Today in Russian Business – April 10, 2009

Economic Development Minister, Elvira Nabiullina, has said that a reworked anti-crisis program will soon be submitted to the cabinet.  Russia announced a budgetary deficit of $1.5 billion in the first quarter.  Foreign Minister, Sergei Lavrov, says that the world’s financial systems will have to be radically overhauled in the wake of the crisis.  Banks’ bad loans may increase fourfold to $70 billion this year.  Russian Railways is predicting losses of $1.48 billion in 2009 and will make 53,700 workers redundant.  The investment branch of Russian lender VTB has created an index for foreign investors to speculate on whether the ruble will fall.  Mobile Telesystems says Blackberries will go on sale in Russia within the next two weeks.  Meat firm Cherkizovo announced a 27% increase in net income, and is positive about prospects in 2009.  Sales at X5 Retail Group’s low budget grocers have increased by 46%.  The Central Bank of Russia has removed the license of Moscow’s Russian Bank for Business Cooperation.  Russia, the biggest supplier of arms to the developing world, has sold $16 billion of weapons to China since 2001, Bloomberg reports.