fbpx

Today in Russian Business – Nov 25, 2011

Uralsib Capital has reportedly cut its forecast for Russian economic growth in 2012 from a previous estimate of 4% to 2.8 % on the basis that the global recession will reduce oil prices.  UNICEF and the Audit Chamber have noted that whilst almost 20% of the Russian population is under 18 years old, only 2% of the federal budget is spent on child welfare, and for the most part, ineffectively.  According to Ria-Novosti, over $30 billion will be spent on the provision of arms and military equipment to the Russian Armed Forces next year, an increase of 17% on the previous year.  State quotas for temporary work and residency permits for migrants are apparently being slashed for the fourth year in a row, the government has decreed.  Grocery chain Dixy is enjoying higher revenues, thanks, in part, to the acquisition of a smaller rival Victoria in mid-June.  Tycoon Suleiman Kerimov’s vehicle Nafta-Moskva has told Reuters that it may increase its newly-acquired stake in telecoms operator Rostelecom and seek a seat on the company’s board.  Walt Disney Co. apparently paid $300 million for a stake in a Russian broadcaster Seven TV, owned by billionaire Alisher Usmanov and his partner Ivan Tavrin.