logo
FACTBOX-Who are the key ministers in Ukraine's new government?

FACTBOX-Who are the key ministers in Ukraine's new government?

Straits Times17-07-2025
Find out what's new on ST website and app.
KYIV - Parliament approved Yulia Svyrydenko as Ukraine's new prime minister on Thursday and backed her plan to cut the number of ministries, merging some of the main portfolios, to save funds in wartime.
With the new government, President Volodymyr Zelenskiy is trying to wrestle wartime defence spending into shape and win over both U.S. President Donald Trump and a war-weary public with fresh-faced leadership.
Here are some key members of the new government, in which Andrii Sybiha remains foreign minister and Serhii Marchenko stays on as finance minister.
PRIME MINISTER YULIA SVYRYDENKO
Svyrydenko, 39, an economist by education, has worked in the government since 2019, rising through the ranks after being a deputy minister to become economy minister and first deputy prime minister. She is tasked with unlocking Ukraine's economic potential during the war raging since Russia's full-scale invasion in February 2022 and increasing domestic weapon production as much as possible.
Svyrydenko played an important role in recent negotiations on an agreement with the United States giving the U.S. preferential access to new Ukrainian minerals deals and funding investment in Ukraine's reconstruction.
MYKHAILO FEDOROV, FIRST DEPUTY PRIME MINISTER, IN CHARGE OF DIGITAL TRANSFORMATION
Top stories
Swipe. Select. Stay informed.
Singapore Driverless bus in Sentosa gets green light to run without safety officer in first for S'pore
Singapore Fatal abuse of Myanmar maid in Bishan: Traffic Police officer sentenced to 10 years' jail
Singapore Man charged over manufacturing DIY Kpods at Yishun home; first such case in Singapore
World US strikes destroyed only one of three Iranian nuclear sites, says new report
Business 5 things to know about Kuok Hui Kwong, tycoon Robert Kuok's daughter and Shangri-La Asia head honcho
Singapore Premium China carmaker Hongqi, known for Xi Jinping's limos, to launch in Singapore in 2026
Singapore Sex first, then you can sell my flat: Women property agents fend off indecent proposals and harassment
Opinion Grab tried to disrupt taxis. It now wants to save them
Fedorov, 34, was first appointed a deputy prime minister in 2019. In 2023, his remit grew to include innovation, science and technology, in addition to digital affairs.
He played a prominent role in driving development of military technology through a government-backed platform to nurture private-sector innovation.
DENYS SHMYHAL, DEFENCE MINISTER
Shmyhal, 49, became Ukraine's longest-serving prime minister after being appointed to the role in 2020 and held the role throughout the war until this week's government overhaul.
Parliament has passed a decision to merge the defence ministry and the ministry for strategic industries. Shmyhal will oversee the defence sector, domestic weapon production and international cooperation in weapons and defence.
Shmyhal will also be in charge of the bulk of state spending. Ukraine spends about 36% of gross domestic product on its defence efforts.
President Volodymyr Zelenskiy has said the defence minister will have more resources at his disposal than other ministers but also greater responsibility.
TARAS KACHKA, DEPUTY PM FOR EU INTEGRATION
Kachka, 45, has previously served as Ukraine's trade representative and deputy economy minister, with responsibility for state foreign economic policy and export strategy.
He was also involved in negotiations with the U.S. on the minerals deal and with European Union officials on agricultural trade.
OLEKSII SOBOLEV, MINISTER FOR ECONOMY, ENVIRONMENT AND AGRICULTURE
Sobolev, 42, will head the new giant ministry for economy, environment and agriculture. Ukraine previously had three separate ministries to cover these portfolios.
Prior to this appointment, he served as first deputy economy minister responsible for state investment policy, managing state property policy and economic development.
Ukraine is a top global producer and exporter of grains and other agricultural products. Agribusiness is a driving force for the war-ravaged economy and the new minister will look at prospects for opening new markets and try to unlock other economic opportunities to help Ukraine's recovery.
SVITLANA HRYNCHUK, ENERGY MINISTER
Hrynchuk, 39, was appointed ecology minister in a government reshuffle in September 2024. Prior to that, she was a deputy energy minister for a year. She also had various other government positions focusing on the energy sector and climate change issues. REUTERS
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Airwallex launches investment product to help businesses grow idle cash
Airwallex launches investment product to help businesses grow idle cash

Straits Times

time10 minutes ago

  • Straits Times

Airwallex launches investment product to help businesses grow idle cash

Find out what's new on ST website and app. The new Airwallex Yield product is aimed at small business customers or customers on Airwallex. SINGAPORE - Fintech firm Airwallex has unveiled a new investment product aimed at helping businesses earn returns on unused funds, entering a competitive market where rivals also court companies seeking better yields on spare cash. Rolled out on July 28, the product invests in money market funds (MMFs) and offers returns of up to 1.29 per cent per annum for Singapore-dollar funds and up to 3.84 per cent for US-dollar funds. The new Airwallex Yield product is aimed at small business customers or customers on Airwallex, said Mr Arnold Chan, Airwallex's general manager for Asia-Pacific excluding China. 'Airwallex Yield will allow businesses to earn returns on their surplus Singapore-dollar and US-dollar funds by investing through investment-grade money market funds, while maintaining access to both liquidity and control over their cash,' he told The Straits Times. A MMF invests in a range of liquid, low-risk assets, which typically include cash and short-term instruments such as treasury bills, commercial paper, and certificates of deposit. Airwallex's yield product invests in several Goldman Sachs and Fullerton funds. The Singapore launch follows earlier rollouts in Australia and Hong Kong. Since its November 2023 debut in Australia, the product has attracted about US$200 million (S$256 million) in funds. Airwallex offers a suite of financial products for businesses, including global business accounts, cross-border payments and expense management tools. The firm said it is seeing a huge demand from customers in Singapore who want to earn returns while maintaining flexibility to move funds quickly. Over 80 per cent of its annual revenue comes from customers who use more than one Airwallex service and the firm expects to cross-sell the new product to its existing customers. The firm also plans to target technology companies, especially those backed by venture capital and holding substantial idle cash reserves, as well as e-commerce players and retailers that receive customer payments upfront but pay suppliers later. By investing these interim funds, they can generate additional returns. Trading businesses involved in importing and exporting can also benefit by putting their idle cash or working capital to work, said Mr Chan. He added that withdrawals are flexible and settlement is typically completed within one business day, provided that cut-off times were met. Airwallex joins a competitive field in Singapore, where firms like StashAway and Syfe already offer MMF products to businesses seeking returns on idle cash with flexible access. Most MMFs in Singapore invest in fixed deposits, government securities and commercial papers. Airwallex customer GlobalTix, a ticketing software and distribution platform for the tourism sector, said that it considers flexibility, liquidity, tenure and yield as key factors when deciding how to deploy idle cash. GlobalTix's co-founder and chief operating officer Chan Chee Kong said fixed deposits are less suitable for the company because they tie up funds for a set period – limiting access when quick payments to suppliers or vendors are needed. 'I need to have that flexibility around moving my funds in and out,' he said. Another key consideration is managing different currencies given the global nature of the firm's business, he added. He noted that Airwallex is not the first to offer the solution, adding that GlobalTix currently uses a similar offering from a competitor. However, if GlobalTix were to use Airwallex's new offering, it would benefit from having all its financial tools on a single platform – making it easier to monitor and manage its cash flow, he said. Lovet, a homegrown fashion brand and Airwallex customer, is considering the new yield product, its director Lee Wei Leong said. With interest rates declining, he said the company is exploring options. 'If we leave our money in a normal savings account, the value of the money is going to be eroded by inflation.' As an SME without venture capital backing, liquidity is key. If Lovet were to open a new outlet, it will need to be able to cash out quickly to fund the expansion, he added.

Trump pauses export controls to bolster China trade deal, FT says
Trump pauses export controls to bolster China trade deal, FT says

Straits Times

time40 minutes ago

  • Straits Times

Trump pauses export controls to bolster China trade deal, FT says

Find out what's new on ST website and app. The industry and security bureau of the Commerce Department, which oversees export controls, has been told to avoid tough moves on China. WASHINGTON - The US has paused curbs on tech exports to China to avoid disrupting trade talks with Beijing and support President Donald Trump's efforts to secure a meeting with President Xi Jinping in 2025, the Financial Times said on July 28. The industry and security bureau of the Commerce Department, which oversees export controls, has been told in recent months to avoid tough moves on China, the newspaper said, citing current and former officials. Reuters could not immediately verify the report. The White House and the department did not respond to Reuters' requests for comment outside business hours. Top US and Chinese economic officials are set to resume talks in Stockholm on July 28 to tackle longstanding economic disputes at the centre of a trade war between the world's top two economies. Tech giant Nvidia said in July it would resume sales of its H20 graphics processing units (GPU) to China, reversing an export curb the Trump administration imposed in April to keep advanced AI chips out of Chinese hands over national security concerns. The planned resumption was part of US negotiations on rare earths and magnets, Commerce Secretary Howard Lutnick has said. Top stories Swipe. Select. Stay informed. Singapore Tanjong Katong sinkhole backfilled; road to be repaved after LTA tests Singapore MRT platform screen doors at 15 underground stations to undergo renewal Singapore 'Medium risk' of severe haze as higher agricultural prices drive deforestation: S'pore researchers Singapore Jail for former pre-school teacher who tripped toddler repeatedly, causing child to bleed from nose Singapore Police statements by doctor in fake vaccine case involving Iris Koh allowed in court: Judge Singapore Authorities say access to Changi intertidal areas unaffected by reclamation, in response to petition Singapore No change to SIA flights between S'pore and Cambodia, S'pore and Thailand, amid border dispute Singapore Not feasible for S'pore to avoid net‑zero; all options to cut energy emissions on table: Tan See Leng The paper said 20 security experts and former officials, including former deputy US national security adviser Matt Pottinger, will write on July 28 to Mr Lutnick to voice concern, however. 'This move represents a strategic misstep that endangers the United States' economic and military edge in artificial intelligence,' they write in the letter, it added. REUTERS

How hotel loyalty programs are changing to win brand loyalty
How hotel loyalty programs are changing to win brand loyalty

Straits Times

time40 minutes ago

  • Straits Times

How hotel loyalty programs are changing to win brand loyalty

Find out what's new on ST website and app. Today, hotel loyalty programmes are more inclusive and accessible than ever. SINGAPORE – The battle for travellers' loyalty is heating up. Hotels worldwide are doubling down on loyalty programmes as competition stiffens, bringing vacationers more choice, better deals and increasingly enticing rewards. In 2024, the global hotel loyalty membership base grew to more than 675 million members, up 14.5 per cent from 2023, according to an April report by American commercial real estate services and investment firm CBRE .

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store