Today in Russian Business – August 26, 2009

The chairman of the German government-backed trust designed to oversee the sale of Opel has said that GM cannot afford to keep control of the European unit, as it needs to focus on its fortunes stateside.  According to the New York Times, the company’s Vice President maintains that it wishes to sell but that certain questions remain.  The president of AvtoVAZ, Boris Alyoshin, has resigned.  Russia plans to create a holding company to put together the state’s stakes in the country’s two biggest car makers, Avtovaz and Kamaz.  Car manufacturer Gaz is adapting to the conditions of a low-demand market, says its CEO.  The Moscow Times reports that the number of consumers planning to buy a car within the next year has doubled to 6%.  VTB has acquired rights to a controlling stake in developer Don Stroy.  The Stem Cell Institute will hold Russia’s first IPO in a year, hoping to draw in around $4.75 million from investors.  Sberbank will restart lending in foreign currencies next week as the risks of devaluation lessen.  Viktor Vekselberg’s Oerlikon may slash up to 2,500 more jobs.