fbpx

Today in Russian Business – April 30, 2010

The New York Times on the Daimler case: ‘the latest in a series of cross-border investigations into corporate bribery that appears to reflect a stark difference in how Russian and foreign governments approach corruption‘.  Dmitry Medvedev is urging bureaucrats and business leaders to put full effort into developing the Skolkovo high-tech business park that, it is hoped, will diversify Russia’s economy.  ‘We want this project to be full of life.‘  Perhaps that’s why the project is being offered so many incentives, including exemption from major taxes.  He also said that Russia should develop its own computer games industry, noting the popularity of gaming with teenagers.  Wal-Mart is looking beyond the possibility of acquisition as part of its planned entry into the Russian market, which could lead it to build its own stores in high-density residential areas.  It is unclear why Uralchem has dropped its plans for an IPO on the London Stock Exchange, says the Times, suggesting that poor investor demand could be to blame and noting interference from a former shareholder.  Reuters cites market conditions.  The latest central bank interest cut takes it to a ‘record low‘ of 8%, effective today.