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Today in Russian Business – May 17, 2010

According to the Other Russia, Oleg Deripaska has acknowledged having (involuntary) connections with the Russian mafia during the 1990s, during his five-hour meeting with Spanish law enforcement officials.  The Guardian looks at this year’s Rusal turnaround.  According to the Moscow Times, the government will cut external debt plans and may not explore the market at all in 2011-12 in the wake of the Greek crisis.  Apparently Russia’s budget deficit may reach 5.1% of GDP, a new macroeconomic forecast suggests.  Alexei Kudrin has warned that ‘the crisis is not over’.  To see Putin’s seven guidelines for the post-crisis economy, look here.  The Prime Minister apparently believes that severe budget cuts are necessary over the next three years.  Retailer Magnit has said that profit increased 7.2% in the first quarter as the company added 642 stores.  Russia will receive 88% of customs revenue as part of a union with Belarus and Kazakhstan that comes into force on July 1.  Russia’s mobile advertising market could grow to a startling $100 million by 2013 from $15 million now.   Alexander Lebedev talks about owning the Independent.