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. Last Updated: 07/27/2016

More Business Headlines

Ruble Corridor Adjusted

The Central Bank raised the limit for the ruble trading corridor Monday after the currency dipped to a record low against the dollar last week.

The bank expanded the upper limit of the target corridor, the range in which it attempts to keep the ruble through market interventions, by 10 kopecks, to 35 to 42 rubles against the euro-dollar basket, RIA Novosti reported.

The Central Bank has said it will conduct unlimited interventions to keep the ruble within the target range if it strays outside of the corridor.

The upper limit of the corridor has increased by 1.95 rubles this year compared to 1.4 rubles during the whole of 2013. The Central Bank fixed its Tuesday exchange rate against the basket at just less than 41.5 rubles. (MT)

Economic Crime Afflicts Over Half of Russian Companies

More than 60 percent of Russian companies say that they have been victims of economic crimes like bribery, a report said.

Worldwide, the incidence of fraud is much lower, with 37 percent of companies having come into contact with it, according to research by PricewaterhouseCoopers.

The most common crime faced by businesses in Russia, identified by 69 percent of respondents who said they had been victims, was the theft of assets by directors and employees. The second most common was bribery with 58 percent, more than double the 27 percent world average.

Forty-one percent of Russian executives told PwC that they had been asked to pay a bribe, and 42 percent said they had lost opportunities to a competitor that did, higher than a respective 18 and 22 percent worldwide. (MT)

Fertilizer Giant Takes Business to Belarus Producer

Russia's biggest phosphate-based fertilizer manufacturer PhosAgro has announced a deal to buy potash from Belarus's state potash producer Belaruskali.

"Following last year's breakup of the Belaruskali-Uralkali consortium, Russian NPK fertilizer manufacturers and agricultural producers, who account for approximately 2.1 million tons of demand per year, now have the option of buying potash from alternative suppliers based on which party can offer the best conditions," PhosAgro CEO Andrei Guriev said in a statement.

The Russian company uses an estimated annual 750,000 to 760,000 tons of potash.

Potash prices plunged last summer after Russian potash producer Uralkali announced it had pulled out of a cartel arrangement with Belaruskali.

Belarus said earlier this month that it would seek compensation from Uralkali's former CEO Vladislav Baumgertner on financial damages, which authorities earlier estimated at $100 million. (RIA Novosti)

Space Center Grows Workforce

Work on Russia's new Far Eastern Vostochny space center will be prioritized now that the Winter Olympics in Sochi has come to an end, a senior official said Monday while touring the facility.

Deputy Prime Minister Dmitry Rogozin, who oversees the space and defense industries, toured the facility by helicopter and met with Amur region governor and head of the Russian space agency, Oleg Ostapenko.

"Independent experts say that the manpower at Vostochny cosmodrome must be multiplied several fold, to 15,000 people at least," Rogozin said.

During a report to the visiting officials, a manager of the project said that about 5,000 workers were currently engaged at the site, but that the number would be increased to 8,000 later this year. (RIA Novosti)