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. Last Updated: 07/27/2016

Business in Brief

Alyoshin Is AvtoVAZ Chief

AvtoVAZ, the country's biggest automaker, named former Federal Industry Agency chief Boris Alyoshin as its chief executive, the company said in a statement Friday.

Alyoshin said last week that he would quit the government to replace Vladimir Artyakov as CEO of state-run AvtoVAZ. President Vladimir Putin last month nominated Artyakov for the governorship of the Samara region, where the Tolyatti-based automaker is located. (Bloomberg)

Slower Banking Growth

The country's banks will grow at half the current pace next year as higher borrowing costs following the credit slump curb expansion, Kommersant reported Friday. Banking assets will grow by 22 percent in 2008, from current annual growth of 46 percent, the newspaper said, citing an ING Group report. VTB Group, Bank of Moscow and MDM-Bank have put off sales of bonds, some of which were backed by Russian mortgages and auto loans, Kommersant said. (Bloomberg)

Mobile Market to Double

The country's mobile phone market will double over the next nine years as new services and technologies such as 3G are introduced, the IT and Communications Ministry said Friday.

Revenue in the industry will reach $40 billion per year by 2016, IT and Communications Ministry official Yevgeny Vasilyev said at a conference. The market for 3G will account for almost half of the total, from nothing now, Vasilyev said. (Bloomberg)

Southern Telecom Net Up

Fixed-line provider Southern Telecommunications said Friday that its first-half profit more than doubled.

Net income rose to 720 million rubles ($28.4 million) from 330.6 million rubles a year earlier, the company said. Sales rose 15 percent to 9.8 billion rubles, according to international financial reporting standards. (Bloomberg)

Halyk Raises $300M Loan

ALMATY, Kazakhstan -- Halyk Savings Bank, the Kazakh lender that said last month that its first-half profit more than doubled, raised a $300 million loan to help it expand.

The three-year loan will pay an interest margin of 40 basis points more than the London interbank offered rate, the Almaty-based lender said Friday in a statement to the Kazakhstan Stock Exchange. (Bloomberg)

Extra Gas to Turkey

Gazprom delivered an extra 35 million cubic meters of fuel to Turkey after a blast damaged a pipeline linked to Iran, the gas company said Friday.

The additional gas was supplied over the past five days, Gazprom said. (Bloomberg)

Vekselberg's Oerlikon Stake

ZURICH -- Oerlikon, the Swiss maker of machinery for industries including semiconductors and textiles, said Russian investor Viktor Vekselberg holds 21.38 percent of its voting rights.

Vekselberg, through Renova Industries, controls 13.79 percent of Oerlikon's registered shares and one call option with the right to buy 1.07 million shares equivalent to 7.59 percent, Oerlikon said Sunday. (Bloomberg)

Iberdrola LNG Bid Seen

MADRID -- Iberdrola, which owns stakes in two of Spain's six LNG import terminals, may bid to join an LNG project in Russia, a spokesman for the company said Friday.

Iberdrola is studying the project led by Gazprom in St. Petersburg, said the spokesman, who declined to be identified. (Bloomberg)