In normal times, Alstom’s announcement that it has clinched a strategic alliance with Russia’s leading railway rolling stock manufacturer would have commanded a great deal more interest than the curt statement put out by the international news wires on Monday. But these are not normal times, with the credit crisis and collapsing stock markets overshadowing virtually everything else in the business world.

Yet, the Russian venture does deserve some attention. After all, the French group managed to beat tough competition from Canadian rival Bombardier – long regarded the front-runner to win the Russia deal – and Germany’s Siemens.