Today in Russian Business – Nov 3, 2009

Jason Bush in Forbes suggests that Russia’s recovery may be buoyant: ‘while the Russian government is still cautiously forecasting 2 percent GDP growth in 2010, many independent economists are already predicting growth of as much as 5 percent next year’.  Oleg Deripaska’s heavily-indebted RusAl has made a deal to sell 1.68 million tons of aluminum to Chinese state corporation Norinco over seven years.  Renault COO Patrick Pelata has told the press that whilst the French car giant will support bankruptcy-skirting Avtovaz, the company will not supply the cash booster shot that the Russians allegedly want.  Corporate loan portfolios and overdue corporate loans fell slightly in September, as the ruble gained in value.  The Russian Gold Industrialists Union has announced that gold production rose 14.6% in the first nine months of 2009, year-on-year, an increase they attributed to a number of new projects in the Far East.  The Moscow Times reports that companies controlled by Kabardino-Balkaria President Arsen Kanokov bought the Milan center in Moscow – prior to the crisis – for ‘prestige’ purposes.  Russian-born businessman Len Blavatnik has bought a British cinema distribution business from Hollywood actor Mel Gibson.