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. Last Updated: 07/27/2016

Business in Brief

China Loans VEB $1.3Bln

China Development Bank will lend $1.3 billion to VEB to finance investment projects in Russia, Russia's state development bank said Sunday.

China Development Bank agreed to lend $1 billion for projects by Chinese companies in Russia, VEB said in a statement. The banks signed another contract on a $310 million loan to fund a cement plant in the Leningrad region, a separate statement said. (Bloomberg)

Lebedev Eyes Independent

Alexander Lebedev, who bought London's Evening Standard newspaper this year, is in final talks to acquire The Independent, trade journal MediaWeek reported Thursday.

Executives at Independent News & Media have held talks with Lebedev over a possible sale of the newspaper, among other options, the report said. A nominal offer for The Independent and Independent on Sunday newspapers was made, and a deal may come by the end of the month, it said. (Bloomberg)

Sberbank's Port Investment

Sberbank Capital acquired 10 percent of Global Ports, or GPI, which handles one-third of Russia's container shipping traffic, GPI's owner said Thursday.

N-Trans, the owner of GPI and the largest private transportation and infrastructure group in Russia, did not name the value of the deal. (Reuters)

MMK Has $110M Q1 Loss

Magnitogorsk Iron & Steel Works, or MMK, became Russia's third steel major to post a first-quarter net loss, reporting a worse-than-expected $110 million deficit Thursday.

The company said low sales prices at its steel trading subsidiaries dampened profits. Andrei Yermin, the head of MMK's economics department, said the second-quarter results will be no worse than in the first quarter. (Reuters)

Fake Certificate Alleged

CAIRO, Egypt -- Cargo inspector SGS said Thursday that a falsified certificate had been used on a Russian wheat shipment imported by Egyptian Traders, while the importer said the document was definitely valid.

The cargo, seized last month after Egypt's prosecutor ordered a quality investigation, has led to intense scrutiny and disruption of Russia's grain exports to Egypt. (Reuters)

Poland to Start Gas Talks

WARSAW -- Poland plans to start talks this month with Russia over increasing and extending gas imports, Deputy Economy Minister Joanna Strzelec-Lobodzinska said, reported.

The Polish government has decided that its domestic gas monopoly will increase the volume purchased from Russia, and it also wants to extend its agreement with Gazprom by 12 years until 2035 as the current deal expires in 2023, the web site said. (Bloomberg)

For the Record

Bank St. Petersburg said Thursday that it might sell between $50 million and $100 million of preferred shares to boost capital as it faces an increase of nonperforming loans. (Bloomberg)

Russia, Iran and Qatar will meet June 30 at the Gas Exporting Countries Forum to discuss the gas market and the appointment of a secretary-general, a Qatar Petroleum official said. (Bloomberg)