Business in Brief
- By Unknown
- Nov. 30 2007 00:00
Cameco Uranium Deal
Cameco, the world's largest supplier of uranium, signed an accord Thursday with Atomredmetzoloto to form joint ventures to find and mine uranium.
The agreement signed in Canada is the logical continuation and development of a preliminary document signed last year, RosAtom said in a statement. RosAtom head Sergei Kiriyenko also signed a cooperation agreement with Canada's nuclear energy agency, the statement said. (Bloomberg)
Russneft Ruling Postponed
The Federal Anti-Monopoly Service on Thursday postponed its ruling on billionaire Oleg Deripaska's bid to buy embattled oil producer Russneft.
"We will make our decision next week," spokesman Anatoly Golomolzin said, adding that there were new documents to study, Interfax reported.
Anti-monopoly authorities were due to rule Friday on whether to accept Deripaska's bid through his holding vehicle Basic Element. They were also due to examine Swiss-based commodities trader Glencore's bid to buy three Russneft subsidiaries. (MT)
Chrysler, GAZ in Talks
SOUTHFIELD, Michigan -- Chrysler executives will meet Thursday with the president of GAZ, owned by billionaire Oleg Deripaska, to discuss building the U.S. automaker's cars in Russia, the Detroit News reported Thursday, citing sources familiar with the negotiations.
The meeting at Chrysler headquarters in Auburn Hills, Michigan, will involve Chrysler co-president Tom LaSorda and GAZ president Leonid Dolgov, the newspaper said. (Bloomberg)
Central Bank Hits Record
The Central Bank pumped a record 300 billion rubles ($12.3 billion) into the banking system Wednesday to ease the impact of the collapse of the U.S. subprime market, Kommersant reported Thursday.
Banks borrowed 211.5 billion rubles at a rate of 6.03 percent in the morning, and 88.5 billion rubles at 6.35 percent in the evening, the newspaper reported today. The previous record of 272 billion rubles was set on Aug. 28, the newspaper said. (Bloomberg)
Sberbank Facing Exodus
Sberbank may lose as many as 200 senior executives after former Economic Development and Trade Minister German Gref was elected to head the country's largest bank, Kommersant reported Thursday.
In addition to Andrei Kazmin, who resigned as chief of Sberbank in October, and his deputy, Alla Aleshkina, 100 to 200 top managers, including several board members, intend to leave the bank, the newspaper said, citing unidentified bank officials. (Bloomberg)
EU Considers Fund Rules
LONDON -- The European Commission is considering rules for sovereign wealth funds which could hamper British efforts to profit from the funds' investments, the Daily Telegraph reported Thursday, citing the EU's economic commissioner, Joaquin Almunia.
Commission officials are looking at options ranging from a code of conduct to giving the commission power to set policy, the newspaper said, citing people familiar with the issue. Setting EU-wide policies is better than countries developing individual rules, the Telegraph reported Almunia as saying. (Bloomberg)
VimpelCom Profit Up 71%
LONDON -- VimpelCom said Thursday third-quarter profit rose 71 percent as it added more subscribers.
Net income climbed to $458.1 million, or $9.02 a share, from $268.4 million, or $5.28, a year earlier, the company said. Sales rose 44 percent to $1.96 billion under U.S. accounting rules. The subscriber count rose 16.4 percent to almost 61 million on Sept. 30 from a year earlier. (Bloomberg)
Comstar Shares Jump 7.8%
Comstar United Telesystems, billionaire Vladimir Yevtushenkov's telecommunications company, jumped the most in four months in London trading, the company said Thursday.
Comstar rose 7.8 percent in London, the biggest gain since July 12. The company reported a third-quarter net loss of $68.8 million, or 18 cents a share, on a noncash expense, compared with net income of $48.3 million, or 12 cents, a year earlier. (Bloomberg)
9% Steel Growth Forecast
LONDON -- Steel use will grow at an annual rate of 9 percent in Russia and 8 percent in Brazil from 2006 to 2010 because of construction demand, Nomura Holdings said in a report Wednesday.
"Both governments recently announced massive, steel-intensive infrastructure programs," Nomura analyst Paul Cliff said. "We see the construction, automotive and oil and gas sectors as particularly strong markets for steel consumption." (Bloomberg)
Possible TGK-2 Bid
FRANKFURT -- RWE, Fortum and Mitsui are interested in bidding for TGK-2, Reuters said Thursday, citing unidentified people close to the sale.
TGK-2 plans to issue new shares equal to 39.6 percent of the company's current share capital, Reuters said. Unified Energy System also plans to sell a stake in the company, the newswire said. A strategic investor could acquire 52.3 percent of TGK-2 shares by purchasing both stakes, Reuters said. (Bloomberg)
Crash Kills 3 SUEK Execs
Three managers of coal and power producer SUEK have been killed in a car crash in the Krasnoyarsk region, Kommersant reported Thursday.
A KamAZ truck on Wednesday hit an Audi A8, instantly killing three of its four passengers, including Alexander Kuznetsov, head of the closely held miner's Krasnoyarsk branch, the newspaper said, citing Krasnoyarsk region traffic police. Two other company officials, Igor Ryzhenko and Sergei Perchatkin, also died in the car crash.
SUEK spokesman Alexei Naumenko declined to comment on the incident or say who would succeed Kuzentsov. Police said a violation of traffic rules was to blame for the incident, the paper said. (MT)
Scotiabank to Open Office
TORONTO -- Scotiabank, Canada's second-largest bank, said in a statement Thursday that it received regulatory approval to operate in Russia next year, becoming the first Canadian bank to have an office here.
The Moscow representative office will offer trade finance and other banking services for corporate clients, Scotiabank said. (Bloomberg)
Eurasia Logistics Plans IPO
ALMATY, Kazakhstan -- Eurasia Logistics, a Russian developer part-owned by Kazakh banker Mukhtar Ablyazov, plans to sell shares in London to fund expansion across the former Soviet Union and Turkey, Ablyazov said Thursday.
Eurasia may sell as much as 25 percent of its shares in 2009, Ablyazov said. He did not say how much the company expected to raise in the initial public offering. (Bloomberg)