Today in Russian Business – September 9, 2009

According to Bloomberg, Finance Minister Alexei Kudrin has said that the budget deficit may reach 6.8% of GDP next year, 4% in 2011, and 3% in 2012.  The Duma has recommended the ousting of banking lobbyist Anatoly Aksakov, whose comments earlier this year on devaluation shook the financial market, from the National Banking Council.  Car sales fell by 54% in August, the smallest decrease (year-on-year) in four months.  Belgium’s Solvay has announced it has agreed to buy Sodium Group Investments Limited’s majority stake in Russia’s Berezniki soda ash plant for $230.2 million, Reuters reports.  The board of General Motors has met in Detroit under pressure from the German government to elucidate their plans for Opel.  Dixy, Russia’s third biggest retailer, expects retail sales to rise by up to 18% this year.  Russia has been ranked 120th in the World Bank’s annual ‘Doing Business’ report with red tape and graft proving the enemies of business efficiency.  Having already introduced this for ordinary employees, Renaissance Capital will allow their executives to regain their pre-crisis wages as of October, an initiative which is expected to cost $15 million to $20 million.  Mixing business with pleasure, an indebted Oleg Deripaska turns to golf.