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. Last Updated: 07/27/2016

Business in Brief

Norilsk Output Cut

MOSCOW (MT) -- Metals giant Norilsk Nickel will cut nickel output in 2002-03 due to modernization work at its Nadezhdinsky plant, the first deputy CEO of its Arctic subsidiary was quoted as saying Tuesday.

"Taking into account the key role of the Nadezhdinsky plant, which produces 70 percent of Norilsk's [nickel] matte, logically, a substantial decline of nickel output will take place," Interfax quoted Yury Filippov as saying.

Sibir Passengers Soar

MOSCOW (MT) -- No. 2 carrier Sibir airlines increased its passenger traffic twofold in the first 11 months of the year, the company said Tuesday.

Sibir carried 1.7 million passengers in the period, up 2.3 times over the same period last year.

RTS Waits for Oil

MOSCOW (Reuters) -- Russian shares jumped Tuesday and traders said an upturn in oil prices had infused investors in the oil-dominated market with fresh confidence.

The RTS index closed 3.52 percent higher at 234.990 on turnover of $25 million while the Reuters Russian Composite rose 4.02 percent to 1,607.18.

LUKoil ended 4.98 percent higher at $11.60 and Yukos rose 4.4 percent to $4.470, while Surgutneftegaz pushed 4.26 percent higher to $0.2815. The top blue chip gainer was utility UES, which closed up 5.06 percent at $0.1515.

GAZ Target Met

MOSCOW (MT) -- No. 1 utility vehicle maker GAZ met its November production target, manufacturing 10,557 utility vehicles and 6,661 cars, the company said Tuesday, Prime-Tass reported.

In November, GAZ produced 289 vehicle assembly kits. GAZ did not provide comparative data for 2000.

State Wage Hike

MOSCOW (MT) -- The government hiked state wages 60 percent from Dec. 1, Deputy Prime Minister Valentina Matviyenko told state television station RTR late Monday.

Matviyenko also said that wages for teachers, doctors and workers of cultural organizations would be doubled. She said an additional 50 billion rubles ($1.6 billion) from the 2002 budget will be allocated for the wage hikes.

Average expenditures on state wages account for 24 percent of the budget, but at least 40 percent is needed to cope with the task of wage increase, she said.

Tax Target Exceeded

MOSCOW (MT) -- The Tax Ministry said Tuesday collection of unified social taxes totaled 50.4 billion rubles ($1.7 billion) in November, 3.9 percent above target, Prime-Tass reported.