Today in Russian Business – June 23, 2009

Bloomberg reports that rising oil prices will not encourage economic growth without a recovery in lending and the slump may therefore increase in the second quarter.  The head of the Bank of Russia has said that in June inflation will not exceed 0.5%.  Banks are apparently hoping to offer more help to those that have lost their incomes and are struggling to pay mortgages, which account for $17.3 billion.  Casino giant Harrah’s Entertainment is considering opening a complex in Azov-City, one of the four federal zones designated for gambling.  Ria-Novosti reports that ‘poor infrastructure’ is likely to prevent Russia from creating ‘its own Las Vegas’.  More complaints from IKEA; the company says that bureaucracy has posed several obstacles to its expansion plans.  Billionaire Vladimir Potanin may increase his stake in Norilsk Nickel by buying 25% of the mining company in a joint bid with Uralkali and Siberian Coal Energy Co. from Oleg Deripaska’s Rusal.  The Washington Post reports on the troubles in Vladivostok where workers are still up in arms about tariffs on imported used cars.  Car owners are reportedly planning a protest.