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Today in Russian Business – Nov 11, 2010

The Russian delegation’s position at the G20 summit in South Korea is that the global economy is ‘unstable and unbalanced‘, and expressed particular concern over countries ‘taking unilateral decisions to weaken their currencies‘, reports Reuters.  During his trip to South Korea, President Dmitry Medvedev appealed to Korean investors to support the commercialization of key modern technologies in Russia in areas including medicine, energy efficiency, and computer sciences.  Medvedev has stated that there are no plans to raise Russia’s retirement age at present – ‘not because there are no objective reasons for that, but because such decisions require serious discussion and public consensus.‘  He also suggested that Russia cut its number of universities in order to boost the quality of education: ‘We have a huge number of higher educational establishments some of which are worth nothing.‘  Rosoboronexport has signed a $54 million arms contract with Indonesia for munitions for Sukhoi fighter jets.  Sports car manufacturer Marussia Motors has acquired a stake in the UK’s Virgin Racing, creating the first Russian Formula 1 team, Marussia Virgin Racing.