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Today in Russian Business – June 29, 2010

Bloomberg reports that the IMF has advised Russia that it may need to use its currency rise to curb inflation and that the government should begin to scale back its ‘huge’ fiscal stimulus.  Oleg Deripaska has been elected by shareholders to the Norilsk Nickel board along with two others from RusAl, while VTB Group executive Vasily Titov became the new chairman.  Rusal now has one fewer seats on the board, which has reportedly stirred tensions.  Renaissance Capital has announced the opening of a new Hong Kong branch, from which it plans to raise capital in Asia.  Builder PIK Group, which is part-owned by tycoon Suleiman Kerimov, has said it has discussed with Wal-Mart Stores the issue of locations for the US retailer’s new Russian stores.  What are Finance Minister Alexei Kudrin thoughts on the UK economy?  Billionaire Viktor Vekselberg apparently wants to sell his Akado cable-television unit for $1 billion.  As cash-for-clunkers sees car sales soar, Ford plans to expand the staff at its plant near St. Petersburg by almost 10%.  Yuri Milner, head of Digital Sky Technologies, has said that internet penetration in Russia could reach 85%, in an interview with the BBC.