
New Ukrainian PM seen as potential bridge between Washington and Kyiv
's appointment of Yulia Svyrydenko as prime minister highlights the country's need to balance defence with economic development and modernisation, and the crucial role that relations with the United States will play in the coming years.
Ms Svyrydenko (39) was approved by parliament in Kyiv on Thursday to replace Denys Shmyhal as premier, in a cabinet reshuffle that Ukrainian president
Volodymyr Zelenskiy
said should energise innovation and production in the defence sector and other fields while streamlining the state and slashing bureaucracy.
In her previous post as economy minister and deputy prime minister, Ms Svyrydenko shot to prominence by leading the delegation that signed a controversial agreement with the US on joint exploitation of Ukraine's natural resources in April.
The deal – which gives the US preferential access to Ukraine's rare earth minerals and other commodities, and foresees the creation of an investment fund for postwar reconstruction – helped rebuild ties between Washington and Kyiv after a meeting between Mr Zelenskiy and US president
Donald Trump
had ended in acrimony two months earlier.
READ MORE
Ms Svyrydenko, an experienced economist, drew praise for clinching the difficult deal, and Kyiv hopes the connections she made with Mr Trump's administration will strengthen Ukraine's vital – but often strained – relationship with the White House.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Irish Times
7 minutes ago
- Irish Times
Restaurant Patrick Guilbaud recovers from April revenue dip
Restaurant Patrick Guilbaud , which has two Michelin stars, said on Tuesday it had recovered from a temporary dip in revenue in April due to US President Donald Trump 's tariff announcement. In an interview, co-owner Patrick Guilbaud said that business was steady in 2025 so far with a four to five per cent increase in revenues on last year. 'Business is very steady this year. It is quite good and is better than last year. We are very pleased.' He said that the restaurant continues to aim for a third Michelin star. 'We do the best we can every day and are working very hard.' This year is the restaurant's 44th in business. READ MORE In reference to the impact on business of Mr Trump announcing planned US tariffs at the start of April, Mr Guilbaud said 'after the tariffs in April we had a drop in business for two to three weeks'. Mr Guilbaud made his comments as accounts were filed by Becklock Ltd, trading as Restaurant Patrick Guilbaud, showed post-tax profits of €117,770 for the 12 months to the end of August last. [ Patrick Guilbaud on moving to Dublin in the 80s: I remember asking for garlic at the market. 'Garlic - what do you mean garlic?' Opens in new window ] The post-tax profit of €117,770 was a 30 per cent decrease on the post tax profits of €167,554 for the prior year. The profit last year takes account of non-cash depreciation costs of €292,627 At the end of August last, Becklock Ltd's accumulated profits totalled €2.51 million. The company's cash funds increased from €869,055 to €1.38 million. David McWilliams on how 'big incentives' to build could save Dublin city Listen | 36:51 Staff costs declined from €1.7 million to €1.47 million as numbers employed reduced by one to 37. Directors' pay more than halved from €439,448 to €211,000, consisting of emoluments of €99,000 and pension contributions of €112,000. The restaurant's lunch menu costs €95 per person – the same price as this time last year while A La Carte ranges from €135 to €185 with the eight-course tasting menu costing €275 per person. Mr Guilbaud no longer has a controlling stake in Becklock after transferring almost half of his share to his son, Charles, who is part of the management team. The transfer took place during the 2023/24 financial year Charles has a 25 per cent share in the business as a result and has signed off on the 2024 accounts in his role as a director. Other members of the board are listed as Stefan Robin, Guillaume Lebrun, Martin Naughton, Lochlann Quinn and Kieran Glennon.


Irish Examiner
an hour ago
- Irish Examiner
Pause in ECB rate cuts anticipated amid uncertainty and steady inflation
The Governing Council of the European Central Bank will meet this week, with a pause in rate reductions largely anticipated after seven consecutive cuts in response to falling inflation. Policymakers will gather in Frankfurt on Thursday to consider the performance of the 20-country eurozone amid tariff threats from US President Donald Trump and ongoing political turmoil. After a total eight quarter-point moves that have brought the deposit rate to 2%, ECB President Christine Lagarde said last month that the cutting cycle is nearing its end, with the bank's deposit facility now at 2%. Inflation across the eurozone crept up marginally in June, rising to the ECB's target of 2%, up from 1.9% a month earlier, as energy and industrial goods continued to pull down prices, offsetting quick services inflation. Underlying inflation, a closely watched measure that excludes volatile food and fuel prices, meanwhile held steady at 2.3%, in line with expectations. Policymakers reckon they are well-positioned to sit out the elevated uncertainty, with borrowing costs at neutral levels that neither restrict nor spur economic activity. A key indicator of the influence rates are exerting will arrive on Tuesday with the ECB's quarterly Bank Lending Survey, the first since Trump unveiled his levies in April. Worried about growing risks, banks previously reported tighter credit standards, however, ECB Executive Board member Isabel Schnabel has said the last poll revealed a stimulative effect as lower borrowing costs boosted demand for mortgages. Speaking on the upcoming decision, Daragh Cassidy on said: "After seven consecutive rate cuts, and eight in total since last June, it's almost a given that the ECB will keep rates on hold at its next meeting. "Inflation is now pretty much bang on target at 2%. And with the ECB's key policy rate also at 2%, it's close to the level that's considered neutral for the Eurozone economy. "However, one further rate cut later in the year is still on the cards, probably in September. But the impact of Trump's tariffs on the Eurozone and global economy is creating huge uncertainty and making the outlook incredibly hard to forecast. "If the tariffs drag down Eurozone growth, or trigger a recession, the ECB could be forced to cut rates even further. We just don't know at this stage how it's going to all play out. But for now, the ECB is likely to keep rates on hold and adopt a 'wait-and-see' approach."


Irish Times
an hour ago
- Irish Times
GM profits hit by Trump's tariffs while EV sales more than double
Profits at General Motors were weighed down by US tariff costs even as sales of its electric vehicles more than doubled and its Chinese business showed signs of a recovery. GM reported adjusted earnings of $3 billion (€2.6 billion) before interest and tax in the second quarter, down 32 per cent year on year, while revenues fell 1.8 per cent to $47 billion. Adjusted operating profits were slightly higher than the average analyst estimate for $2.8 billion, according to S&P Capital IQ. The US carmaker — which has previously warned of a tariff exposure of up to $5 billion — blamed the profit decline on costs related to US President Donald Trump's 25 per cent tariff on imports of foreign-made cars and other levies he has imposed. Shares were down 3 per cent in pre-market trading. GM remains highly exposed to Trump's trade war, with a large manufacturing footprint in South Korea as well as Mexico and Canada for vehicles that are sold in the US. READ MORE Tariffs imposed by the US are pressuring the global automotive sector with Stellantis warning of a net loss of €2.3 billion for the first half while Volvo Cars also reported its first operating loss since its 2021 listing. For the April to June quarter, GM booked tariff costs of $1.1 billion although these are expected to decline as it takes measures to mitigate their impact. GM has recently unveiled plans to invest $4 billion in US assembly plants to add 300,000 units of capacity, with production expected to start in 2027. Some of its profit decline was offset by signs of a moderate recovery in GM's business in China, with net revenue rising 30 per cent to $6.1 billion during the second quarter. Another bright spot was the strong growth of its battery-powered vehicles thanks to its strong product line-up. Sales jumped 111 per cent to 46,280 units despite a broader slowdown in EV growth as Trump ends policies that were favourable to sales of electric cars. GM's share of the EV market in the US has reached 16 per cent as the company continues to invest heavily to establish cost-competitive battery supply chains sourced in North America. 'Despite slower EV industry growth, we believe the long-term future is profitable electric vehicle production, and this continues to be our north star,' chief executive Mary Barra said in a letter to shareholders. The carmaker said it would maintain its guidance for annual adjusted operating profit of between $10 billion and $12.5 billion. Copyright The Financial Times Limited 2025