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Data points on the financial crisis

10 November 2008 by Mike Gogulski
Posted in diary, economics | 5 Comments »

The financial crisis — or finančná kríza as we call it here in Slovakia — has started to make itself manifest in my own business.

Besides having a rather lousy September in terms of billings, this comes today from the editor of a magazine I do translation and proofreading for, published by the company that is my biggest source of income:

Many clients have cancelled their advertising. Basically, the magazine lives [off revenues] from Slovak companies, with a few from abroad, as you have surely noticed. And there was a high percentage of banks and insurance companies….

Oh boy…

There was also a news story today about J&T Group — a major investment bank in the Czech Republic and Slovakia — cutting sale prices for new luxury apartments in a huge new project it is building on the Danube riverfront by something like 40%.

Rough waters ahead.

  1. 5 Responses to “Data points on the financial crisis”

  2. By Peter Kovar on 10 November 2008

    where did you read about the price-cuts? a link pointer would be highly appreciated :) thank you

  3. By Mike Gogulski on 10 November 2008

    My apologies. I’ve linked the report from eTREND into the post.

    Things are happening here as well as in other places in the world which have been predicted for as long as the past 15 years, as far as I am aware. I spent some time working as editor for a small real estate magazine here. Twelve months ago there was nothing but optimism in the marketplace — with a few, small voices saying “this will not last” — when developers were announcing new build at €5,000 per square meter in Bratislava. Today, that magazine has become an insert into a travel and lifestyle publication.

  4. By Mike Gogulski on 10 November 2008

    Of course, the other question for you, Peter, is: Why? Are you considering a new flat at River Park? :)

  5. By Peter Kovar on 11 November 2008

    well, not YET :), but I am desperate to find out, that after month and a half in Prague you are more informed about what’s actually goin on in Bratislava than I am :)

  6. By Mike Gogulski on 11 November 2008

    Oh, pshaw! I find one link on Martin Rojko’s blog and post it, and suddenly I’m an expert? Vôbec nie :)


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