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

. Last Updated: 07/27/2016

Business in Brief

$10Bln in Deals at MAKS

Deals worth at least $10 billion were signed at this year’s MAKS air show, organizers said Sunday, Interfax reported.

The figure is up significantly from earlier air shows: In 2005, the air show garnered $5 billion worth of contracts, while in 2007 the figure was $3 billion.

Over 1,300 aviation specialists took part in the event, as did 711 companies from 34 countries. (MT)

Yokohama’s Tire Venture

Yokohama Rubber will form a tire-production venture in Russia with trading house Itochu, Yokohama Rubber said on its web site Friday.

Itochu will own 20 percent of the venture, which plans to build a plant with annual production capacity of 1.4 million tires. The factory will start working in September 2011. (Bloomberg)

BTA Tries to Cut Costs

BTA said it will shut branches and cut staff as it restructures more than $12 billion in debt, the bank said on its web site.

The bank aims to cut costs and may consider “disposing” of “noncore assets” such as retail unit Temirbank, according to an investor presentation dated Aug. 18. BTA Bank said July 24 that it is offering creditors $1 billion to buy back debt and is stopping debt interest payments as part of a restructuring plan. (Bloomberg)

Ukraine’s Current Account

Ukraine’s current-account deficit widened in July from the previous month as the country increased gas imports, the central bank said Friday in a statement.

The gap totaled $355 million, compared with $78 million in June. The deficit was $1.22 billion in the first seven months of the year, compared with $7.26 billion in the same period a year ago, according to the statement.

Imports of goods jumped by 23.4 percent in July from a month ago, while exports rose 6.8 percent. Annually, exports shrank 57.5 percent in July and imports declined 54.8 percent, the bank’s data showed. (Bloomberg)

Aksa, Gazprom Eye Deal

Aksa Enerji, a closely held Turkish energy company, and Gazprom will sign a partnership agreement possibly next month or in October, Aksa owner Mehmet Kazanci said, Dunya reported.

The new agreement may allow Gazprom to buy a stake in Aksa Enerji or the two companies may build new gas terminals together, the newspaper said. Aksa may even sell the whole company if a reasonable price is offered, Kazanci said. (Bloomberg)

For the Record

  • Renaissance Group founder Steven Jennings said the crisis is over for his investment company and that the economy will probably resume growth in 2009, Vedomosti reported, citing an internal Renaissance memo.
  • The Federal Anti-Monopoly Service said Friday that it opened a case into potash prices set by Silvinit and Uralkali, according to a statement posted on its web site. (Bloomberg)
  • Digital Sky Technologies, which has spent $300 million on investments in Facebook, may be interested in buying a larger share of the company, The Wall Street Journal reported, citing people familiar with the situation. (Bloomberg)