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. Last Updated: 07/27/2016

Business in Brief

FDI reaches $13.7Bln

Foreign direct investment reached $13.68 billion in 2006, up 4.6 percent on the previous year, the State Statistics Service said Tuesday.

The full-year figure appeared out of line with the nine-month data for 2006, which showed a 55.5 percent rise in FDI as well as with a $28.4 billion full-year estimate from the United Nations' trade and development agency. (Reuters)

Arms Exports Up to $8Bln?

Russia may boost arms sales to a record $8 billion this year, a government official said Tuesday, Interfax reported.

Mikhail Dmitriyev, the head of the Federal Service for Military and Technical Cooperation, said Russia would probably raise weapons exports from last year's $6.5 billion, Interfax reported. Among its clients, Russia has enjoyed particularly "breakthrough relations" with the United Arab Emirates, which is buying Pantsir short-range air-defense systems, Dmitriyev said. (MT)

Rosneft to Raise Capital

State-controlled oil firm Rosneft, which has mandated banks for a record $24 billion loan syndicate, will hike its capital expenditure by 45 percent this year while its net profit is likely to decline, Vedomosti said Tuesday.

Citing documents prepared for the company board on Rosneft's business plan for 2007, Vedomosti said net profit was expected to fall to 131.5 billion rubles ($5.03 billion) this year from the 132.1 billion rubles forecast for 2006. (Reuters)

Volvo Agrees on Road Unit

STOCKHOLM -- Volvo, the world's No. 2 truck maker, said Tuesday that it had agreed to buy the road-development-machinery business of U.S. diversified manufacturer Ingersoll-Rand in a $1.3 billion cash deal.

The Swedish firm, which, besides trucks, makes buses, engines and a wide range of construction gear, said the deal also included 20 dealerships in North America as well as distribution arms in Europe and Russia. (Reuters)

India Rice Ban Considered

Russia might ban imports of rice from India starting May 1 if shipments are not accompanied by certificates stating which pesticides have been used, the animal and plant health watchdog said Tuesday.

The Federal Service for Veterinarian and Vegetation Sanitary Supervision said in a statement that Russian inspectors had discovered Indian farmers did not supply processing plants with information on pesticides used during rice growing, which it said may present a danger to consumers' health. (Reuters)

Sakhalin Tunnel Possible

Russia's budget may provide funding between 2008 and 2010 for a tunnel from the mainland to the island of Sakhalin, RIA-Novosti reported Tuesday, citing Transportation Minister Igor Levitin.

The project, costing up to $3 billion, will feature rail and road links on separate levels, the state-run news service cited Levitin as saying at a meeting in Tokyo on Tuesday.

Russia would like to involve Japanese companies in the project and they could recoup some of their investment by charging for the tunnel's use, Levitin said. (Bloomberg)

RusAl Looks to Nigeria

Russian Aluminum, owned by billionaire Oleg Deripaska, completed its takeover of Nigeria's Alscon smelter after three years of talks, giving the Russian company a full production cycle for making aluminum in Africa.

RusAl will pay the Nigerian government $250 million for 77.5 percent of Alscon, the company said in a statement Tuesday. (Bloomberg)

TMK's 2006 Revenue Up

TMK, the world's second largest producer of steel pipes for the oil and gas industry, said 2006 revenue was probably $3.3 billion after sales rose 3 percent.

The firm will also report a "substantial increase" in earnings before interest, taxes, depreciation and amortization as a percentage of sales, mainly due to increased demand for seamless pipes for the oil industry, a statement released Tuesday said. (Bloomberg)

KazakhGold Investments

ALMATY, Kazakhstan -- KazakhGold Group, a London-listed miner of gold in Kazakhstan, plans to invest $350 million through next year developing two new mines and boosting output at its three existing ones.

About $75 million of the investment will come from a secondary share sale in London, the vice president Aidar Asaubaev said Tuesday. (Bloomberg)

Antichi Pellettieri Sales

MILAN, Italy -- Luxury goods company Antichi Pellettieri said Tuesday that it had boosted sales 68 percent in 2006 to $339.1 million.

It was helped by a strong performance in Russia, the Middle East and Asia. (Reuters)