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Confidence Ends 3-Month Climb.
(From The Moscow Times)
Business confidence fell in June on concerns over a potential banking crisis and the appearance that the Yukos affair was coming to a head.
The MT Business Confidence Index, compiled from a pool of managers and market watchers, fell by four points to 29, the biggest drop since February. On the MT scale 10 represents the lowest confidence and 50 the highest.
"People are losing confidence in banks," said Alexander Lopukhin, spokesman of the European Business Club. Isolated bank closures over the last month sparked fears of a crisis throughout the banking sector.
The quickening pace of the legal assault against Yukos may have touched off nervousness in some respondents, said Matthew Roazen, general counsel with SUN Group.
The MT Index showed that concern over tax vulnerability had moved up from 32 to 35 this month, where 50 marks highest concern.
During the time the survey was taken, between June 15 and June 25, Yukos and the government appeared to be engaged in negotiations over payment of a $3.4 billion tax bill.
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