Business in Brief
- By Unknown
- Nov. 11 2008 00:00
Sechin Heads a Commission
Deputy Prime Minister Igor Sechin will head a newly formed commission on electricity development, the government said Monday. The commission will include Energy Minister Sergei Shmatko; Deputy Economic Development Minister Stanislav Voskresensky; Anatoly Golomolzin, deputy head of the Federal Anti-Monopoly Service; and Kirill Seleznyov, head of Mezhregiongaz, a Gazprom subsidiary.
"The commission formation has nothing to do with the crisis," government spokesman Dmitry Peskov said by telephone. "The electricity sector simply needs coordination mechanisms." (MT)
Cushman Makes Staff Cuts
Cushman & Wakefield Stiles & Riabokobylko is cutting approximately 30 positions at its Moscow office, the company said Monday. The firm's Moscow office employed 270 people before the staff cuts, it said.
"This action is necessary to ensure we align our resources with changing market conditions," said senior executive director Sergei Riabokobylko. "This is part of a broader strategic review to maintain our competitive market position." (MT)
VTB Has Lent $14Bln
VTB Group said it lent 377 billion rubles ($14 billion) to companies since the beginning of September.
The state-run bank provided 120 billion rubles' worth of loans in September, 229 billion rubles in October and 28 billion rubles in the first week of November, it said Monday.
The bank plans to lend at least 190 billion rubles to large companies and as much as 25 billion rubles to midsized businesses this month, according to the statement. (Bloomberg)
SUEK to Review Investment
SUEK will "reschedule" its investment plans and review its costs as falling coal demand begins to bite on its operations, a company executive said Monday.
SUEK, or Siberian Coal and Energy Company, said it would have to reprioritize projects as the energy sector in general faced "challenges" amid lower consumption. (Reuters)
Svyazinvest in Hong Kong?
Svyazinvest may raise funds in Hong Kong by selling depositary receipts, the South China Morning Post reported Monday, citing an unidentified person.
Svyazinvest indicated its interest in seeking the Hong Kong listing at meetings with potential investors in the city last month, the English-language newspaper said, citing the person who was invited to attend. (Bloomberg)
For the Record
Chelyabinsk Pipe Works and Pervouralsky Novotrubny Works, pipe producers controlled by billionaire Andrei Komarov's ChTPZ Group, may cut as much as 25 percent of their workers next year as demand slows because of the global financial crisis. (Bloomberg)
Novatek said Monday that profit rose 11 percent in the third quarter after fuel prices and output increased, and net income advanced to 5.68 billion rubles ($211 million) from 5.12 billion rubles a year earlier. (Bloomberg)
Daimler said it would decide by the end of the year whether to buy a stake in KamAZ. (Bloomberg)
Magnit said sales advanced 44 percent in October as it opened outlets.