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. Last Updated: 07/27/2016

Business in Brief

Inflation Slows in June

Consumer prices rose at a slower pace in June than in the previous month, signaling the government may be able to keep the inflation rate at the lowest level in almost a decade this year.

Prices rose a monthly 0.6 percent in June, decelerating from 0.8 percent in May, as growth of food prices and manufactured goods slowed, the State Statistics Service said Wednesday. (Bloomberg)

More Cash to Leave Russia

Central Bank chief Sergei Ignatyev said Wednesday that he expected net outflow this year to be similar to last year's levels of $9.3 billion, above a previous forecast of $5 billion to $7 billion.

Russia wants to reduce the inflation rate to 10 percent this year from 11.7 percent in 2004. (Reuters)

UES Gets Plant for Debt

Electricity monopoly Unified Energy Systems, or UES, said Wednesday that it had received a 50 percent stake in a Kazakh power station joint venture in lieu of $239 million of outstanding Kazakh debts.

UES said it had received a 50 percent stake in a new Kazakh-Russian joint venture based on Ekibastuz GRES-2 power plant in Kazakhstan as part of the settlement of debts owed to it by Kazakhstanenergo. (Reuters)

Evraz Looks to Italy

Steel company Evraz wants to buy Italian steel rolling plant Palini e Bertoli for 60 million euros, Prime-Tass said, citing an unidentified person.

Evraz wants to complete the purchase by the end of the year, the news agency reported. (Bloomberg)

Sberbank 2004 Profit Up

Sberbank said profit rose by nearly one-third to a record last year as the country's sixth straight year of economic growth boosted demand for loans.

Net income rose 30 percent to 43.7 billion rubles ($1.52 billion), compared with 33.7 billion rubles in 2003, the bank said Wednesday in government newspaper Rossiiskaya Gazeta. (Bloomberg)

Calls to Remain Free

Calls made from fixed-line telephones to mobiles will remain free of charge until January 2006, IT and Communications Minister Leonid Reiman said Tuesday, Interfax reported.

The government had previously planned to introduce a system where the calling party pays, which had been scheduled to go into effect this month. (MT)

Heineken Buys Brewer

AMSTERDAM -- Heineken is buying its fifth brewery in Russia, Stepan Razin, boosting its share of the world's fifth-largest beer market to 10 percent, it said on Wednesday.

Heineken said it had agreed to buy St. Petersburg-based Stepan Razin for an undisclosed sum, to be funded with available cash. The acquisition is subject to regulatory approval.

Sources close to the situation said last week that Heineken could pay $100 million for the brewer. (Reuters)