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

. Last Updated: 07/27/2016

Business in Brief

Go East, Tycoons Urged

Billionaires including Roman Abramovich, Oleg Deripaska, Vladimir Yevtushenkov, Alexei Mordashov and Yelena Baturina are considering "huge" investments in the country's east, Vedomosti reported Tuesday.

The executives may invest in 87 projects across regions near the Pacific coast, the newspaper said, citing documents from Kamil Isakhov, the Kremlin's representative to the Far East Federal District. The projects were proposed by governors in the area and could lead to investments of $104 billion, Vedomosti said, citing the documents. (Bloomberg)

Nuclear Issues Set Aside

Russia and the United States may set aside differences on nuclear policy and sign a bilateral agreement on nuclear power cooperation before the end of the year, Federal Atomic Energy Agency head Sergei Kiriyenko said Tuesday.

A similar accord will be signed with Australia and Japan by 2008, Kiriyenko told a nuclear industry forum today in Aomori, Japan. "Survival is best done alone; development together," Kiriyenko said. (Bloomberg)

Egyptian Industrial Zone

CAIRO, Egypt -- The Egyptian and Russian industry ministries signed an agreement to create an industrial zone in the North African country that is expected to produce $700 million in exports during the next five years, Egypt's Trade and Industry Minister Rachid Mohamed Rachid said Tuesday.

Rachid said the zone may attract $500 million in investments and will produce automobiles, aircraft components and other heavy engineering products. (Bloomberg)

OGK-5 Earned $22M

Wholesale power generator OGK-5 made a 570.9 million ruble ($22 million) profit in 2006, its first year earnings from electricity sales, the company said in a statement Tuesday.

OGK-5 did not provide a comparative figure for 2005. Earnings in that year were mainly from renting equipment, the firm said. Sales advanced to 25.9 billion rubles last year, up from 1.67 billion rubles for 2005 and two months of 2004, OGK-5 said. (Bloomberg)

Trade Surplus Narrows

The trade surplus narrowed to $22.6 billion in the first two months of this year from the same period last year, the Federal Customs Service said Tuesday.

The surplus shrank from $28.2 billion in January and February of 2006, the customs service said. Exports were $44.57 billion in January and February, a 4.7 percent increase from the same period last year. Imports rose 52.5 percent to $22 billion in the first two months, the statement said. (Bloomberg)

Foreign Car Sales Up 74%

Sales of foreign car brands in the country rose by 74 percent in the first quarter of 2007 to a record 295,469 units, the Association of European Businesses said Tuesday.

Ford led the pack with quarterly sales up 145 percent year-on-year to 39,071 units, even though the U.S. auto giant's St. Petersburg plant was hit by a brief labor dispute in February. (Reuters)

Trading Doubles on MICEX

Equity trading on the MICEX more than doubled to 5.77 trillion rubles ($223 billion) in the first quarter of 2007 compared with the same period a year earlier, the exchange said Tuesday

The number of individual investors trading on the MICEX grew 21 percent to 280,000 in the first three months of the year, the exchange said. In 2006, stock trading more than tripled to 14.9 trillion rubles, the exchange said on Jan. 17. Stock trading for the first quarter of 2006 totaled 2.2 trillion rubles. (Bloomberg)

Metal Smugglers Prosecuted

The Prosecutor General's Office and the Federal Customs Service have broken up a group responsible for smuggling stainless steel and nickel worth more than $1 billion, Interfax reported Tuesday.

"We discovered that St. Petersburg-based companies Baltiskiye Staly, Alfa Metall, Baltmetallimpeks and Delta had developed a scheme to export scrap metal and import ready steel products into the country," the Prosecutor General's Office said.

The firms failed to pay customs fees of $380 million, prosecutors said. (MT)

For the Record

Italy's Agusta Westland is in talks with a unit of Rosoboronexport to assemble helicopters in Siberia, Kommersant said Tuesday. (Bloomberg)

Unified Energy Systems said Tuesday that it would auction seven electricity retail units -- in Orenburg, Belgorod, Vologda, Kola, Kuzbass, Nizhny Novgorod and Sverdlov -- on May 23 in hopes of raising at least 5.35 billion rubles ($206 million). (Bloomberg)

Construction on Gazprom's Nord Stream pipeline should begin in mid-2008, a spokeswoman said Tuesday. (Bloomberg)