Today in Russian Business – July 30, 2009

Templeton Asset Management’s assets in emerging markets will reportedly be doubled to $50 billion, says company executive chairman Mark Mobius, and Russia may count for 20% of that portfolio, as opposed to its current 10% portion.  ‘Emerging markets will be the first to climb out of the crisis, and Russia will be one of the leaders’, Mobius comments.  Oleg Deripaska may have a fighting chance to prop up his beleaguered empire as lenders agree to restructure the debts accrued by his companies, with banks agreeing to extend a freeze on repayments of $7.4 billion worth of loans. Prime Minister Putin has cautiously suggested that in 2010, ‘we we should enter the trajectory of post-crisis recovery‘.  Next year budget spending will go down by 27.4%.  The Moscow Times reports on the Forest Code, a series of laws gradually introduced since 2006 which have hit timber firms hard.  Airlines are struggling with passenger volume down 20% in the first six months of the year.  According to the Guardian, the Economist has settled a libel action brought by reclusive billionaire Gennady Timchenko and the oil company he co-owns, related to an article published in November 2008.