Business in Brief
- By Unknown
- Sep. 11 2008 00:00
Deutsche Buys UFG Stake
FRANKFURT -- Deutsche Bank agreed to buy a 40 percent stake in Russia's UFG Asset Management, Handelsblatt newspaper reported Wednesday, citing sources close to the matter.
Deutsche Bank plans to increase the UFG investment, which is currently in the double-digit million euros, over the medium term, the newspaper said. (Bloomberg)
Severstal's Spending Plans
Severstal said Wednesday that it planned to spend $2.1 billion on coal mining and iron-ore extraction through 2012.
Production volumes at its coal mines in Vorkuta are expected to rise to 8.6 million tons in the period, 16 percent more than last year, the company told investors. (Bloomberg)
Deripaska Sues Montenegro
BELGRADE -- A unit of billionaire Oleg Deripaska's Basic Element is suing the government of Montenegro for up to 300 million euros ($422.8 million) in damages over the 2005 sale of the country's largest aluminum producer.
Central European Aluminum alleges in the lawsuit that the state inaccurately assessed the value of aluminum smelter and mine Kombinat Aluminijuma Podgorica, Economic Development Minister Branimir Gvozdenovic said Wednesday. (Bloomberg)
Evraz Faces Antitrust Fine
The Federal Anti-Monopoly Service said Wednesday that Evraz Holding had overcharged customers for coking coal and would be fined.
The service opened parallel investigations into Evraz, Mechel and Raspadskaya in July after it noted a steep rise in coking coal prices at the end of last year. A fine has yet to be set, but the service said it would not be more than 2 percent of Evraz's annual revenue. (AP)
St. Pete Opens Cruise Port
ST. PETERSBURG -- St. Petersburg opened the country's first passenger seaport in a bid to more than triple the number of tourists arriving on cruise ships.
The first stage of the 6.9 billion ruble ($268 million) terminal, built in less than two years, is part of the Maritime Facade land reclamation project, which will add around 400 hectares (988 acres) to the western tip of St. Petersburg's Vasilyevsky Island. (Bloomberg)
RESO to Invest $500M
Insurance company RESO Group is planning to invest more than $500 million over the next year into its recently acquired mortgage banking unit, chairman Sergei Sarkisov said Wednesday, Interfax reported.
"We've already invested $100 million, and we're looking to invest $500 million in the project over its first year of operations," Sarkisov said. (MT)
Shuvalov, Zubkov Grounded
President Dmitry Medvedev has signed a decree stripping his two first deputy prime ministers of the right to use state-owned aircraft for personal use as a cost-cutting measure, Kommersant reported Wednesday, citing the decree.
Now the automatic right to use a state-owned plane will be restricted to the president, prime minister, the heads of the two chambers of parliament and the foreign minister, Kommersant said. First Deputy Prime Ministers Igor Shuvalov and Viktor Zubkov will now have to request permission for a flight on a plane from state airline Rossia. (Bloomberg)