Magna International (MGA) has reported that it has won a contract to make the new generation of frames for General Motors’ (MTLQQ) full-size light-duty pickups and sport utility vehicles despite their disputed relationship over the Opel deal. According to Magna, the new third generation of frames would replace GMT 900, which is the frame for Chevrolet’s Suburban, Tahoe and Silvarado models.  Magna will manufacture the frames at its Cosma unit in St. Thomas, Ontario, and the Saltillo plant in Mexico. The St. Thomas plant has been manufacturing frames for General Motors (hereafter, GM) since 1999 and the Saltillo plant currently builds the GMT 900. The Canadian auto parts maker has not disclosed the value of the deal. Magna’s relationship with GM has suffered over the former’s acquisition of the Opel/Vauxhall business in Europe from the latter.  GM had granted a preliminary approval to sell a ...

Sberbank's profits, at $594 million, are down 85% from last year.  The central bank have cut interest rates to a record low of 9% in an attempt to stave off the destabilizing effects of speculation and slow the appreciation of the ruble.  Vladimir Putin will hold talks with Renault this week in a bid to lobby for its assistance in rescuing AvtoVAZ.  Nestle is fighting tax officials who want Rossia, its confectionary plant, to be liquidated due to its serious financial problems.  

Ever come across something so brilliant you wish you had thought of it yourself? Well that's what Seth Hettena has just put together, via sourcing from Vedomosti: an aggregation of the preferred timepieces worn by high-level Russian officialdom as a possible proxy for corruption. There are several questions raised from this little survey, not the least of which is: to those of you contending that Igor Sechin is the real master string-puller, I ask you, have you considered Moscow's Deputy Mayor Vladimir Resin? More importantly, could any of these men hold it together under the mind-bending microscope of Vesper Lynd?

A partial list of who prefers which wristwatch:

Vladimir Putin: Blancpain, Leman Aqualung Grande Date, $10,500

Dmitry Medvedev: Breguet, Classique Moon

...

The ruble hit an 11-month high yesterday, just after warnings against bets that the currency would continue to mount. The government has apparently decided to abandon some of its more ambitious pre-crisis goals for the 2012 economy, admitting that growth will be more reserved than previously hoped. Billionaire Alisher Usmanov is apparently negotiating with the government to possibly exchange his 31.1% in mobile operator MegaFon for a stake in Rostelecom, once the latter has undergone a planned restructuring. TeliaSonera has reportedly agreed with Mikhail Fridman-led Alfa Group to combine holdings in mobile operators MegaFon in Russia and Turkcell in Turkey. Despite planning 67,000 job cuts, Sberbank is apparently optimistic that profits will recover next year. VEB is planning to sell foreign currency bonds, the term and size of which will be decided according to market ...

It felt as if negotiations would go on for an eternity, with months of stalling: search this site for 'Opel bid' and the stories of stops and starts come thick and fast.  Now, just as it seemed that the deal was finally coming to a close, comes the spectacular announcement that GM will not in fact sell off its loss-making European unit Opel to the consortium of Canadian part-maker Magna and Russia's Sberbank, preferring to restructure it itself as the economic climate warms.  German Chancellor Angela Merkel, who had pledged €4.5bn in loans may well be fuming and apparently Prime Minister Putin has chimed in with his consternation over the abortive deal, which had promised ...

According to the FT, Russia, Belarus and Kazakhstan have abandoned their attempt to join the World Trade Organization as a single customs union, after WTO members made clear the unprecedented suggestion would elongate the process by some years.  The trio will reportedly attempt to join simultaneously.  French retailer Carrefour has made a swift exit from Russia, only four months after the opening of its first store.  Bad news for Avtovaz: Sberbank and VTB have declined an offer to take stakes in the company in exchange for debt.  Gazprombank had its worst month of the year in September, posting losses of $529 million, the sixth time this year that the bank has posted a monthly loss.  Italy's Cremonini Group is set to open a $148 million meat-processing plant in the Moscow region to produce hamburgers for McDonalds by ...

Avtovaz is on the brink of bankruptcy, Sergei Stepashin, the head of State Audit Chamber has informed Reuters.  Russia's government has stepped up the pressure on Renault to assist its embattled partner to stay afloat.  According to Ria-Novosti, the Industry Ministry has concluded that the government should not bail out the Lada-maker.  Industry and Trade Minister Viktor Khristenko has apparently said that sales of passenger cars may drop by 60% this year.  Finance Minister Alexei Kudrin has been quoted in Forbes as saying that the ruble is likely to remain stable over the next three years, but the issue of joblessness will prevail for at least a year.  The Federal Court Marshals Service is teaming up with Sberbank to create a new way of facilitating debt payments - allowing individuals to pay off loans via ATMs.  Kraft Foods has ...

Hillary Clinton has expressed hope that Boeing will win a $3 billion contract to supply planes to Russian airline Rosavia.  Sberbank president German Gref seems to be in the dark about the signing of the Opel deal after thanking reporters for informing him that it may take place this week.  Apparently no industrial partner has been chosen as of yet.  Chinese metals giant Chinalco apparently has its eye on Rusal facilities in Australia, but Deripaska's firm says it has no intention of selling.  The billionaire has suggested breaking RusHydro up into four companies and taking a stake in a large Siberian dam serving his aluminum plants.  Dmitry Medvedev has called upon Alfa Group chief Mikhail Fridman to lead a study of possible ways of seeing the country's economy out of the crisis.  Russian Standard Vodka's billionaire owner, ...

Sberbank has slackened restrictions for individuals seeking loans, after last year's crisis driven squeeze on credit.  The government intends to establish a new state holding to oversee Russia's geological reserves, the Moscow Times reports.  Fertilizer producer Acron has said it may borrow up to $2.2 billion from Sberbank and VTB to finance development.  Gold output has increased by 18.5% year-on-year in the first eight months of 2009.  Daimler is attempting to fortify its share of the Russian market by planning a truck and bus joint venture with Kamaz.  Raiffeisenbank has explained that it had filed to bankrupt media firm RBC, but will withdraw the suit imminently as it hopes to come to a debt restructuring plan for the company.  Russian-Israeli tycoon Arkady Gaidamak has been charged with money laundering and fraud to the tune of ...

In advance of a meeting with the heads of some of the world's largest sovereign wealth funds, Putin has defended Russia's crisis management, reiterated a commitment to 'a liberal market economy' and emphasized that when the crisis has passed, the government will diminish its intervention in the economy.  The central bank has made an unexpected cut in its key re-financing rate to 10% from 10.5% as a result of dwindling industrial production.  Economic Development Minister Elvira Nabiullina has apparently cautiously suggested that the country's GDP decline could be lower than the official forecast.  A Standard & Poor's analyst has said that Russia is already caught in the second wave of the financial crisis.  Sberbank will provide a loan to Rusal to help it pay back its debt to Alfa Group.  VEB may acquire a ...