were 4% down while value stocks within the index were 4% up. He expects that value stocks will now catch up with growth ones: they will not necessarily go higher but they may not drop as quickly as growth stocks if the market goes into a correction phase.

By: Ukrainian Credit Union Limited

Crisis in Ukraine - UCC Briefing April 29


Crisis in Ukraine: Daily Briefing
29 April 2014

1. Kremlin-backed “separatism” in Eastern Ukraine
The situation in several cities in eastern Ukraine remains very tense. Kremlin-backed “separatists” continue to occupy several government buildings and police headquarters in several cities in Donetsk and Luhansk oblasts. In Slovaynsk, as of 6pm Kyiv time, Kremlin-backed “separatists” continue to hold hostage a group of seven German-led unarmed military inspectors from OSCE-participating states, together with five Ukrainian armed forces officers, which were taken hostage on Friday. “Separatists” seized the Luhansk Oblast State Administration building on 29 April, and there are reports that the city hall in Pervomaisk, Luhansk oblast, has also been seized by “separatists.” The Ministry of Internal Affairs reported that 14 people were hurt when pro-Russian supporters of “separatism” attacked a pro-Ukrainian unity rally in Donetsk on 28 April. The US Embassy issued a statement regarding the attack, “The United States is disgusted by last night’s savage attack on the peaceful pro-unity demonstrators in Donetsk, including many women and children...We also condemn the separatists’ taking of hostages, both Ukrainians and international monitors, some of whom have been brutally beaten…we call on all who hold sway with these armed groups, including the Russian Federation, to arrange for an immediate cessation of all violent acts and the release of all hostages.”

2. Assassination attempt on Kharkiv Mayor H. Kernes
Kharkiv Mayor H. Kernes, against whom an assassination attempt took place yesterday, was flown to Israel for further surgeries. According to doctors his condition remains critical. The Ministry of Internal Affairs reported that their investigative team has found the weapon that was likely used in the assassination attempt.

3. Discussions on Constitutional Changes in Ukraine

Friday, April 25, 2014

Фінансовий Коментар - Фармацевтичний ринок показує позитивні тенденції

Позитивні тенденції на фармацевтичному ринку

Після успішного 2013 року, американський та канадський ринки акцій продовжують рости цього року. У 2013 році американський ринок випередив канадський, коли індекс S&P 500 виріс на 29.6%, а індекс S&P/ TSX Composite –на 9.6%. Цього року, індекси росли досить сильно у січні-лютому і мали проблеми у березні-квітні, але в цілому піднялися: S&P/TSX Composite на даний момент виріс на 6.7% з початку року , а S&P 500 – на 1.9%.

Обидва індекси у цьому році зазнали відкатів на 4%-6%, що спричинило побоювання з боку інвесторів з приводу напрямку ринків у майбутньому та показників оцінки. У той же час, є ознаки того, що ринки залишаються у гарній формі. Одним з основних показників здоров'я ринків є посилення активності у галузі Злиттів та Поглинань (M&А). Це, як правило, відбувається коли компанії мають достатні резерви готівки і відчувають впевненість у своїх бізнес-моделях та ціні своїх акцій. За даними news.efinancialcareers.com та Wall Street Journal, обсяг угод M&A, оголошених в США у січні-березні 2014 р., був найвищим за останні сім років. Висока M&А-активність відображується у прибутковості американських інвестиційних банків. Зокрема, цього року, консультативний дохід Goldman Sachs збільшився на 41%, в той час як подібні доходи Morgan Stanley виросли на 34%.

Цей тиждень з точки зору M&А діяльності у фармацевтичної галузі є досить гарячим. Зокрема, одна з основних фармацевтичних компаній США Pfizer, як очікується, купить британсько-шведську компанію AstraZeneca. Ще більш обнадійливим є те, що обидві акції виросли після об’яви про купівлю, що свідчить про впевненість інвесторів у тому, що вартість угоди не є перебільшеною і що компанії зможуть реалізувати синергії в результаті злиття. Зокрема, Pfizer виріс більш ніж на 4% протягом останніх днів і AstraZeneca виросла на більш ніж 7%.

Іншою гарячою історією є угода з обміну активами між GlaxoSmithKline і Novartis. GlaxoSmithKline погодилася продати свої онкологічні продукти Novartis за $14.5 млрд., а у відповідь купити вакцинний бізнес Novartis (за виключенням вакцин від грипу). Акції GlaxoSmithKline виросли майже на 7% протягом останніх днів, в той час як акції Novartis – більш ніж на 3%. Хороші новини є також для канадського ринку: канадська фірма Valeant Pharmaceuticals хоче купити виробника ботокса Allergan. Обидві акції сильно виросли в останні дні, на 16 % і 29 % відповідно.

Українська Кредитова Спілка Лимитед

Financial Comment - Pharma stocks look strong

Pharmaceutical stocks going strong

After a successful 2013, where the S&P 500 Index in the U.S. returned 29.6% while the S&P/TSX Composite in Canada returned 9.6%, 2014 has had a choppy run, with strong returns in January to February, but some pullback in March and the start of April – although the Canadian market has returned 6.7% to April 22nd, while the U.S. broad market index has returned only 1.9%.

Both indices have had some 4%-6% setbacks this year which have prompted concerns and talk about valuation levels as well as the direction of markets going forward. At the same time, there are indications that markets remain in good shape. One of the major indicators of good health of stock markets is heightened Mergers and Acquisitions (M&A) activity. M&A activity usually picks up when companies have sufficient cash reserves and are confident about their business models and the strength of the market price of their shares. According to news.efinancialcareers.com and the Wall Street Journal, the value of the M&A deals announced in the U.S. in January-March 2014 was the highest in seven years. High M&A activity is reflected in the returns of American investment banks. In particular, this year, Goldman Sachs’ advisory revenue increased 41% while Morgan Stanley’s rose by 34%.

This week has been hot in terms of M&A activity in the global pharmaceutical sector. In particular, a major U.S. pharmaceutical company Pfizer is expected to bid for a British-Swedish multinational company AstraZeneca. What is even more encouraging is that both stocks are up which shows that investors believe that the cost of the deal is not overstretched and that the companies will realize synergies as a result of the merger. In particular, Pfizer shares have climbed more than 4% in the past few days and AstraZeneca is up by more than 7%.

Another pharmaceutical M&A story is an asset swap deal between GlaxoSmithKline and Novartis. GlaxoSmithKline agreed to sell its oncology products to Novartis for $14.5 billion, and in return to buy Novartis' vaccines business (excluding Novartis’ flu vaccine business). GlaxoSmithKline shares are up by almost 7% in the last few days, while Novartis' shares are up more than 3%. And Canada is not sitting on the sidelines - Canadian firm Valeant Pharmaceuticals is bidding for botox maker Allergan. Both stocks have risen strongly in the past few days, by 16% and 29% respectively.

By: Ukrainian Credit Union Limited

Thursday, April 24, 2014

Win 1 of 5 pairs of tickets to go see the film The Pawnshop!

Just Like our Facebook page plus the contest picture on our timeline and you'll be automatically entered! Click HERE to get to our Facebook page. Hurry contest closes April 28th 2014.



Check out the trailer below!

Wednesday, April 23, 2014

Crisis in Ukraine - UCC Briefing April 23


Crisis in Ukraine: Daily Briefing 
23 April 2014

1. Kremlin-backed Unrest in eastern Ukraine
Kremlin-backed armed “separatists” continue to occupy several state buildings and/or police headquarters in the cities of Donetsk, Horlivka, Slovyansk, Kramatorsk, Makiyivka, Mariupol, Yenakieve and Luhansk.  According to the State Security Service of Ukraine (SBU) the city of Sviatohirsk, Donetsk oblast, has been freed of armed “separatists,” as part of the anti-terrorism operation, the active phase of which resumed today; the SBU reports no casualties in Sviatohirsk. The SBU stated that “Carrying out the decisions of the Geneva agreements, all unlawful armed formations and citizens, who are illegally armed must desist and turn in their weapons. Otherwise law enforcement organs will use all available powers, means and opportunities to stop unlawful actions and to renew law and civil security.” The State Security Service of Ukraine (SBU) stated that according to the investigation into the murder of V. Rybak, a deputy of the Horlivka city council, whose body was discovered yesterday, a group led by a citizen of the Russian Federation, a lieutenant colonel of the Russian intelligence services – are suspected of the murder. According to several reports, three Ukrainian journalists are missing in Donetsk oblast. S. Ostrovsky, Vice News journalist who went missing yesterday, is reportedly being held by “separatists” in Slovyansk.

2. SBU head Nalyvaychenko: 100 Russian intelligence forces leading unrest in eastern Ukraine 
In an interview with the Atlantic Council, the head of the State Security Service of Ukraine (SBU) stated that there are as many as 100 Russian military intelligence (GRU) and special forces troops leading the seizures of government buildings in the cities of eastern Ukraine. Nalyvaychenko also stated that three GRU officers and 21 of GRU networks are in the SBU’s custody and being interrogated in Kyiv.

3. Crimean Tatar leader banned from entering Crimea; Mejlis Presidium – Lawlessness in Crimea

Tuesday, April 22, 2014

Crisis in Ukraine - UCC Briefing April 22


Crisis in Ukraine: Daily Briefing 
22 April 2014

1. Kremlin-backed Unrest in Eastern Ukraine
Several state and police buildings remain under the control of Kremlin-backed “separatists” in Donetsk and Luhansk. As of 15:00 Kyiv time, in Artemivsk, Horlivka, Makiivka, Khartsysk and Mariupol, the city councils are occupied; in Slovyansk the city council, State Security (SBU) and police headquarters are occupied; in Kramatorsk the city council and SBU headquarters are occupied; in Yenakieve the city council, police and Prosecutors’ headquarters are occupied; in Donetsk the city council and Oblast council are occupied, and in Luhansk the SBU headquarters is occupied. The Ministry of Internal Affairs reports that in Kramatorsk, “separatists” have taken a police colonel hostage. The Ministry of Defense reports that a Ukrainian air force plane was shot upon and hit with bullets near Slovyansk but that the pilots were able to land the plane. There are reports that Vice News correspondent S. Ostrovsky has been taken hostage by “separatists” in Slovyansk. A bill has been registered in Ukraine’s parliament that would grant amnesty to those who free buildings and surrender their weapons within three days of the legislation being passed, in accordance with the Geneva declarations signed by Ukraine, the EU, Russia and the US. US Deputy Secretary of State V. Nuland criticized Russia for fuelling the turmoil in Ukraine, all the while pledging its support for de-escalation, stating “You cannot dress yourself like a firefighter and behave like an arsonist.”

2. Acting President Turchynov demands renewal of anti-terrorist action
Acting President O. Turchynov demanded that Ukraine law enforcement organs renew the anti-terrorist actions in eastern Ukraine. He stated that near Slovyansk two dead people were discovered on 22 April, whose bodies showed signs of torture. One of the dead was identified as V. Rybak, a deputy of the Horlivka city council. Turchynov stated that “Terrorists, which have in fact taken the entire Donetsk region hostage, have crossed the line, beginning to torture and kill patriots of Ukraine. They have blatantly challenged not only our country, but the entire world community, when they demonstrably disregarded the decisions taken at Geneva.”

3. US announces Support Package for Ukraine

Monday, April 21, 2014

Фінансовий Коментар - Економічні події в Україні

Україна: економічні труднощі і надії

На тлі тривожних військових подій в Україні, де Росія фактично почала інтервенцію, канадські українці також слідкують за економічними подіями. Стрибки обмінного курсу гривні (UAH) до долара США (USD) є зараз серйозною проблемою для українців через високу доларизацію економіки країни. Гривня почала знецінення у 2013 році від рівня приблизно UAH/USD 8.15. На початку 2014 року девальвація прискорилась через виснаження валютних запасів Національного Банку України, які знизилась з USD 32 млрд на початок 2012 року до приблизно USD 15 млрд на даний момент. Минулого тижня курс на міжбанківському ринку досяг рекордно високого рівня UAH/USD 13.4, у той час як у роздрібних пунктах обміну він досяг UAH/USD 14.2.

Поряд з підвищенням вартості банківських кредитів у твердій валюті (які представляють близько 40% всіх роздрібних кредитів в Україні), це підняло ціни на багато споживчих товарів, як довготермінового, так і широкого вжитку, через високий рівень імпорту в економіці. На минулому тижні Національний Банк України, який був підданий сильний критиці у ЗМІ, застосував радикальні заходи для приборкання девальвації. У минулий вівторок Банк звинуватив 14 комерційних банків у навмисній скупівлі доларів за будь-яку ціну (за непідтвердженими чутками, ці банки діяли у російських інтересах) і відключив їх від міжбанківської валютної біржі. Як наслідок, до кінця торгової сесії на міжбанківській біржі у середу курс знизився до UAH/USD 11,4 і залишився на цьому рівні до кінця тижня.

Деякі аналітики зараз оцінюють "справедливий" обмінний курс на рівні UAH/USD 10.0. Чи ринковий рівень досягне цієї позначки залежатиме зокрема від того, як скоро Україна отримає іноземне фінансування. Нещодавно Голова Нацбанку був в США, де обговорив подальше фінансування від МВФ. Шанси на це фінансування вважаються високими. У той же час Світовий Банк вирішив питання про кредит Україні на USD 750 млн, який буде наданий у травні для підтримки державного бюджету. Україна в даний час проводить переговори з різними міжнародними фінансовими організаціями щодо інвестиційних проектів в цілому на USD 1.6 млрд.

Українська Кредитова Спілка Лимитед

Financial Commentary - Economic developments in Ukraine

Ukraine: economic worries and hopes

Amid disturbing military developments in
Ukraine, where Russia has effectively started its intervention, Canadian Ukrainians may also want to keep track of economic developments in the country. The exchange rate of the hryvnia (UAH) to the U.S. dollar (USD) is the major concern for Ukrainians at the moment due to high dollarization of the nation’s economy. The hryvnia started depreciating in 2013 from the level of around UAH/USD 8.15. In early 2014, this depreciation began to accelerate on the back of the exhaustion of the National Bank of Ukraine’s hard currency reserves which dropped from USD32 billion in early 2012 to about USD 15 billion currently. Last week, the rate on the interbank market reached an all-time high of UAH/USD 13.4 while in retail exchange booths it reached as high as UAH/USD 14.2.

Along with raising costs of bank loans in hard currency (which constitute around 40% of all retail loans in Ukraine), this drove up prices for many consumer discretionary and staple goods due to the high level of imports. Last week, the NBU, which had been under heavy fire from the media, applied drastic measures to curb the hryvnia’s weakness.  On Tuesday, the NBU accused 14 banks of deliberately buying dollars at any price (the ungrounded rumor is that these banks were acting for Russian interests) and disconnected them from the interbank currency exchange. As a result, by the end of trading last Wednesday, the hryvnia appreciated to UAH/USD 11.4 on the interbank exchange and remained at this level by the end of the week.

Some analysts are currently estimating a “fair” exchange rate at around UAH/USD 10.0. Whether the market rate will support this level, will, in particular, depend on how soon Ukraine obtains foreign financing. Recently, the NBU’s governor was in the U.S. where he discussed further financing from the International Monetary Fund. The chances for this financing are considered high. In the meantime, the World Bank has decided to issue a USD750 million loan to Ukraine in May to support the state budget. Ukraine is currently holding talks with different international financial organizations about investment projects for a total of USD1.6 billion.

By: Ukrainian Credit Union Limited

Thursday, April 17, 2014

Crisis in Ukraine - UCC Briefing April 17


Crisis in Ukraine: Daily Briefing
17 April 2014

1. Kremlin-backed Unrest in Eastern Ukraine
Kremlin-backed “separatists” continue to occupy state buildings and police headquarters in several cities in Donetsk and Luhansk oblasts. As of 15:00 Kyiv time, the City Council, State Security Service (SBU), and police headquarters in Slovyansk are occupied; in Yenakiyeve, the City Council, Prosecutors’ and police headquarters are occupied; in Kramatorsk the City Council and SBU headquarters are occupied; in Donetsk the Oblast State Administration and City Council are occupied; in Luhansk the SBU headquarters is occupied; in Makiyivka, Horlivka, Mariupol, Artemivsk and Khartsysk the City Councils are occupied. The SBU continues to report the detainment and identification of Russian Intelligence Services personnel. The Ministry of Internal Affairs and SBU report that “separatists” attempted to storm the National Guard headquarters in Mariupol. They threw Molotov cocktails and opened fire on personnel guarding the headquarters. In the resulting firefight, three “separatists” were killed, 13 injured and 63 detained. The Ministry of Internal Affairs reports no casualties from their side. The deputies of the Mariupol City Council stated, “carrying out the mandate of our electors, we declare to those, who are seizing buildings, using aggression and violence: leave Mariupol in peace. Your actions have already led to the spilling of blood, so do not think that the citizens will support you.” A large-pro Ukrainian-unity rally attended by several thousand people is taking place in Donetsk as of 19:00 Kyiv time.

2. Geneva Talks: Joint Statement Issued
The talks between Ukraine, US, EU and Russia in Geneva on Thursday resulted in a joint statement, in which all sides agreed that illegal armed groups must be disarmed, illegally seized buildings freed, and illegally occupied streets and squares must be vacated. Kyiv agreed to amnesty all “protestors” who left buildings, surrendered weapons, except for those found guilty of capital crimes. The statement also referred to decentralization and constitutional reform in Ukraine; “The announced constitutional process will be inclusive, transparent and accountable. It will include the immediate establishment of a broad national dialogue, with outreach to all of Ukraine’s regions and political constituencies, and allow for the consideration of public comments and proposed amendments.” US Secretary of State J. Kerry stated that “if we do not see progress, we will have no choice but to impose greater costs on Russia.” Russian Foreign Minister Lavrov continued to deny the presence of Russia’s military in eastern Ukraine.   

3.Putin holds Direct Line broadcast

Wednesday, April 16, 2014

Crisis in Ukraine - UCC Briefing April 16



Crisis in Ukraine: Daily Briefing 
16 April 2014

1. Kremlin-backed Unrest in Eastern Ukraine
State buildings and police headquarters in several cities in Donetsk and Luhansk oblasts, seized in the last several days by Kremlin-backed “separatists,” remain under their control. In Slovyansk and Yenakieyeve the City Council, State Security (SBU) building, and the police headquarters are occupied; in Kramatorsk the SBU and City Council are occupied; in Makiyvika, Mariupol, Horlivka, Kharchyzk, and Artemivsk, the City Council is occupied; in Donetsk the Oblast Administration is occupied and the City Council was seized on Wednesday morning; in Luhansk the SBU building is occupied. Six armored personnel carriers of Ukraine’s armed forces were reportedly seized by “separatists” in Kramatorsk. Ukraine security forces have set up roadblocks on highways between Donetsk and Kharkiv oblasts. The SBU released taped phone calls which they claim are discussions among Russian military intelligence personnel – specifically, the 45th regiment of special forces – discussing the operations of seizures of state buildings. Ukraine’s Parliament held an in camera session and representatives of the Security Ministries reported to Parliament. Parliament adopted a resolution supporting the actions of the Security Ministries and the anti-terrorist operation currently under way. Minister of Defense M. Koval has been dispatched to Kramatorsk.

2. Four-Party Talks on Situation in Ukraine to begin tomorrow
Four-Party Talks – Ukraine, Russia, European Union, USA – are set to begin tomorrow in Geneva on the situation in Ukraine and efforts to de-escalate the crisis. Ukraine’s Parliament passed a resolution in which it outlined Ukraine’s position in the negotiations: De-escalation of the situation; ceasing the threat of Russian invasion into mainland Ukraine; redeployment of Russian armed forces away from the border of Ukraine, and from Ukrainian territory in the Autonomous Republic of Crimea; Cessation of aggressive actions and sabotage by Russia, which threaten the territorial integrity of Ukraine and are intended to provoke separatist sentiment; Renewal of Ukraine’s territorial integrity within international recognized borders, guarantee of Ukrainian sovereignty in its entire territory, including the Autonomous Republic of Crimea.

3. German Utility Company starts sending natural gas to Ukraine

Easter Holiday Hours


Help Ukraine - Stop Putin

Ukrainian Canadian Congress is calling on all Canadians to help stop Putin's aggression by limiting his ability to spread lies and propaganda via television channels under the control of the government of the Russian Federation.

They are suggesting you write a letter like the one below to your local TV or internet provider. Here is the text of their call to action:


Dear Ukrainian Canadians and Friends,
At this time of crisis for Ukraine, we need your help. Please support our efforts to “Stop fuelling the fire”  and block Russian propaganda on Canadian TV.

We need everyone to write  to the TV networks and Internet portal executives to remove Russian Propaganda sites from our airwaves. Since we do not have the millions that Putin does to fuel his propaganda machines, we need to use the strength of our community to take action and make this happen. Attached to this message is:

1. the STENCIL Letter which you can use as the basis for your own letter or send "as is" and,
2. the list of contacts - the 17 executives - to email your letter to.

PLEASE SACRIFICE 15 MINUTES OF YOUR TIME AND DO THIS ASAP !!

Don't forget to put the executive's name on the letter,  as well as your name, city and province at the bottom!

ALSO – PLEASE  SHARE  THIS REQUEST  WITH YOUR FRIENDS AND RELATIVES !!

Thank you,
EUM Media Team
Ukrainian Canadian Congress - Toronto

Sample letter


April 2014

Dear  [INSERT NAME, COMPANY],


Please STOP FUELLING THE FIRE!

As a customer of your services, I am very concerned with the slanderous information, propaganda and war mongering that appears on your networks through the irresponsible journalism of the following TV channels: RT (Russia Today), Perviy Kanal (First Channel), RTR and NTV TV, as well as  through videos and sites on the Internet.

Specifically, RT News has broadcasted examples of hate, propaganda of war, threats to North America and false, misleading and inaccurate reports on the situation in Ukraine, as highlighted in the list of links provided at the end of this letter.

These Russian TV channels are instrumental in spreading Russian President Vladimir Putin’s lies about the recent events in Ukraine to Canadian TV audiences in an attempt to justify his invasion of Ukraine: they are propagating war mongering and ethnic hatred. I refer you to the following document - The Ten Lies of Putin, (http://www.state.gov/r/pa/prs/ps/2014/03/222988.htm) created by the U.S. Department of State.

Furthermore, Dmitri Kiselev, the General Director of Russia Today responsible for RT broadcasting, has been placed on the individual sanctions list by the European Commission.

Therefore, as a concerned Canadian citizen who respects human rights, democracy and integrity in journalism, and as your customer, I am asking  that your respected company  stop the transmissions, broadcasts, and videos  of  this Russian  propaganda and avoid being the messengers of misinformation and hatred. Canadian audiences deserve honest and objective broadcasts.

Thank you.
Sincerely,



YOUR NAME
And ADDRESS


LIST OF CANADIAN TV PROVIDERS CONTACTS

Symposium 2014 Ukrainian Orthodoxy in the Global Family






HAIVKY: Spring Revels in the Park Community Easter Celebration





Колектив Коса і парафія св. Миколая щиро запрошує всіх на гаївки у Великодню Неділю - 20ого квітня о 4-і годині, в парку Trinity Bellwoods в Торонто.  Колектив Коса почне прощу в парк співаючи веснянки, юнацтво проводитиме ігри та танці з дітьми, і музиканти будуть всіх вести в українські і француські народні "сільські" танці. Принесіть кошики на спільний пікнік!
Можете сконтактувати організаторів через www.kosakolektiv.com

HAIVKY: Spring Revels in the Park
Community Easter Celebration
Sun April 20th, 4pm-
 til dark.  Trinity Bellwoods Park
Singing procession starts at St. Nicholas Church, leads into park. Traditional singing, participatory folk dancing, games and walking formations. Ukrainian and Breton folk dances led by musicians. Open community event! All ages. Bring a picnic basket full of goodies and a blanket and stay for the afternoon. Weather pending, activities might move indoors.

We invite all singing groups and folklore groups to share their culture's spring songs by performing in the park with us. If you would like to sing spring songs or lead games, we welcome your gifts, your presence.
Please contact Bozena and Alex at kosa.kolektiv@gmail.com

Tuesday, April 15, 2014

Crisis in Ukraine - UCC April 15 Briefing


Crisis in Ukraine: Daily Briefing 
15 April 2014

1. Kremlin-backed Unrest in Eastern Ukraine
Government buildings and law enforcement headquarters in several eastern Ukrainian cities continue to be occupied by Kremlin-backed “separatists,” who violently seized the buildings. On Tuesday morning, acting president O. Turchynov announced that the anti-terrorist operation in northern Donetsk oblast began. Turchynov stated that the “goal of these actions is to protect the citizens of Ukraine, stop terror, criminal activity and attempts to tear our country to pieces.” First Deputy PM V. Yarema stated that personnel of the Russian 45th Airborne regiment have been identified as being present in Slovyansk and Kramatorsk. The airport in Kramatorsk, Donetsk oblast, has reportedly been freed of “separatists” who previously seized the airport. According to several reports, Ukrainian military units have moved into Slovyansk. The 1st Reserve Battalion of the National Guard has been deployed to the eastern oblasts. The Security Service of Ukraine (SBU) stated that they have identified the leader of the diversionary group in eastern Ukraine that is responsible for controlling the “separatists” who have seized government buildings and police headquarters. According to the SBU the man is a citizen of the Russian Federation and an officer of the Intelligence Service of the General Staff of the armed forces of the Russian Federation. The Ministry of Internal Affairs reports that special units responsible for civil order in eastern oblasts in Ukraine have been formed in Dnipropetrovs’k, Kharkiv, Poltava, Donetsk, Mykolaiv, Kherson, and Luhansk oblasts. The Border Service of Ukraine reports that it detained a group of 4 couriers who were bringing 1.8 million UAH into mainland Ukraine from occupied Crimea to pay for “anti-Ukrainian demonstrations.”

2. Ukraine Parliament declares Crimea “occupied territory”

Monday, April 14, 2014

Crisis in Ukraine - UCC Briefing April 14



Crisis in Ukraine: Daily Briefing 
14 April 2014

1. Russian-backed Unrest in Eastern Ukraine
Administrative buildings were seized by pro-Russian “separatists” in several cities in Eastern Ukraine over the last 72 hours. In Kharkiv, the Oblast State Administration building and city hall have been seized; in Slovyansk (Donetsk oblast) the city hall has been seized; in Donetsk, the Oblast State Administration building, the State Security building and city hall have been seized; in Luhansk, the State Security building has been under control of “separatists” for several days; in Kramatorsk and Mariupol (Donetsk oblast) the city halls have been seized. “Separatists” have set up roadblocks on the roads into Donetsk, Luhansk and Kharkiv. On Sunday some 50 people were injured when pro-Ukrainian demonstrators were attacked by “separatist” demonstrators. In Horlivka, “separatists” seized the city hall and police headquarters Monday. There was violence, including gunfire, between “separatists" and law enforcement in several eastern cities on Sunday. According to reports, an officer of the State Security Service was shot and killed in Slovyansk. The forces that have violently seized these buildings in Eastern Ukraine are well-armed and clearly well-trained, and many are in uniform without insignia. The militant “separatists” often have weapons of Russian origin. It is obvious that the “separatist” activists are backed, supported and controlled by Russian Federation special forces, and that the seizures of administrative buildings, are a coordinated effort by the Russian Federation to destabilize Eastern Ukraine.

2. President signs decree on anti-terrorist actions
Acting President O. Turchynov signed a decree “On urgent actions for overcoming the terrorist threat and preservation of the territorial integrity of Ukraine.” The Council of National Defense and Security began an anti-terrorist action on Sunday, which included Ukraine’s armed forces.

3. State Security Service releases phone call of Russian terrorists

Фінансовий Коментар - Акції біотехнологічних компаній падають

Акції біотехнологічних компаній падають 
В одному з попередніх блогів ми говорили про падіння акцій американських технологічних компаній, про що свідчить падіння індексу NASDAQ Composite. Після недовгого зростання 8-9 квітня спад індексу продовжився, аза минулий місяць індекс втратив майже 5%.

Серед сегментів індексу, які втратили найбільше, – сектор біотехнологічних компаній. Як наслідок, інвестиційні фонди, які фокусуються на біотехнологіях, страждають від зняття коштів інвесторами. Зняття коштів з найбільшого індексного біотехнологічного фонду, iShares Nasdaq Biotechnology ETF, 4 квітня були найбільшими з часу заснування фонду (2001 р.) і склали $372 млн, або 7,5% від усіх активів фонду, які складають $4.98 млрд (за даними Дрю Армстронг, Bloomberg).

Тенденція продажу акцій ETF настала після буму американських біотехнологічних ETF, які у 2014 році привабили більше депозитів, ніж будь-які інші сектори, $3.98 млрд з початку року. Це зростання, у свою чергу, було обумовлено сильним ростом біотехнологічних акцій: індекс NASDAQ Biotechnology зріс на 103% у січні 2013 р. - лютому 2014 р., у порівнянні з ростом індексу NASDAQ Composite на 47% за той же період. Обидва індекси впали з початку березня, на 21% та 3% відповідно.

За словами Дрю Армстронг (Bloomberg), аналітики розділилися у своїх думках щодо майбутнього напрямку руху акцій біотехнологічного сектору. Деякі з них висловлюють думку, що біотехнологічні акції зараз утворюють бульбашку з огляду на високі показники їх оцінки і високі ризики розробки складних і дорогих лікарських засобів. Інші вважають, що біотехнологічні компанії мають сильні фундаментальні показники і очікують гарні прибутки цього року.

Як знак певної довіри інвесторів до цього сектору, деякі біотехнологічні ETF з більш різноплановими активами не відчувають великого відтоку коштів. Наприклад, фонд Health Care Select Sector SPDR Fund, який володіє акціями фармацевтичних ат медичних компаній, отримав $90 млн у той самий день, коли інші біотехнологічні ETF мали найбільший відтік коштів.

Українська Кредитова Спілка Лимитед

Financial Comment - Biotech leads decline

Biotech leading the tech stock decline
In one of the previous blogs, we talked about the pullback in American technology stocks evidenced by the weakness of the NASDAQ Composite index. After a short-lived growth on April 8 and 9, the decline of the index has continued. Over the past month, the index has lost almost 5%.

Among the poorest performing segments of the tech sector is the biotechnology sector. As a result, investment funds focused on biotechnology are suffering redemptions. The withdrawals from the biggest biotech-focused ETF, the iShares Nasdaq Biotechnology ETF, on April 4 were the worst since its 2001 inception, with $372 million withdrawn, or 7.5% of the fund’s $4.98 billion in total assets (according to Drew Armstrong, Bloomberg).

These redemptions follow the boom in American health-care ETFs which attracted more deposits than any other sector at the start of 2014 and added $3.98 billion since January 1. That growth, in turn, was driven by a rapid rise in biotechnology sector’s stock values: the NASDAQ Biotechnology index gained 103% in January 2013 - February 2014, compared with a 47% increase in the NASDAQ Composite index over the same period. Both indices have fallen since early March, by 21% and 3% respectively.

According to Drew Armstrong of Bloomberg, equity analysts have split with regards to the future direction for the biotech sector. Some are questioning whether biotechnology stocks are in a bubble due to high valuations and high business risks of developing complex and expensive medicines. Other believe that biotech companies’ fundamentals are strong and expect sound earnings later this year.

As a sign of some investor trust in the sector, some health-care focused ETFs with more diversified assets did not experience large redemptions. For example, the Health Care Select Sector SPDR Fund, which also has pharmaceuticals and health-care products and services stocks, saw an inflow of $90 million on the biotech ETF’s worst day.

By: Ukrainian Credit Union Limited

Taras Shevchenlo Unveiling in Quebec City

























Friday, April 11, 2014

Crisis in Ukraine - UCC Briefing April 11


Crisis in Ukraine: Daily Briefing 
11 April 2014

1. Situation in Eastern Ukraine
The Security Service of Ukraine administrative building in Luhansk continues to be occupied by “separatist” groups. There are some 1000 people outside the building. In Donetsk, the Oblast State Administration is also occupied by “separatist” groups. There are up to 2000 people either in the building, or in its surrounding territory, which has been surrounded by barbed wire by the building’s occupiers. The head of the Kharkiv State Administration stated that since the operation freeing the State Administration building, “separatist” meetings in Kharkiv are “small in number, [we are] observing individual groups of people, who are not clearly organized.”

Ukrainian PM A. Yatseniuk was in Donetsk today at a meeting with the heads of oblast state administrations, mayors, security officials, and representatives of industry from five eastern oblasts. He called for the groups to surrender their weapons and for a peaceful solution to the crisis. He also guaranteed that nobody will infringe on peoples’ rights to speak whichever language they choose, including Russian.  Acting President O. Turchynov stated that the government is in the process of dialogue with the regions of the country on the question of increasing the powers of regional authorities, but that federalization is not an option being discussed.

2. Occupation of Crimea
The evacuation of Ukrainian military personnel and materiel from Crimea continues. The Minister of Defense stated that the entire Ukrainian Black Sea Fleet will be returned to mainland Ukraine. According to reports over 5000 Ukrainian citizens have left Crimea as refugees, and this number is expected to grow in the coming days, as the Russian occupying forces require residents to refuse Russian citizenship by April 18. According to reports from several sources, the head of the only Ukrainian-language high school in Simferopol, N. Rudenko, was forced to resign at a meeting attended by several dozen people who claimed to be parents of the children attending the school as well as members of the Crimean “self-defense” forces.

3. New poll shows only minority support for separatism in Ukraine

Фінансовий Коментар - Санкції таки трошки печуть

Росія починає відчувати санкції

На питання, якими є плани Росії щодо України, поки що немає остаточної відповіді. Минулий тиждень був сповнений побоювань, що російське військо перетне кордон і почне війну з Україною. Ці побоювання на даний момент дещо спали, але вони не зникли зовсім, оскільки Росія не відводить свої загони від кордонів України і в безпосередній близькості від них розгортає польові шпиталі.

Вважається, що однією з основних причин нерішучості Росії є однозначна позиція західних країн у питанні приєднання Криму і подальшої ескалації конфлікту. Після того, як США, Канада і ЄС застосували санкції до ряду російських чиновників і припинили військову співпрацю з Росією, Росія, можливо, починає розуміти наслідки своїх дій. Раніше на цьому тижні уряд Росії запропонував російським компаніям зняти свої акції із закордонних бірж і розмістити їх виключно на російських біржах (за інформацією Bloomberg). Оскільки інфраструктура російського фондового ринку є менш розвиненою, такий крок зробить фінансування для російських компаній менш доступним і більш дорогим.

Це сталося після низки сигналів, про те, що закордонне фінансування стає для російських компаній проблематичним. Зокрема, боргове фінансування стало більш дороге після того, як агентство S&P Ratings Services знизило прогноз по Росії зі Стабільного на Негативний у кінці березня. Згідно Bloomberg, російський уряд не провів аукціони по рублевих облігаціях у п'ять з останніх шести тижнів, а дохідність 10-річних рублевих держоблігацій в даний час є дуже високою, майже 9%. У той же час, два основних фондових індекси Росії демонструють досить погані результати: індекс РТС цього року вже впав на 16%, а індекс ММВБ – на 9%. Відтік капіталу з Росії склав до $70 млрд у першому кварталі, і російський уряд очікує, що він може досягти $150 мільярдів за рік в цілому. Очікується, що якщо Росія зробить велику помилку і продовжить свій наступ на Україну, західні ринки можуть повністю закритися для російських компаній і економіка країни може впасти у рецесію.

Українська Кредитова Спілка Лимитед

Financial Comment - Russia feels the heat

Russia starting to feel the heat
It remains a question what Russia’s plans toward Ukraine are. The last week has been filled with fears that Russian military would cross the border and start a war with Ukraine. These fears have somewhat subsided but they have not disappeared entirely, as Russia is not withdrawing its troops from the border and is deploying field hospitals in close proximity to it.

It is widely considered that a major reason for Russia’s indecisiveness is an unequivocal position of the Western countries about the Crimea annexation and further escalation of the conflict. After the U.S., Canada and EU imposed sanctions on a number of Russian officials, and curbed military co-operation with Russia, Russia may be starting to understand (hopefully) the costs of its actions. Earlier this week, the Russian government suggested that Russian companies consider delisting their shares from foreign stock exchanges and trading on Russian exchanges only (according to Bloomberg). It is apparent that, because the Russian stock market’s infrastructure is less developed, this step would make equity financing for Russian companies less probable and more expensive.

This came after a number of signs that foreign financing is becoming problematic for Russian companies. In particular, debt financing became more expensive after S&P Ratings Services lowered its outlook on Russia from Stable to Negative in late March. According to Bloomberg, Russian government did not hold ruble-bond auctions in five of the last six weeks, while yields on 10-year ruble-denominated government bonds are currently very high, almost 9%. In the meantime, Russia’s two major stock indices are doing quite badly year-to-date: RTS Index is down 16% and MICEX Index is down 9%. An outflow of capital from the country reached up to $70 billion in the first quarter and Russian government expects that it may reach $150 billion in the year as a whole. It is expected that should Russia do something as reckless as invading further into Ukraine, Western markets may entirely close for Russian companies and that country’s economy may fall into a recession.

By: Ukrainian Credit Union Limited

Crisis in Ukraine - UCC Briefing April 10


Crisis in Ukraine: Daily Briefing 
10 April 2014

1. Situation in Eastern Ukraine
The Security Service administration building in Luhansk continues to be occupied by “separatist” groups. According to reports there are some 500 people in the building and several hundred surrounding it. In Donetsk, the Oblast State Administration building is also occupied by “separatist” groups. Deputy head of the Ministry of Internal Affairs S. Yarovyi stated that the Ministry is prepared to negotiate with the groups who have seized the buildings, and that the position of the Ministry remains unchanged – that citizens have the right to peaceful assembly, without weapons. Acting President O. Turchynov stated that he is ready to sign a decree guaranteeing amnesty for those who seized the buildings in Donetsk and Luhansk in the event that they free the building and turn in their weapons. According to the Kharkiv Department of the Ministry of Internal Affairs 14 of the 65 people detained for the seizure of the Kharkiv State Administration building have previous criminal records – mostly for robbery and assault. Ukraine’s Human Rights Ombudsman stated that there have been no reports of infringements of rights of Russian-speakers in Luhansk, Kharkiv and Donetsk oblasts, which was also the case in Crimea before the Russian invasion, supposedly under the pretext of defending the rights of the Russian-speaking population.

2. Occupation of Crimea
2,716 personnel of the Ukrainian armed forces from Crima and their families have been evacuated from Crimea. In the last 24 hours, 223 personnel and their families have been evacuated. They have been redeployed to garrisons in Kyiv, Mykolaiv, Zaporizhzhia and Odesa oblasts. The Ministry of Defense reports that agreement has been reached to return three more ships to the Ukrainian navy. There are 4 places in Crimea where residents can submit an application to keep their Ukrainian citizenship – Sevastopol, Simferopol, Bakhchysaray and Bilohorsk. According to media reports, every day there are very long lines outside these offices – in Simferopol, for example, between 250-300 people line up daily, despite the fact that the office can process only about 120 applications each day. There are as yet no accurate estimates about how many Crimeans are choosing to refuse Russian citizenship and keep their Ukrainian citizenship.

3. PACE strips voting rights of Russian Delegation

Yes, Tak - Between one revolution and another

SWAY Collective is a network of artists, musicians, composers, playwrights, actors and theatre professionals who collaborate on interdisciplinary dramatic performances. Their next performance, Yes, Tak will take place on April 24, 25 and 26 in Kingston, ON.

About the play
Christina Bodnar, a Ukrainian Canadian grad student, goes to Ukraine in 2007 to teach ESL. Discovering that post-Orange Revolution Ukraine is the not the “old country” of her cultural classes, she encounters a youth culture at once hopeful of a democratic future and deflated by recent revolutionary failures. Incorporating experimental choral arrangements, choreography, and media art, this interdisciplinary performance dramatises Christina’s navigation of cultural differences, folkloric grief, and budding relationships in a fractured Ukraine.

Notes from the playwright:
The performance will feature the lives of young Ukrainians after the failure of the Orange Revolution – a nationwide movement towards electoral and democratic reforms between 2004 and 2005. Many university-aged students participated in the mass demonstrations and civil disobedience constituting the non-violent revolution. Set in 2007, Yes, Tak represents Ukrainian students who were in despair about the potential of improving their lives democratically, deflated by the seeming futility of their own revolutionary actions. Yet at the same time, these students also maintain a curious sense of resilience, derived from national tradition and folklore. In Yes, Tak, we engage their experiences through Christina’s own discoveries of the relationship between language, history, and Ukrainian identity, while she teases out the complexities of a socially and politically splintered Ukraine after the end of the Orange Revolution.

Learn more about Sway collective on their website: www.swaycollective.org or follow them on Sway Collective FB page.

Wednesday, April 9, 2014

Help rebuild St. Elias Church


Crisis in Ukraine - UCC Briefing April 9



Crisis in Ukraine: Daily Briefing
9 April 2014

1. Situation in Eastern Ukraine
In Donetsk, negotiations are under way between the ‘separatist’ groups that continue to occupy the Donetsk State Administration building. The governor of Donetsk, S. Taruta, stated that all possible measures will be taken to ensure that the crisis is solved in a peaceful manner without casualties. About 200 people are currently surrounding the Luhansk department of the State Security Service of Ukraine (SBU); according to the SBU 56 people without weapons left the building during the night, but the building is still occupied. Negotiations are under way to free the building.  According to reports there are no longer protests in front of the Kharkiv State Administration, which was freed yesterday. The Minister of Internal Affairs, A. Avakov, stated that he believes that “the resolution to the crisis will be found in the next 48 hours…The anti-terrorist operation in all three oblasts [Kharkiv, Luhansk, Donetsk] is in force and at any moment we can carry out planned actions.”

2. State Security Service: anti-diversionary operations
The State Security Service of Ukraine (SBU) reports that they have detained a citizen of the Russian Federation who was “carrying out the orders of special services to destabilize the situation in the southern oblasts of Ukraine.” According to the SBU the citizen met with a series of pro-Russian groups in Kherson, then took part in the clashes in Mykolaiv on 7 April. She was also supposed to report on the state of readiness of the Border Services of Ukraine at the border between mainland Ukraine and Crimea. The SBU detained a group – one citizen of the Russian Federation and three citizens of Ukraine – that was trying to pass on server discs that had been stolen from an SBU department in eastern Ukraine to Russian special services. According to the SBU they also discovered and stopped a network that was gathering information for the Intelligence Department of the Russian Black Sea Fleet as to the battle readiness of Ukrainian armed forces in Kherson oblast. The SBU reported that “according to experts, the information that was being gathered and passed to a foreign power contains state secrets, and its disclosure hinders the defensive capabilities” of Ukraine. The organizer of this network was detained and a criminal investigation for treason has been opened.

3. Putin: Ukraine should pay for gas up front

AutoMaidan to St. Elias

The Automaidan to St. Elias Church

Sunday April 13,  2014

3:30PM - 5555 Dundas Street West, Toronto

Automaidan Toronto invites the community to rally together and unite to support Ukraine & St. Elias the Prophet Church, Brampton!
The AutoMaidan will be leaving Rockpile at 4:00pm!!

At 5:00pm, there will be moleben for Ukraine! Also it being Palm Sunday, Father Roman Galadza will bless willow branches. After there will be some light snacks/coffee available.

We are collecting donations online (e-transfers) to automaidanto@gmail.com or donate to the collection boxes at the event.

ALL DONATIONS WILL GO DIRECTLY TO FR. GALADZA!

EVENT DETAILS:
Sunday April 13, 2014
MEET @ 3:30PM -- DEPART @ 4:00PM
STARTING POINT: 5555 Dundas Street West, Toronto
MOLEBEN @ 5:00PM

ROUTE MAP: https://goo.gl/maps/M55WH

ROUTE:
- Dundas St W to 427 North
- 427 North to 401 West
- 401 West to Winston Churchill Blvd (North)
- Winston Churchill Blvd (North) to Steels Ave (East)
- Steels Ave (East) to Heritage Road (North)
- Heritage Road North to St. Elias Church
10193 Heritage Rd, Brampton

FOR MORE INFO: www.euromaidancanada.ca

USTREAM: www.ustream.tv/channel/euromaidan-toronto

For other ways to donate to help the church rebuild, read the poster below.

Crisis in Ukraine - UCC Briefing April 8


Crisis in Ukraine: Daily Briefing 
8 April 2014

1. Situation in Kharkiv
The Kharkiv Oblast Administration building was cleared of the “separatist” group that occupied the building on the night of 6 April in an operation by a Ministry of Internal Affairs unit. Some 70 people were detained.

2. Situation in Donetsk
“Separatist” elements who seized the State Security building in Donetsk freed the building after negotiations. According to reports several boxes of weapons were seized by the groups who occupied the building and according to Donetsk mayor O. Lukyanchenko, only a part have been returned. The Donetsk Oblast State Administration continues to be occupied by the self-proclaimed “national council,” which yesterday declared an independent “Donetsk republic, and is, as of 10:00 PM Ukraine time, barricaded in the state administration building.

3. State Security Service: Radical organization holding hostages in Luhansk
The anti-terrorist group of Ukraine’s State Security Service (SBU) reports that a radical “separatist” organization seized and mined the State Security administrative building in Luhansk, and is holding some 60 people hostage. According to SBU, the group is “using methods that are used by terrorists. These actions are extremely dangerous, as they threaten the lives of the people in the building and outside.” According to reports some 500 people with over 1000 weapons are holding the building. The SBU is demanding that the “separatist” organization free the hostages, surrender their weapons and free the building.

4. Turchynov: situation in eastern Ukraine will be normalized

Фінансовий Коментар - Падіння акцій технологічних фірм

Падіння акцій високотехнологічних компаній

Розмови про можливу корекцію на американському фондовому ринку відбуваються вже декілька тижнів. На широкому ринку ці побоювання на даний момент ще не матеріалізувалися: індекс S&P 500 за минулий місяць майже не змінив свого значення (з початку року індекс впав приблизно на 2%). В той же час індекс технологічних компаній NASDAQ Composite за минулий місяць втратив майже 7%. Зниження останнім часом прискорилося: NASDAQ втратив майже 5% протягом 2 квітня - 7 квітня 2014 року.

Індекс NASDAQ потягнули донизу акції визначних компаній, таких як Facebook, Yahoo, Tesla і Google, які падали протягом березня після сильного росту, який тривав з січня. Ці зіркові акції мають зараз високі показники Р/Е (ціна на прибуток), які ринок виправдовує перспективою зростання їх прибутків у майбутньому. Цього понеділка Марк Мобіус, менеджер фондів, які працюють на ринках, які розвиваються, компанії Franklin Templeton Investments, назвав показники оцінки деяких акцій високотехнологічних компаній оцінки «розумними» і сказав, що він купує їх після останнього падіння.

Учасники фондового ринку уважно спостерігають за тим, чи падіння акцій високотехнологічних компаній перейде на широкий ринок. Індекс S&P 500 впав на 2,3% за п'ятницю і понеділок. На ринку в даний час очікують, що на американські акції на цьому тижні впливатимуть два важливі фактори: звіти про прибутки компаній та ситуація в Україні. Ситуація в Україні, зокрема, знаходиться у дуже крихкому балансі між спробами уряду взяти під свій контроль будівлі, захоплені бойовиками у кількох східних містах, та подальшою ескалацією сепаратизму, який надихається Путіним. Світові ринки усвідомлюють, що останній сценарій може призвести до неспокою у регіональній і глобальній економіці.

Українська Кредитова Спілка Лимитед

Financial Comment - Tech pull-back

Tech’s pull-back

The American stock market has been filled with the talk about possible correction for several weeks now. On the broad market these fears have not materialized yet as the S&P 500 index over the past month has been flat (down about 2% year to date). At the same time, the technology-heavy index NASDAQ Composite over the past month has lost almost 7%. The decline has been concentrated in the recent period, as NASDAQ lost almost 5% over April 2 - April 7, 2014.

High beta technology companies have led the decline of the NASDAQ: Facebook, Yahoo, Tesla and Google are some familiar names that have pulled back after running up very strongly from January. These ‘star stocks’ are trading at high P/E ratios, but expectations are that their earnings growth will also be high in the future. On Monday, Mark Mobius, an emerging markets fund manager at Franklin Templeton Investments, called some technology stocks’ valuations reasonable and said that he was buying them after the latest correction (as per Bloomberg News).

The stock market participants are closely watching whether the tech stocks’ decline will spill over to the wider market. The wide-market index S&P 500 dropped by 2.3% over Friday and Monday. The talk of the market currently is that the two most important factors influencing American stocks this week will be company earnings reports and situation in Ukraine. The situation in Ukraine, in particular, is hanging in fragile balance between government’s taking control of buildings, which are seized by militants in a few Eastern cities, and further escalation of Putin-inspired separatism. The global markets are all too aware that the latter scenario could bring unease to regional and global economies.

By: Ukrainian Credit Union Limited

Monday, April 7, 2014

Фінансовий Коментар - Ефект Першого Кварталу

Ефект Першого Кварталу на ринку акцій

Багато аналітиків досліджують так званий "Ефект Січня" на ринку акцій, який полягає в тому, що існує прямий зв'язок між результатами фондового ринку за січень і в цілому за рік.  Аналіз показав, що цей зв'язок є набагато сильнішим у випадку позитивного результату січня, ніж у випадку негативного результату – позитивний результат у січні, як правило, співпадає з позитивним результатом для всього року; у той час як негативний результат у січні не обов'язково співпадає з негативним результатом за рік. У своїй нещодавній статті на сайті seekingalpha.com компанія Tiger Technologies спробувала дослідити, чи є подібна закономірність між результатами першого кварталу та року в цілому, тобто чи існує “Ефект Першого Кварталу”. Цей аналіз підтвердив існування “Ефекту Першого Кварталу”, який виявився досить схожим на "Ефект Січня".

Tiger Technologies взяла квартальні та річні результати індексу S&P 500 за період 1952-2013 рр. і провела кореляційний аналіз результатів перших кварталів та результатів решти року. Компанія визначила, що перший квартал мав найбільшу кореляцію з усіх кварталів з результатами решти трьох кварталів. Потім вони проаналізували ці дані трохи глибше і виявилося, що у 39% цих років результати першого кварталу були негативними, однак з цих 23 років лише 10 років показали негативні результати. Результати першого кварталу були позитивними у 36 з 59 років, і у 33 роках (92% з 36) результати за рік були також позитивними. Іншими словами, позитивний перший квартал на 92% співпадав з позитивним роком, але негативний перший квартал не означав аж так багато для результатів року в цілому.

Tiger Technologies використав цей аналіз для прогнозу результату індексу S&P 500 за 2014 рік. У першому кварталі цього року S&P 500 виріс на 1.7%. Аналіз цього масиву даних показав, що ріст індексу на 1%-2% у першому кварталі співпав з ростом індексу в цілому за рік у 100% випадків (хоча таких років за період 1952-2013 рр. було лише три). З цього можна зробити висновок, що індекс S&P 500 має непогані шанси закінчити цей рік у плюсі. Водночас, Tiger Technologies попереджає, що дані, які використовувалися для цього аналізу, є досить обмеженими, і що, як і завжди, колишні результати не обов’язково повторяться у майбутньому.

Українська Кредитова Спілка Лимитед

Financial Comment - First Quarter Effect in Stocks

First Quarter Effect in Stocks

Many analysts like to follow what is called the “January Effect” on stocks, which states that there exists a strong correlation between how the month of January goes with the stock market, so goes the rest of the year.  Analysis has shown that this relationship is much stronger when there is a positive return in January than when there is a negative return – when there are positive returns in January there tend to be positive returns for the whole year; while negative returns in January don’t necessarily indicate negative yearly returns. In a recent article on seekingalpha.com, Tiger Technologies ventured to find whether there is a link between the first quarter returns and the year returns, i.e., whether there is a “First Quarter Effect”. The company’s conclusions confirmed the existence of a First Quarter Effect which turns out to be quite similar to a “January Effect”.

Tiger Technologies took the quarterly and annual returns of the S&P 500 index over the period 1952-2013 and ran a correlation analysis of first quarter returns and the returns for the rest of the year. They found that the first quarter had the highest correlation among all quarters to the performance of the sum of the remaining three quarters. They looked deeper and found that 39% of the studied years had negative first quarter returns, but out of those 23 years, only 10 years were negative as well. First quarter returns were positive in 36 out of 59 years, and 33 years (92% of 36) were also positive. In other words, a positive first quarter has 92% of the time led to a positive year, but a negative first quarter does not tell much about what the year’s return will be.

Tiger Technologies used this analysis to forecast the S&P 500 index result for 2014. In Q1/2014, the S&P 500 grew by 1.7%. The analysis showed that a first quarter growth of 1%-2% has led to a positive year 100% of the time (although there were only three such years between 1952-2013). This sounds quite good in terms of S&P 500 chances to score a positive return in 2014. At the same time, Tiger Technologies notes that the data, which was used for this analysis, is limited, and that, as usual, past performance is no guarantee of future returns.

By: Ukrainian Credit Union Limited

Crisis in Ukraine - UCC Briefing April 7



Crisis in Ukraine: Daily Briefing
7 April 2014

1. Unrest in Eastern Ukraine
Pro-Russian separatist “demonstrations” took place in Kharkiv, Donetsk and Luhansk. The Donetsk Oblast State Administration building was seized by the demonstrators; in Luhansk demonstrators seized the Security Service of Ukraine building – some 8 people were injured; in Kharkiv pro-Russian protestors attacked a Ukraine unity rally – some 10 people were injured - and seized the Kharkiv Oblast State Administration. In Donetsk, separatists declared an “independent Donetsk republic,” said that they will hold a “referendum” on the status of Donetsk, and asked Russia to send in “peacekeepers.’ The Donetsk General Prosecutor stated that those responsible for the seizure of buildings and declarations of separatism have been identified, and measures are being taken to detain them. Ukrainian authorities stated that the protests are the result of a plan of the Russian Federation to destabilize the situation in eastern Ukraine. According to reports many of those who seized government buildings are in fact citizens of the Russian Federation. The pro-Russian protests in Eastern Ukraine carry similar characteristics to actions in Crimea leading up to the Russian invasion of Crimea; the threat of Russian invasion into eastern Ukraine remains very real.

2. Turchynov addresses nation on separatist actions in Eastern Ukraine
Acting President of Ukraine O. Turchynov addressed the people of Ukraine on separatism in eastern Ukraine. Turchynov stated that “Yesterday the second wave of a special operation by the Russian Federation began, the goal of which is the destabilization of the situation in Ukraine, the overthrow of the Ukrainian [government], undermining the election and tearing apart our country.” Turchynov stated that the separatist actions are an attempt to institute the “Crimean scenario” in eastern Ukraine. The government of Ukraine has formed an Anti-crisis headquarters, and will carry out anti-terrorist actions against armed groups of separatists. The eastern border has been strengthened, and “taking into account the passivity of some of the local law enforcement bodies,” the units will be strengthened with personnel from other regions. First deputy premier V. Yarema, Minister of Internal Affairs A. Avakov and Security and Defense Council Secretary A. Parubiy and head of the State Security Service V. Nalyvaychenko have been sent to Donetsk, Kharkiv and Luhansk, respectively, to regulate the situation. Turchynov also stated that on Tuesday Ukraine’s parliament will consider imposing criminal responsibility for separatism and other crimes against the state. Parliament will also consider a ban on political parties and organizations that support separatism and are “working for the aggressor, against their own state and people."


3. Situation in Crimea – Ukrainian serviceman killed