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Russian companies facing bankruptcy
Published: 10 June, 2010, 17:42
Edited: 16 June, 2010, 08:19
About one third of Russian firms lost money in the first quarter this year. Many are trying to negotiate new loans, but the slow economic recovery means covering interest payments is tough.
I agree with Bianca. I like RT a lot, but I am afraid that some articles - a minority - here, primarily, those of economic/financial nature are not very well researched and written. Moreover, sometimes they display some kind of reverence and even subservience (very misplaced, I might add) to all things Western. I wonder who has written this particular article? I have the same complaint about another one I just read, the article called "Russia's social largesse in a time of global austerity." It's an interesting topic, but I am sorry to say, whoever wrote it, did not manage to develop the topic at all and at times statements in the article are confusing and contradictory.
Clearly, that incurance companys often help and do back up on failed buisnesses. But on other hand - people in the western countries paying HUGE interset rate to keep their bank accounts and so the companies are paying huge ammount of taxis! I think the better to support economy with lots of private small or medium size buisnesses like food stores, domestic, supermarkets, clothes chains, trading on line, ect. Principal of Mix economy has been used in Germany and I think it is a good economical model and it is helping to keep the flow of money and brings flexiblity too! Maria Kuznetsova
Good comments, absolutely Muddies, Stitch & Poor and all the other western fraud raters are really not worth anything, they are just western propaganda and financial elite paid for services. Their worth is zero, quoting them is meaningless. They should make a new one West & Fraud - Triple AAA for any anti-russian orgainisation, Junk rating for any pro-Russian organisation. Hey you don't even need a financial model, just someone who knows the difference between pro and anti and can spot the word Russian. Even the Corruption In Action can manage that one. But there are issues with some companies in Russia. Some were run very poorly, had poor business models .... But others were run well and have excelled, sometimes due to 'friends' other times just due to good management and sound business. The issue is we have an economy and we need stability and sustainability in it, for the sake of people. There should be a natural process where the bad are culled and the good get better. But we can't have it with massive failures and big catastrophic across teh board bust scenarios. So, we did have to support some bad ventures, just to keep stability, but as Maria points out, we still need to move to a diverse range of good SMEs and get the ratio of good to bad much better. This is our task now, to create a sustainable/resilient SME dominant economy, built on better fundamentals and with better management. There needs to be the mega companies, but we need a broad portfolio if we are to create a progressive economy. There are many many people in business in Russia, the environment is flourishing, we just need keep on improving the business skills, create the right opportunities for our people and enable them with the essential ingredient of business blood (cash). Government needs make conditions and regulation to keep the game fair, but only us people can make it work, it is as simple as that - Brains, Environment, Tools, Marketing, Experience and I will win every time
Moody? Check out Congressional hearings in US on the topic. The ratings the company produced were for sale, and it only depends on who the underwriter is for the ratings game. When on earth is it going to be clear to everyone that this (and others) rated tens of thousands of "financial products" AAA, just to be then turned in a short time to "junk" level. And their being "wrong" was not just some kind of a wrong call by a referee, once in a while. They were wrong 80% of the time!!!! I guess they like to come to Russia to feel appreciated and valued. Everywhere else, this is no longer the case. Russia, Europe and others need their own rating agencies. The collusion between the big name rating agencies and the financial institutions whose financial instruments they rated, is staggering. Just watch Max Keiser on RTV. Excellent source of information.