Word: rublee
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Russia's economy - until recently one of the fastest growing in Europe - is in dire straits. In the first three months of this year, output fell by 10% compared with a year earlier. The World Bank now expects the economy to contract by around 8% for 2009 as a whole...
Alexei Polikarpov, head of the Dyuna Nesting Doll Co., also based in the Nizhny Novgorod region, shares Korotkov's dim view of the government plan. "Realistically, I'm not sure that the funds will reach all of the factories," he says. But even if they do, not all of the...
But the crisis has become harder and harder to ignore, even as Krytikova is surrounded by more than 30 dolls that, when completed, will represent about $190 worth of merchandise for three days of work. "In 1999, we were able to buy a car, a garage, send one son to...
Sputnik burned up in the atmosphere, Berlin is now one city, but 25 years later, the Soviet-designed Tetris remains one of the most popular and ubiquitous video games ever created. It has sold over 125 million copies, been released for nearly every video-game platform of the past two...
Rich Russians are accustomed to huge markups on luxury brands sold in their country. Top fashion labels can sell for up to 1,000% of what they would in the U.S. or Western Europe. But factor in inflation and the devaluation of the ruble, and the price is too high...