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Today in Russian Business – July 21, 2010

According to Economic Development Minister Elvira Nabiullina, the number of unplanned inspections of small businesses has dropped by roughly a third, thanks to new cuts on regulations.  The Finance Ministry wants to cut federal government staff by 20% to spare the budget.  The International Industrial Bank, or Mezhprombank, meets with creditors today to settle its €200 million debt, which includes a default on eurobonds and on Central Bank loans.  The default ‘was a major blow‘ to Sergei Pugachyov’s reputation, suggests the Moscow Times.  US steel output has surpassed Russia’s in the first half of this year, says the World Steel Association.  Sukhoi hopes to control 15% of the world’s medium-haul airplane market by 2029 – ‘a realistic and viable task‘, according to the company’s CEO.  St Petersburg launched a special economic zone yesterday to focus on developing the pharmaceutical industry.  Egypt has bought 120,000 metric tons of wheat from Russia rather than the US, sparking a debate about US pricing. Wheat pricing in general is volatile this week due to speculation about the future effects of the current drought.