China, U.S., Russia wto launch new credit rating companyOctober 24, 2012 - 22:03 AMT PanARMENIAN.Net - Three rating agencies from China, the United States and Russia will jointly launch a new credit rating company to rival current industry leaders and promote independence, Xinhua reports. It was announced on Wednesday, Oct 24, that the Universal Credit Rating Group will be established by China's Dagong Global Credit Rating Co., Ltd., the U.S.-based Egan-Jones Ratings Company, and Russia's RusRating. The headquarters will be set up in Hong Kong within six months, the companies said in a statement. The group will be invested by private institutions without conflicts of interests with its credit ratings and will not represent any country or interest group, the statement said. Guan Jianzhong, president of Dagong Global Credit Rating Co., Ltd., urged an overhaul of the current international credit rating system, which he criticized. "As the main providers of rating information that global capital flow relies on, the three major rating agencies in the U.S. failed to ring the alarm bell for the financial crisis and even helped aggravate the crisis," said Guan. The U.S.-based "Big Three" global credit rating agencies - Standard and Poor's, Moody's, and Fitch Ratings - have come under fire for their credibility during the global financial crisis. Sean Egan, president of Egan-Jones Ratings Company, said overly optimistic credit ratings led to the financial crisis and the current international rating system can no longer meet investors' demand. Guan said the new rating group will provide fair and true information about debtors, make a new international standard for credit rating and promote an independent global rating regulatory system. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |