Today in Russian Business – May 24, 2011

Search engine Yandex has completed its IPO on the Nasdaq, raising $1.3 billion – 19% more than expected, making it the largest internet float since Google’s $1.67 billion IPO in 2004. The float values Yandex at $8 billion.  The European Bank for Reconstruction and Development will lend $50 million to Belpromstroibank, Belarus’ third-largest retail banking network – which is owned by Sberbank of Russia.  A new survey suggests that the average Moscow resident’s retail spending (at 78% of income) is higher than that of their European counterparts.  Meat producer Cherkizovo Group is losing profits due to an increase in imports and higher feed grain prices.  Goldman Sachs’ latest effort to win business on the Russian market is apparently starting to see results, with an increase in advisory roles in mergers and acquisitions.  New regulations will ban drug addicts from certain forms of employment, including rescue activities.  Moscow City Hall is planning to introduce mandatory polygraph testing for all employees in a bid to curb corruption in state tenders.