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Today in Russian Business – Nov. 18, 2008

NPO Saturn’s inability to secure a loan may force it to cede some control to the state.  ‘NPO Saturn’s story highlights the risk of favoritism and abuse in the state’s distribution of tens of billions of dollars in bailout funds.‘  The president of Cyprus wants his country removed from Russia’s tax blacklist.  Shares in residential construction company PIK Group have plunged, losing almost half of their value overnight.  A number of companies suffered due to the continued drop of the MICEX, aggravated by the lowest oil price in almost two years.  Deputy Finance Minister Dmitry Pankin says Russia can’t stretch to a $4 billion loan for Iceland.  China’s Great Wall Company is abandoning a Russian joint venture due to the flagging demand resulting from the financial crisis.  A Siberian court of appeal may freeze Norwegian Telenor’s 29.9% stake in Vimpelcom.