Business in Brief

2008 Inflation at 10.8%



Consumer prices rose 0.2 percent in the week to Monday, after a 0.3 percent increase in the preceding week, the State Statistics Service said Wednesday.

With nearly three months to go until the end of the year, prices have already risen 10.8 percent, the data showed. (Reuters)




Credit Suisse Selling Magnit



LONDON -- Credit Suisse Group is selling three million shares of Russian food retailer Magnit, according to two people involved in the transaction.

The shares are being offered via an accelerated bookbuild, the people said. A spokeswoman for Credit Suisse declined to comment. Magnit CEO and majority shareholder Sergei Galitsky is not selling any stock, Magnit spokesman Oleg Goncharov said. (Bloomberg)




Aeroflot May Cancel Orders



Aeroflot may have to cancel orders for new A320 and A330 airplanes from Airbus as the global credit crisis intensifies, chief executive Valery Okulov said Wednesday, RIA-Novosti reported.

Aeroflot's loans are sufficient to buy the planes at present, Okulov said. If conditions worsen, the carrier will review its plans, he added. (Bloomberg)




VEB Cash for Svyaz Bank



Vneshekonombank provided 59 billion rubles ($2.26 billion) to boost Svyaz Bank's liquidity after agreeing to buy the lender for 5,000 rubles, VEB chairman Vladimir Dmitriyev said Wednesday, Interfax reported.

About one-quarter of Svyaz Bank's 90 billion ruble loan portfolio is "problematic," Dmitriyev said. VEB last week agreed to take over Svyaz Bank after the lender failed to meet margin calls. (Bloomberg)




Foreign Car Sales Increase



Foreign car sales in Russia, Europe's biggest auto market, rose 2.2 percent last month after falling in August.

Sales of foreign-brand cars, including those made in Russia, rose to 179,423 units from 175,557 the previous month, data released Wednesday by the Association of European Businesses showed. Sales in the first nine months rose to 1.6 million units, or 40 percent more than during the same period last year. (Bloomberg)




RusAl Bauxite Miners Strike



CONAKRY, Guinea -- United Company RusAl's bauxite mine in Guinea has been shut down for two days by protesters who are demonstrating over a lack of power supplies for the local community, a leader of the demonstrators said late Tuesday.

The protesters are blocking rail lines to the mine, said Moussa Bangoura, a leader of the demonstration, in an interview late Tuesday in the capital, Conakry. RusAl said in a statement that it's working with the government to resolve the situation. (Bloomberg)




Gazprom Exec Retires



Bogdan Budzulyak, a senior executive at Gazprom who oversaw construction of landmark Blue Stream pipeline to Turkey, has retired, the company said late Tuesday.

Budzulyak, a management board member and chief of the department for the transportation and underground gas storage, was replaced by Oleg Aksyutin. Aksyutin spent most of his career at Gazprom's Caucasus branch, reaching the post of chief engineer at the unit in Kavkaztransgaz. In June 2007 he became director of one of Gazprom's main production divisions, located in Nadym. (MT)