Today in Russian Business – June 1, 2010

The central bank has cut interest rates for the 14th time in a yearlong cycle.  Vladmir Putin has lambasted steel makers for plans to increase their prices by 22%.  The Prime Minister has urged private firms to help the state keep prices down in order to facilitate a full economic recovery.   The Telegraph reports on why, out of the BRICs, Russia is ‘still associated with political and financial uncertainty’.  Dairy exporters New Zealand have agreed on a free trade accord with Russia.  Sberbank has decided against selling dollar bonds for the first time in two years because the debt markets are not secure enough.  The bank has bought a 51% stake in grocer Vester.   Renaissance Credit is planning to buy 14 Barclays branches in Russia as a way of developing its retail sector.  Rostelecom’s profit on fixed lines has plunged 70% on its 2009 figures.  Russia’s antitrust body has warned US aluminum manufacturer Alcoa that it could face fines for violations.  Bloomberg has an interview with Rusal chief Oleg Deripaska discussing what makes Hong Kong a great place for an IPO – but is the enthusiasm mutual?