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. Last Updated: 07/27/2016

Business in Brief

New Airport Terminal Plans



Sheremetyevo Airport and the Moscow region government announced Tuesday the creation of a new company to build the airport's fourth terminal, Interfax reported.

"The company will undertake the building of the Sheremetyevo-4 airport terminal," a Moscow region official said at a news conference. "Half of the new company will belong to the Moscow region, while the remaining 50 percent will be the property of Sheremetyevo Airport." (MT)




Microsoft Rebuffs Plea



PARIS -- Microsoft rebuffed a public appeal by Mikhail Gorbachev on Monday for its chairman, Bill Gates, to intervene on behalf of a Russian school principal charged with software piracy.

''Ponosov's case is a criminal case and as such was initiated and investigated by the public prosecutor's office in Russia,'' a statement from Microsoft said. ''We are sure that the Russian courts will make a fair decision.'' (NYT)




Russia Blames Poland



Russia urged Poland on Tuesday to put aside historical grievances and resolve a dispute over meat imports that is hindering the start of negotiations on a new cooperation pact between Moscow and the European Union.

"We believe the ball is in Poland's court. No one other than Poland can solve this problem," said Sergei Yastrzhembsky, President Vladimir Putin's special representative on EU relations. (Reuters)




Bank of Moscow Seeks Yen



Bank of Moscow, a lender controlled by the Moscow government, may borrow yen this year for the first time to diversify funding currencies and cut costs, the bank's executive vice president, Alexei Sytnikov, said.

The bank, which plans to take on about $1.6 billion in foreign debt this year, may sell yen-denominated bonds or raise funds through syndicated loans in the Japanese currency, Sytnikov said. The bank has not yet raised funds in yen, he said. (Bloomberg)




Russians' Spending Plans



Home renovation is at the top of this year's shopping list of 30 percent of Russians, according to the results of a poll released Tuesday.

Formerly favored households items are now low on the list of sought-after items, the state-run VTsIOM agency said on its web site. Only 3 percent of respondents said they planned to buy a color television this year, while 8 percent said they would purchase a mobile telephone over the same period. (MT)




Sitronics Share Offers



High-tech company Sitronics said Tuesday that it was going to offer about 1.68 billion shares at its initial public offering, which would consist of a primary tranche of 1.55 billion shares and a secondary tranche.

"Based on the above expectations, approximately 17.5 percent of Sitronics' enlarged share capital would be placed in the offering," Sitronics said in a statement. (Reuters)




GAZ Deliveries to Syria



The Ural Automotive Factory has delivered 221 units of its 6X6 Ural-4320 truck to Syria, the first such consignment in the post-Soviet period, automaker GAZ said on its web site Tuesday.

Syria currently uses the company's earlier diesel-powered Ural-375 model produced 20 to 30 years ago, the company said. The trucks, which can be adapted to military as well as civilian applications, will be used in difficult terrain, including mountainous areas. (MT)




Hyundai Output Proposals



SEOUL, South Korea -- Hyundai Motors said Tuesday that it might start producing buses abroad as South Korea's top automaker has trouble meeting demand after its labor union refused to change the work shift system.

"Demand for buses is rising in line with a boom in tourism, but we were not able to meet the demand as union members at our bus factory refused to accept the nighttime work plan," a company spokesman said. "We are considering starting overseas production to meet demand from abroad, especially from China, Russia and the Middle East," he added. (Reuters)




Checks on Moldovan Wine



The return of Moldovan wine onto the Russian market will only be possible under the strictest conditions of quality control in the initial stages, the government's chief epidemiologist, Gennady Onishchenko, said Tuesday, Interfax reported.

"The strictest conditions will be laid for wine imports into Russia from that country," Onishchenko said.

He said that in addition to the regular checks made on food imports, specific attention would be paid to every consignment of wine from Moldova. (MT)




Uranium Program Expands



The government, seeking to build a nuclear company that can compete with Western rivals, expanded its uranium-enrichment program by buying two closely held domestic suppliers of fuel-processing components.

State-owned nuclear-fuel trader Techsnabexport, also known as Tenex, acquired a controlling stake in carbon-fiber producer Akron, Tenex said in a statement Tuesday. (Bloomberg)




Sugar Makers to Raise Share



DUBAI, United Arab Emirates -- Russian sugar producers could expand their share of the domestic sugar market to 80 percent within five years as farmers grow more sugar beet and raise their productivity, the country's fourth-largest producer said.

Farmers, who last year met about 55 percent of Russian sugar demand, may expand the area given over to sugar-beet growing by 3 to 5 percent this year, from 1 million hectares in 2006, boosting output, Andrei Rodin, Vesta-Dominant's commercial director, said on the sidelines of an international sugar conference in Dubai. (Reuters)




Absolut Bank Seeks $1Bln



Privately owned Absolut Bank is hoping to attract up to $1 billion from debt capital markets in 2007 including via securitization deals, the bank's CEO Nikolai Sidorov said Tuesday.

"The plan for raising on the debt capital markets this year is up to $1 billion," Sidorov said. (Reuters)




Sukhoi Mulls 2010 IPO



State-owned aircraft manufacturer Sukhoi may launch a share offering on the stock market in 2010, deputy general director Maxim Grishanin said Tuesday, Interfax reported.

"The company board still has to make a decision on the matter," Grishanin said at a news conference. "It is too early to speak about specific criteria."

Vneshekonombank deputy chairman Sergei Lykov said Tuesday that the lender was investigating the possibility of buying a 10 percent stake in the aircraft maker, Reuters reported. (MT)