Latest news with #RBK
Russia Today
6 days ago
- Business
- Russia Today
Mass bankruptcies threaten Russian construction sector
The Russian infrastructure construction sector is expected to see a wave of bankruptcies this year, according to CEO of National Projectstroy, one of Russia's largest construction firms. Aleksey Krapivin, whose firm oversaw the construction of the Crimean Bridge as well as key motorway projects, pointed to high interest rates and a drop in orders as key drivers of the oncoming challenges. Three years ago the Bank of Russia raised its key rate from 9.5% to a high of 21% to stabilize the ruble and contain inflation in response to Western sanctions. Last month, the regulator cut its key interest rate by 100 basis points to 20%, citing a slowdown in inflation, the first rate reduction since 2022. About half of the companies in Russia's civil construction sector are nearing insolvency, Krapivin told RBK in an interview published on Monday. National Projectstroy, he said, is already under pressure from borrowing costs and had tightened financial discipline and delayed investment plans. Infrastructure projects are particularly exposed due to their high capital intensity and long execution timelines, Krapivin claimed, adding that new developments are not viable. 'Building today is always cheaper than building tomorrow,' he said. Smaller firms in the sector are especially vulnerable due to risky investments in non-core activities or allocating profits from future projects in advance while virtually all construction companies are feeling the burden of 'expensive money.' Krapivin acknowledged that the government and private sector are exploring ways to mitigate the impact of high rates, including expanded use of public-private partnerships, and expressed confidence that the situation would gradually improve. Bank of Russia Deputy Governor Aleksey Zabotkin has also claimed that key rates could be cut by over 100 basis points at the bank's upcoming July 25 meeting, adding the move depends on inflation trending toward the 4% target by 2026.
Irish Examiner
27-05-2025
- Business
- Irish Examiner
Credit union loan books show strong growth, says report
Credit Unions are improving efficiency with lower wages-to-income ratios and stronger loan book growth, and most paying a dividend to members, according to 13th Annual Credit Union Benchmarking Report by accountancy firm RBK. The report, carried out in March and April, reported steady loan growth of 9% for community credit unions, while industrial credit unions demonstrate substantially stronger performance. Home improveent and car loans were a particular strength. Reserves remain strong with all credit unions exceeding the minimum regulatory requirement of 10%. The verage reserves ratio across community credit unions was 16.6%. The trend of increasing dividend payments has continued, with 62% of surveyed credit unions paying dividends in 2024, a substantial increase on the previous year. 'Financial indicators have shown considerable improvement across the sector. Investment portfolios are trending downward as a percentage of assets, aligned with the shift towards increased lending. This is a positive development for credit unions whose primary mission is providing financial services to members," said RBK partner Ronan Kilbane. The report found average salary increases of around 4%. Environmental, Social, and Governance (ESG) considerations have become mainstream, with over 80% of credit unions now incorporating an ESG policy into their policy framework. There were 183 active credit unions at September 2024, a fall of nine from the previous year.
New Indian Express
20-05-2025
- Climate
- New Indian Express
Ryots gearing up for Kharif season in Andhra Pradesh
VIJAYAWADA: With the early arrival of the monsoon expected to hit the State a week in advance, farmers are gearing up for the Kharif season with renewed enthusiasm. Expecting heavy and adequate rains this season, farmers across Andhra Pradesh are preparing their fields for cultivation. Many farmers have begun ploughing their lands using tractors, while some have already started broadcasting seeds. In this method, farmers scatter seeds by hand or machines directly on the soil surface. If all conditions remain favourable, this Kharif season is expected to see cultivation across 6 lakh acres in Krishna and NTR districts. During the last Kharif season (2024), crops were cultivated over 2.42 lakh hectares (5.99 lakh acres) in both districts—3.76 lakh acres in Krishna district and 2.23 lakh acres in NTR district—according to the Season and Crop Coverage Report of the State government. This year, a similar extent of cultivation is expected. Generally, the target area across both districts is 2.90 lakh hectares (7.16 lakh acres) during every Kharif season, and 86% to 95% of this land—approximately 5.5 to 6 lakh acres—is cultivated annually with various crops. Paddy remains the main crop in both districts, cultivated on about 4.79 lakh acres—3.70 lakh acres in Krishna district and 1.10 lakh acres in NTR district. Other crops cultivated include jowar, maize, groundnut, sunflower, cotton, sugarcane, tobacco, red gram, black gram, green gram, as well as food grains, oil seeds, and other commercial crops. Agricultural authorities are preparing to supply seeds to farmers. On government direction, Agricultural Joint Directors in all districts have already sent proposals for seed and fertiliser indent. The seeds will be distributed through the Rythu Seva Kendram (RSK/RBK) upon receipt. Speaking to TNIE, Krishna District Agriculture Joint Director Manohar said they had already sent the indent details to the State office and would receive the seeds shortly for distribution to farmers.
Yahoo
17-05-2025
- Business
- Yahoo
RBK merges with two Irish accountancy firms
RBK Chartered Accountants has announced its merger with MCP Accountants and OMC O'Malley & Company, located in Castlebar, Ireland. OMC O'Malley & Company provides a range of business support, accountancy, tax and audit services. The firm has been offering accounting services to local and international based businesses since 1985. Originally established as Michael Cosgrove & Partners in 1987, MCP Accountants delivers a range of tax, audit, accounting, corporate recovery and business advisory services. The newly merged entities are projected to achieve revenues surpassing €26m ($29m) and will comprise a team of 19 partners. Collectively, the organisation will employ more than 270 professionals and support staff across four locations, strengthening RBK's position on a national scale. Post-merger, the firms will function under the RBK name, with a new office to be launched in Castlebar. MCP Accountants managing partner Michael Cosgrove said: 'This merger is an excellent fit, both in terms of client focus and cultural alignment, and we are excited to collaborate with and get to know our new colleagues. 'My fellow partners and I made the decision to merge with RBK because we firmly believe it is in the best interests of our clients and our team. 'As part of a larger, thriving practice, we can now offer enhanced continuity of service to our clients and significantly improved career opportunities for our team.' Cathal Melia, who is an audit and business advisory partner, will take on the role of partner in charge, managing the integration of RBK's services within the Castlebar office. RBK managing partner Joe Cleary said: 'This is a significant milestone for our firm and we take great pride in our existing links to the region and in the strong presence we have built in the West of Ireland. 'This new chapter is a key part of our growth strategy as we continue to position ourselves for future expansion, combining talent and resources to meet the evolving needs of our diverse client base. 'The mergers with MCP Accountants and OMC O'Malley & Company mark a major step in strengthening our nationwide presence, and we look forward to providing a comprehensive service offering from the enhanced North West base.' "RBK merges with two Irish accountancy firms" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Russia Today
29-04-2025
- Politics
- Russia Today
Russia to reform asylum laws
The Russian Interior Ministry has reportedly drafted a law overhauling the country's asylum system, drawing on the experience of an influx of Ukrainian nationals. Some 5 million Ukrainians are estimated to have fled to Russia amid the conflict between the two nations, with an overwhelming majority applying for expedited citizenship. According to a report by RBK on Tuesday, the legislation would preserve existing mechanisms for refugees – individuals fleeing persecution based on ethnicity, religion, social status, or political beliefs. If enacted, the reforms would also mean asylum for these individuals continues while the threats they face persist. Temporary shelter would still be granted on humanitarian grounds, but the criteria for this type of protection would be expanded to include rejection of traditional values and 'Russophobia' in foreign countries, according to RBK. Russia currently has a program that offers residency to foreigners who assert that their way of life is under threat in their home countries due to neoliberal ideologies. The draft law specifically designates political asylum as a separate category of protection, to be awarded at the discretion of the Russian president. This mechanism, grounded in the Russian Constitution, is applied on a case-by-case basis. A notable recent example includes former Syrian President Bashar Assad, who was granted such status after fleeing to Russia last year. The proposal introduces a new category – temporary protection – which would allow the government to respond effectively to mass arrivals during emergencies, including armed conflicts. Both this status and temporary shelter would initially be granted for one year, with the possibility of extension. Additionally, the reform aims to eliminate outdated provisions regarding housing options for individuals seeking refuge in Russia, RBK reported.
