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Today in Russian Business – July 14, 2011

A Reuters analysis argues that the Volga river disaster is an apt if frightening symbol of the endemic corruption which bedevills all of Russian infrastructure.  The FT concurs in an article which see the modernization of industry as key to economic progress.  Russia’s central bank has pledged that the record $14 billion bailout of Bank of Moscow will be be a one-off.  Media mogul Alexander Lebedev has weighed in on the Rupert Murdoch phone-hacking scandal suggesting that News Corp should not be allowed to bid for the 61% of BSkyB it does not already own. Walt Disney Studios Sony Pictures Releasing, has according to the Moscow Times, lost a court appeal against tax authorities who accused it of underpaying $2.6 million.  In a landmark ruling, McDonald’s has reportedly convinced Russian authorities that its outlets are supermarkets rather than restaurants, in an attempt to escape an increased tax burden.  Read here about one industry cementing an interest in Russian growth. It may have been clear to tipsy consumers all along, but now is the turn of the Federation Council to finally acknowledged that beer is alcohol.