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. Last Updated: 07/27/2016

Business in Brief

Inflation Seen at 8.7%



Inflation probably accelerated to 8.7 percent in July, the Central Bank said Wednesday, citing preliminary calculations.

The annual rate probably grew from 8.5 percent in June, the Central Bank said on its web site. The State Statistics Service will release July inflation data next week. (Bloomberg)




E.On Mulls Plant Swaps



FRANKFURT, Germany -- German utility E.On said Wednesday that it was considering giving gas field partner Gazprom stakes in gas-to-power plants in Britain as part of asset swaps under discussion.

"We are thinking about it but there is no decision," chief executive Wulf Bernotat said.

E.On is in ongoing talks about exploring the Yuzhno-Russkoye gas field in Siberia jointly with Gazprom. (Reuters)




Magnitogorsk Seeks $1Bln



Magnitogorsk Iron & Steel Works may sell shares to raise as much as $1 billion, equal to the sum raised in an April initial public offering in London, Interfax reported Wednesday.

Magnitogorsk plans to hire an investment bank to advise on a public offering, the agency reported, citing unidentified people in "banking circles."

Magnitogorsk declined to comment on the share sale, Interfax said, citing an unidentified spokesman for the company. (Bloomberg)




36.6 to Sell Shares



36.6, the country's largest drugstore chain, will sell shares in September or October to fund expansion as it opens new outlets and buys smaller chains.

The company plans to raise its store count to 1,450 pharmacies this year and to open 500 outlets in 2008, spokesman Mikhail Kolosov said Tuesday. 36.6 will sell 1.5 million new shares, equating to 16 percent of its total capital, he said last month. (Bloomberg)




TNK-BP Shuts Refinery



LONDON -- TNK-BP shut its Lisichanskiy refinery in Ukraine after a power cut, the company said in a statement Wednesday.

The 320,000-barrel-per-day refinery in the city of Lisichansk was halted Tuesday and will restart Aug. 26, the company said. "All commitments" relating to oil-product supply will be met during the shutdown, it said.

The company is currently trying to restart the bitumen and catalytic cracking units, it said. (Bloomberg)




Mechel Eyes Romania Plant



Mechel may bid for a heat and power plant in Romania, Interfax reported Wednesday.

The company, together with Hungary's Magyar Villamos Muvek, submitted bids in a tender for the plant in Doicesti, Romania, the agency reported, citing an unidentified person familiar with situation. Mechel, which owns two iron and steel works and supplies coal to power plants in Romania, may spend up to 200 million euros ($270 million) to buy power-generating assets in the country, Interfax said. (Bloomberg)




Telecoms Firm Revises Profit



Golden Telecom, a Nasdaq-listed Internet, voice and data services provider, said Wednesday that revised second-quarter profit advanced 43 percent as opposed to the 46 percent it reported earlier.

Net income climbed to $32.3 million from $22.6 million a year earlier, the company said in a U.S. regulatory filing Tuesday. The company said Aug. 9 that second-quarter profit rose 46 percent to $33 million. (Bloomberg)




Kazakhs Eyes Iranian Gas



TBILISI, Georgia -- KazTransGaz-Tbilisi, a Kazakh-owned gas distribution company in Georgia, said Tuesday that it would discuss buying fuel from Iran to meet demand this winter.

KazTransGaz, which currently gets supply from Russia and Azerbaijan, may benefit from importing cheaper Iranian gas, the company's general director Serik Sultangaliew said at a news conference in Tbilisi. (Bloomberg)




Vozrozhdeniye Bonds Issue



Vozrozhdeniye bank will issue a three-year bond worth 5 billion rubles ($195.8 million), the bank said Wednesday.

The bank did not say when it would place the bond. The bank's deputy chairman Alexander Dolgopolov has said the bank planned to issue a bond worth at least 3 billion rubles ($116.87 million) in autumn. (Reuters)




Cersanit Profits Fall



WARSAW -- Cersanit, the leading Polish bathroom-fittings manufacturer, said late Tuesday that second-quarter profit fell 12 percent after it expanded operations at home and in Russia.

Net income dropped to 37.5 million zloty ($13.3 million) from 42.7 million zloty a year earlier, the company said in a statement.

Cersanit bought five Russian tile makers in June for 46.5 million euros ($62.7 million). (Bloomberg)