fbpx

Today in Russian Business – June 19, 2009

Medvedev has established five key areas in the drive to modernize Russia’s economy.  The President has met with IT specialists at the Kaspersky Lab and announced his intention to make the field of computer technology ‘one of the most prestigious to work in’.  Mechel has re-opened three coke oven batteries to gain a strong market share on the steel ingredient.  Russia is focusing on civil aviation: it intends to begin selling its S-21 passenger aircraft as of 2016 or 2017.  The government is deciding whether to limit Brazilian aircraft manufacturer Embraer to the sale of small jets in the Russian market so as to protect Russia’s own Sukhoi Civil Aircraft.  Oleg Deripaska has agreed to reduce his stake in a Montenegro aluminum smelter and reduce the workforce at aircraft manufacturer Aviacor by 1500.  Inflation will reach 0.5-0.6% in June.  A subsidiary of Russia’s Renova group has been granted permission by the European Commission to buy the Swiss engineering firm Sulzer.  Lamborghini will end its partnership with Russia’s luxury group Mercury due to inadequate sales.  Mobile TeleSystems has been given clearance by Russia’s anti-monopoly service to take over a sister company, land line operator Comstar.