Friday, October 24, 2008
Most of Russian new riches are losing wealth everyday. The richest businessman Oleg Deripaska might lose 25% of Norilsk Nickel, Roman Abramovitz’s Evraz Group shares dropped from $118 on a pick to $10-12. Will he sell Chelsea Soccer Club? Doubt. But fleet of private jets that belong to Russian oligarchs will be slimmer. Don’t forget, most of the assets have been leveraged and I won’t be surprised seeing a few big bankruptcies.
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4 comments:
Energy prices will not recover for at least 6 months to a year, oligarchs will only be able to afford economy sized yachts for the time being.
The financial crunch will scratch not only ru oligarhs but Americans too. Sands resort announced a halt on a construction of Bethlehem Steel Casino Hotel. I guess, Mr. Adelson will not raise $2 bln soon enough.
Emergency services on ru economy seem no to be working well yet..
The price of oil will be in the approaching weeks, big difference between price in the low 60s and a price in the low 50s...call it a baromoter of the economic weather and how severe a recession to follow...
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