Business in Brief
- By Unknown
- Oct. 06 2008 00:00
CTC Buys Moldova Stations
CTC Media, which controls the country's fourth-biggest television network by market share, said Friday that it acquired 51 percent of two Moldova broadcasting companies to enter the market.
The company purchased control of Teledixi Srl and Muzic Ramil Srl, CTC Media said. The Moldova channels will re-launch in the CTC format by the end of this year, the statement said. (Bloomberg)
Stake in Ile de Beaute Sold
PARIS -- French luxury group LVMH said Friday that it was expanding its presence in Russia by taking a 45 percent stake in perfume retailer Ile de Beaute with an option to become majority owner later.
No financial details were given, and the company did not reveal any timeline for taking control. The country is one of LVMH's fastest growing markets, where it sells Louis Vuitton bags, Moet & Chandon champagne and Hennessy Cognac. (Reuters)
$50Bln Package in Duma
The State Duma approved a $50 billion corporate aid package in the first of three required readings, Interfax reported Friday.
The proposal would allow the Central Bank to offer money to state bank Vneshekonombank at 1 percentage point over the London interbank offered rate.
Under the legislation, VEB will lend the money on to banks and companies at 5 percentage points over Libor to help them reduce their foreign borrowings, Yevgeny Fyodorov, chairman of the Duma's Economic Policy Committee, was quoted as saying in a statement on the Duma's web site. (Bloomberg)
KIEV -- Ukrainian Prime Minister Yulia Tymoshenko said Friday that transit intermediary RosUkrEnergo owed Gazprom $2.2 billion and proposed to settle the debt by dipping into gas reserves.
Disputes over arrears owed by Ukraine's state-controlled energy firm Naftogaz Ukrainy for Russian gas have led before to brief supply cuts, but Tymoshenko said this debt was unconnected to Naftogaz.
"RosUkrEnergo has $2.2 billion in debts to Gazprom, which has no connection to neither Naftogaz nor any other state firms. This is commercial debt," Tymoshenko told a news conference. (Reuters)
Novatek's $117M Dividend
Novatek, the country's second-biggest gas producer, said Friday that shareholders approved a dividend payment of 1 ruble per ordinary share and 10 rubles per Global Depositary Receipt for the first half.
The total dividend payout will be 3.04 billion rubles ($117 million), and the list of people entitled to receive dividends was compiled July 24, Novatek said. (Bloomberg)
UAC, Airbus in A350 Talks
The United Aircraft Corporation and European plane maker Airbus may reach agreement within three months on the Russian company's participation in producing the long-range A350 airliner as it seeks to boost international cooperation.
"We hope that by the end of the year we'll identify what components we will be producing for the A350," UAC chief executive Alexei Fyodorov told reporters in Moscow. He said it would be less than 3 to 5 percent of the entire project Russia had originally planned to contribute. (Bloomberg)