Today in Russian Business – June 9, 2008

Dmitry Medvedev’s keynote speech at the St. Petersburg Economic Forum blamed the US’ “economic egoism” as a key factor contributing to the global crisis, and said that Russia could offer solutions. There was also significant discussion of investor fears. The Forum supposedly produced $14.6 billion in deals. The head of Sberbank and former Economy Minister German Gref warned that the Russian economy was already overheating and called on the state to cut spending, but current Economy Minister Elvira Nabiullina promptly contradicted his statements, and promised that Russia would build “an entirely new economy”. Baby food firm Nutritek consolidated 51.52% in New Zealand Dairies Limited. “As the economy slows down and Wall Street dwellers tighten their belts, many Russians in the United States are returning to Moscow, where the job market is hungry for professionals with international experience.”