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. Last Updated: 07/27/2016

Business in Brief

Evraz Eyes Highveld Control



JOHANNESBURG, South Africa -- Evraz Group, the steelmaker partly owned by Roman Abramovich, sought anti-monopoly approval to take full control of Highveld Steel & Vanadium by acquiring Anglo American's remaining interest.

Evraz submitted applications to both European and South African authorities "around Dec. 20," Highveld CEO Andre de Nysschen said Jan. 3. Evraz must offer to buy minority shareholders' interests if its own shareholding in Highveld exceeds 35 percent, according to South African regulations. (Bloomberg)




Hellstroem Moves to Altimo



Kurt Hellstroem, the former CEO of Ericsson, joined the advisory board of Altimo in an effort by the telecommunications company to raise its international profile.

Billionaire Mikhail Fridman's Altimo, which values its telecommunications assets in Russia and abroad at $14 billion, appointed Hellstroem to its international advisory board at a meeting Tuesday, the company said in a statement. Hellstroem is credited with initiating a turnaround of Ericsson when a plunge in orders forced it to slash more than half of its workforce. (Bloomberg)




MiG, EADS Cargo Project



Aircraft manufacturer MiG has agreed to jointly produce cargo planes with European counterpart EADS at the Lukhovits construction complex, Defense Minister Sergei Ivanov said Tuesday, Interfax reported.

The agreement comes ahead of MiG's absorption into the newly created United Aviation Company this April, a move intended to boost the country's flagging civilian aircraft industry. The joint project will enable the Lukhovits plant to achieve its full potential, Ivanov said in a news conference after a tour of the complex. (MT)




Tvel Profits Increase 62%



State-owned nuclear fuel supplier Tvel said profit increased 62 percent in 2006 on higher uranium prices and lower production costs.

Net income rose to 5 billion rubles ($19 million) and sales doubled to 60 billion rubles, the company said in a statement Dec. 29. Tvel's earnings will more than double to at least $5.3 billion from 2007 after the company agreed on sales contracts in Finland, the Czech Republic and Bulgaria. (Bloomberg)




Caviar Export Quotas Cut



UNITED NATIONS -- An endangered-species monitoring group backed by the United Nations reduced caviar export quotas by 15 percent for five countries that harvest the delicacy from Caspian Sea sturgeon.

Quotas for caviar from Persian and stellate sturgeon exported by Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan were lowered by 25 percent, while the limit on Russian sturgeon was increased by 23 percent. (Bloomberg)




Russia Wipes Zambian Debt



JOHANNESBURG, South Africa -- Russia canceled $111.8 million of debt owed to it by Zambia, Reuters reported Jan. 2, citing a statement from Zambia's treasury spokesman, Chileshe Kandete.

Zambia's foreign debt was cut to $502 million last year from $7.2 billion in 2005 after donors including the International Monetary Fund canceled its obligations. (Bloomberg)




Gazprom Ups Latvia's Bill



Gazprom will charge Latvia an average 50 percent more for the fuel as part of its plan to raise prices for the Baltic states to western European levels.

Latvijas Gaze, Latvia's gas distributor, will pay an average of $220 per 1,000 cubic meters of natural gas through 2007, depending on heavy fuel prices, Vinsents Makaris said on Jan. 3. (Bloomberg)




Russian Halts Belarus Sugar



MINSK -- Russia has virtually halted imports of Belarussian sugar, an official in Minsk said Jan. 3.

Russian authorities "essentially stopped" issuing customs documents needed to bring Belarussian sugar into Russia as of Jan. 1, Ivan Danchenko, head of the state-run agricultural production concern Belgospishcheprom, told a news conference. (AP)




Port Reopens After Gale



Sheskharis Oil Terminal at Novorossiisk resumed tanker dockings Tuesday after a gale subsided, a port agent said.

A gale warning was canceled at 9 a.m., allowing vessels to berth at three of the port's terminals, Seatrade Maritime in Novorossiisk said in a report Tuesday. (Bloomberg)




For the Record



Sistema-Hals will borrow as much as $187 million from German mortgage lender Eurohypo to build a shopping center in St. Petersburg. (Bloomberg)

AMSTERDAM -- Shell wants to expand the Sakhalin project after transferring half its stake in the venture to Gazprom, Shell's CEO said in an interview on Dutch radio. (Bloomberg)