Добавил:
Upload Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз: Предмет: Файл:
Practice of oral and sight translation-NULESU-2...doc
Скачиваний:
0
Добавлен:
01.04.2025
Размер:
5.12 Mб
Скачать

After losing West’s trust, ag firms looking to China

German bonds may be trading at near zero interest, but for almost everyone else the cost of capital is at its steepest in years, reflecting global markets' growing aversion to risk.

Ukrainian agribusiness companies that have in past years raised badly needed capital in Poland will likely face an even tougher market. One reason is that shoddy accounting by Warsaw Stock Exchange-listed companies has shaken investor trust.

But on the flip side, China is eyeing the local market, offering an alternative to traditional sources of funding.

Agroton, a major agricultural producer based in eastern Ukraine, has rattled investor confidence in recent months. The company was unable to provide adequate documents for revenues of $66 million and filled its export documentation with mistakes. The lack of documents suggests doubtful origins. This led to a qualified report by its auditor Baker Tilly questioning the veracity of the reports. Agroton has since switched to Big Four auditor KPMG. The company's stock price fell in astonishing 63 percent since the beginning of April.

While Agroton's accounting shenanigans stand out as the most serious violations, other companies have also done some damage to their reputations. A recent article by the Polish business daily Parkiet blamed the unreliable nature of several issuers for the poor performance of the WIG-Ukraine Index, which covers the 10 Ukraine-lased companies (mostly agribusiness) listed on the Warsaw Stock Exchange.

The index fell a whopping 23 percent over the past month, representing a fall of 16 percent since the beginning of the year.

The article highlighted that Ukrainian companies have repeatedlymade ambitious promises, but then failed to deliver, citing sunflower producing giant Kernel's recent results as an example. Further worries arose after KSG Agro, a major crop producer out of Dnipropetrovsk Oblast, failed to disclose audited results altogether, blaming problems with its auditor.

Problems with communication on behalf of Ukrainian managers means that even the diligent and reliable companies get thrown into the same bag. However, in some cases Polish investors needed to distinguish better between solid reliable companies and "junk," particularly some of the newer companies on the exchange. A lesson for Polish investors - do not buy everything that someone offers you, even if you know that broker.

Unfortunately, if a new company plans to list in Warsaw fund managers will look at it through the prism of past negative experience.

These cases should be taken seriously. Institutional investors, in particular, attach a great deal of importance to timely and transparent reporting, and the trust has clearly been shaken.

It was not a spark but a torch that led to the Parkiet article. Those companies that wish to stand out in investors eye's shouldn't make unrealistic promises but rather keep their standards high, reporting with regularity and consistency, They should take on a more proactive approach. This means being open to communication with retail investors, not just analysts from major institutional buyers, as well as a more accessible and customer-oriented attitude. This would reassure not only retail buyers, but also the institutional ones.

China ready to move in

As capital markets in the West dry up, some companies may find an alternative source of investment in the east, notably China.

Abundant capital and a long experience of dealing in opaque markets means the Chinese state-run companies can often pick partners and set ground rules better than Western competitors.

Seeking to secure its growing food needs, China has been particularly active in Africa in recent years, becoming the continent's top trading partner and top source of foreign direct investment – much of it going to agriculture. But Ukraine's neighbors Belarus and Russia have also seen a rise in Chinese investments.

The Middle Kingdom recently announced plans to finance $3 billion of of agricultural projects in Ukraine in areas including trade, fertilizer and cultivation. Major areas of investment are said to include procuring pesticide, seeds and equipment from China and selling Ukrainian agricultural products to China.

China is sometimes seen as the ultimate-trophy market for Ukrainian companies - perhaps far off, but large, hungry and growing at unmatched speed. According to the U.S. Grain Council, the country is expected to surpass Japan as the world biggest corn importer by 2014, while Ukraine has in recent years grown to be the world's second biggest exporter.

Ukrlandfarming Plc. Ukraine's largest grain producer owned by billionaire Oleg Bakhmatyuk, is among those jumping on the opportunity. The company has signed a memorandum of understanding with China's CAMC Engineering Co. on attracting $4 billion to invest in capacity, meat-production and modernizing sugar production plants.

According to Ukraine's Agriculture Minister Mykola Prysyazhnyuk, the country plans to export 3 million of corn to China via forward contracts in the upcoming financial year, starting June 2012.

Make two-way translation of the following text:

Which Party Is Using Dirty Tricks?

Яка з партій вдається до брудних технологій?

Democrats are amassing a team of lawyers to challenge close election results in virtually any state.

Наразі демократи мобілізують команду юристів з метою опротес-тування результатів напружених виборів практично в усіх штатах.

Already, some prominent Democrats are alleging Republicans will try to «steal» the election by suppressing the black vote. This is a clever strategy that has worked well for Democrats before – charge the Republicans with dirty tricks while you are using the same dirty tricks and maybe no one will notice.

Вже зараз деякі лідери демокра-тичної партії безпідставно припису-ють республіканцям наміри пере-могти на виборах, створюючи пере-пони волевиявленню чорношкірих виборців. Подібна мудра стратегія в минулому справила демократам добру службу – інкримінуючи рес-публіканцям використання брудних технологій, вдаватися до таких са-мих політтехнологій і сподіватися, шо ніхто цього не помітить.

Modern elections, dating to the famous Cook County, Illinois, cemetery voters that put John Kennedy over the top, have provided Democrats with votes they otherwise would not have had. Former President Jimmy Carter charged in a Washington Post column that the problems in Florida during the 2000 elections could be repeated this year. Specifically, Carter claims Republicans tried four years ago to disenfranchise 22,000 black voters on grounds they were felons and ineligible to cast ballots.

Florida Gov. Jeb Bush took exception to Carter's claims. He says Carter did not try to contact anyone in his office to obtain up-to-date information before writing his opinion piece. Bush's press secretary said the former president was being used by his party «for low-level political rhetoric». You mean there is such a thing these days as «high-level political rhetoric»?

There is plenty of actual and potential fraud in Florida, but most of it appears not to be coming from the Republican side. Snowbird residents – those with winter homes in Florida – are being encouraged by Democrats to register in Florida and vote twice – once in their home states and once in Florida.

Another trick used in the past by Democrats is to obtain lists of non-voters and then vote absentee in their behalf. Partisans have also gone into nursing and retirement homes, requested absentee ballots for all residents and then voted them all, sending the ballots in to election officials in bundles.

This stuff happens all over the country, as John Fund notes in his new book, «Stealing Elections: How Voter Fraud Threatens Our Democracy.»

In close races, illegal votes could make the difference. Why aren't these people stopped before they can vote again?

And that's Column One for this week.

Новітня історія виборів веде свій початок із сумнозвісних виборів у окрузі Кук (штат Іллінойс), коли завдяки «мертвим душам» демокра-ти отримали голоси, необхідні для перемоги Джона Кеннеді, без яких вони не набрали б більшості. На шпальтах «Вашингтон поуст» ко-лишній президент Джіммі Картер висловив припущення, що пробле-ми, які виникли під час виборів у Флориді 2000 р., можуть повтори-тися цьогоріч. Зокрема, Картер тве-рдить, що чотири роки тому рес-публіканці намагалися позбавити виборчих прав 22 000 чорношкірих виборців на тій підставі, що вони притягувалися до кримінальної відповідальності та, таким чином, не мають права брати участь у виборах.

Губернатор Флориди Джеб Буш виступив із запереченням обвинувачень Картера. Він заявляє, Картер не спілкувався ні з ким у його відомстві для отримання уточненої інформації перед тим як публічно висловити власну точку зору. Прес-секретар Буша говорить, що однопартійні використовують колишнього президента «для низькопробної політичної ритори-ки». Він що, справді вірить, що в наш час існує «високопробна політична риторика»?

У Флориді є багато доказів фактичних і ймовірних шахрайств, але скидається на те, шо більшість із порушень – на совісті зовсім не республіканської партії. Демократи заохочують так званих «перелітних пташок», тобто тих, хто проводить зиму у Флориді, зареєструватися ще й там і голосувати двічі – як у своїх штатах, так і у Флориді.

Інша брудна технологія, до якої в минулому вдавалися демократи, полягала в тому, щоб прихопити списки тих, хто з певних причин не зможе особисто з'явитися на виборчу дільницю, і відтак проголо­сувати за них заочно. Партійні активісти також навідувалися до бу­динків престарілих, вимагали вида-ти відкріпні талони для всіх по­жильців і надсилали до виборчих комісій ціпі паки з отим «печивом».

Подібна практика трапляється по всій країні, – такого висновку дій-шов Джон Фанд у своїй новій книзі «Виборчі політгехнології: як фаль-сифікація голосувань загрожує на-шій демократії».

Коли кількість бюлетенів «за» та «проти» майже рівна, результати виборів можуть вирішити підтасо-вані голоси. Чи не можна зупинити цих людей перед тим як вони знову голосуватимуть?

Ви дивилися щотижневу «Першу шпальту».

Соседние файлы в предмете [НЕСОРТИРОВАННОЕ]