Business in Brief
- By Unknown
- May. 06 2008 00:00
Inflation Spikes in April
The country's inflation rate rose to an annual 14.3 percent, the highest since April 2003, led by rising food costs, the State Statistics Service said Monday.
The inflation rate rose from 13.3 percent in March, while prices rose 1.4 percent in April, compared with 1.2 percent in March, the service said. Prices increased 6.3 percent in the year through April. (Bloomberg)
Electricity Prices to Double
Electricity prices will double by 2011, Deputy Economic Development and Trade Minister Andrei Klepach said Monday.
According to a ministry forecast, the tariffs for households and industry will in average grow 16.7 percent this year, 26 percent in 2009, 22 percent in 2010, and 18 percent in 2011. (MT)
Imedi Goes Back on Air
TBILISI, Georgia -- A Georgian television station founded by Badri Patarkatsishvili, the late business partner of Boris Berezovsky, resumed broadcasting Monday.
Imedi television frequently aired reports critical of President Mikheil Saakashvili and his government. The station was shut down several times before it suspended broadcasting on Dec. 26, citing political pressure. (Bloomberg)
Pacific Pipeline Faces Delay
The country's new oil pipeline from Siberia to the Pacific Ocean may be delayed after state-run oil pipeline monopoly Transneft decided to replace the general contractor, RBK Daily newspaper reported Monday.
A tender to replace contractor Krasnodarstroitransgaz will be held in May and several companies may be chosen to complete work on the link as soon as possible, Transneft vice president Mikhail Barkov said, the newspaper reported. (Bloomberg)
Pulkovo Runway Upgrade
ST. PETERSBURG -- Billionaire Oleg Deripaska's Transstroi won a 3.39 billion ruble ($143 million) contract to upgrade a runway at Pulkovo Airport in St. Petersburg, Kommersant said Monday, citing the municipal government.
The project is scheduled to be completed by the end of 2009, the newspaper said. Transstroi rebuilt another Pulkovo runway two years ago. (Bloomberg)
Car Production to Double
ST. PETERSBURG -- The country's car production will more than double by 2012 as automakers supply Europe's fastest-growing car market, a government official said.
Carmakers have pledged $4.5 billion in investment, Industry and Energy Ministry official Viktor Semyonov said. (Bloomberg)
For the Record
Billionaire Sergei Pugachyov's United Industrial signed a memorandum of understanding with Daewoo Shipbuilding & Marine Engineering to build tankers for the country's natural gas fields in the Arctic. (Bloomberg)
Arbat Prestige said Monday that first-quarter sales declined by 22 percent, Kommersant reported. (Bloomberg)
Dixy Group said Monday that it plans to borrow as much as $150 million next month to repay part of its debt and finance store openings. (Bloomberg)
Clothes maker AS Silvano Fashion Group expects sales of lingerie in Russia to generate growth as its home markets deteriorate, chief executive Sergei Kusonski said Monday. (Bloomberg)