Sberbank’s profits, at $594 million, are down 85% from last year. The central bank have cut interest rates to a record low of 9% in an attempt to stave off the destabilizing effects of speculation and slow the appreciation of the ruble. Vladimir Putin will hold talks with Renault this week in a bid to lobby for its assistance in rescuing AvtoVAZ. Nestle is fighting tax officials who want Rossia, its confectionary plant, to be liquidated due to its serious financial problems.
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