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Today in Russian Business – May 19, 2009

Economists are troubled by data showing that industrial output decreased by a record 16.9% year on year in April.  Wage arrears have however fallen for the first time in four months.  Goldman Sachs has said that GDP will contract more than originally predicted this year, at 7.5% annually.  Economic Development Minister Elvira Nabiullina has presented a $23 billion plan for small and medium-sized businesses, hoping that they will account for one third of the country’s GDP by 2012.  Polyus Gold has announced that candidates put forward by Suleiman Kerimov have won four board seats, while those proposed by Mikhail Prokhorov won three.  Shalva Chigirinsky is no longer a shareholder in Sibir Energy after businessman Ruslan Baisarov took over his stock.  Farimex products is, according to Telenor, behind a probe prompted by Ukraine’s Anti-Monopoly Committee into Telenor and Kyivstar, both major telecom firms suspected of breaking competition laws.  Trade between Russia and the EU has apparently dramatically declined in the crisis period, with exports to Russia falling by 37%, and imports dropping by 39%.  The failure of Russia’s stimulus measures is examined in the Financial Times.