Europe's biggest companies reported a combined €100 billion loss from leaving Russia, report says
From February last year, companies have been pulling out their operations en-masse from the state in response to pressure from investors and consumers.
The FT's survey of 600 firms' financial reports showed that 176 of these have faced balance-sheet losses as a result of the sale, closure, or reduction in Russian business. Most of the losses were concentrated in a few heavily-exposed sectors such as energy and utilities. Three companies – BP, Shell and TotalEnergies – faced penalties of €40.6 billion. But the losses were more than covered thanks to higher energy prices which delivered bumper profits.
If energy and utilities were excluded from the survey, the largest writedowns come from Germany's chemical and automotive industries. , just over half of the 1,000 companies that pledged to leave Russia have managed to make a clean break with the country. The tracker was last updated August 7. "Even if a company lost a lot of money leaving Russia, those who stay risk much bigger losses," Nabi Abdullaev, partner at strategic consultancy Control Risks, told the FT."It turns out that cut and run was the best strategy for companies deciding what to do at the start of the war. The faster you left, the lower your loss."
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Explosions hit road bridges between Crimea and occupied Ukraine | CNNExplosions hit critical road bridges linking occupied Crimea with parts of Kherson region under Russian control, Russian authorities say, as Ukraine escalates its targeting of Russian infrastructure and territory.
Baca lebih lajut »
European Commission Accelerates Phasing Out of Animal TestingThe European Commission said it is accelerating the rate at which animal testing will be phased out on the Continent.
Baca lebih lajut »
European stocks head for lower open ahead of inflation data and final earningsEuropean stock markets are heading for a lower open Monday, as the last of earnings season results roll in and with two key inflation prints ahead.
Baca lebih lajut »
Ukraine live briefing: Drone attack on Russian oil tanker near Crimea; Jeddah summit underwayA sea drone hit a Russian oil tanker near occupied Crimea on Saturday, damaging the vessel located in the Kerch Strait of the Black Sea region, Russia said. Follow along for live updates here:
Baca lebih lajut »
Putin ally furious after multiple Black Sea strikesDmitry Medvedev posted an angry message on Telegram after the strikes on Russian vessels.
Baca lebih lajut »
Ukrainian drones hit sanctioned Russian tanker in second sea attack in a dayA Russian tanker under U.S. sanctions was hit by Ukrainian drone near a strategic bridge in the Kerch Strait that links Russia to the annexed Crimean peninsula, Kremlin officials say.
Baca lebih lajut »