Word: russias
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...However, GM is an exceptionally complex enterprise, with 400 separate subsidiaries all over the world, some of which are consolidated and some of which are not. In fact, going forward, GM's huge European operations, including its burgeoning business in Russia, will no longer be consolidated. It also appears that GM could withhold information on pension obligations, which are separate from the VEBA, even though that will remain with...
...Moscow took notice, and Prime Minister Vladimir Putin flew in by helicopter to force local politicians and factory owners to pay the town's workers the money owed them. Now Pikalyovo's shops, cafés and banks are doing good business again, but as the recession sweeps across Russia, small single-industry towns all over the country are just one factory closure away from suffering the same plight. (See 10 things to do in Moscow...
...right. Pikalyovo is one of hundreds of cities across Russia whose populations are supported by just one factory or one industry. If that factory or industry is wiped out by the global economic downturn - as Pikalyovo's was when the price of cement dropped and Deripaska's company Basic Element put half its workforce on forced leave - the whole town is sent into a tailspin. (See pictures of the global financial crisis...
...Russia's unemployment figure passes 7.7 million, or 10.2% of the economically active population, residents of small towns all over the country are struggling and looking for solutions. In Pikalyovo, they may have found one. "By blocking the road we've set a precedent," says clay-quarry worker Markov. "It was an effective action, and the police did not arrest us or beat us. We are not afraid of the authorities anymore, and we will do it again...
...workers were holding a hunger strike over unpaid wages at the local pulp mill, also owned by Basic Element. This time it took no prodding from Putin for Deripaska to announce plans to pay out some $2.8 million in back wages to about 2,000 workers. (See pictures of Russia celebrating Victory...