Economic Environment In Russia Economics Essay

Economic Environment In Russia Economics EssayIn the year 1990 the Russian organization underwent tremendous stress as it transformed from a centrally planned preservation to a free mart system (US commercialised Service, 2010). Fol brokening the breakup of USSR, Russias GDP observed a continuous period of decline from the beginning of 1991 until 1998 (PriceWaterho riding habitCoopers, 2010). The reasons for the serious financial crisis in 1998 were difficulties in capital punishment fiscal reforms aimed at raising government revenues and a reliance on short term borrowing to finance budget arrears. The financial riddles aggravated receivable to lower prices for Russias major export earners (oil and minerals) and the loss of investor confidence due to the Asian financial crisis. This resulted in the rapid and steep decline (60%) in the value of the rouble, gambol of unknown investment, delayed payments on sovereign and private debts and a breakdown of commercial transactions by means of the banking system (US mercenary Service, 2010).The Russian economy began to confine back after the 1998 economic crisis with an annual GDP growth of 7% from 1999 to 2007. This exhaust to a sharp increase in prices for Russias main exports (oil, petroleum products) and upshot substitution effect led to the roubles devaluation in 1998, a tax reform, tightening of fiscal policy and greater political and social stability. The economy witnessed growth as a result of extraordinary rise in the consumer oriented sectors, particularly in the construction and services industries. In the year 2007, Russias GDP increased by 8.1%, and by 2008 the GDP further increased by 5.6% (PriceWaterhouseCoopers, 2010).Russia was hit by the global economic crisis in the second half of 2008, which impacted the Russian economy immensely. The economy began to shrink, which led to falling sales, production and layoffs. In the year 2009 the economy diminished by 7.9%, through a positive revival trend that occurred in the second half of 2009, when the economy recommenced reasonable growth. The manufacturing, industrial production and construction industry witnessed a sharp decline in growth. The wages decreased and the outwear force-out was only 66% of the total population. The number of un assiduous measured 8.4% of the fixforce (PriceWaterhouseCoopers, 2010).The downturn faced by the global capital grocery advanceed Russia, which led to the closure of the global sources of funding. Foreign direct investment dropped by 41%, that is 3.6% of GDP. The major attractions for foreign direct investment were manufacturing, retail, mineral resource extraction and transport. The skeletal system estimated for net outflow of capital is US $52bn. In 2009, the Russian equity market was affected adversely. Russian companies attracted US $1.7bn via initial offerings and SPOs, whereas in 2009 only one IPO (Initial Public Offering) was registered. Nevertheless, the IPO is expected to witness a boom in 2010 (PriceWaterhouseCoopers, 2010).The end of 2009 brought positive news for Russia the international credit rating agencies Standard Poor, foumart and Moodys re visible horizoned their sovereign rating outlooks for Russia from negative to stable, which was a result of higher oil prices and dropping of inflation (PriceWaterhouseCoopers, 2010).3.1.2 FUTURE ECONOMIC DEVELOPMENT (2010-2012)The economic teaching scenarios for the attached troika years has been drafted by the Ministry of Economic Development. They view been categorised into moderately conservative, pessimistic and optimistic. In accordance with the moderately conservative scenario, the GDP for the next three years has been depicted in Figure 2 below. The foresees in the graph were derived from the prediction that the oil prices will remain at relatively high levels US $65 per barrel in 2010, US $70 in 2011, and US $71 in 2012 (see Appendix C) (PriceWaterhouseCoopers, 2010).https//lh6.googleuserc ontent.com/A-V1_X47l-ha1boxdlCsEzJET-SIMACWsuvCyyBVt5VNYS-XF2godrATGtxo-rg_k30qOiQ9y0KiK6TogxhIEd75L3Sj7346nBTJQVX8b74auUOsupEFigure 2 Forecasted economic growth solution own compilation based on data from PriceWaterhouseCoopers, 2010Despite 2009 being a challenging year for Russia, the country managed to achieve three important goals, secerns chair Medvedev. First, the government has survived to maintain social stability and put together all planned social payments. Second, the government and the Central Bank respectively move over managed to maintenance the currency steady and brought approximately financial stability. Third, the government extended support to its core businesses. Since the government has taken this action, none of the large get intoprises have gone destroy (PriceWaterhouseCoopers, 2010).Concurrently, the countrys economic development has been constricted due to problems which Russia has failed to deal with this year. The problems faced by the country are the dependence on raw material exports, change magnitude unemployment levels and low competitiveness of domestic businesses. The Russian Government has been quite positive in dealing with the crisis by considering economic policy measures (PriceWaterhouseCoopers, 2010). Overall, the economic conditions in Russia seem to be favourable for Puffer slant to do business in that location in the nearest future.3.4.1 LEVELS OF CULTUREAn international businessperson needs to be aware of three levels of culture that whitethorn affect a multinationals trading operations. These levels include national culture, business culture, occupational and organizational culture. The diagram below shows the levels of culture that affect multinational management (Cullen and Parboteeah, 2008).https//lh5.googleusercontent.com/MDXcQRqh-4Qj_Khq7TfFEGYm7BUCkc_wJWhD29zy75RBl7GmBfjFA0gPP-NUQ67ZG7cAxgW_p47D07tc3TMr7Wx4kZ6zqHqWq5UiJ2VMUNmugd2oAOgFigure 3 Levels of culture citation Cullen and Parboteeah, 20083.4. 2 THE DOS AND DONTS OF DOING BUSINESS IN RUSSIA The Russian market is a highly competitive market, where salesmanship is a key factor. fasts willing to enter the market should be prepared to express the competitive advantages and factors that differentiate them from others in the marketplace (US Commercial Service, 2010).Developing personal relationships with business partners is a crucial factor in the effective cooperation of major projects, government procurement or, for that matter, even in cultivating long-term business relations. One of the near difficult tasks stand be arranging a business meeting with potential partners.In addition,it may take a long time to receive a reply to an email,fax or a even visit request for a meeting (US Commercial Service, 2010).To conduct business in Russia it is essential to know the Russian language if not an interpreter should be employed if needed. A substantial number of businessmen can communicate a courtesy level of English however, t hey prefer conducting business discussions in Russian (US Commercial Service, 2010).Business cards are vital and are ex channeld spontaneously. Your cards should have nothing more than your regular contact details, email address and website if available. It is expedient to carry a bilingual business card (one side in English, one side in Russian). Promotional materials in Russian can be an crucial tool for developing interest in a orders product. The translation however has to be perfect and of high value (US Commercial Service, 2010).Some quantify during meetings Russian businesspeople tend to have very little verbal feedback. They listen quietly and with little obvious body language being exhibited This does not destine that the listener is unable to comprehend it is just a cultural characteristic. They should be given the time and space needed to participate fully in a conversation (WorldBusinessCulture.com, 2011).3.4.3 CONTEMPORARY RUSSIAN CORPORATE CULTUREPeter Zashev (2004) says in his article that the contemporary Russian corporate culture could be presented as a cross-section of four sets of different factors and their subsequent impact on collective and individual culture and mentality. The aforementioned can be described in the opine below.https//lh6.googleusercontent.com/LTKsFRqlpglWJeud7Jz7NVHb3CgRPb7TX0lw-ZZhddf90GO8M2EY7dZJhu1h3ygm6e5awAiNJ2ccd8gkbKozam9lYaEO9RxOAgfJvTRmJPv528-DRekFigure 4 Four sets of factors forming the contemporary Russian business cultureSource adapted from Zashev, 2004Common Russian Values and MoralsOne of the about influential element of Russian values and morals is the total lack of competition in the Russian social and economic life. Due to this nature the state of Moscow had the following characteristics.A militaristic nature as it had to battle enemies and expand further geographically.A society based on compulsion and force rather than constabulary with clear division of social groups that differed in their dut ies and not in their rights.Supreme forefinger of the state/tsar.All the above characteristics slowly killed the idea of free competition. As a consequence of this, a highly centralized system was built, where the competitiveness was directed mainly at attracting the attention of the supreme power through gifts, bribes and networks of prominent personalities. This also explains why most international Russian projects are financed by the state (Zashev, 2004).Soviet Values and MoralsDuring the soviet times the system did not go through much change.The soviet rule enforced m any concepts such as the following.Uravnilovka that removed the link between work and pay.Increasing the level of bureaucracy, making cheating an inbuilt part of the economic system.Repression that later became a state concept and removed initiative, decision making and exemption of choice.The soviet system did not succeed in eliminating corruption, and it continued to afflict the whole Russian system. It, in fac t, became the way for a normal life. The foreign operations of the Soviet companies were state owned. It was only the Foreign deal Organisations that were allowed to link Soviet factories with their overseas markets, suppliers or others (Zashev, 2004).Transition Values and MoralsA dramatic change has appeared in the last fourteen years in the form of a massive retreat from the government. The privatisation in Russia reachd a new social group of owners, investors, capitialists and industralists (Zashev, 2004). rottenness and transplantCorruption of officials in Russia is endemic, a system-wide state of affairs with deep historical roots (Zashev, 2004, p.27). It is now a common procedure for Russian businessmen to regularly pay bribes to government officials. The government officials take economic decisions soundly on the basis of underlying motives.Many argue that the practice is a clean means to facilitate government approvals and avoid penalties. High levels of transplant are the reason for low levels of competition, a factor that is needed for economic growth (Zashev, 2004).businessmen from the UK not only have to worry about the corruption levels, but also have to watch out for the Bribery Act. The bill was published in draft on the 25th of troop 2009 and received Royal Assent on the 8th of April 2010 (UK Government, 2010). 3.4.4. SO WHAT WILL THE BRIBERY ACT COVER?The Bribery Act looks at reforms in the criminal law with the intention of delivering a new modern and comprehensive scheme for grafting offences that will permit the judgeship and prosecutors to counter more successfully to bribery, both at home and abroad (UK Government, 2010).The Act will offer up a more efficient framework for combating bribery in the public and private sectorscreate two general offences covering the offering, promising or giving of an advantage, and requesting, agreeing to receive or accepting of an advantagecreate a discrete offence of bribery of a foreign public off icialhelp tackle the threat that bribery poses to economic progress and development around the world (UK Government, 2010).During our inteview, Mr.Kell expressed his unfavourable attitude towards unfair trading practices, but he mentioned that if payments are necessary to facilitate market entry, it can be done. However, The Bribery Act will make things more complicated and put UK companies, including Pufferfish, at a disadvantage, especially in emerging markets such as Russia, where bribery is a custom. It is important that the bon ton considers that in its market entry decisions.6.1 MOSCOWMoscow, being the capital of Russia, is one of most promising markets for Pufferfish Limited. Moscow is the largest metropolis in Russia, accounting for 7.34% of the total population of Russia (The World Bank, 2009).The advantages and disadvantages of targeting Moscow are as follows.AdvantagesMoscow is the major business centre, with a well-structured distribution channel which will provide Puff erfish with an opportunity to reach out to its clients without much difficultyThe presence of large obtain malls and big box stores in Moscow will allow Pufferfish to reach out to a larger audience.The large hypermarkets present in Moscow contribute to the sale of 50 percent of consumer electronics that are advertised in Russia (US Commercial Service, 2010).As seen in the figure below, 51.60% of the total foreign investments is mainly from Moscow during the period January-September 2009.Due to the high intensity of consumers purchasing power and the large presence of company headquarters,the region continues to attract a large amount of investments(US Commercial Service, 2010).https//lh4.googleusercontent.com/ftVUl9i1YmCG06SfBi2FoWQmrto4M6j-5LbOIxDuhYP8A5Zc5_U4pKkhk6pPehlHmeoTW8mTT9S8GWYufTBb4swnxdN01Od2GoJ0Qd_LfECTH8PJ5vcTable 4 Foreign investment top regionsSource US Commercial Service, 2010DisadvantagesRegistering a company in Moscow is very expensive. Though Moscow appoints t he most populated city in 2009, the major problem faced by companies wanting(p) to set up their business in Moscow is that it requires 9 procedures and costs 2.7% of the total GNP per capita to complete all business procedures (The World Bank, 2009).The major problem of conducting business in Moscow is that it is has become increasingly challenging to find qualified local anaesthetic partners and Russian employees. In addition to this, the salaries of local employees have move significantly in Moscow (UK Trade and Investment, 2009).Nevertheless, the positive side to this is that the digital signage market is Moscow is booming. According to the Association of Communication Agencies in Russia, in the runner half of the year 2008, Russia witnessed a significant growth of 13% in outdoor publicise, largely due to the increase in the digital signage market (Rushworth, 2008). Statistics from combine Systems Russia, an exhibition held in Moscow in 2009, shows that Moscow witnessed 66% of the total visitors, followed by 12% in the Moscow region and 4% in St. Petersburg ( co-ordinated Systems Russia, 2009a).The figure below represents the ranking of visitor activity from different regions in Russia.https//lh3.googleusercontent.com/7vfeTRpsRebFYxlzz95uB26cpCYa1G2PXHmi-sa_vof1n61Uy6hz71_gm3APoivUDKRs32MMjpefgnM2aDbM08yvKoPYEK5d3XvoApCOE21xVot1OpgFigure 6 Ranking of visitor activity from different regions in RussiaSource Integrated Systems Russia, 2009adigital Education that took place in Moscow in 2009 was targeted at Moscow and Federal government officials responsible for education, which signifies the potential for the latest audio-video equipment (Integrated Systems Russia, 2009b).This clearly indicates the market potential for the Puffersphere products in the Moscow digital signage market.6.1 ADVERTISINGIn the Russian advertisement market television, radio, print and billboard media are widespread. The domestic and international advert agencies are effective i n Russia. The boom in the advertising industry in the country is a result of strong economic growth and increasing incomes. Companies that were affected by the economic crisis have recovered and started investing in mass media for advertising. Although the traditional methods of advertising still do exist in Russia, advertising agencies have refined their communication methods to meet the needs of the modern firm and are progressing quite well (US Commercial Service, 2010).The shopping malls, airports and advertising agencies present in Russia appear quite promising for the Puffersphere XXL and M ideals.Pufferspheres definitely have a great potential in the Russian market. Moscow and St. Petersburg have plenty of shopping malls and big box stores where Pufferspheres M and XXL can be used for advertising products (US Commercial Service, 2010). Afimall shopping centre is located in the core of Moscow city and is by far the largest shopping mall in Russia. Puffersphere XXL can be used for perils and indoor advertising in this mall (AFI Development, 2008).Airports are another component that Pufferfish can consider. Moscow has three major airports namely Sheremetyevo, Domodedovo and Vnukovo. St. Petersburgs airport comprises of two terminals Pulkovo-1 (domestic flights) and Pulkovo-2 (international flights).Puffersphere XXL can be used in these airports to display flight information, advertising and to display television channels (US Commercial Service, 2010).Other advertising agencies that can be interested in buying Pufferspheres are Starcom, Mindshare and Mediacom. The aforementioned media agencies can use the spheres for advertising (Mind Advertising Limited, 2011).The major concern for the company can be the cost of the product. Nevertheless the advertising agencies, airports and malls operate on a large scale, making the Puffersphere prices inexpensive for them.8.3 CORPORATEIn the past, Pufferfish Displays limited has taken part in exhibition centres and employment shows all over the world which has enabled the company to generate consciousness about their product and build new contacts (Geoff, 2011).A significant part of marketing in Russia takes place through trade shows. Russians prefer to shop at trade shows as it provides them with an opportunity to learn from the array of technical experts and company displays. The success of European companies is mainly due to their high participation rates which is around 90 % of all foreign companies in the Russian shows and this is evident through their market share of industrial equipment which is approximately 70 percent. The exhibitions held in major cities are usually visited by representatives of regional governments and state enterprises from distant areas to purchase goods (UK Trade and Investment, 2009).Promotional seminars are another efficient way to increase awareness of equipment and brand awareness in the Russian business community. The seminars usually gather appropriate p ress coverage in the industry publications (UK Trade and Investment, 2009).Trade fairs for the digital signage market have been taking place in Russia for quite more or less time now. The Integrated Systems Russia is the leading show with people visiting from all over Russia and abroad. Since Puffer fish uses an opportunistic approach for its sales, the Expocenter, which will be held in Moscow this year will act as a platform for Puffer fish to enter Russia (Integrated Systems Russia, 2010).Statistics from the previous year proves that the exhibition is a major success and attracted more than 8000 visitors. The figure below represents the visitors business activity (Integrated systems Russia, 2009a)https//lh6.googleusercontent.com/FiaHLl88-9l8jODnGWssuT0XI_EXs__oTKeURgcz-aQpFavDV8s2uC1XUaQlkTecmUplA3F1VqGxYFGLJfRLoWyuFlJrToyokKoCxC09hM2B9UQ0cl8Figure 3 Integrated systems Russia 2009 Source (Integrated systems Russia, 2009)The 2011 Expocenter certainly seems promising for Pufferfish Limited and will open a wide spectrum of opportunities for the company. The show presents the latest AV and electronic system technologies to the commercial, professional and residential electronic systems integration industries (Integrated Systems Russia, 2010).This provides Pufferfish an opportunity to display their Puffer sphere XXL and M models and in turn help Pufferfish attract various target segments on a wiz podium.9.1 Uppsala modelJohanson J. Vahlne J-E. (1977), The Internationalization process of the firm a model of knowledge development and increasing foreign market commitments, Journal of International Business Studies, 8(1) 23-31https//lh5.googleusercontent.com/2I_BZ45ctC9ENlGidRD_VREX0JKyHUMxuolE-ZaA7djj3UqzFFmpAMDfxyKdvcsTYYJsTqSnASCsWNF37pL8UNRG5JwEVW5QWGBCZNT1RDevQgsLw8Q(Johanson Vahle, 1977).https//lh5.googleusercontent.com/YKQWjMvYoipq2TfLg1Z2W_a2wuqnB8Wuc-dRdyZ2TSfxaIdqguTTMdoszm6s1NRjpJ80IUtPJCh6Ii8_l3_0Mz8cL1L17pMEeiS97JRFUDEk-f8RH1Ahttp//www.provenmodels. com/586/internationalisation-process/jan-johansonjan-erik-vahlne/The Uppsala model is a dynamic model which explains the internationalisation of a firm as a process. The model explains two patterns in the internationalisation process of the firms (Johanson Vahlne, 1990, in Johanson Associates, 1994). The kickoff pattern explains the psychiatric hospital chain wherein the company engages in operations in a particular foreign market. The establishment chain consists of a sequence of stages that are created in small incremental steps with extended commitment which increases with every new step.The four stages were identified by Johanson and Wiedersheim-Paul in the year 1975 which are as follows1. No regular export activities2. Export via independent representatives (agent)3. Sales subsidiary and4. Production/manufacturing (Johanson Wiedersheim-Paul, 1975, in Johanson Associates, 1994, p. 34.)The second pattern describes the fact that firms have a aptness to enter new markets w ith sequentially greater psychic distance and also greater geographical distance in some cases (Johanson Vahlne, 1990, in Johanson Associates, 1994 Hollensen, 2001).Firms therefore have a tendency to enter markets they understand, where they perceive opportunities and the uncertainty levels are relatively low. As proposed in the model, the firm can perceive opportunities without uncertainty only through experiential knowledge. Therefore, the firms choose incremental steps and engage in a sequential manner in foreign markets (Hansson, Sundell , -hman , 2004) . pronounce speculations or GreenfieldJoint proceedsThe most recognised mode of entry into a new market is through establishing a joint venture with a foreign firm. A joint venture requires setting up a firm that is jointly owned by two or more otherwise independent firms.A joint venture involves two or more companies creating a legally independent company to share some of the parent companys resources with the purpose of dev eloping competitive advantage. Joint ventures can take various forms, with the most common being a 50/50 shareholding in a company.A few advantages of a joint venture are the reduction of risk through sharing of the project, facilitate entry into a market and quick profits. However problems such as inability to work with the local partner due to the varying organisational cultures and the national culture, can affect the joint venture and limit its performance (Lynch, 2006).In recent years,the rate of International Joint venture(IJV) formation has continued to rise steadily among the emerging markets in Latin America, Asia and Eastern Europe. The aforementioned emerging markets account for close to 70% of all IJV entries by multinational corporations. According to a survey conducted by Deloitte, 35 % of companies used joint ventures to enter into emerging markets but only 21% continue to use them. The chart from Deloittes research shows that Joint Venture is the most popular entry m ode into developing markets (Mahidhar et.al, 2009).https//lh3.googleusercontent.com/RF5UMKWJ67-S0PRLoVETrzdfVxDx1q_ncwGmM9izsH0QQRGPEwxY_R64xXjX7RviiN77Wae-Q-Qc0ePjGCKwanPiXTvf8TrDrMnDpUW-AsbMlhi_M6ASOURCE(Mahidhar et.al, 2009)This section typically aims at answering some of the common question that arises when foreign investors use joint venture in Russia (Schwarz Viktorov, 2005) Are there restrictions on foreign participation?In general there are no restrictions on foreign participation except for certain industries such as banking and insurance field (Schwarz Viktorov, 2005). What are the legal problems which a foreign investor in a joint venture faces?The formation and operation of joint ventures are relatively easier for foreign investors due to the liberalisation of the process of state readjustment of joint ventures and foreign currency legislation. Nevertheless, a few problems do exist (Schwarz Viktorov, 2005)o Recurring change of legislation.o The state authorities fail to aline with established terms and procedures for provision of consents, approvals, registration and issuance of licenses and so on. What are the types of joint venture vehicles commonly used by foreign investors?The figures below represent the principal types of joint ventureshttps//lh4.googleusercontent.com/RnQg8HPYJ6ZvBOpuQcfbwff_LORWvqfVpA9Q5vj3miT1TbyK7lvJfueE9BTOGeysFfIqaPx1-JuNQbwdTx6N_kIkhq0IKYUFojl0HMqaLyRDRQXiqAESource (Schwarz Viktorov, 2005)FORMING A RUSSIAN LEGAL ENTITYThe above figure describes the types of commercial legal entities that are recognised by the Civil autograph of Russian Federation such as general partnerships, limited partnerships, limited liability companies, additional liability companies, additional liability companies, joint stock companies (UK Trade and Investment, 2009).There are two types of joint ventures namely limited liability companies (LLC) where in involvement is based on participation interests and joint stock companies ( JSC) where i n involvement is based on shares (Schwarz Viktorov, 2005).The crucial part of entering a market is to decide whether to enter as a limited liability company or joint stock company.LLCs are preferred over JSCs in setting up a wholly owned subsidiary since the process of establishment and operation of an LLC is less taxing and time consuming as there are no legal requirements that an LLC must issue shares or perform any procedures related to issuance, establishment and issuance of securities. This form of entity is more flexible and mobile as there is no requirement of issuing shares when the musicians need to change the dilute capital of the company.Nevertheless, a JSC is preferred for a joint venture in Russia between parties that are not related due to the following reasons. First, in an LLC each participant is eligible to leave the company at any time and for no specific reason, without the consent of other participants. In comparison to a JSC, the LLC law considers a lot of is sues which requires undisputed voting decisions of LLC participants that might not be fair for a joint venture partner who is a majority participant in the LLC (UK Trade and Investment, 2009).Given the current situation Pufferfish Displays limited must invest into Russia only after they gain sufficient knowledge about the market. This may take a good three to four years. Depending on the situation then the company may choose from the aforementioned entities. They may additionally take help or guidance from the Russo-British Chamber of Commerce or the UK Trade and Investment for setting up the preferred entity.Pufferfish Displays, 2010. ServicesContent Creation and Consultancy. Retrieved litigate 17, 2011, from Pufferfish Ltd http//www.pufferfishdisplays.co.uk/services/Pufferfish Displays, 2009. Case studiesEurovision. Retrieved March 17, 2011, from Pufferfishlimited Website http//www.pufferfishdisplays.co.uk/case-studies/eurovision/AFI Development, 2008. Projects Afimall city, onli ne. Available at http//www.afi-development.ru/en/projects/map/moscow/mallofrussia Accessed 9 March 2011.Deloitte, 2010. Doing Business in Russia 2010, online. Available at http//www.deloitte.com/view/en_RU/ru/insights/doingbusinessinrussia/index.htm Accessed 26 February 2011.Hansson, G., Sundell , H., and -hman , M., 2004. The new modified Uppsala model Based on an anomalistic case study at Malmberg Water AB.Hickson, D.J., and Pugh, D.S., 1995. 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Journal of International Business Studies, 8, pp.23-32.Johanson, J., and Wiedersheim-Paul, F., 1975. The Internationalization of the Firm Four Swedish Cases. Stockholm Almquist Wiksell International.Lynch, R., 2006. Corporate Strategy.Pearson Education Limited.Mahidhar, V., Giffi, C., Kambli, A., Alvanos, R., and Grunewald, J., 2009. Rethinking Emerging Market Strategies From offshoring to strategic expansion. Deloitte, online. Available at http//www.deloitte.com/view/en_US/us/article/43cc586731101210VgnVCM100000ba42f00aRCRD.htm Accessed 9 March 2 011.PricewaterhouseCoopers Russia, 2009, Doing business and investing in the Russian Federation, online. Available at http//russia.polpred.com/upload/pdf/doing-business-in-russia-2009.pdf?PHPSESSID=u85buagf7pdte5b77is3n96mt4 Accessed 12 February 2011.PriceWaterhouseCoopers, 2010. Doing Business and investing in the Russian Federation, online. Available at http//www.pwc.ru/en/doing-business-in-russia/assets/Doing-Business-Russian-Federation-2010.pdf Accessed 12 February 2011.Pufferfish Displays, 2011a. Pufferfish Home, Products and Services, online. Available at http//www.pufferfishdisplays.co.uk Accessed 11 March 2011.Pufferfish Displays, 2011b. Pufferfish Resources Investors, online. Available at http//www.pufferfishdisplays.co.uk/resources/pufferfish-investors Accessed 11 March 2011. Pufferfish Displays, 2011c. Pufferfish Products, online. Available at http//www.pufferfishdisplays.co.uk/products Accessed 11 March 2011.Rushworth, R., 2008. Local regime and DS An outside chance. H F Network Lt