Posts Tagged ‘Ikea’
Russia’s Silicon Valley woos British investors
A delegation from Russia’s proposed ‘Silicon Valley’ development, Skolkovo, came to the UK this week in an effort to persuade UK businesses to invest in the high-tech hub being built on the outskirts of Moscow.
They faced awkward questions, however, about the political landscape that companies might face if they transferred operations to Russia. Denis MacShane, Labour MP for Rotherham, wrote to Lord Green, the trade minister, criticising the UK’s Department of Trade and Industry for hosting the conference, and pointing to the difficulties that many UK companies had faced in Russia.
“I believe the Government should add…an official health and safety warning so British businesses seeking to be involved in Russia do so with their eyes open to the risks they run,” Mr MacShane wrote.
He cited the case of Hermitage Capital, a hedge fund which was forced to leave Russia, and whose lawyer, Sergei Magnitsky, died in jail after uncovering an alleged $230m corruption scheme by high-level officials.
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Russia’s Economic Prospects
Carnegie Endowment for International Peace
Russia’s economy grew by close to 4 percent in 2010. Compared with developed economies, this was a robust achievement, given the uncertainties faced by the global economy and the continuing debt crises in some small European economies. These economies could still endanger the stability of the European economy more widely, and thus cast a shadow on the prospects of Russia’s major trading partner.
Still, Russia’s growth was about 1 percentage point lower than was generally expected a year ago. Inflation was slightly higher. These differences can be explained largely by the extreme summer weather and numerous forest fires that plagued the country. As a result, Russia’s grain harvest was about 25 percent below the recent average. While Russia has emerged as a major exporter of grain—especially of feed wheat—in past years, it banned grain exports last August; the ban remains in effect until this summer.
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