Alexander Bulygin: Russian boss says new US President will lift economyНазад
Alexander Bulygin: Russian boss says new US President will lift economy
By Mark Leftly in Moscow and Iain Currie
Alexander Bulygin, one of Russia"s most powerful businessmen, has argued that the election of a new US President in November will reboot the global economy.
Mr Bulygin, chief executive of United Company Rusal, the world"s largest aluminium producer, told The Independent on Sunday: "This is a really important moment when this eight- year cycle [the presidency of George Bush] ends. The new president, whether it is [Barack] Obama or [John] McCain, does not matter.
"It is important that the first term brings really big change, and big improvement in the jobless rate."
Mr Bulygin believes that "people feel that everything is depressed", and that the psychological impact of a new presidency would improve consumer and business confidence.
He was speaking on Thursday against the backdrop of falling Russian stock exchanges. Trading on Micex and RTS, the leading markets, was suspended on Wednesday after falls in share prices not seen since the country"s 1998 financial crisis.
However, prices soared when the exchanges reopened on Friday, spurred by news that the Russian government would lend billions of dollars to shore up the country"s banks. The surge led to trading twice being suspended again on Micex - once within an hour of reopening - to help control prices. RTS was also suspended.
In the interview, Mr Bulygin suggested that Rusal"s planned 2009 flotation, which is likely to take place in London or Hong Kong, could be delayed if the economic situation does not improve. However, he believes that the US election will help stabilise the economy by the end of next year.
