Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Business in Brief

Prosperity Delays Fund IPO

Investment firm Prosperity Capital Management said Friday it has postponed the London listing of its New Russian Generation electricity fund, due to poor market conditions.

"The initial offering of ordinary shares in New Russian Generation Limited and its plan to list the ordinary shares on the London Stock Exchange will not take place in 2007 due to the current challenging market conditions," it said in a statement. (Reuters)

Fund Used to Hike Pensions

Legislators approved budget amendments to allow the government to take as much as 138 billion rubles ($5.63 billion) from the nation's oil fund next year to finance higher pensions, Interfax reported Friday.

The Federation Council voted Friday to allow the government to tap the National Welfare Fund to cover the shortfall that may result from higher pensions payments, the news service said. The basic state pension will increase by 300 rubles per month from Dec. 1, 2007. (Bloomberg)

Norilsk Nickel Raises $2Bln

Norilsk Nickel raised $2.14 billion from a share sale, the company said Friday on its web site.

Norilsk agreed to sell 7.5 million shares at $285 apiece to institutional investors and Morgan Stanley and Deutsche Bank managed the sale, the company said. The shares represent a 3.9 percent stake in Norilsk. (Bloomberg)

Foreign Fishers Restricted

The State Duma on Friday passed a bill banning foreign companies and ships from commercial fishing in the country's waters, RIA-Novosti reported Friday.

Only companies registered in the country will be allowed to fish in Russian waters on a commercial basis. Foreign companies and foreign-owned boats are banned, the state news service reported, citing the fisheries law passed by the State Duma. (Bloomberg)

KamAZ Postpones Bond

Truck maker KamAZ said Friday it has postponed a 6.5 billion ruble ($266 million) bond issue originally planned for this autumn to 2008.

Asked when KamAZ might issue the bond, corporate finance department director Yelena Milinova said, "Not this year. Possibly next year, if more liquidity appears on the market." (Reuters)

KamAZ Sets Growth Goal

KamAZ will spend $2 billion over five years upgrading and expanding production to meet surging demand in its home market, Yelena Milinova, head of corporate finance, said Friday.

The truck maker plans to boost output next year to 65,000 vehicles, from an estimated 53,000 this year, she said. (Bloomberg)

OPEC May Invite Russia

RIYADH, Saudi Arabia -- Algeria's Oil Minister Chakib Khelil said Friday he will urge Russia to join the Organization of Petroleum Exporting Countries when he becomes president of the group.

Russia's membership "would be very good for OPEC," Khelil said. Russia attends OPEC meetings as an observer. (Bloomberg)

Yugraneft Liquidator Named

MILAN -- Sibir Energy, the oil producer controlled by Shalva Chigirinsky, said Friday that London's high court named a liquidator for Yugraneft.

The court also granted powers to issue proceedings against tycoons Roman Abramovich and Boris Berezovsky, London-based Sibir said. Sibir has been embroiled in an ownership dispute with Gazprom over Yugraneft, the oil producer that holds a license to develop the South Priobskoye field in Siberia. (Bloomberg)

Oil Output to Grow 5.2%

Oil output will jump 5.2 percent between now and 2010, Industry and Energy Minister Viktor Khristenko said, The Wall Street Journal reported Friday.

The country will produce 10.4 million barrels per day (517.9 million tons per year) by 2010, Khristenko said. He previously said this year's output would rise 2.4 percent compared with 2006 to 492 million tons. (Reuters)

Kalina Profit Triples

Concern Kalina, the cosmetics maker that controls the German Dr. Scheller brand, said Friday that third-quarter earnings more than tripled after a factory sale improved profitability.

Kalina sold its detergent plant in the city of Omsk last year to bolster profitability. Net income jumped to $3.72 million from $1.18 million a year earlier, the company said. Sales advanced 21 percent to $81.7 million. (Bloomberg)

TMK to Scale Down

Billionaire Dmitry Pumpyanksy is willing to scale down his holding in TMK in the event of a merger, Vladimir Shmatovich, head of strategy for TMK, said Friday.

Pumpyansky would drop his stake to 51 percent from 77 percent for a "major acquisition," Shmatovich said. TMK is considering "a broad range" of targets, especially mid-size companies in the country. (Bloomberg)

For the Record

Transmashholding, the country's largest producer of locomotives and rail cars, will sell 25 percent of its stock plus one share to Russian Railways, Anatoly Meshcheryakov, Transmash's head of external relations, said Friday. (Bloomberg)

Raspadskaya said it plans to raise prices for coking coal by 40 to 45 percent next year, CEO Gennady Kozovoy said Friday. (Bloomberg)