fbpx

Today in Russian Business – June 10, 2010

Vladimir Putin has told AFP that Russia ‘trusts and believes’ in the euro and will not change its share in the nation’s reserves.  Rencap has predicted Russia’s economic recovery could be jeopardized by the eurozone crisis.  Some rather more favorable predictions for the country’s budget deficit on Bloomberg.  Viktor Vekselberg, the billionaire overseeing Russia’s ‘Silicon valley’ project, is in talks with Oerlikon in an attempt to gain Swiss technology for the technology town.  The New York Times looks at cooperation between Russia and China stimulated by the latter’s need for iron and fuel, and the former’s ample supplies.  Apparently trade between the two nations reached $4.75 billion in May, an increase of 55.8% on last year.  President Medvedev has accorded the United Shipbuilding Corporation ‘strategically important’ status.  State-owned shipping company Sovkomflot is embarking on a $280 million marina development in Sochi.  Who is claming that 70% of the world’s smelters are failing to make a profit?  See VTB head Andrei Kostin’s thoughts on Honk Kong IPOs here.