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. Last Updated: 07/27/2016

Business in Brief

TWG Case Dropped

MOSCOW (MT) ? German authorities have dropped their investigation into bank accounts controlled by London-based metals giant Trans-World Group, the company said Tuesday.

TWG, formerly a large player on the Russian metals market, had been at the center of a money-laundering investigation that prosecutors said involved $7.2 billion that passed through banks in Germany and neighboring countries.

Investigative accountants Kroll Inc. "reported that all the transactions were the product of legitimate business activity and those findings were made available to the German authorities," TWG said in a press release.

Oil Pulls Down RTS

MOSCOW (Reuters) ? Russian shares ended with heavy losses Tuesday as a dive in crude oil prices drained the market of support that helped it contain losses despite global turbulence after the Sept. 11 attacks on the United States.

The key RTS index slid 3.67 percent to 179.20 on volume of $22.6 million.

"Yesterday?s precipitous drop in oil prices constituted a direct hit. While some decline in oil prices had been expected, yesterday?s collapse surprised everyone," said NIKoil?s chief strategist, Eric Kraus.

Palladium Falls

LONDON (Reuters) ? Prices of platinum and palladium are sliding as producer supplies, principally from Russia, hit the market amid growing fears of recession that would undermine demand, traders and analysts said Tuesday.

"I know of some large shipments of Russian platinum and palladium around Sept. 21 and 22," one trader said in explanation of the lower prices for platinum group metals.

On Tuesday, platinum prices lost some $35 and traded in the afternoon at around $435 a troy ounce. Palladium was $10 weaker at $410. Norilsk Nickel is the world?s largest producer of palladium.

UES Upgraded

MOSCOW (Reuters) ? ING Barings on Tuesday raised its rating on national power monopoly Unified Energy Systems to "strong buy" from "buy," saying the company was significantly undervalued at current levels.

ING also reiterated a "strong buy" rating on Moscow regional power firm Mosenergo.

Ticket Price Rise

MOSCOW (MT) ? The city has increased prices on above-ground public transportation by 1 ruble (3.4 cents) per ride, Interfax reported.

From Tuesday, tickets purchased from the driver cost 5 rubles instead of 4 rubles. For pre-purchased tickets, the price rose from 3 rubles to 4 rubles.