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

. Last Updated: 07/27/2016

Business in Brief

Gazprom to Hike Spending

Gazprom said Friday that its board approved boosting spending on acquisitions and capital investment this year to 779 billion rubles ($30.6 billion).

The board approved capital expenditures of 336 billion rubles and spending on "long-term financial investments" of 444 billion rubles, the company said in a statement. (Bloomberg)

Gazprom Sees Revenue Low

Gazprom cut its revenue forecast for this year by 10 percent following a warmer-than-usual first quarter, the company said Friday.

State-run Gazprom cut its forecast to 2.31 trillion rubles ($91 billion) from 2.57 trillion rubles, the company said. (Bloomberg)

Nuclear Assets Transferred

Russia began to transfer its nuclear assets to the newly formed Atomic Energy Power, a state holding that will bring the country's nuclear industry under a single brand to compete globally, the holding said Friday in regulatory filing.

All shares in uranium miner Atomredmetzoloto and transport company Alianstransatom have been handed over to Atomic Energy Power, the holding said. Atomic Energy Power has a base capital of 3.4 billion rubles ($133 million) and 3.4 billion shares. (Bloomberg)

VSMPO-Avisma's Swiss Unit

VSMPO-Avisma, the world's biggest titanium producer, set up a Swiss unit for sales in Europe and to improve coordination among the company's exporting branches, the company said in a statement on its web site Friday.

VSMPO registered Tirus International in Lausanne on June 30, the company said. VSMPO appointed Dirk Mansfeldt general manager of Tirus, the state-run company said. (Bloomberg)

VTB Offers Asset Swap

VTB Group, the country's second-biggest publicly traded bank, is offering VTB North-West minority shareholders 361 VTB shares for each share they own in the unit, the bank said in a statement Friday.

VTB's board will propose the swap ratio to its shareholders in a meeting Sept. 27, the bank said. (Bloomberg)

KBC Plans New Branches

BRUSSELS -- Belgian banking and insurance group KBC said Friday that it planned to open 150 branches in Russia in the next three years.

KBC executives told a news conference they were looking at ways of speeding up the rollout of new branches. (Reuters)

Belarus Seeks Investors

LONDON -- Belarus is seeking investors for a $2 billion project to use brown coal in power generation, Interfax reported Friday, citing a spokesman for Belarussian President Alexander Lukashenko.

Belarus has completed exploration of a brown coal deposit with 150 million tons of reserves, Interfax said. As much as 500,000 tons of the fuel could be produced annually, the newswire added.

Lukashenko approved the project at a meeting with Belarussian Prime Minister Sergei Sidorsky, along with others to develop oil shale and iron ore deposits, Interfax said. (Bloomberg)

Toshiba Eyes Kazakh Mine

TOKYO -- Toshiba, Japan's biggest maker of nuclear reactors by capacity, is in talks to buy a stake in a uranium mine in Kazakhstan from Marubeni to secure fuel, the Nikkei newspaper said Friday.

Toshiba spokesman Keisuke Ohmori and his counterpart at Marubeni, Takashi Hashimoto, said the two Tokyo-based companies are in negotiations and declined to give further details. (Bloomberg)

Investment in Georgia Soars

TBILISI, Georgia -- Georgian foreign direct investment rose an annual 95 percent to $286.3 million in the first quarter of the year as spending on the oil industry increased, the state-run statistics office said Friday.

Denmark was the largest foreign investor during the quarter after investment company Greenoak Group spent $83 million in the Batumi Oil Terminal and the Batumi port on the Black Sea with Kazakhstan's KazMunaiGaz. (Bloomberg)

Razgulyai Posts Profit

Razgulyai Group, a grain and sugar producer, posted a profit in the first half on higher sugar sales, the company said on its web site Friday.

Net income was 200 million rubles ($7.9 million) in the period, versus a net loss of 105 million rubles a year earlier, the company said. The results are preliminary and unaudited. (Bloomberg)

Intercos Stake Sold

Magnitogorsk Iron & Steel Works, the country's third-biggest steelmaker, bought a 75 percent stake in auto-parts maker Intercos-IV, Magnitogorsk said Friday in a statement on its web site without disclosing a price.

Magnitogorsk acquired 37.5 percent of St. Petersburg-based Intercos Thursday and increased that Friday, Magnitogorsk said. (Bloomberg)

TVN Looks to Ukraine

WARSAW -- TVN, the Polish television broadcaster that posted record second-quarter profit Friday, would consider an acquisition of as much as 1 billion zloty ($361 million) to expand its business abroad, the firm's chief financial officer Karen Burgess said Friday

TVN is seeking targets "throughout Europe, but Ukraine is the most probable, as it's a large market, with a huge population," Burgess said. (Bloomberg)