Word: kaluga
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Such optimism can be found elsewhere. The Kaluga region, to which Lyudinovo belongs, continues to draw in foreign investors, including automakers. Volkswagen has invested about $350 million in an assembly plant and is producing about 320 cars per day. Peugeot is not far behind. Dietmar Korzekwa, VW's group representative for Russia, says the automaker is continuing with its current growth plans. In part, VW is betting that if the Kremlin raises import taxes on autos, as it has suggested it might, it will become more advantageous to manufacture in Russia...
Such optimism can be found elsewhere. The Kaluga region to which Lyudinovo belongs continues to draw in foreign investors, including automakers. VW has to date invested about $350 million in an assembly plant, and is producing about 320 cars per day. Peugeot is not far behind. Dietmar Korzekwa, VW's group representative for Russia, says the automaker is continuing with its current growth plans. In part, it's betting that if the Kremlin raises import taxes on autos, as it has suggested it might, it will become more advantageous to manufacture in Russia...
...flood of new business has continued unabated. Among the most recent deals: cosmetics giant L'Oréal signed an agreement in June to build a new factory in the Kaluga region; and French bank Société Générale took a controlling stake in Rosbank, which has more than 650 branches across Russia...
Vibrant as the scene is in backwaters like Kaluga, the signs of new prosperity in Russia's cities are even more striking. Yekaterinburg, a city of 1.3 million in the Urals region, 900 miles east of Moscow, is best known as the place where the Bolshevik revolutionaries shot the last Czar and his family in 1918. In the early 1990s, local factories ran out of money, and rival Mafia gangs battled for control of parts of town. The killings haven't entirely stopped (a member of the city council was found hanged in his jail cell last year after being...
Prices are going up in Kaluga too, but Svetlana Nikolskaya, 36, has learned to be flexible to make a sale. Nikolskaya, a former accountant and vegetable saleswoman, started selling wedding dresses from her home three years ago, after the birth of her son. It took her three months to sell the first one. Today she has a cramped boutique on Lenin Street next to a hat shop. In the wedding season, she sells as many as 20 dresses a month at prices of $100 to $400 apiece. Is she confident about the future? What does she think of Putin...