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Today in Russian Business – April 8, 2009

During the Italian business mission to Russia, Italian defense enterprise Finmeccanica bought 25% of jet-maker Sukhoi’s civil aviation unit.  Russia’s corporate debt stood at $423 billion on April 1, showing a drop of $30 billion.  The Bank of Moscow is seeking a $300 million loan from foreign lenders, according to Bloomberg.  State banks Sberbank and VTB have agreed bridge loans of $239.5 million with Avtovaz.  It is reported that Truck manufacturer Kamaz cut production by 61% in the January-March period.  Boeing Co will help Russian airlines find US credit for new planes.  Russia’s gold and foreign exchange reserves decreased by 10% in the first quarter of 2008.  The Telegraph analyzes the Kremlin’s motives in using state-owned bank loans to help indebted state-owned Gazprom buy its share in Eni.  The number of unemployed in Russia is over 2 million, in statistics released by Health and Social Development Ministry.  Russia’s consumer confidence reportedly plummeted to a 10-year low in the first quarter.  Martin Gilman provides some anti-scaremongering ‘economic truths’ in the Moscow Times.