Falling revenues keep employees on vacation

Aug 20, 1998
Sandra L. Medearis

RIGA - While Russia is trying to keep a tight hold on the value of the ruble and pump up a moribund economy with increased fees and import taxes, some eastern European suppliers are feeling Russia's pain, but less gain, as their export profits sag. Grindex, a Riga-based pharmaceutical manufacturer and distributor that makes 30 percent of its sales in Russia, is blaming that country's budgetary crisis for a half-million lat (about $834,000) drop in turnover during the first half of 1998.Valdis Ja ...

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