Business in Brief

Polyus Rebuffs Prokhorov

Polyus Gold said Wednesday that the sale of a stake to investor Mikhail Prokhorov's Onexim Holdings would lead to a loss of value for shareholders.

The company is not planning to sell the shares as it is not seeking funding for two years, Polyus said. Only after 2010 will it consider taking on debt or selling the stake held by its Jenington International unit, Polyus said. (Bloomberg)

VimpelCom Q1 Profit Rises

Mobile phone company VimpelCom said Wednesday that first-quarter profit more than doubled on new customers, a currency gain and the acquisition of Golden Telecom.

Net income rose to $601 million, or $11.84 a share, from $277 million, or $5.45, a year earlier, the company said. That beat the $462 million median estimate of seven analysts polled by Bloomberg. (Bloomberg)

Strategic Industries Body

The Industry and Trade Ministry must submit to the Cabinet a proposal on a committee to oversee foreign investment in strategic industries, as well as its composition, by June 12, Prime Minister Vladimir Putin said in an order published on the government's web site, Interfax reported Wednesday.

The order came after the Cabinet's presidium decided to create the committee Monday, Interfax said. (MT)

Magna May Build Chryslers

ST. PETERSBURG -- Magna International may sign an agreement with the Economic Development Ministry this week to make Chrysler vehicles, Kommersant reported Wednesday, citing unidentified government officials with knowledge of the matter.

The Canadian firm would be able to make as many as 150,000 cars per year for Chrysler at a proposed factory in the Nizhny Novgorod region, with a potential to double annual production, the newspaper said. (Bloomberg)

Uralkali Names President

Potash producer Uralkali named deputy chairman Anatoly Lebedev as president, taking over a role held by chief executive Vladislav Baumgertner.

Baumgertner will remain as CEO, focusing on day-to-day operations, industrial expansion and investor relations, Uralkali said. (Bloomberg)

Inflation at 7.7% on Year

Consumer prices rose 7.7 percent through May, Interfax reported Wednesday, citing an unidentified government official.

Price growth accelerated to a monthly 1.4 percent in May from 0.6 percent in the same month last year, the news service reported. (Bloomberg)

Kia Production May Move

ST. PETERSBURG -- Russia's SOK Group may shift production of Kia Motors vehicles to an unused plant if it sells carmaker IzhAvto to AvtoVAZ, IzhAvto CEO Mikhail Dobyndo said, Vedomosti reported Wednesday.

SOK's unused Roslada factory in Syzran, in the Samara region, could produce as many as 70,000 vehicles a year, Dobyndo said. (Bloomberg)

For the Record

United Company RusAl on Wednesday denied a report that its bauxite mine in Guinea was affected by a strike. (Bloomberg)

Vyacheslav Sinyugin, chief executive of RusHydro, was offered the post of deputy energy minister, Interfax said Wednesday. (Bloomberg)