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. Last Updated: 07/27/2016

Business in Brief

Enka Workers Sent Home



Work permits for 222 foreign laborers working for Turkish construction firm Enka in the Moscow region will be revoked and the workers sent home, the Federal Migration Service said Thursday, Interfax reported.

The move comes as a result of checks carried out into Enka's work after an outbreak of food poisoning hospitalized more than 400 employees last week, the migration service said.

The service said Enka has given out 1,500 work permits to foreign employees in the Moscow region. (MT)




TNK-BP Eyes Ashgabat



TNK-BP may open an office in the Turkmen capital, Ashgabat, Interfax reported Thursday.

TNK-BP vice president Yevgeny Astakhov made the announcement after meeting with Turkmenistan's president. TNK-BP executive director German Khan accompanied Astakhov on the visit. (Bloomberg)




5 Month Growth at 7.7%



The economy expanded 7.7 percent from January through May, Economic Development and Trade Minister German Gref told reporters Thursday.

The ministry will probably increase its growth forecast for the year to 7 percent from 6.5 percent, Gref said.

Consumer prices in June probably rose between 0.6 percent and 0.7 percent, compared with 0.3 percent in the same month last year. Price growth was driven by climbing food prices, especially prices for fruit and vegetables, Gref said.

Inflation reached 5.3 percent from January through June 25, Gref said, adding that the government will be able to contain inflation at 8 percent this year. (Bloomberg)




S7 Talks to Oneworld



No. 2 airline S7 said Thursday that it was in talks to join the Oneworld alliance led by British Airways so that it can offer better international connections to customers.

"S7 is the largest carrier on Russian domestic routes and is interesting for international airlines as a partner," airline spokeswoman Yulia Nemtsova said. (Bloomberg)




Qatar Gas Talks



Industry and Energy Minister Viktor Khristenko met with Qatari Oil Minister Abdullah bin Hamad al-Attiyah in Moscow on Thursday to discuss closer cooperation in the production and sale of the fuel.

"We have a huge potential for strategic cooperation in global issues, including gas," Khristenko told al-Attiyah, according to an e-mailed statement from the ministry. (Bloomberg)




Entertainment, Media Grow



Russia's entertainment and media industry will expand to $21.1 billion this year as people spend more on movies and the Internet for the ninth consecutive year.

The industry, including television and print publishing, will grow 6 percent this year, from $19.9 billion, PricewaterhouseCoopers forecast in a statement Thursday. Spending on Internet advertising and access reached $3.7 billion last year, and will be the fastest-growing part of the industry for the next five years.

Box-office receipts and movie rentals grew 13 percent to $703 million and will double over the next five years, the company said. (Bloomberg)




New Evroset President



Evroset, the country's largest cellphone retailer, appointed Alexei Chuikin as president Thursday as the company prepares for a share sale next year.

Chuikin will replace Eldar Razroyev, who is leaving the company July 2, chairman Yevgeny Chichvarkin told reporters. (Bloomberg)




Solvay Vinyls Plant



BRUSSELS -- Belgian drugs, chemicals and plastics maker Solvay said Thursday that it and its SolVin subsidiary had agreed with Sibur, an affiliate of Gazprom, to build a vinyls plant in Kstovo.

Pending regulatory clearance, the site is scheduled to be operational in 2010 and will require total investment of 650 million euros ($874 million), Solvay said in a statement. (Reuters)




OGK-2 Delays Bond Issue



Power generation firm OGK-2 has delayed its debut 5 billion ruble ($193.5 million) bond issue until July 5, the company said Thursday.

OGK-2 spokesman Denis Tkachenko declined to give a reason for postponing the issue. The company had planned to place the three-year bond Friday. (Reuters)




Mazeikiu Wins Court Case



VILNIUS, Lithuania -- A Vilnius court on Thursday ruled that Mazeikiu Nafta did not breach a competition law in 2005 and canceled a 32 million litai ($13 million) fine.

Lithuania's competition authority had fined the Baltic refinery for abusing its dominant position in the Baltic market. (Bloomberg)