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Today in Russian Business – May 11, 2010

Russia’s GDP may apparently increase by 8.7% in the second quarter, according to a RenCap forecast.  The IMF has suggested that Russia may need to use capital controls in order to protect the economy against excessive inflows but has a positive prediction for 2010, as Russia’s economy remains blissfully detached from the Eurozone monetary crisis.  The BBC reports that Russia’s Global Navigation Satellite System, ‘Glonass,’ is now nearly complete.  Property developer PIK is seeing ‘positive signs of market recovery,’ on the basis of renewed demand for housing.  Developer RGI International plans to invest $1.3 billion in its economy-class residential project in Moscow as the contractions of the market force it to add to its existing repertoire of high-end property.  European tiremakers Continental and Michelin have said that their plan to expand in Russia is prompted as much by an increase in demand as by import restrictions.  Is the return of Russneft founder Mikhail Gutseriyev to Russia to do with pacifying Ingushetia?