Business in Brief
- By Unknown
- Apr. 07 2008 00:00
Capital Outflow Slows
Net capital outflow was slower in March than in the first two months of the year, a sign of easing effects from problems on global credit markets.
Total outflow in the first quarter was $22.8 billion, according to a preliminary estimate posted on the Central Bank's web site Friday. The figure compares with inflows of $20.8 billion in the fourth quarter. (Bloomberg)
Restrictions on Federal Land
The government barred ministries and other state agencies from operations involving federal land under their control, two days after President-elect Dmitry Medvedev unveiled a nationwide home-building drive.
The government order, which focuses on land located in or around towns and cities and also applies to state companies and the Russian Academy of Sciences, was published Friday on the web site of Rossiiskaya Gazeta, the government's newspaper of record. (Bloomberg)
Norilsk, Polyus Board Votes
Billionaires Vladimir Potanin and Mikhail Prokhorov have agreed to vote their jointly held shares in favor of retaining the existing boards of Polyus Gold and Norilsk Nickel.
Potanin had called a meeting of Polyus shareholders for Monday to demand the removal of the board, controlled by Prokhorov. Norilsk shareholders are due to meet the next day to vote on Prokhorov's proposal for a change to the board, controlled by Potanin. KM-Invest, jointly held by the billionaires, owns 8.1 percent of Norilsk and 7.4 percent of Polyus. KM-Invest will vote to retain both existing boards, the company said Friday. (Bloomberg)
Globaltrans Planning IPO
Globaltrans Investment, the country's biggest nonstate rail shipper, said Friday that it was planning an IPO in London this summer to fund the purchase and lease of rolling stock and to repay debt.
Globaltrans will sell Global Depository Receipts representing around 30 percent of the company by July, Alexander Nazarchuk, senior adviser to Globaltrans's board, said Friday. (Bloomberg)
Current Account Surplus Up
The country's current account surplus, the broadest measure of trade in goods and services, widened in the first quarter as the nation benefited from energy sales.
The surplus widened to $37 billion from $25 billion in the last three months of 2007, the Central Bank said Friday, citing preliminary calculations. The surplus totaled $22.9 billion in the first quarter of 2007, the bank said. (Bloomberg)
Russian Technologies Units
State holding company Russian Technologies plans to form 33 units and hold IPOs for most of them, chief executive Sergei Chemezov said, RIA-Novosti reported Friday.
Chemezov expects the transfer of about 300 state companies to Russian Technologies to be signed by the end of this month, the state-run news service said. (Bloomberg)
Volkswagen $10,000 Model
ST. PETERSBURG -- Volkswagen plans to build a sedan in Russia priced at less than $10,000, said Ulrich Hackenberg, the automaker's head of brand development, Vedomosti reported Friday.
Volkswagen plans to start producing the new car, which is based on the Polo model, at its Kaluga factory south of Moscow by the end of 2009 and make 75,000 per year, the newspaper said. (Bloomberg)