Even with the auspicious news of Kazakh oil bypassing Russia on its way to American markets through a pipeline in Azerbaijan, there was good news: Russian oil production rose to its highest point in 2008 in October. Meanwhile, an abstract painting by the 20th century Russian artist Kazimir Malevich sold for $60 million at an auction in New York. Too bad Russia’s planned Las Vegas-styled gambling mecca by the Azov Sea is on the fritz, at least for now. “It’s just not going anywhere fast,” said a representative from a U.S. firm that advised on developing one of the resorts. A new survey from VTB Bank Europe says a key index for Russia’s manufacturing activity dropped last month to its lowest level since October 1998. And the Bank of Cyprus announces its takeover of Uniastrum Bank.
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