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 | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. |