Today in Russian Business – July 22, 2009

Another Moscow market has fallen foul of the authorities: Izmailovsky Market, a popular place for tourists has been shut in connection with the closure of Cherkizovsky Market.  The Federal Council has rejected a Medvedev-initiated bill to create small innovative companies at universities.  The President will hold an extra session in order to pass it.  Sunrise owner Sergei Bobylev will be held in detention for fraud investigation; the most recent in the series of crackdowns on proprietors of big retail chains, such as Arbat Prestige and Yevroset.  Metalloinvest has apparently asked the government to guarantee its loans.  Mikhail Prokhorov’s Onexim Group has announced that it will buy 51% of business news service RBC for $80 million.  According to the Economist’s Big Mac index, the Russian Big Mac has become 13% more expensive and shows Russia closing the gap in purchasing power with the US.  Six banks may require another $1.9 billion in subordinated loans from the state as they face a lack of current funds.  Vladimir Putin has announced that in 2010 pensions should grow by 45.9%.  Oleg Deripaska’s building company, Glavstroi, has lost a $66 million lawsuit filed by a state bank VTB.