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. Last Updated: 07/27/2016

Business in Brief

Jobless Rate Reaches 6%

The unemployment rate increased in September from a record low the month before, the State Statistics Service said in a statement Friday.

The jobless rate rose to 6 percent from 5.7 percent in August, the service said. (Bloomberg)

2008 Inflation Seen Higher

NEW YORK -- The country will probably raise its inflation forecast for 2008 after consumer prices increased faster than expected this year, Finance Minister Alexei Kudrin said Saturday.

"Inflation has accelerated to a high tempo and it's difficult to reduce it quickly," Kudrin said at a briefing in Washington. (Bloomberg)

Debt Repayment to U.S.

The country will use $343.25 million from its stabilization fund to pay off the remaining principal of a 1998 loan from the U.S. Department of Agriculture ahead of schedule, Interfax reported Friday.

Interfax reported that by repaying the loan early, Russia will save $46.7 million on interest payments between 2008 and 2020. (Bloomberg)

$65Bln Capital Inflow in '07

Russia will probably receive $60 billion to $65 billion in net capital inflow in 2007, Central Bank deputy chairman Alexei Ulyukayev said Friday.

The country registered a net capital outflow of $9.4 billion from July through September. Capital outflows exceed inflows for the first time this year in the third quarter. (Bloomberg)

Russian Alcohol Sales Rise

Russian Alcohol, the maker of Zelyonaya Marka vodka, said Friday that sales rose 51 percent in 2007's first nine months as the country's expanding economy fueled demand for more expensive brands.

Revenue was 13 billion rubles ($523 million) through September, the company said, without giving a year-earlier figure. Zelyonaya Marka and lower-priced vodka Zhuravli were among the best-selling brands, according to Russian Alcohol. (Bloomberg)

Alrosa, Tiffany in Talks

Diamond firm Alrosa is negotiating a long-term contract to sell diamonds to Tiffany, Vedomosti reported Friday.

Alrosa may sign a contract with Tiffany by the end of the year, chief executive Sergei Vybornov said, the newspaper reported. (Bloomberg)

RZD Profit Jumps 22%

Russian Railways said in a statement Friday that profit jumped 22 percent to a record in 2006 as it carried more passengers and cargo.

Net income advanced to 139.8 billion rubles ($5.63 billion) from 114.4 billion rubles in the same period a year earlier, RZD said. Sales climbed 17 percent to 878 billion rubles. (Bloomberg)

Globus Seeks $100M Buyer

Globus Gourmet, an upscale supermarket chain, is seeking a buyer for about $100 million, Vedomosti reported Friday, citing an unidentified investment banker.

Globus, which has six stores in Moscow and two in St. Petersburg, is 56 percent-owned by Lev Khasis, chief executive of grocer X5 Retail Group, the paper said. (Bloomberg)

Russian Timber Plans IPO

Russian Timber said Friday it would become Russia's first forestry firm to be listed in London with an AIM market flotation expected to raise around 100 million pounds ($204.4 million).

The firm, run by Leo Hambro, the son of mining magnate Peter Hambro, has rights to cut down Siberian larch and Angarsk pines in a vast area of eastern Siberia. (Reuters)