Today in Russian Business – Oct 28, 2009

Inflation rates are falling, and prices haven’t gone up since July.  This is largely due to crisis-related changes in consumer habits, says the Economic Development Ministry, and analysts support this conclusion, documented in more detail and with case studies here.  But is it business as usual for Russia’s super-rich?  Armani plans to open three new stores and over two hundred points of sale in three major cities.  Government plans to triple excise duty on beer could lead to 100,000 job losses in Russia’s brewing industry.  Avtovaz’s financial problems are bad news for Tolyatti, a mono-city, so-called because ‘a single industry accounts for most of the local economy‘.  The central bank says the number of troubled banks in Russia has fallen from over 50 to less than 30 in the past months.  Mikhail Gutseriyev, the former head of Russneft wanted in Russia on charges of tax evasion, has been cleared of all charges against him in absentia.  Russia will postpone its plan to sell gold reserves on the international market after news of the sale was leaked to local news media.