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Today in Russian Business – April 28, 2009

The Economic Development Ministry has announced that unemployment reached 10% last month, and will continue to rise, but at a slower pace.  The government is sticking to its plans to reduce inflation to 8% by 2012, and plans to reduce tax pressure on businesses as of 2011.  In the face of a budget deficit, the state may consider borrowing funds from the World Bank to finance projects.  Russia has also asked the World Bank to offer a partial guarantee on VEB’s bond issue.  In the wake of a budget deficit, Russia will borrow $16.9 billion on the local debt market over the coming year.  Core shareholders in construction company Strabag are set to agree on taking Oleg Deripaska’s 25% stake.  Aras Agalarov’s Crocus Group plans to construct a university in Vladivostok for the 2012 APEC summit, with the help of $8.5 billion from the state.  The recent tax break deal between Cyprus and Russia will include a section making it harder for developers to eschew tax payments through offshore accounts.  Russia has ceased imports of meat from Mexico and the U.S. states of Texas, California and Kansas as a result of swine flu.