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Today in Russian Business – Oct 30, 2008

The financial crisis is making itself felt in job losses. The Kremlin is trying to limit the amount of foreign debt taken on by its oligarchs in an attempt to prevent Russian companies from ending up in foreign hands. United Company RusAl will receive a massive $4.5 billion bailout fund – almost half of the total loans allocated – from state-run Vneshekonombank, to help it refinance a Western loan. The UK’s Business Secretary, Peter Mandelson, spoke highly of Russia’s financial prospects as he reached the end of his visit to Moscow, saying that the crisis had boosted diplomatic relations between the two countries. A share buyback for Norilsk Nickel was so oversubscribed that shareholders will only be able to sell 7% of the shares tendered – provided the court injunction to freeze them is lifted. The UK’s Vodafone will sign a strategic partnership with Mobile TeleSystems today. Bakasoftware – Russia’s internet ‘scareware’ scam. Russia and Iceland are to resume talks over a possible loan. Finnish builders are feeling Russia’s construction slump.