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Today in Russian Business – June 17, 2010

The World Bank has cut Russia’s 2010 GDP growth forecast to 4.5% from a previous 5% to 5.5% on the basis of a feeble first-quarter showing, but the projection remains more optimistic than that of the IMF and the Russian Finance Ministry.  Why Suleman Kerimov’s purchase of a stake in Uralkali may have got him into hot water with the anti-monopoly services.  The Finance Ministry has canceled a tender for a golden furniture set after Vedemosti questioned the $80,000 investment.   Why the Kremlin believes Moscow could do ‘better than Dubai’ as an international financial center in the Wall Street Journal.  Senior U.S. law enforcers have apparently voiced concerns over the purchasing of instant messaging service ICQ by Digital Sky Technologies, saying they may not be able to use it to track Eastern European criminals.  The BBC reports that modernization will be on the agenda at the St Petersburg Economic Forum, though whether the agenda will turn into action is another matter.  The WSJ looks at Russia’s re-branding for foreign investors.  First Deputy Prime Minister Igor Shuvalov has suggested investors treat Russian stocks with caution and look rather at long-term investment.  The Duma has adopted a law it hopes will be able to effectively combat raidership.