Kyiv-based Eastern Economist offers in-depth analysis of business and more (08/19/01)

Kyiv-based Eastern Economist offers in-depth analysis of business and more

by Deanna T. Yurchuk

PARSIPPANY, N.J. - On February 2, 1994, the first 16-page issue of Eastern Economist was published on a laser printer "press," stapled by hand and carried in person to 100 companies and organizations in Kyiv. Today, dubbed "Ukraine's First Business and Investment Weekly," this successful magazine comes out with both weekly and daily editions to many more subscribers both in Ukraine and overseas.

The news magazine was the brainchild of Canadian-born Lidia Wolanskyj, the founder and current publisher of Eastern Economist. Ms. Wolanskyj moved to Ukraine in 1992 and noticed that there was a vacuum of decent information. "By 1993 there were English-language wire services providing daily information, but there was no weekly publication offering more in-depth analysis and the kinds of things an expat reader might want to know to make life easier (such as where to buy a decent pair of shoes)", she said.

In mid-December 1993, Ms. Wolanskyj, along with five colleagues, began to work on the Eastern Economist. The magazine's goal was to "provide people with analysis, as well as normal information about where to get things done in Kyiv: where to eat, where to shop and so on," according to Ms. Wolanskyj.

Analysis plus useful information

The magazine conveys information under numeroussubdivisions which address different aspects of Ukrainian life. According to surveys, one of the most popular features of the Eastern Economist's weekly edition is a section called "This Week in Brief," which gives short news items on the week's events.

Also popular is the "Hrushevsky Street News" column (which Ms. Wolanskyj admits she modeled after the "Hill Street Blues" as a name). "This column follows 'official' activities in chronological fashion during the week to give people a sense of who came and went in diplomatic and international circles, what they said in some instances and any top-level developments. Each entry is only a sentence or two long for the most part," Ms. Wolanskyj said.

Another section, "The 4th Microphone," is the feature for interviews and opinions. "This appeared very early on, as we had an interview with Mr. Kuchma within the first weeks of publication when Ukraine was on the eve of elections in the spring of1994," according to Ms. Wolanskyj. The name was also Ms. Wolanskyj's idea, which she based "on the three microphones used on the floor of the Verkhovna Rada."

From its humble beginnings, the publication kept growing. By mid-1995 the news magazine was at 28 pages an issue. New additions included a "Window on the World" page which speaks of the activities of key companies in Ukraine. There is also a financial section called "Financial Markets and Companies" that combines stock market, privatization and currency market reports. Ms. Wolanskyj added that in 1997 "an agricultural section called "From the Ground Up" was added as well as theater listings and schedules for the biggest cultural events, such as the Berezil Festival, ballet and piano competitions, and Kyiv Days."

Other than the "Hrushevsky Street News," the longest lived column is the "Dining Out," according to Ms. Wolanskyj. In the past, she remembers "writing some pretty irreverent reviews with lots of tongue-in-cheekiness." Most of those reviews made it into the two editions of the Eastern Economist's book "Dining Out in Kyiv," including a review of the Verkhovna Rada cafeteria. She noted that at one time the publication even ran a "Bars to Avoid" section.

The magazine also publishes various special editions that deal with only one topic. The first such issue came out in October 1997 and focused on finance and banking. Other special editions included subjects like real estate, agriculture, transport and infrastructure, investment, tourism, automotive, consulting, etc. "It's exciting to read a series of really good articles in depth on a specific topic, and our readers seem pleased," Ms. Wolanskyj stated.

A reach beyond Ukraine

Although 95 percent of the material for the new magazine is gathered in Ukraine, the magazine has also covered stories on Ukraine's neighboring countries, according to Ms. Wolanskyj. She said, "We have covered Moldova (the Transdniesterian war in 1994-1995) and Chechnya, Georgia, Turkey and the Black Sea [region], depending on what is going on as it pertains to Ukraine," she related. "We also try to cover international conferences that have Ukraine as a participant, be they in Chicago, New York, Washington, London, Vienna or Budapest."

The content of the magazine has grown and flourished over the years, and so has the staff. Currently the magazine has 15 full-time staff, five professional part-timers and nine support part-timers. "Most of our journalists are Ukrainians who freelance for us and we have an exclusivity agreement with them - which they sometimes don't honor," Ms. Wolanskyj said. According to her about 60 to 80 percent of the material is originally in Ukrainian depending on the topic. "This makes the process more complicated and requires a bigger editorial department," she said. As a result the magazine employs four staff who serve primarily as translators of articles.

Eastern Economist is available throughout the world, and most of its subscribers are businesses and organizations in Ukraine, as well as a handful (about 20 percent) of individuals abroad. The magazine has four times as many weekly subscribers as daily subscribers, according to Ms. Wolanskyj, but "pass-along readership is high for both and not easily measurable," she explained.

The magazine has become so popular among various companies in Ukraine that several other members of the local media industry have subscribed to it in order to see what was being published, Ms. Wolanskyj said. "However, local English-language publishers have been pretty cutthroat," Ms. Wolanskyj revealed. "From headhunting our staff - largely unsuccessfully, I should add - to lying and rumor-mongering about our business and setting up exclusivity deals with advertisers, which is forbidden even under Ukrainian law."

Ms. Wolanskyj admitted that she is discouraged by this evident lack of business ethics. "This dog-eat-dog approach is a shame, as we have such a small (and ever-shrinking) market. You'd think we could just divide it up into separate niches and leave each other in peace. Or better yet, cooperate on some level."

A Canadian in Ukraine

Being a Canadian working in Ukraine has had its advantages and disadvantages for Ms. Wolanskyj. "On the one hand, I know more about market economics and how to run a decent business, and I have a strong work and moral ethic," she said. "On the other hand, I'm a stranger in a strange land and don't know the rules of the local game, both in terms of other business and the law, and in terms of how to deal with local employees."

The main advantage of her publication, in Ms. Wolanskyj's view, comes from publishing in English. "It makes it easier to maintain an independent stance and we are not perceived as being much of a threat to the powers that be because the local population can't read us."

In fact, Eastern Economist prides itself on its critical and accurate reporting on issues in Ukraine. Ms. Wolanskyj recalls an encounter with two men that speaks volumes about the publication and its reputation among its readers. She related: "One time I met a man from Khlib Ukrainy, the state grain monopoly, at a chamber meeting, and he said, 'Couldn't you maybe write something nice about us for a change?' His companion, who was from an ag [agricultural] supplier, responded: 'Couldn't you maybe do something nice for a change?' We all laughed. Both men were Ukrainians, but it was clear that they were familiar with the Eastern Economist."

For more information about this daily and weekly news magazine log on to www.easterneconomist.com. Subscription rates for the United States are $249 for the weekly and $895 for the daily.

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