Today in Russian Business – Aug 12, 2008

Russian markets supposedly saw a small boost after President Dmitry Medvedev said that most of the fighting was over in South Ossetia. Finance Minister Alexei Kudrin insists that events in South Ossetia will not influence Russia’s fiscal position and will not require additional military funding this year. “The war isn’t why you should be hesitant to put money to work in Russia. There are better reasons to keep your rubles at home.” On the rocketing premium of Russian risk and the continuing slump of the Russian market. Chemical company Acron has floated a small stake on the London Stock Exchange. It is being forecast that output at Norilsk Nickel will drop this year. Michaniki, a Greek property builder, has received Russian approval to build a $283 million skyscraper in Moscow. The sharp drop in cement prices shows that, “on some fronts, the state’s battle against rampant inflation is working.”