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Today in Russian Business – September 11, 2009

Opel has been bought by the Magna International/Sberbank consortium, with GM holding on to a minority stake.  According to Reuters, General Motors is likely to establish limits on the assembly of some Opel models in Russia.  Vladimir Putin has said that the number of people without jobs has decreased by 200,000 over the past four months.  A London court has released businessman Yevgeny Chichvarkin, wanted in Russia on kidnapping and extortion charges, on €100,000 bail, following his brief arrest on Monday.  Russian Technologies is hoping to gain control of Kamaz, and buy a 13% stake in the truck maker from Troika Dialog.  Magnitogorsk Iron & Steel Works has posted a $59 million profit for the second quarter, the only iron and steel manufacturer to show gains.  Guinea has reportedly sent a letter to Oleg Deripaska’s Rusal asking it to return the Friguia bauxite and alumina complex to the government.  ‘They plan to squeeze more profit from what remains of Soviet-era industries until the end of their lives, and to sell out natural resources that belong to the nation. They do not make anything new, do not want development and are afraid of it‘: Medvedev laments the lack of innovation in Russia’s economy.