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. Last Updated: 07/27/2016

Business in Brief

EU Meat May Be Banned

The government repeated a warning Friday that it might stop meat imports from the European Union next year unless Brussels provided guarantees of meat safety from new members Romania and Bulgaria.

Sergei Dankvert, the country's chief animal and plant health official, said he had informed visiting European Union officials the country would suspend import licenses from Jan. 1 if it did not receive assurances. (Reuters)

Polish Mazeikiu Buyer

VILNIUS, Lithuania -- PKN Orlen, Poland's No. 1 oil refiner and fuel retailer, wants to complete its purchase of Lithuania's Mazeikiu Nafta by the end of this year, CEO Igor Chalupec said.

"We want to close the transaction as soon as possible; we do not want to lose even one hour,'' Chalupec said after a meeting with Lithuanian Economy Minister Vytas Navickas in Vilnius on Monday. (Bloomberg)

Mazeikiu CEO Vote Delayed

VILNIUS, Lithuania -- Shareholders of Mazeikiu Nafta, the sole refinery in the Baltic states, postponed a confidence vote on CEO Nelson English until next week, seeking to have all directors present at the meeting.

One board member of the refiner that is being sold by Yukos could not make the board meeting on Saturday and so the vote was postponed until Thursday, Mazeikiu spokesman Giedrius Karsokas said. (Bloomberg)

VimpelCom in Armenia

Vimpel-Communications said Friday that it agreed to buy a 90 percent stake in CJSC Armenia Telephone from Greece's Hellenic Telecommunications Organization $436.3 million plus about $51 million in debt.

Armentel has about 600,000 fixed-line and 400,000 mobile subscribers. Completion of the deal is subject to approval by the government of Armenia. (AP)

Renova Eyes CableCom

The telecommunications arm of Viktor Vekselberg's Renova has offered to buy the stake in Moscow CableCom that it does not currently own, Renova said Monday.

Renova Media Enterprise has offered $10.80 per share for the company that provides homes and businesses in Moscow with wiring for high-speed Internet access. (Bloomberg)

Gazprom Seeks RWE Stake

Gazprom is seeking to buy a stake in German utilities firm RWE's Westfalen-Weser-Ems unit, a regional supplier of electricity, water and gas, Austria Press Agency reported Monday.

RWE and Gazprom are competing for a 20 percent stake in the unit, the agency said, citing a Platow Brief newsletter.

RWE wants to raise its holding in the regional utility to 100 percent from 80 percent. (Bloomberg)

Gazprom, ENI Talks Stall

An asset-swap deal between Gazprom and Italy's ENI is not imminent, and the two sides still cannot agree on the details, a source close to the talks said Friday.

"There is some progress in talks, but I would not call it dramatic," said the source.

Spokesmen from Gazprom and ENI declined Friday to comment on a report by Italian magazine L'Espresso that the two firms were close to a deal. (Reuters)

Abramovich's Pharma IPO

MILAN, Italy -- Pharmstandard, co-owned by Roman Abramovich, may raise $400 million when the drug maker sells stock in an initial public offering this month, International Financing Review reported Saturday.

The Moscow-based firm may be valued at about $2 billion, the weekly reported without saying how it obtained the information. (Bloomberg)

Gas Find in Turkmenistan

ASHGABAT, Turkmenistan -- A large natural gas field has been discovered in Turkmenistan, the nation's President Saparmurat Niyazov said Sunday.

A field containing an estimated 7 billion cubic meters has been struck in the southeastern town of Iolotan, Niyazov said in televised remarks.

"A mighty fountain [of gas] caught fire," Niyazov said. "It took us three days to put it out." (AP)

Ukraine Currency Warning

KIEV -- Ukraine needs to enlarge its domestic stock and foreign exchange markets and to focus on using interest rate policy to control inflation and the hryvnia's value, Ukrainian Central Bank deputy Governor Oleksandr Savchenko said Friday.

Savchenko, in an interview in London, said the capital market now totaled $35 billion, and daily inter-bank operations now totaled around $300 million. By comparison, the size of the UK capital market is $3.6 trillion. "The capital market is still very small," Savchenko said. "We have also a very tiny exchange market.'' (Bloomberg)