Today in Russian Business – July 6, 2009

Reuters reports that US businessmen will press Barack Obama to urge for less corruption and greater openness towards foreign companies during his visit to Moscow.  French Finance Minister Christine Lagarde and Bank of France Governor Christian Noyer have joined in the debate stoked by China and Russia about global coordination of currencies.  Troika Dialog has suggested that the Economic Development Ministry’s forecast of an 8.5% contraction of GDP this year may be ‘too cautious’.  The corporate sector’s foreign debt has grown to $436.8 billion as of July 1, from $420.7 billion as of April 1, suggesting that borrowing has begun again.  It appears that a Russian sovereign wealth fund may be interested in buying a stake in car maker Porsche.  Despite reports of stalling, Magna’s deal with Opel is apparently nearing completion.  US farm machinery maker John Deere has said that it will invest more than $500 million in Russia over the next few years.  Contrary to reports, apparently MegaFon has no plans to buy shares in rival company VimpelCom.  PepsiCo Inc. and Pepsi Bottling Group Inc. plan to invest $1 billion in Russia over three years.