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. Last Updated: 07/27/2016

Business in Brief

Capital Inflows Top $40Bln

Capital inflows this year have already exceeded $40 billion, more than the Central Bank's original forecast for the entire year, Finance Minister Alexei Kudrin said Tuesday.

Strong oil prices, share sales by domestic companies and auctions of Yukos assets are helping produce record inflows, Central Bank Deputy Chairman Alexei Ulyukayev said last week. (Bloomberg)

GV Gold Postpones IPO

Shareholders of gold producer GV Gold have decided to postpone the company's IPO for a second time citing unfavorable market conditions, the firm said Tuesday, Prime-Tass news agency reported.

GV Gold, majority owned by six Russian citizens, including chairman Sergei Dokuchayev, had abandoned plans to launch a share offering in February, the agency said. (MT)

Putin Signs Gold Bill

President Vladimir Putin approved a law Tuesday seeking to streamline interbank gold sales, Prime-Tass said.

Valued added tax is not levied on gold ingot sales between banks and the Central Bank if the ingots are left in certified bank storages, the agency said. Under the terms of the new law, which comes into effect Jan. 1, VAT will also not be imposed on sales of gold ingots by banks carried out under agent agreements. (MT)

Tax Service May Probe Bank

The Federal Tax Service may join the Federal Customs Service in investigating a case against Bank of New York, RIA-Novosti reported Tuesday, citing an unidentified person in the tax service's press office.

The customs service last week filed a lawsuit in the Moscow Arbitration Court seeking $22.5 billion in damages from Bank of New York, the world's second-largest custodian of investor assets, for alleged money laundering from 1996 and 1999. (Bloomberg)

More African Debt Cleared

Russia plans to write off around $500 million worth of debts owed by Africa's poorest countries, Foreign Minister Sergei Lavrov announced Monday, Interfax reported.

Speaking at an event dedicated to Africa Day, Lavrov said Russia had already cleared $11.3 billion of African debt, including $2.2 billion through the Initiative for Heavily Indebted Poor Countries, a debt-relief program started by the International Monetary Fund and the World Bank in 1996, the agency reported. (MT)

LionOre Cuts Output

LONDON -- LionOre, the subject of a 6.8 billion Canadian dollar ($6.27 billion) takeover battle between Norilsk Nickel and Xstrata, said 2007 output would drop 2.9 percent due to a delay in Australia.

Nickel output this year would be 43,000 tons, LionOre said Monday in a statement. The company had previously forecast production of 44,300 tons. (Bloomberg)

Mosenergo Stake on Sale

The government may sell its stake in power utility Mosenergo, Unified Energy Systems chief financial officer Sergei Dubinin said Tuesday, Prime-Tass news agency reported.

Mosenergo, also known as TGK-3, operates in Moscow and the Moscow region and owns 17 power plants with a combined power capacity of 10,600 megawatts, the agency said.

The stake could be sold off at an auction, Dubinin said, the news agency reported. (MT)

Cameco Seeks Output Boost

Canada's Cameco, the world's largest uranium producer, and Kazatomprom plan to double uranium production at their mining venture in Kazakhstan after 2010, amid growing demand for the metal, the Kazakh firm said Tuesday.

Cameco and Kazatomprom signed an agreement that "provides for the increase of projected uranium production from 2,000 metric tons to 4,000 tons a year at the Inkai deposit," Kazatomprom said in a statement. (Bloomberg)

LUKoil Plans Bonds

NEW YORK -- LUKoil plans to sell fixed-rate bonds through one of its units, a person familiar with the offering said.

The sale of 10- and 15-year securities will be of benchmark size, which typically means at least $500 million, said the person, who declined to be identified because terms are not set. LUKoil International Finance is issuing the bonds, the person said. (Bloomberg)

AvtoVAZ Places Bond

Carmaker AvtoVAZ placed in full a seven-year bond worth 5 billion rubles ($193.1 million) Tuesday, said an official at VTB, the issue organizer.

The official said bids for the bond amounted to 10.29 billion rubles ($397.3 million). AvtoVAZ said the annual coupon rate for the first two years, with a put option, was set at auction at 7.80 percent. (Reuters)

Dalsvyaz Net Falls 45%

Dalsvyaz, a provider of telecommunications services in the Far East, said Tuesday that its 2006 net income fell 45 percent as the company had to set funds aside on tax claims.

Net income fell to 338.8 million rubles ($13.1 million) from 611.5 million rubles one year earlier, the company said in a statement. Sales increased 2 percent to 10.9 billion rubles, under international financial reporting standards. (Reuters)

Storage Plant Investment

The Federal Atomic Agency will spend 30 billion rubles ($1.16 billion) on expanding a nuclear waste storage facility in Siberia as the country prepares to build more atomic generators, Igor Kornyshev, an adviser to agency head Sergei Kiriyenko, said Tuesday.

The plant in the Krasnoyarsk region will store 5,000 tons of dry spent nuclear fuel and will open within two years, Kornyshev said. (Bloomberg)

S&P Launches Sharia Index

LONDON -- Standard & Poor's has launched a specialist index of stocks from the BRIC countries meeting sharia criteria and targeted specifically at Muslim investors, the company said Tuesday.

It said the S&P BRIC Sharia index would include the most liquid shares from Brazil, Russia, India and China, that already trade on developed market exchanges -- Hong Kong, London and New York and Nasdaq. (Reuters)

For the Record

State oil pipeline monopoly Transneft said net income rose 2 percent to 54.9 billion rubles ($2.1 billion) last year, Interfax reported Tuesday, citing company spokesman Sergei Grigoryev. (Bloomberg)

TOKYO -- Nomura Holdings, Japan's top equity underwriter for the past five years, doubled its investment-banking staff in Europe to win more business selling shares in Asia for Russian companies, a top company representative said Tuesday. (Bloomberg)