Install

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

. Last Updated: 07/27/2016

Business in Brief

Luzhkov's Demolition Delay



A plan to demolish all of Moscow's old five-story buildings will not be finished in 2010 as planned but should be completed in 2011, Mayor Yury Luzhkov said Thursday at a meeting with construction trade unions.

"What's most important is that work on the project not be stopped," Luzhkov said, Interfax reported. "That we're finishing the job a year later is another issue."

After the old five-story buildings are removed, the city will begin demolishing five-story modular buildings. "[They] are strong, of course, but there's no life or comfort inside those homes," Luzhkov said. (MT)




Pork Council Urges Obama



President Barack Obama should slow Russia's entry into the World Trade Organization after Russia blocked pork shipments from 34 U.S. plants in the past year, the National Pork Producers Council said Thursday.

The bans have made as much as 50 percent of U.S. pork ineligible for shipment to Russia, the fifth-largest importer of the meat by value last year, the council said. Russia has not provided health or sanitary reasons for its actions, which is contrary to WTO rules, the group said. (Bloomberg)




Alekperov to Meet al-Maliki



LUKoil chief executive Vagit Alekperov said he plans to meet with Iraqi Prime Minister Nuri al-Maliki during his two-day visit to Moscow, which started Thursday.

LUKoil intends to pay no less than 15 percent of net income in dividends for 2008, Alekperov said. (Bloomberg)




Mechel Sued in N.Y.



Mechel was sued by an investor over stock price declines after Russian authorities said it engaged in anti-competitive conduct, investor Dean Frederick said in a complaint filed Wednesday in federal court in New York.

The company committed securities fraud by not disclosing the conduct, Frederick said. Frederick seeks to represent other investors as a group. (Bloomberg)




Bank of St. Pete Income Up



Bank Saint Petersburg said Thursday that net income rose 38 percent to 2.8 billion rubles ($83.4 million) last year as it increased deposits.

Assets expanded 70 percent to 215.7 billion rubles, and net interest income more than doubled to 9.5 billion rubles, the bank said in a statement on its web site. (Bloomberg)




MDM Profit Fell 40%



MDM-Bank said Thursday that profit last year fell 40 percent as it boosted provisions for bad loans.

Net income declined to 3.3 billion rubles ($99 million) from 5.5 billion rubles in 2007, the bank said on its web site. The lender increased provisions for bad loans to 5.9 percent of its loan portfolio. (Bloomberg)




UralSib Reports Q1 Loss



UralSib Bank on Thursday reported a loss in the first quarter after it had "considerable expenses on allowances" for bad loans.

The net loss under Russian accounting standards reached 1.7 billion rubles ($50.7 million) in the three months to March 31, the bank said Thursday. The bank set aside 3.6 billion rubles for bad loans. (Bloomberg)