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Today in Russian Business – May 14, 2008

A new survey of business graduates suggests that the reputations of key emerging markets, including Russia, Eastern Europe and Asia, “discourage the best talent from working there.” State arms exporter Rosoboronexport is preparing a $4 billion arms contract with Saudi Arabia. International department store chain Stockmann closed its flagship Moscow location until further notice, following a rental dispute. Doninvest Group, the Russian partner of Hyundai Motor Co., will build a $650 million auto-parts factory in South Korea. The Moscow Times suggests some strategies for combatting inflation – could the answer lie in the Federal Reserve? Mobile phone operator MegaFon could invest around €3 billion ($4.64 billion) to build a GSM network in Iran. The Kurdish and Russian chambers of commerce have signed a protocol of agreement in Erbil, which could lead to more active investment between the two. The government “faces an uphill battle as it seeks to promote Russian business abroad in the face of widespread fear of overdependence on the country’s politicized economy.