fbpx

Today in Russian Business – May 29, 2012

According to new data, following a promising start to the year, Russia’s economy lagged somewhat in April, as growth in domestic consumption failed to compensate for weak exports.  Unemployment in Russia currently stands at nearly 6%, according to the standards of the International Labor Organizations.  The most recent round of redundancies at investment bank Renaissance Capital, which has just announced its biggest loss in ten years, are not likely to be the last, analysts have warned.  The European Bank for Reconstruction and Development is apparently ready to sell its 16.8% stake in the joint venture between state-controlled automaker AvtoVAZ and General Motors to the two companies.  Russian investment group Summa will reportedly pay almost $186 million for a 50% minus one share stake in Russian state grain trader United Grain Company, making it a major player in one of the world’s biggest wheat markets.