Today in Russian Business – April 16, 2012

A long-term economic development plan outlined by the Economy Ministry says that, contrary to popular belief, Russia will need to run a budget deficit over several years to increase its economic growth rate. The ministry also announced that growth will not match targets set by Vladimir Putin during his election campaign, even if the government’s plans for modernization come to fruition.  Reuters reports that Russia will back Jim Yong Kim, the US nominee for the next World Bank chief.  The Central Elections Commission has ruled that Russians cannot vote in a referendum on the country’s future membership in the WTO, stating as one of the reasons that Russian is not the official language of the trade organization.  In Vladivostok a major engineering showpiece, one of the world’s largest cable-stayed bridges, has been completed as the city gears up to host the Asia-Pacific Economic Cooperation Summit.  Alfa Capital Holdings, a branch of Mikhail Fridman’s Alfa-Group, has reportedly acquired a 10.7% stake in Russian property developer Open Investments.  Tycoon Boris Zingarevich has caused controversy by purchasing United States battery manufacturer Ener1, which was granted subsidies by the US government as part of a stimulus package.   On property prices going through the roof in Moscow.  ‘I wanted to serve and be of use to my own country. But you cannot put your head against the wall and keep pushing it’: the Moscow Times reports on why Russian rifle maker Vladislav Lobayev has had to seek out opportunities abroad.