fbpx

Today in Russian Business – Dec 14, 2010

US giant Wal-Mart is bidding goodbye to Russia with the closure of its Moscow office, following an unfruitful long-term quest to enter into its lucrative retail market.  The Moscow Times reports that the Supreme Arbitration Court apparently intends to make an ambiguous decision on corporate transparency, which will allow shareholders access to information about the salaries of top managers but not about a company’s subsidiaries.  A major shareholder in Russian property company RGI has told the Telegraph that the corporation is being used as a ‘personal bank’ for the chairman and chief executive.  Paddy Rawlinson in the Guardian is unfazed by the Wikileaks discovery that corruption is rife in Russia: ‘We need to drop the labels of “corruption” and “mafia state” and call them by their real names: “business” and “Russia plc”. That would be a genuine leak’.  Sberbank can apparently look forward to record profits of $6.46 billion in 2011.  Norilsk Nickel has, according to Bloomberg, sold its entire stake in US metal company Stillwater Mining, to focus more on its ‘core operations’.