Russia has moved up one step to 39th place in the World Economic Forum’s Financial Development Report, a global ranking of financial development, which described its institutional environment as ‘relatively weak‘ and highlighted a lack of corporate governance. A new report by Renaissance Capital suggests Russia will bear the brunt of the global recession in the first half of next year, bringing annual economic growth to 2.3% in 2012. Delovaya Rossia’s Business Against Corruption council explains to the Moscow Times how none of Russia’s political parties have a successful plan for fighting corruption. Bloomberg reports on how the Kremlin has driven out some of biggest Western retail banks and is now working on conquering the investment-banking sector. Potential presidential candidate Mikhail Prokhorov has reportedly been thwarted in his attempts to purchase media holding Kommersant. Russian coking coal and steel producer Mechel has dismissed an internet report that it had purchased the Rostov Electrometallurgical Plant.