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

. Last Updated: 07/27/2016

Business in Brief

KamAZ Plans IPO

KamAZ, the country's largest truck maker, said Friday that it planned to float shares in London in the second quarter of 2008.

The company said it would first conduct an additional share issue to cut the state's shareholding to a blocking stake of 25 percent plus one share from 34 percent. (Reuters)

TeliaSonera MCT Stake

Golden Telecom, a provider of Internet, voice and data services, said Friday that it sold its 23 percent stake in mobile phone company MCT for $48 million in cash.

Sweden's TeliaSonera bought the stake, Golden Telecom said in a statement. (Bloomberg)

Deripaska Into Tractors

KIEV -- Billionaire Oleg Deripaska will purchase Kharkiv Tractor, Ukraine's biggest producer of the farm equipment, RIA-Novosti

reported Friday, citing an unidentified person at the factory.

The plant, located in eastern Ukraine, will be included in Deripaska's GAZ Group, a carmaker, the agency reported. (Bloomberg)

Troika Hires Sharonov

Troika Dialog hired Andrei Sharonov after his resignation as deputy economic development and trade minister was accepted by the government, the brokerage and asset management company said Friday.

Sharonov has taken up the post of managing director of Troika Dialog Group and chairman of Troika Dialog Investment Group, Troika Dialog said. (Bloomberg)

Debt Totals $47.8Bln

Government foreign debt totaled $47.8 billion on July 1, the Finance Ministry said Friday.

Debt to members of the Paris Club was $2.4 billion of the total on July 1, the ministry said. The government cannot accumulate more than 1.132 trillion rubles ($40 billion) of foreign debt by Jan. 1, 2009, according to the federal budget for 2008 to 2010. (Bloomberg)

Wages Up 25% Year on Year

Average nominal wages in the country rose 25 percent in June to stand at 13,810 rubles ($540), according to figures released by the Federal Statistics Service on Friday.

After adjustment for inflation, however, this year's figure registered a little over 16 percent increase. Real disposable income for June represented a modest 7.9 percent increase over the same period last year. (MT)

Producer Prices Rise 12.6%

The cost of goods leaving Russian factories and mines rose an annual 12.6 percent in June, the fastest pace in four months, the State Statistics Service said in a statement Friday.

Producer-price inflation accelerated from 10.7 percent in May, the service said. The government aims to contain inflation at 8 percent this year below the 9 percent rate in 2006. (Bloomberg)

Inflation Rate Rises to 8.5%

Annual inflation rate rose in June to 8.5 percent, the highest since January, the State Statistics Service said in a statement Friday.

Inflation accelerated from 7.8 percent in May, the service said, confirming earlier statements by Central Bank Chairman Sergei Ignatyev. President Vladimir Putin told Cabinet members two weeks ago that consumer prices were rising faster than the government forecast. (Bloomberg)

Magnitogorsk Earnings

Magnitogorsk Iron & Steel Works earned almost $300 million in six months from the purchase of a stake in Australia's Fortescue Metals Group, Vedomosti reported Friday.

Magnitogorsk bought 3.5 percent to 4.5 percent of Fortescue for about $130 million at the end of 2006, the newspaper reported, citing unidentified people close to Magnitogorsk. (Bloomberg)

Sberbank Resumes Trading

Shares of Sberbank resumed trading on the RTS exchange Friday, one week after they were suspended because of a share split.

Each common share was divided into 1,000 shares, while Sberbank's preferred shares were each divided into 20. The new shares also resumed trading Friday on MICEX, said Vadim Egorov, a spokesman for the exchange. (Bloomberg)

South Korea Bans Airlines

South Korea's transportation ministry said it would bar seven airlines -- including three from Russia -- from flying to the country if they did not raise safety standards. Lee Kwang-hee, a director at South Korea's Aviation Safety Oversight Division, said Friday.

Three Russian airlines -- Vladivostok Air, Dalavia Air and SAT Airlines -- were also among those listed by South Korea. The seven carriers all fly to the country at least once a week. (Bloomberg)