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. Last Updated: 07/27/2016

Business in Brief

Ruble Seen Up 3% in '08

The ruble may gain 3 percent against its dollar-euro basket by the end of 2008 as high oil prices and Russia's current-account surplus offset investor concerns over the conflict with Georgia, Renaissance Capital analysts said Thursday.

The ruble was at 29.8597 to the basket by 6:03 p.m., from 29.8483 on Wednesday. It gained 0.1 percent to 24.5774 per dollar and fell 0.2 percent to 36.3073 per euro on Thursday. (Bloomberg)

RSPP Criticizes Taxes

The Russian Union of Industrialists and Entrepreneurs, or RSPP, a big business lobby group, has criticized in a draft appraisal the Finance Ministry's proposed fiscal strategy to 2023, Kommersant reported Thursday, citing the RSPP document.

The RSPP said Finance Ministry proposals to raise the effective rate of employers' Unified Social Tax and to introduce a 3 percent social tax on individuals born after 1967, among other measures, were unacceptable to the business community, Kommersant said.

The RSPP is set to vote on its appraisal of the Finance Ministry's proposal by Sept. 10, the newspaper said. (MT)

Chubais to Nanotech?

Anatoly Chubais, former chief of now-defunct power monopoly Unified Energy System, will head up state-owned Rosnanotech, Vedomosti reported Thursday.

Chubais would take up the post of chief executive from September and would play an active role, according to a source close to President Dmitry Medvedev's administration, the paper said.

But it noted that the decision has not yet been finalized, and last-minute negotiations were ongoing. (Reuters)

Vozrozhdenie Profit Up

Bank Vozrozhdenie, a regional lender, on Thursday said first-half profit more than doubled as it expanded its client base across Russia.

Net income advanced to 1.56 billion rubles ($63.5 million) from 674 million rubles a year earlier, the Moscow-based bank said in a statement.

The bank's assets grew 43 percent to 132.3 billion rubles, while loans outstanding increased 32 percent to 93.5 billion rubles, according to the statement.

Vozrozhdenie shares rose 6.4 percent to 920.2 rubles in Moscow trading, valuing the bank at 21.8 billion rubles.. (MT)

No Shtokman Politics

STAVANGER, Norway -- Strained political and military relations between Moscow and the West will not derail Russian gas group Gazprom's giant Shtokman project in the Arctic, the Shtokman Development company said.

"Of course we would like to have quiet politics … [but] politics will not stop this project," Yury Komarov, chief executive of 51-percent Gazprom-owned Shtokman Development, said late Wednesday.

"It's more a question whether we can do this complex project -- and I am certain we can," he said on the sidelines of an oil and gas conference in western Norway. (Reuters)

Integra Narrows Loss

Integra Group, Russia's first London-listed oilfield services provider, said its first-half loss narrowed 76 percent as sales expanded and payments on borrowing decreased.

Integra's net loss was $11.9 million compared with $50.3 million in the first half of last year, Integra said in a statement distributed by the Regulatory News Service on Thursday. (Bloomberg)