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. Last Updated: 07/27/2016

Business in Brief

Naryshkin Heads Ship Firm

Deputy Prime Minister Sergei Naryshkin became the board chairman of the government's new Unified Shipbuilding Corporation instead of Defense Minister Anatoly Serdyukov, who had been expected to get the job, Vedomosti reported Monday.

Naryshkin is first deputy chairman of the state-run Rosneft and the shipbuilding company will focus on the energy industry, the newspaper said, citing a source close to CEO Alexander Burutin. (Bloomberg)

Economy to Grow 7.1%

The country's economy will grow by at least 7 percent this year, Interfax reported Monday, citing Finance Minister Alexei Kudrin.

The economy had been forecast to expand by 6 percent and will probably grow by 7.1 percent, the minister told reporters. (Bloomberg)

Trade Surplus at $63.8Bln

The country's trade surplus reached $63.8 billion in the first half of the year, the Economic Development and Trade Ministry said in a report posted on its web site Monday.

Imports reached $96.7 billion, while exports were $160.5 billion, the ministry said. Exports for June reached $30.4 billion and imports for the month reached $19.7 billion, the report said. (Bloomberg)

CPI Will Rise From 6.8%

The consumer price index will rise from 6.6 to 6.8 percent from January to July, the Economic Development and Trade Ministry said in its monthly economic report Monday.

Russia targets 8 percent inflation in 2007 and is dangerously close to missing the target. The consumer price index rose by 6.9 percent from January to July of 2006, when Russia had full-year inflation of 9 percent, the report said. (Reuters)

GDP Up 8.2% in June

Gross domestic product grew by 8.2 percent in June, year on year, compared with 7.8 percent in May, the Economic Development and Trade Ministry said in its monthly economic report Monday.

The figure came in line with a number announced earlier by Deputy Prime Minister Alexander Zhukov. (Reuters)

Russia Eyes Iran Resources

TEHRAN, Iran -- Russia and India are interested in buying stakes in Iranian state-controlled natural resources companies, Iran Daily reported Monday, citing the country's top privatization official.

Russia, India, Malaysia, Turkey, Kuwait and Kazakhstan want to participate in bids for Mobarakeh Steel Complex, National Iranian Copper Industries, Iran Aluminum and Razi Petrochemical Facility, Gholamreza Heidari Kord-Zanganeh, the head of Iran's privatization organization told Iran Daily. (Bloomberg)

Alfa May Buy Parex Stake

RIGA, Latvia -- Alfa Bank may acquire a controlling stake in Latvia's Parex Banka, the newspaper Dienas Bizness said Monday, without saying where it got the information.

More about the possible sale may be known later this year, the newspaper said. Valery Kargin and Viktor Krasovitsky together control about 85 percent of Riga-based Parex Banka, Dienas Bizness said. (Bloomberg)

Isuzu Sees Severstal Tie-Up

Isuzu Motors, Japan's only independent truck maker, will set up a joint venture to make trucks in Russia, where economic growth has increased demand for commercial vehicles, the Japanese company said in a release Monday.

Isuzu will set up a venture next month, capitalized at 1.6 billion yen ($13.5 million), with Severstal-Avto, the company said. (Bloomberg)

CTC Media Profit Falls

CTC Media, which controls the country's fourth-biggest television network by market share, said Monday that second-quarter profit fell 10 percent.

Net income slipped to $30.7 million from $34.1 million in the same period a year earlier, the company said in a statement. (Bloomberg)

Terminals Gives Up Licenses

Baltic Oil Terminals, a British-registered company that operates in Russia, is surrendering two licenses to explore for oil in the Kurgan region, the company said in a statement Monday.

Baltic Oil Terminals will continue its exploration program, focusing on its licenses to the Privolny and Mokrousovsky deposits, the company said. (Bloomberg)

For the Record

Bank St. Petersburg may sell one- fifth of its shares in an initial public offering after deciding to issue new stock, Kommersant reported Monday. (Bloomberg)

Chelyabinsk Zinc Plant said Monday that it produced 80,385 tons of super high grade metal and its alloys in the first half of 2007, a 14.6 percent increase year on year. (Reuters)