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Today in Russian Business – Nov 12, 2009

The ruble hit an 11-month high yesterday, just after warnings against bets that the currency would continue to mount. The government has apparently decided to abandon some of its more ambitious pre-crisis goals for the 2012 economy, admitting that growth will be more reserved than previously hoped. Billionaire Alisher Usmanov is apparently negotiating with the government to possibly exchange his 31.1% in mobile operator MegaFon for a stake in Rostelecom, once the latter has undergone a planned restructuring. TeliaSonera has reportedly agreed with Mikhail Fridman-led Alfa Group to combine holdings in mobile operators MegaFon in Russia and Turkcell in Turkey. Despite planning 67,000 job cuts, Sberbank is apparently optimistic that profits will recover next year. VEB is planning to sell foreign currency bonds, the term and size of which will be decided according to market conditions.  Sukhoi Civil Aircraft has announced that it will delay the first delivery of its Superjet 100 to Aeroflot. Apparently 11 countries owe outstanding debts to Russia. A spokesman for Putin has said it would be ‘unfair‘ if Renault did not agree to help out Russia’s ailing Ladamaker, discussions of which will be raised during the Prime Minister’s upcoming trip to Paris.