Word: russia
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...Russia needs foreign companies to plug a huge hole in Putin's economic policies. In his first term as President, Putin introduced modern tax and corporation laws. But he failed to spur the development of a business infrastructure that would enable Russia to diversify away from its over-reliance on energy and metals. Now, as the crisis starts to bite, the Kremlin is reacting by increasing its control over broad swathes of the economy. Through the state-controlled banks, it is bailing out selected business executives who are having trouble paying their debts - including Oleg Deripaska, a metals tycoon...
Alexander Solzhenitsyn was so elderly and melancholy that in 2008 he died. In the final years of his life, back in the homeland he had fought so hard to free from the oppression of the KGB, he came to a disappointing rapprochement with the new ruler of Russia, a former KGB agent. Having for years been tarred with the accusation of anti-Semitism, he devoted his final energies to a two-volume book about the Jews which would, among other things, demonstrate that he was not anti-Semitic. It mostly did the opposite. When, in the wake of his death...
...These days Russia's wealthy can't always get what they want. The country's once soaring economy is in free fall - growth, which has averaged 7% over the past five years, could drop below 2% in 2009, according to economists - and it's taking the rich down with it. Not that long ago, Russia was the poster child for unfettered wealth and freewheeling consumption. Now, with the stock market down more than 70% in the past year and the ruble feeling the strain, the nation's high earners are a little less quick to put their hands in their...
...Millionaire Fair late last month, even the glare off the hood of a $250,000 Wiesmann MF4 supercar could not blind a visitor to the fact that there was far less interest on both sides of the cash register. A glitzy show designed to part Russia's well-to-do from their cash, the fair is usually spread out through three halls in Moscow's Crocus Expo center - this year it took up only two. With fewer vendors and wider aisles between the stands, the small number of visitors seemed even more sparse. "There are much fewer people this year...
...Founded in Amsterdam in 2002 by Dutch entrepreneur Yves Gijrath, the Millionaire Fair holds shows around the world. But thanks to booming oil prices and Russia's nouveaux riches, the Moscow event had become the jewel in the crown. No wonder. According to the 2008 World Wealth Report by Merrill Lynch and Capgemini, Russia is home to one of the world's fastest-growing populations of millionaires. Last year the number of Russian "high net-worth individuals" (people with a worth of more than $1 million, excluding their primary residence) reached 136,000, a 14% rise over...