DOCSLIB.ORG

The Bankruptcy Problem of Tourist Enterprises in Russia and Abroad

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Bankruptcy Problem of Tourist Enterprises in Russia and Abroad International Journal of Innovative Technology and Exploring Engineering (IJITEE) ISSN: 2278-3075, Volume-9 Issue-3, January 2020 The Bankruptcy Problem of Tourist Enterprises in Russia and Abroad Lebedeva T.E., Egorov E.E., Andryashina N.S., Zhulkova Y.N., Ilyicheva E.V. bankruptcy of tourism enterprises in foreign countries occurs Abstract: The article considers the issue of bankruptcy of not as often as in Russia in recent years [4,6]. tourism enterprises in the world tourism centers and Russia. The The purpose of the study is to analyze the insolvency of tour topic of the article in modern conditions is relevant. It is important operators and agencies of Russia and foreign countries. for the development of the tourism product and choosing tour The study set several important objectives: operators on the market. It is particularly relevant in connection with the fact that, with a certain regularity, tour operators are 1) on the basis of the generalized theoretical shutting down. The authors see the purpose of the study in the information, study the conceptual apparatus, goals, and formation of proposals to minimize negative consequences. They objectives of the institute of the bankruptcy of tourism analyzed the theoretical foundations of bankruptcy and the enterprises in Russia and foreign countries; existing bankruptcy process in Russia. The experience of Great 2) consider the classification of the causes of Britain, USA, France, Germany and other countries was analyzed bankruptcy; and, special emphasis is placed on solving this problem in Russia. 3) analyze a comparative analysis of the system and The analysis, devoted to the study of the theoretical sources of legal regulation of insolvency (bankruptcy) of foundations of the tourism enterprises bankruptcy, allowed us to conclude that this is an economically justified phenomenon, the tourism industry enterprises in Russia and foreign countries. onset of which will happen sooner or later. The formulated conclusions will allow a new look at the II. THEORETICAL AND METHODOLOGICAL bankruptcy problem of tour operators. APPROACHES Keywords: bankruptcy, liquidation, tourism, Russia, analysis, At the moment, there is no fundamental research in tourist operator. which the bankruptcy of Russian tour operators and agencies was considered in comparison with European countries and I. INTRODUCTION the USA [5,7]. In the domestic economic thought, the problem of The relevance of the study is due to the fact that the bankruptcy at the present stage is connected primarily with bankruptcy of companies in the tourism industry over the past the general issues of functioning of enterprises. It is worth 10 years in Russia and foreign countries is of considerable highlighting several leading economists specializing in interest to researchers in various countries. However, until specific insolvency issues: V.F. Popondopulo, E.A. Vasiliev, now, attempts to conduct a comparative analysis of the causes E.V. Naumova, I.V. Ershova, K.K. Lebedev, M.V. in companies, taking into account the legal specifics, are Telyukina, V.S. Belykh, M.L. Skuratovsky, A.B. Ageev, S.E. exclusively fragmentary. Bankruptcy problem of tourism Zhilinsky, V.N. Tkachev, T.P. Shishmareva, E.S. Yulova, enterprises in Russia is conditionally divided into two Guryev A.V. and others [4,10,12]. periods: However, there are no special analytical studies on – Transition phase from 1991 to 1998; the bankruptcy of Russian tour operators and agencies in – Modern stage from 1998 to 2018. comparison with the experience of foreign countries. Such graduation helps the researcher to consider, on Institution of bankruptcy is an interconnected system the one hand, the bankruptcy of Russian companies, taking of legal norms, acting as a regulator of public relations related into account the formation of a new tourism market before the to insolvency (bankruptcy) of legal entities and individuals, as crisis of 1998, on the other hand, the problem of bankruptcy at well as its prevention [3,9]. In the legal system of European of the present stage. countries, the United States and Russia, we can confidently Bankruptcy of tour operators and agencies in foreign say that there are some differences here, primarily related to countries is considered in the period from 2008 to 2018. This the balance of interests between the company and creditors, approach is connected primarily with the fact that the with the corresponding application practice which follows from here. Revised Manuscript Received on January 5, 2020 * Correspondence Author Bankruptcy refers to the failure of a company to fully Lebedeva Tatiana Evgenievna Minin Nizhny Novgorod State meet its obligations to creditors admitted in the arbitration Pedagogical University court. There are no differences between the European tourism [email protected] market and the Russian in this context. Egorov Evgeny Evgenievich Minin Nizhny Novgorod State On the territory of the Russian Federation, Pedagogical University Andryashina Natalia Sergeevna Minin Nizhny Novgorod State bankruptcy is considered, in the framework of the current Pedagogical University legislation - the Federal Law of October 26, 2002. N 127-FL Zhulkova Yulia Nikolaevna Minin Nizhny Novgorod State ―On insolvency (bankruptcy)‖ Pedagogical University [15]. Ilyicheva Elena Vladimirovna Nizhny Novgorod State Engineering and Economic University Published By: Retrieval Number: C8453019320/2020©BEIESP Blue Eyes Intelligence Engineering DOI: 10.35940/ijitee.C8453.019320 3387 & Sciences Publication The Bankruptcy Problem of Tourist Enterprises in Russia and Abroad In Europe and the USA, the term ―bankruptcy institution‖ is creditors. In tourism, large tour operators resort to lending at most often referred to as competition law; therefore, when once to several banking institutions, therefore, bankruptcy working with different sources of information, attention proceedings involve only strictly defined obligations in court should be paid to the discrepancy of interpretations, despite [19, p. 27]. (see Figure 1). the same semantic meanings [19, p.18]. As you know, the bankruptcy of the company is primarily connected with the failure to comply with the requirements of Figure 1 — Grounds for bankruptcy proceedings Comparing the main causes of bankruptcy in the Countries such as the United States, the United Russian and foreign tourism market. It is necessary to take Kingdom, France, Germany and Russia have different into account the fact that bankruptcy institutions in different priorities in the field of bankruptcy, from satisfying creditors' countries have their own specifics, first of all because of the claims to preserving the business of a conditional debtor. legal framework that was shaped by various factors (tab.1) Tab 1 - Comparative characteristics of bankruptcy procedures in Russia and foreign countries Debtor Manager Banking system Signs Type of procedure Management availability priority Appointed by the Debtor bankruptcy USA Retentive court system Reorganization Appointed by the Procreditor Great Britain creditor bankruptcy system France Retracted Debtor bankruptcy Elimination Germany system Appointed by the Japan Reorganization court Retentive / Neutral Russia Elimination Retracted The reasons for bankruptcy of companies in tourism can be changes in legislation and others. Internal factors are related quite different, so in the world practice there is no unified directly to operational activities, including incompetence of standard. However, there are some differences between management, errors in strategic planning, various knowingly Russia and European countries. The fact is that in our country risky activities (‖ dumping‖). the classification of the causes of bankruptcy is directly Thus, the reasons for bankruptcy of companies can associated with the life cycle of the enterprise [4], and abroad combine both a certain set of factors related exclusively to the there is a gradation of the authoritative economist M.D. Ames specificity of the activity, and common to all. [16]. M.D. Ames identified the following reasons for the III. RESULTS OF THE STUDY bankruptcy of companies: Bankruptcy procedures of tourism enterprises in different – lack of management; countries have several key differences. On the one hand, it is – lack of capital; necessary to take into account the balance of interests of the – an unsuccessful location; insolvent company and creditors, on the other hand, the – poor working capital efficiency; degree of involvement of the judiciary in the proceedings. In – excessive investment; addition, there are procedures aimed at reaching an agreement – lack of a restrained credit policy; between company and creditors, as well as activities of a – unintended expenditure of the company's funds; purely administrative nature. – problems associated with business growth. There are also external and internal causes. External include those that do not depend on the activities of the company itself. They are market factors, political instability, Published By: Retrieval Number: C8453019320/2020©BEIESP Blue Eyes Intelligence Engineering DOI: 10.35940/ijitee.C8453.019320 3388 & Sciences Publication International Journal of Innovative Technology and Exploring Engineering (IJITEE) ISSN: 2278-3075, Volume-9 Issue-3, January 2020 It is known that the Federal legislation of the United States Licence‖ (―ATOL‖). Issuance of licenses is carried out in this does not regulate the activities of tour operators and travel country since 1970 by ―Civil
Load more

Recommended publications
  • JANUARY European Parliament Vote on Airport Charges (15 January)
    REVIEW www.airtransportnews.aero JANUARY European Parliament vote on airport charges (15 January) he European Parliament concluded its first reading on a proposed Directive on airport charges, initially the Directive will only incentivise conflicts between airlines and airports, resulting in uncertainty over infra - adopted by the European Commission a year ago. ACI EUROPE is appreciative of the European Parlia - structure investments and potentially delaying much needed capacity development. Olivier Jankovec added: T ment’s work to improve the proposal of the European Commission, but considers that serious concerns "That the Directive is silent on the need for airports to be incentivised to invest in time for the new facilities regarding fundamental issues remain. These include risking costly and damaging over-regulation as well as com - to match demand, is puzzling. It shows that the Directive not only remains imbalanced in favour of airlines but promising the ability of European airports to finance much needed infrastructure and capacity development. also fails to reflect that the interests of the airlines and that of the travelling public are not the same." Whilst the European Commission proposed to apply the Directive to all airports with more than 1 million pas - Responding to the vote of the European Parliament on Airport Charges, IACA is extremely disappointed that an sengers per year, the European Parliament increased this figure to 5 million, leaving States still free to apply opportunity to address the unbalanced relationship between the fully deregulated airline sector and their mo - the Directive to airports below this threshold. As most European airports now operate in a highly competitive nopolistic service provider (airports) has been missed.
    [Show full text]
  • Client Alert New Decision on Abuse of Dominance by March 2017 Vietnam Competition Council
    Antitrust and Competition Vietnam Client Alert New Decision on Abuse of Dominance by March 2017 Vietnam Competition Council Background Information In April 2014, Vietnam Competition Administration Department ("VCA") received a complaint from Trading Tourism Co., Ltd. ("AB Tours Company") alleging Anh Duong Manufacturing Trading Services Import & Export Co., Ltd. ("Anh Duong Company") of implementing conducts of abuse of dominant position on the market of tour organization for tourists from Russia, Ukraine and other Commonwealth of Independent States ("CIS") countries visiting certain provinces in Vietnam. To be specific, Anh Duong Company (i.e., a partner of Pegas Touristik Group in Vietnam) entered into agreements with hotels in Nha Trang, Phan Thiet, Phan Rang and Phu Quoc Island (collectively, the "Partner Hotels") obligating the Partner Hotels to only accept tourists from Russia, Ukraine and other CIS countries introduced by Anh Duong Company. As a result, the Partner Hotels declined to offer rooms to tourists introduced by AB Tours Company and other tourism services providers despite the fact that they had vacant guest rooms. In 2015, VCA carried out an official investigation into the case and by 28 March 2016, VCA transferred the file to Vietnam Competition Council ("VCC") for resolution. www.bakermckenzie.com Decision of VCC Baker & McKenzie (Vietnam) Ltd. VCC concluded as follows: 12th Floor, Saigon Tower 29 Le Duan Blvd The relevant market is the tourism services market for Russians, District 1 Ukrainians and visitors from other CIS countries at tourism destinations Ho Chi Minh City with beaches that are popular to the said foreigners in Vietnam and, Socialist Republic of Vietnam Tel: +84 8 3829 5585 therefore, Anh Duong Company is in a dominant position with 51.6% of Fax: +84 8 3829 5618 the market share.
    [Show full text]
  • Thomas Cook Group Plc Annual Report & Accounts 2011
    Thomas Cook Group plc Annual Report & Accounts 2011 plc Annual Thomas Cook Group Thomas Cook Group plc Annual Report & Accounts 2011 Thomas Cook Group plc Annual Report & Accounts 2011 Taking action to strengthen our business. Thomas Cook Group is one of the world’s leading leisure travel groups, with sales of £9.8bn and 23.6m customers. We operate under six geographic segments in 22 countries and are number one or two in our core markets. 2011 has been a challenging year for Thomas Cook, largely due to the disappointing performance of our UK business and the impact caused by the disruption in the MENA region, particularly on our French business. Our 2011 Annual Report is our platform to present to you the strength inherent in the scope of our business, together with the changes we have made and our plans to better position the Group for the future. Contents Directors’ Report: Business Review Financial Statements The Group’s financial and operational performance, Audited financial information for the Group and our business model, strategy and key risks key information for shareholders 01 Financial summary 73 Independent auditors’ report 02 Chairman’s statement 74 Group income statement 04 Where we operate 75 Group statement of comprehensive income 06 Joint statement from the Group Chief Executive Officer 76 Group cash flow statement and Group Chief Financial Officer 77 Group balance sheet 12 Market review 79 Group statement of changes in equity 13 Our business model 80 Notes to the financial statements 14 Our strategy 128 Company balance
    [Show full text]
  • XL Leisure EMCC Case Studies
    The impact of bankruptcy on restructuring in the UK tourism sector: XL Leisure EMCC case studies Click for contents Wyattville Road, Loughlinstown, Dublin 18, Ireland - Tel: (+353 1) 204 31 00 - Fax: (+353 1) 282 42 09 / 282 64 56 email: [email protected] - website: www.eurofound.europa.eu Contents Introduction 1 Company profile 2 Timeline of the company’s collapse 3 Legal context for company bankruptcy and collective redudunacies 7 Administration and redundancy process at XL Leisure 14 Measures to assist redundant XL Leisure employees 21 Lessons learnt 23 Bibliography 25 Annex 1 27 Introduction The collapse of package-holiday giant XL Leisure Group made front-page news in September 2008, with tens of thousands of British holidaymakers stranded in airports across Europe and hundreds of employees made redundant. As the company’s assets were frozen, flights grounded and holidays cancelled, the scale and nature of the meltdown quickly became apparent. Indeed, the operator’s demise was one of the earliest examples of the credit crunch affecting businesses. The size of debt amassed by XL Leisure, its previous failed restructuring, uncontrolled growth and mounting overheads meant that the company had been on the brink of insolvency for some time. The precarious financial situation into which the Group had sunk prior to collapse was only exacerbated by the economic downturn. The resulting hardships for employees and customers have raised questions over the way in which tour operators in the UK are run and how restructuring and insolvency in this industry are managed under less favourable market conditions. © European Foundation for the Improvement of Living and Working Conditions, 2009 1 Company profile 1 XL Leisure Group plc was a large travel and leisure company with offices in the UK, Ireland, France and Germany.
    [Show full text]
  • Third Quarter Results Presentation for Analysts 25 September 2006 Content
    Third quarter results Presentation for analysts 25 September 2006 Content 1 Financial Overview – Birgir Haraldsson, Director Audit 2 Aviation Services – Hafþór Hafsteinsson, CEO 3 Shipping & Logistics – Baldur Guðnason, CEO 4 Charter & Leisure – Magnus Stephensen, CEO 5 Summary – Magnús Þorsteinsson, Chairman Financial overview Birgir Haraldsson, Director Audit Financial overview • All companies started using the accounting year 1.11-31.10 at beginning of November 2005. • The comparative figures in the financial statement are for the 10 month period 1 January – 31 October 2005 • Operating revenues $ 1,400 million • Operating expenses $ 1,424 million • Loss before tax $ 83 million • Net loss $ 69 million 4 Financial overview • Total block hours flown decreased by 43% to 71,000 in Aviation Services • Number of passengers increased by 14% to 2,933 in Charter & Leisure • Total tonnes transported increased by 16% to 1,677 in Shipping & Logistics • EBITDA: $ 34 million • EBITDA / revenues: 2,5% • EBIT: $- 24 million • EBIT / revenues: -1,7% • Total assets: $ 2,129 million • Total equity: $ 523 million • Equity ratio: 25% • Current ratio: 0.98 5 1 Financial Overview 2 Income Statement & Cash flow 3 Balance Sheet 6 Income Statement for 3Q 2006 All amounts in $ ,000 2005/6 2006 2005 1.11-31.7 3Q 1.1-31.10 Net sales ............................................................................... 1.374.319 668.778 1.379.537 Other income ........................................................................ 25.335 7.653 21.954 Total operating revenue 1.399.654 676.431 1.401.491 Aviation Services .................................................................. (316.531) (94.829) (367.017) Charter & Leisure ................................................................. (744.514) (428.181) (797.999) Shipping and Logistics ......................................................... (362.605) (133.837) (189.793) Total operating expenses (1.423.650) (656.847) (1.354.809) Operating result.............................................................
    [Show full text]
  • Marketing Communications in Tourism and Hospitality
    Marketing Communications in Tourism and Hospitality This page intentionally left blank Marketing Communications in Tourism and Hospitality Concepts, Strategies and Cases Scott McCabe AMSTERDAM • BOSTON • HEIDELBERG • LONDON • OXFORD • NEW YORK PARIS • SAN DIEGO • SAN FRANCISCO • SINGAPORE • SYDNEY • TOKYO Butterworth-Heinemann is an imprint of Elsevier Butterworth-Heinemann is an imprint of Elsevier Linacre House, Jordan Hill, Oxford OX2 8DP, UK The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, UK First edition 2009 Copyright © 2009 Elsevier Ltd. All rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone ( ϩ 44) (0) 1865 843830; fax ( ϩ 44) (0) 1865 853333; email: [email protected]. Alternatively you can submit your request online by visiting the Elsevier web site at http://elsevier.com/locate/permissions , and selecting Obtaining permission to use Elsevier material Notice No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record for this book is available from the Library of Congress ISBN: 978-0-7506-8277-0 For information on all Butterworth-Heinemann publications visit our web site at elsevierdirect.com Printed and bound in Hungary 09 10 10 9 8 7 6 5 4 3 2 1 To Lisa, Kieran and Harry.
    [Show full text]
  • Travel and Tourism in Russia to 2018
    Travel and Tourism in Russia to 2018 Report Code: TT0174MR Publication Date: November2014 www.tourism-ic.com John Carpenter House 7 Carmelite Street London EC4Y 0BS United Kingdom Tel: +44 (0)20 7936 6400 Fax: +44 (0)20 7336 6813 Travel and Tourism in Russia to 2018 Page 1 © Travel &Tourism Intelligence Center. This product is licensed and is not to be photocopied Published: November 2014 SUMMARY 1 SUMMARY The Travel and Tourism sector in Russia is still in the initial stages of development, especially for leisure purposes. Due to the high cost of tours in the country, many Russians prefer outbound trips over domestic ones. This is also a key reason behind the small size of the inbound tourism market, with a total of XX.XX million trips in 2013. Both the inbound and outbound tourism markets are largely dependent on neighboring countries such as Ukraine and Kazakhstan. As these countries are well connected to Russia through roads, land is the preferred mode of transport for tourists. The number of domestic trips increased from XX.XX million in 2009 to XX.XX million in 2013, at a CAGR of XX.XX %. This growth is attributed to the increase in disposable income due to economic growth; leisure trips accounted for XX.XX % of the total domestic trips in 2013. Currently, the inbound tourism market is largely driven by visiting friends and relatives (VFR) along with a growing role for business trips. VFR accounted for XX.XX of the inbound trips in 2013, while business trips represented XX.XX %. The Ukrainian crisis had a significant adverse impact on the inbound and outbound tourism markets in Russia, which is expected to remain throughout the forecast period.
    [Show full text]
  • Dft-2011-17 ATOL Consultation Document
    Do not remove this if sending to Page Title ATOL Reform Consultation Document June 2011 The Department for Transport has actively considered the needs of blind and partially sighted people in accessing this document. The text will be made available in full on the Department’s website in accordance with the W3C’s Web Content Accessibility Guidelines. The text may be freely downloaded and translated by individuals or organisations for conversion into other accessible formats. If you have other needs in this regard please contact the Department. Department for Transport Great Minster House 76 Marsham Street London SW1P 4DR Telephone 0300 330 3000 Website www.dft.gov.uk © Crown copyright 2011 Copyright in the typographical arrangement rests with the Crown. You may re-use this information (not including logos or third-party material) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit www.nationalarchives.gov.uk/doc/open- government-licence/ or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or e-mail: [email protected]. Where we have identified any third-party copyright information you will need to obtain permission from the copyright holders concerned. Contents Foreword ............................................................................................................ 4 Executive summary ............................................................................................ 6 Introduction....................................................................................................
    [Show full text]
  • Kenya Economic Report 2013 Report Economic Kenya 9 789966 058010 01
    Creating an Enabling Environment for Stimulating Investment for The Kenya Institute for Public Policy Research and Analysis (KIPPRA) is an autonomous institute whose primary mission is to conduct public policy research Competitive and Sustainable Counties leading to policy advice. KIPPRA’s mission is to produce consistently high-quality analysis of key issues of public policy and to contribute to the achievement of national long-term development objectives by positively influencing the decision-making process. These goals are met through effective dissemination of recommendations resulting from analysis and by training policy analysts in the public sector. KIPPRA therefore produces a body of well-researched and documented information on public policy, and in the process assists in formulating long-term strategic perspectives. KIPPRA serves as a centralized source from which KENYA ECONOMIC the Government and the private sector may obtain information and advice on public policy issues. KIPPRA acknowledges generous support from the Government of Kenya (GoK), the REPORT 2013 European Union (EU), the African Capacity Building Foundation (ACBF), and the Think-Tank Initiative of IDRC. Creating and Creating Enabling Environment for Stimulating and Investment Competitive Sustainable for Counties Our Vision To be the leading institute in public policy research and analysis; an international centre of excellence Our Mission To provide quality public policy advice to the Government of Kenya and other stakeholders by conducting objective research
    [Show full text]
  • Aeroflot Group C Apital Markets Day 2016
    AEROFLOT GROUP C APITAL MARKETS DAY 2016 Moscow, 18 October 2016 Disclaimer 232 Chart Colours 235 240 This document has been prepared by PJSC “Aeroflot” (the “Company”). By attending the meeting where the presentation is made, or by reading the 182 presentation slides, you agree to the following. 196 204 This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation or distribution form 135 157 the basis of, or be relied on in connection with, any contract or investment decision. 179 No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. 0 No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or 112 agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its 192 contents. 59 This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements 100 regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial 135 condition, liquidity, prospects, growth, strategies, and the market in which the Company operates. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
    [Show full text]
  • Monthly Newsletter Baltic Management Development Association
    Monthly newsletter Baltic Management Development Association Volume 4, Issue 4, 2015 BMDA NEWS SUCCESS OF THE 13TH ANNUAL BMDA CONFERENCE “REGIONAL INNOVATIONS FOR GLOBAL COMPETITIVENESS” The conference took place on May 6-8 in Vilnius, Lithuania and was hosted by ISM University of Management and Economics. The unique event combined presentations of the Academic and Business leaders, questions-answers sessions, company visits, specially designed “World Café” discussion and fulfilling networking and cultural events. The Conference attracted almost one hundred participants from 21 country. The Conference was sponsored by JSC “Arvi” ir ko, “Emerald Group Publishing”, SC “Linas”, JSC “Taurapolis”, and JSC “Visionary Analitics”. The first day of the Conference, “Academic Solutions and Insights”, was dedicated for the academic community. During the first part of the day, the finalists of the International Competition of Early Stage Researchers were presenting their ideas in Management and Economics. On the second part of the day, insights on how to manage Business Schools in fast changing environment were presented by the Deans from different successful business schools around the world (Morocco, Kazakhstan, Latvia, etc.). Later, the newest learning resources were presented by the representatives from Project Management Institute, Cengage Learning, Oxford University Press and CEEMAN. The first day of the Conference ended with signing Ceremony of the agreement of continuing bilateral cooperation between Almaty Management University and ISM University of Management and Economics. (Continued to page 2) BMDA NEWS SUCCESS OF THE 13TH ANNUAL BMDA CONFERENCE “REGIONAL INNOVATIONS FOR GLOBAL COMPETITIVENESS” (Continued from page 1) The second Conference day, “Business Solutions for Leading Organizations”, started with welcome words from Dr.
    [Show full text]
  • February 2008
    Aviation Strategy Issue No: 124 Jan/Feb 2008 Perfect storm or squalls? ith over 7,000 narrowbodies and widebodies on order, the man- CONTENTS Wufacturing backlog has reached epic proportions. At the same time airline economic prospects appear to be deteriorating and the Analysis subprime crisis is filtering throughout the global financial structure. This may not represent the "perfect storm" that Michael O'Leary of Ryanair has predicted, but it does presage some violent squalls. Global backlogs 1 The European LCC sector, which accounts for most of narrowbody backlog, is going to go through an interesting phase. Ryanair has left itself exposed to continued high fuel prices through not having hedged Consolidation of - in contrast to easyJet. Some of the smaller newcomers have more Europe’s charter industry fundamental problems - Vueling and SkyEurope appear to have failed to find a sustainable operating model and their attempts to expand • The integration of the TUI beyond their base airports - Barcelona and Bratislava/Budapest - have Travel Group and the evolution proved to be very cash-draining. of TuiFly Indian LCCs have transformed the domestic market - from 14m passengers five years ago to over 40m in 2007 - but multi-LCC com- • Other specialist petition on the main routes is just unsustainable (LCCs in Europe European charter airlines avoided direct competition in their developmental stages and even 2-8 today avoid it wherever possible). There is a possibility that some of the Indian airline backlog will be used for leasing ventures. The leasing companies themselves have some worries. Financing Briefing through securitisation products is becoming more difficult as lenders begin to worry about the underlying credit risk of the airline customers Southwest Airlines: and the accuracy of residual aircraft value predictions.
    [Show full text]