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. Last Updated: 07/27/2016

Business in Brief

Iceland Says Talks to Restart

Iceland's Prime Minister Geir Haarde said Thursday that talks with Russia on a loan would resume.

"We talked on my initiative in August and in Moscow two weeks ago, and will resume at a date to be determined," Haarde told the Times.

Iceland is seeking $2 billion from the International Monetary Fund but needs a further $4 billion of funding, Haarde said earlier this week. (Reuters)

Gazprom Joins Eni, Enel

Gazprom is set to join an Italian project to develop Russian fields after signing an accord with Eni and Enel.

"The parties have signed the agreements to develop the Russian assets" of two Siberian gas producers, Arctic Gas and Urengoil, Gazprom said Thursday, adding that it will buy control of both Siberian companies, it said.

Gazprom said it would also take a stake in SeverEnergia, the partnership formed by Eni and Enel to bid for the Russian assets. (Bloomberg)

WTO Commission

Prime Minister Vladimir Putin has signed an order confirming the lineup of a commission on WTO issues and partnership with the Organization for Economic Cooperation and Development, the government said, Interfax reported.

First Deputy Prime Minster Igor Shuvalov will take the chairmanship, and Finance Minister Alexei Kudrin was appointed deputy chairman.

Also on the commission will be Foreign Minister Sergei Lavrov, Economic Development Minister Elvira Nabiullina, Agriculture Minister Alexei Gordeyev and Transportation Minister Igor Levitin. (MT)

CTC Cuts Revenue Forecasts

CTC Media cut its full-year revenue and earnings forecasts to $630 million to $660 million, down from $650 million to $700 million, citing a slowdown in the advertising market.

Third-quarter net income climbed to $21 million, or 13 cents a share, from $17.4 million, or 11 cents, a year earlier, under U.S. accounting rules, the company said Thursday. (Bloomberg)

Aricom Stock Doubles

Aricom, a developer of iron-ore projects, more than doubled in London trading after Russia and China agreed to build the first railway bridge between the two countries, potentially cutting costs for the company.

The shares rose 8 pence to 14 pence, valuing the company at ?165.6 million ($271 million). Its stock has dropped 82 percent this year. (Bloomberg)

For the Record

United Aircraft Corporation will delay an initial public offering by a year to 2011 because of market turmoil, said the firm's vice president, Valery Bezverkhny, Interfax reported. (Bloomberg)

Transneft will begin building an oil pipeline spur to China from the East Siberia-Pacific Ocean Pipeline in the first quarter of 2009, Interfax reported. (Bloomberg)

The London Stock Exchange is delaying plans to open a branch in Russia, the Financial Times reported Thursday. (MT)

The RTS plans to start platinum and palladium futures next year, allowing carmakers to hedge prices for the metals used in autocatalysts. (Bloomberg)