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Today in Russian Business – August 3, 2009

Oleg Deripaska will not be settling a $2.4 billion lawsuit brought against him in Russia, as he had hoped, but in London.  During his trip to Lake Baikal, Prime Minister Putin said it was not entirely impossible that the paper and pulp mill there owned by Deripaska, which closed in October, may begin operating again, as it does not harm the environment.  Workers from car manufacturer Avtovaz will protest against the firm’s decision to cease production for August.  ‘Russia’s failure to build a quality car is… astounding,‘ says Alexei Bayer in the Moscow Times.  Hermitage hedge fund will take its fraud case against Renaissance Capital Holdings to the US in search of evidence.  Mobile TeleSystems will buy 51% of Comstar United TeleSystems for $1.28 billion.  An op-ed piece in the Moscow Times suggests that closing Cherkizovsky market will not serve as a panacea for the ills of retail in Moscow.  Germany’s Economy Minister has said that Opel bidders need to improve their offers.  Magna and RHJ International could offer ‘an increase in the investors’ capital contribution’ the Economy Minister suggests.  Last month Russian manufacturing contracted at the slowest rate since September.