Today in Russian Business – Aug 11, 2011

The price of buckwheat has fallen 26%, and should continue to fall, thanks to an improved (and possibly almost doubled) harvest this year.  China, India and Malaysia will overtake Russia this year and next as the world’s largest raw-sugar importers.  Russia’s cash injection to boost liquidity could come to $5.4 billion.  U.S. farm machine maker Deere is being probed for suspected violations of anti-bribery laws regarding payments made in countries including Russia.  Russian satellite system Glonass has secured backing from Nokia, which will release a mobile that supports both Glonass and GPS next year.  Sberbank is to begin offering pre-approved loans via the Internet in a bid to increase its market share.  Gazprombank will get a $1.2 billion, 3-year syndicated loan from a group of international banks.  Russian Helicopters will announce ‘several major contracts’ at its air show next week.  ‘While foreign investors and economists remain cautious on Russia, the rapid development of the local ruble bond market belies this stance and highlights the remarkable transformation the country has made.’  The Guardian reports on the bargain sale of Russia’s Varyag aircraft-carrying ship for $20 million to China.  25,000 tons of German pork have been returned by Russia over concerns about enteric bacteria.  Russia has earmarked $8.4 billion to build the Vostochny space center in the Far East, construction of which will begin this year and is forecasted to end in 2016.  Rosboronexport won a 17% fee on a $315 million contract to supply helicopters to the U.S. army.