Business in Brief
- By Unknown
- Nov. 27 2008 00:00
AvtoVAZ's $1Bln Loan
Vneshekonombank will provide AvtoVAZ with a $1 billion emergency loan, Interfax reported.
The loan will be granted under Vneshekonombank's mandate to support key sectors of the economy, an unidentified banking official said. (Bloomberg)
Potanin's Choice for Norilsk
Billionaire Vladimir Potanin's Interros Group nominated a former head of the presidential administration as an independent director for the board of Norilsk Nickel.
Alexander Voloshin and three other candidates were nominated to Norilsk's board, Interros said Wednesday in an e-mailed statement. (Bloomberg)
State Buys $3.1Bln in Stock
The government has bought 85 billion rubles ($3.1 billion) of domestic stocks under a plan to benefit from plunging prices while supporting state-run companies, Vneshekonombank said Wednesday.
That is more than half of the 175 billion rubles the government earmarked last month for domestic stocks and bonds purchases through VEB, chief executive Vladimir Dmitriyev said. VEB has received 115 billion rubles of the total. (Bloomberg)
Banks to Loan $18Bln
State-run banks will buy up to $18 billion worth of infrastructure bonds from the country's top gas, oil and steel firms in the first quarter of 2009, a bank executive said Wednesday.
Gazprombank vice president Alexander Sobol said companies that plan to issue a total of 500 billion rubles ($18.28 billion) worth of bonds include Gazprom, oil major Rosneft and some power and steel firms. (Reuters)
Hambro Borrowed $49.3M
Peter Hambro Mining borrowed $49.3 million from lenders, including the company's founder and the country's banks.
The funds, including loans made by companies controlled by executive chairman Peter Hambro, deputy chairman Pavel Maslovsky and their associates, will be used to refinance bank debt and for "general corporate purposes," the firm said Wednesday. (Bloomberg)
Inflation Reached 12.3%
The inflation rate in the year through Nov. 24 reached 12.3 percent as confectionary and sausage prices advanced.
Consumer prices gained 0.6 percent so far this month, the State Statistics Service said Wednesday. (Bloomberg)
Arbat Prestige Gets Cut Off
Cosmetics chain Arbat Prestige has been cut off by suppliers just a month ahead of the crucial holiday shopping period, an executive at the company said, Kommersant reported Wednesday.
The retailer, whose owner and former chief executive was arrested earlier this year for tax evasion, is trying to sell property to repay debt of more than 341.9 million rubles ($12.5 million), the report said. (MT)
For the Record
UralSib said it had applied for a 1.5 billion ruble ($55 million) subordinated loan from state bank Vneshekonombank, owner Nikolai Tsvetkov said, Interfax reported. (Bloomberg)
Transmashholding received a 6.5 billion ruble ($238 million) credit line from VTB Group. (Bloomberg)