Today in Russian Business – July 3, 2009

Avtovaz has warned that with its gargantuan losses, it may be difficult to face the future without more state help.  Unilever intents to build an $140 million ice cream factory, which will be the biggest plant in Russia to make the frozen dessert.  Medvedev has warned regional leaders that they must use ‘all means available’ to pay wage arrears.  The government is planning to launch measures to combat unemployment in 20 one-company towns.  Shipbuilder Sevmash has been berated by Medvedev, after there were delays in building an aircraft carrier for a $1.6 billion deal with India.  Apparently Chinese state-run carmaker Beijing Automotive Industry Holding is gearing up for an offer for Opel, but Sberbank has said it does not ‘see any serious competition‘.  President Medvedev has said that economy class housing should cost no more than 30,000 rubles per square meter.  The Russian Audit Chamber has said that Cuba had three times delayed paying back the Russian credit provided in September 2006 and yet the Kremlin imposed no fine.  Megafon may buy up to 5% of Vimpelcom shares.  Forbes reports on how foreign investors’ fears about Russia are substantial and substantiated.