Business in Brief
- Oct. 23 2013 18:47
- Last edited 18:48
VimpelCom Joins NASDAQ-100
Amsterdam-based telecom company VimpelCom Ltd., which owns 100 percent of Russian cellular provider VimpelCom, will join the NASDAQ-100 index Oct. 29, the company said in a statement.
VimpelCom Ltd. moved its listing from the New York Stock Exchange to NASDAQ on Sept. 10, with the goal of joining the NASDAQ-100.
The Russian VimpelCom, which operates under the Beeline brand, accounts for 40 percent of the parent company's profits, while Italy's Wind Telecomunicazioni brings in another 25 percent.
IMF Warns on Retail Lending
The International Monetary Fund has warned Russia of increasing risks to its financial system, as households and banks start to feel strain of double-digit retail lending growth.
Russian banks saw unsecured loans on consumer purchases growing at a rate of up to 60 percent, pushing up the cost of borrowing for households. The rise in loans to companies has, by contrast, slowed as economic growth touched a four-year low.
"The current risks to financial stability are moderate but growing," the IMF said Tuesday in a report, following consultations with government officials.
"In particular, rapid growth in uncollateralized retail credit and worsening bank and borrower performance indicators need to be closely monitored," they said.
Alcoa Forms Venture with VSMPO-Avisma
U.S. aluminum company Alcoa has formed a joint venture with Russia's VSMPO-Avisma Corp, the world's No. 1 titanium producer, to develop high-end aerospace products to feed growing demand from the sector, Alcoa said.
The two firms will collaborate on manufacturing high-specification products, such as landing gear and forged wing components, at Alcoa's Samara facility in Russia, where it makes flat-rolled products, forgings and hard alloy extrusions.
Few other details were available, although the statement issued Tuesday said the new venture was expected to be operational in 2016.
New Missiles In Place by 2021
The Russian Strategic Missile Forces will be fully equipped with fifth-generation missile systems by 2021, a Defense Ministry spokesman said Wednesday.
The proportion of modern missiles in the RVSN will reach around 60 percent by 2016 and 98 percent by 2021, Colonel Igor Yegorov said.
In addition to the fifth-generation Yars and Topol-M missiles, new command and control centers are being built and new communications, security and other systems put in place, he said.
Russia's missile forces are being modernized in a bid to enable them to penetrate the anti-missile defense systems being fielded by NATO and the U.S., Russian officials have said previously.