GDF Suez SA Intends To Acquire 9% Stake In Nord Stream

French energy company GDF Suez SA has expressed a desire to acquire 9% stake in the project pipeline Nord Stream. The Nord Stream pipeline will link Russia and Germany, reports Reuters.

 Gerard Mestrallet, CEO of GDF Suez SA, confirmed the negotiation process between the parties adding that hey get no political obstacles to getting his company into the project from the Russian party.  

In April, Russia's Gazprom announced that GDF Suez began talks on joining the project of gas pipeline Nord Stream, which will run under the Baltic Sea from Russia to Germany. Controlling stake - 51 percent - in this project belongs to Gazprom, 20% to Wintershall Holding and E. ON Ruhrgas and 9% to the Dutch Nederlandse Gasunie. 

The deputy head of Gazprom, Alexander Medvedev said in June that GDF Suez may get stake in the project, equal to the share of Gasunie, E. ON and did not rule that would give 4.5 per cent in favor of the French company.

Grocor Management Became New Investor Of Telesens

A British investment company Grocor Management became a new investor of Kharkov IT company Telesens, Prime-TASS reports. 

 Investment Company Grocor Management, together with two Ukrainian investors have created a company in London Telesens International Ltd, which received a 100% interest in the share capital of the Ukrainian IT-company Telesens. The size of investment by UK investors and the share of each investor was not disclosed.  

Altai Territory Of Russia Will Cooperate With Tunisia

 Altai Territory will develop cooperation with Tunisia in the field of tourism and processing of grain.
Meeting of the Ambassador of Tunisia in the Russian Federation Khemaiesa Zhinaui and Deputy Governor of the Altai Territory Mikhail Shchetinina was held in Moscow.
Governor of Altai Territory Mikhail Shchetinin invited the Ambassador of Tunisia to visit Altai, get acquainted with its agricultural, pharmaceutical, food and processing enterprises with the aim of developing joint projects. First of all possible cooperation will be in the field of grain processing and development of tourist routes, the press service of the Government of the Altai Territory  with reference to "Interfax" reported.
The two sides exchanged information on socio-economic development of Tunisia and the Altai.

By materials of the official website of the Altai Territory http://www.altairegion22.ru/region_news/

L'Oréal Opened First Production In Russia

Major French companies have chosen Kaluga region for their location. The world leader in the beauty industry - the French company L'Oréal, has opened at the Kaluga land Russia's first production. "... Opening of the plant is truly significant event for the Kaluga region, and it clearly demonstrates the capacity of the regional administration in the region to attract large investments and carry out large-scale projects" - said the Prime Minister of Russia Vladimir Putin in a congratulatory telegram.

The fact that the Kaluga region has managed to create the most favorable investment climate, confirmed in his speech, and was present at the opening ceremony, French Ambassador to Russia Mr. Jean de Gliniasty: "Today, the largest French companies have chosen exactly the Kaluga region to accommodate their productions here . Just recently I was at the opening of automobile factory Peugeot-Citroen. Today, a French company with a worldwide reputation L'Oréal has built a factory here".

"... These projects are an example of developing and strengthening partnerships between the two countries, two close nations" - summed up the Governor of the Kaluga region, Anatoly Artamonov. In addition, the head of the region highlighted a number of social initiatives, the company L'Oréal: in the Kaluga region since 2009 the project "The world of childhood with L'Oréal" aimed at comprehensive support for children living in institutions. The touching performance of vocal ensemble of one of the Kaluga orphanage was the culmination of celebrations of the opening of the plant.

Plant of L'Oréal in Russia is located in the industrial park Vorsino Borovsky District, Kaluga region. The plant in Vorsino - this is the first investment project of L'Oréal in Russia. Construction of the plant, which began in July 2009, was done in the shortest possible time, just 14 months. At the factory area of 10,000 square meters, L'Oréal plans to produce shampoos, conditioners and hair dye brands L'Oréal Paris and Garnier. In the first phase of the planned plant capacity reaches 120 million units in the future we plan to double the performance and range of products. Currently the plant employs about 60 professionals, the end of 2010 the total number of employees will be 120 people, most of them - the inhabitants of the nearby city of Obninsk and Balabanovo.

Information provided by IA KALUGA

VSMPO-Avisma Aquires Uralpredmet As Ашыке Step To Vertically Integrated Group

VSMPO-Avisma is planning to hold blocking stake in the public corporation Uralpredmet. The first step was the acquisition of an 18.98% stake in the company, which produces a ligature for titanium alloys. 

The corporation's press office told that becoming one of Uralpredmet's shareholders is part of VSMPO-Avisma's development strategy. VSMPO-Avisma plans to create a vertically-integrated group. After buying the shares, the titanium corporation will cooperate with the business, located in Verkhnyaya Pyshma (Sverdlovsk region), on issues of strategic management, financial and business operations, and marketing policy. 

Uralpredmet primarily specializes in the manufacture of ligatures for titanium alloys based on vanadium, molybdenum, the aluminothermic reduction of niobium, and the production of vanadium ingots of 99.5% -99.99% purity, created by electron-beam melting. VSMPO-Avisma uses the ligature to produce alloys with specific properties, which are widely used in the aerospace, nuclear, chemical, and shipbuilding industries.

Lufthansa Replace Frankfurt With Munich

The management of Koltsovo airport is going to ask Lufthansa to alter the destination of their flights from Ekaterinburg. Currently, the German airline flies an A319 between Frankfurt and Ekaterinburg. 

The Russians are suggesting that they change this route to Munich - Ekaterinburg. The airport officials believe that, first, this will increase the number of passengers who want to visit the German beer capital, and second, it will result in a shorter flight and increase the number of passengers per flight by 5-10 people. Right now Lufthansa must sacrifice those seats so that it can carry more fuel. During the spring and summer, the German airline flies four flights a week to the Urals, at an average of 80% capacity. 

Koltsovo airport's general director, Evgeny Chudnovsky, told that between January and August of 2010, 1.8 million passengers used the airport, which was 28.7% more than the same period last year. Passenger traffic on international routes increased by 50%, to 686,000 people. 

Koltsovo is expecting new foreign airlines to begin operations there in the future. The low-cost airline flydubai will begin flying between Ekaterinburg and Dubai in October of 2010. It is possible that one of the European low-cost airlines could follow this example, which would affect the prices charged by Lufthansa, FinnAir, and Czech Airlines for regularly scheduled flights to Ekaterinburg. 

Experts also see potential toward the southeast. There is currently regular air travel between Ekaterinburg and Beijing via Ural Airlines and Air China. Perhaps a Thai airline will be interested in the large number of passengers who fly from the Urals to Bangkok and now must do so using charter flights.

Russian TransContainer Intends To Attract In IPO 12.8 Billion Rubles

Shareholders of TransContainer at an extraordinary meeting decided to place under the IPO 5557908 shares with a nominal value of 1 thousand rbl., company's materials reported.

Each share was decided to sell at a price not less than 2,311 rubles. Thus, in the IPO the company intends to attract at least 12.84 billion rubles. Placing is scheduled to take place before the end of 2010.

Privatization Of Sberbank In Russia

Privatization of the Russian largest bank Sberbank could be held in the form of SPO, Elvira Nabiullina told reporters in Sochi. "We need to sell. It is necessary to examine all aspects. I believe it is preferable to do it on the market. Perhaps it will be done in the form of SPO", - she said, answering journalists' questions about the options for privatization of the Sberbank. 

Sberbank's CEO German Gref has once again confirmed the information to journalists that the bank is not in talks with a strategic investor for the sale of state shares of the bank. "Negotiations are not conducted - he said - until there is no strategic investor."

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VEB Plans To Place Ruble-Denominated Bonds By The End Of 2010

Russian State Corporation "Bank for Development and Foreign Economic Affairs" (Vnesheconombank, VEB) is considering the possibility of placing the first ruble bond issue worth up to 30 billion rubles before the end of 2010. The head of VEB Vladimir Dmitriev told reporters in Sochi. According to his words, the expected term of the bonds is 5 years.

Gazprom - Mitsui & Co. Ltd.: Prospects for Cooperation

The working meeting of deputy chairman of Gazprom Alexander Ananenkov the executive director of Mitsui & Co., Ltd. Mitsui Hidaka and member of the board of the company Noriaki Sakamoto held at the central office of Gazprom.

The parties discussed prospects of cooperation in the energy sector. In particular, much attention was paid to the implementation of the project to supply LNG and CNG in the Asia-Pacific and Japan, the transition to the stage of feasibility study on the Vladivostok project.
In the sphere of interests of both parties are the possibilities of cooperation in the field of gas processing and gas chemicals in the Far East of Russia within the framework of the Eastern Gas Program, the press service of Gazprom reported. They also discussed the implementation of high-tech projects in the field of ecology and utilization of associated gas.

By the materials of the press-service of OAO Gazprom http://gazprom.ru/press/news/

RUSNANO Presents Major Investment Project In Oil Industry

According to the press service of the company, RUSNANO invests in a breakthrough technology for domestic oil production. Partner of the corporation will make Novomet-Perm, specializing in servicing innovative electric-submersible pumps using nanotechnology.
Products of Novomet-Perm superior specimens of competitors for a variety of settings. In particular energy consumption of the company's pumps is up to 20-25% lower than similar foreign equipment. It is the third volume of total investment production company created with the participation of RUSNANO and the largest corporations in the oil industry. It is assumed that its implementation will allow Novomet-Perm in 2016 to become one of the key players in the global market for production and service of submersible electric installations with a turnover of $ 1 billion.

Detailed design will be presented on September 17 at the VI Perm Economic Forum.

According to the press service RUSNANO http://www.rusnano.com/Post.aspx/

European Upgrade Of Russian Company Yugoria

The time has come for the Yugoria insurance company, named after its home region of Yugra, to take a step toward privatization. Yugoria has been a state-owned insurance company for almost 13 years - the regional government owns 100% of its shares. 

 

As Vera Dyudina, the deputy governor of Yugra and chairman of Yugoria's board of directors, notes, they have repeatedly requested the company's directors to raise the share capital. The autonomous area's non-core assets should be privatized in due time and at a fair price.

Some "merchants" did make an offer to the former governor of Yugra, Aleksandr Filipenko, but he only laughed - it wasn't enough, our golden goose is worth more than that. According to the results from 2009, among Russian insurers, the Yugoria insurance group was in 14th place in terms of assets and in 16th place in terms of total premiums collected. During the economic crisis in 2009, the company had a net profit of almost 198 million rubles.

Vladimir Volkov, a member of Yugoria's board of directors who has directed it for many years, notes not without pride that a 2009 audit by Deloitte valued the company at 7 billion rubles and that its value has risen since then. This new value will be announced at the end of September and will increase excitement about a possible issuance of additional shares of Yugoria, which the European Bank for Reconstruction and Development will be invited to purchase.

Vera Dyudina made the announcement about the negotiations with EBRD, which signifies the government's readiness (and the readiness of Governor Natalya Komarova) to privatize it on a "European" level. Experts note that this kind of leaked information should have been cleared with the bank first, since, like most financial institutions, the bank carefully guards its business plans. Ms. Dyudina said nothing about the terms and conditions of the issuance, but apparently the sale will be soon.

What is the European Bank for Reconstruction and Development being invited to buy? In fact, it is a unique selling proposition. Yugoria has grown from a regional firm to one of the top 20 insurance companies in Russia. It held 1.4% of the domestic insurance market in 2009.

Yugoria's general director, Aleksei Semenikhin, told the press that in the first half of 2010, 5% more premiums were collected in comparison to the same period last year. Out of the 3.318 billion rubles, 79% was collected from 54 regions in Russia where Yugoria is represented, and 20% of the total came from the Yugra region. Payouts, which amounted to 2.036 billion rubles between January and June, were disbursed along similar geographic lines.

The fact that it is state-owned is still important for Yugoria's image. Vladimir Volkov emphasizes that it was because of this government support that Yugoria was able to extend its reach beyond the borders of its autonomous area. It is not just the size of the company's assets, but the security of state backing in the region that is the deciding factor for potential customers. "Our advertising campaign has focused on our close association with the government," admits Aleksei Semenikhin. As a result of regional expansion, Yugoria is one of the top five insurance companies in the Tyumen, Kirov, and Orlov regions. And in the fairly saturated insurance markets in the Sverdlovsk region and St. Petersburg, Yugoria is still in the top ten.

Yugoria's privatization was preceded by the denationalization of the Khanty-Mansiysk Bank, which two years ago was 100% owned by the Yugra government. After issuing additional shares, the region retained ownership of 44% of the bank and its capitalization increased by more than 10 billion rubles. This is a good benchmark for the local authorities. Yugoria, whose total share capital now amounts to 2.073 billion rubles, is unlikely to match that impressive record as it begins to untie itself from the government's apron strings. But it is possible that after the EBRD, an insurance company might be found in Europe with an extensive regional network and financial indicators similar to Yugoria's, which would arouse a healthy appetite.

There is no doubt that a successful marriage between EBRD and Yugoria would be an asset for Governor Natalya Komarova, who needs to demonstrate some strategic thinking and some projects on a European scale.

By materials of Rusbiznews

New Regulation Of Commercial Activity In Russia

01 February 2010 the Federal Law dated 28 December 2009 381-FZ "On the bases of state regulation of commercial activity in Russia" came into force. 

The latter made significant changes in the legal regulation of commercial activity. All contracts of food supply executed up to February 01, 2010 should be brought into compliance with its requirements within 180 days from the date the Federal Law came into force.

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IX International Investment Forum "Sochi - 2010"

Tomorrow begins its work IX International Investment Forum "Sochi - 2010".

The second day will begin with a plenary meeting: "INVESTMENT CLIMATE: OBJECTIVES, EXPECTATIONS AND RESULTS" with participation of Vladimir Putin.

The meeting will discuss the global economic situation, formed after the global financial crisis, set new quality standards for competitiveness and investment attractiveness of countries, sectors, areas and projects. Many countries have entered into new stages of improving its own investment policy and competitiveness. Russia is no exception. Work on improving the investment climate is conducted at both the federal and regional levels. Business modernizing their own investment strategies.

Rair Simonyan, chairman of Board of Directors of Morgan Stanley Russia / CIS will moderate the meeting.

James Alba, President, Chief Executive Vice President Boeing Commercial Airplanes, Samuel Allen, Chairman of the Board of Directors, Chief Executive Officer, John Deere, James Dimon, Chairman and CEO JPMorgan Chase and Co, Alexander Tkachev, the Head of Administration (Governor) of Krasnodar Region will participate in discussion.

EBRD Will Buy Yugoria Insurance Company In Russia

The European Bank for Reconstruction and Development may become a co-owner of the Yugoria state insurance company. The government of Yugra, which owns 100% of the company, is talking to the bankers about issuing additional shares. 

Vera Dyudina, the deputy governor of the region, told that Yugoria is not a core asset and that the government is constantly asking the company's directors to raise its share capital so that the company can be privatized, which would be advantageous for the Yugra government's budget. Offers have been made before to obtain shares or even an entire block of shares in Yugoria, but the price didn't match the insurance company's market value.

According to Vladimir Volkov, a member of the board of directors of the Yugoria insurance group, foreign auditors valued the company at 7 billion rubles in 2009. A new estimate scheduled for the end of September 2010 will probably be significantly higher than the first. 

 

Between January and June of this year, the Yugoria insurance group took in 3.318 billion rubles in premiums, an increase of 5% over the same period in 2009. The company paid out an estimated 2.036 billion rubles for all claims. 80% of Yugoria's fees and payments went to 54 of the constituent political entities of the Russian Federation where its branches operate, and the other 20% went to its "home" region. According to the results from 2009, among Russian insurance companies, the Yugoria insurance group was in 14th place in terms of assets.

Foreign Investment Regulations In Russia

Pursuant to Government Decree No. 510 of 6 July 2008, the Government Commission of Control over Foreign Investments in Russia was formed.


The primary objectives of the Commission are as follows:

1. Pre-approval of transactions resulting in a foreign investor or group of entities of which such investor is a member (hereinafter, the "group of entities") gaining control over business companies which are of strategic importance.

2. Approval of the gaining of control over business companies which are of strategic importance by the foreign investor or by a group of entities, or refusal of such approval.

Activities of the Commission:

1. Soliciting petitions for pre-approval of transactions resulting in gaining control by the foreign investor, or by a group of entities, over business companies which are of strategic importance and other transactions which require pre-approval in accordance with federal law, as well as petitions for approval of the gaining of control by the foreign investor, or by a group of entities, over business companies which are of strategic importance.

2. Decision-making with regard to the following:

Pre-approval of transactions or approval of the gaining of control

Refusal of pre-approval of transactions or refusal of approval of the gaining of control

In exceptional circumstances, extension of the period for consideration of a petition for pre-approval of a transaction or petition for approval of the gaining of control

3. Determination of obligations of the foreign investor or legal or physical bodies constituting a single entity.

For the purpose of achieving the above objectives the Commission is granted the following rights:

Request from federal governmental bodies any materials and information on any issues within its scope of its activities

In accordance with the applicable procedure, enlist the services of representatives of federal governmental bodies and any experts for the examination of issues proposed for consideration by the Commission

Hear out representatives of the federal government bodies on any issues within the scope of the Commission's activities

Organize task groups from representatives of federal governmental bodies

Supervise the execution of decisions of the Commission.


Reference: Decree of the Government of the RF No. 510 of 6 July 2008 Concerning the Government Commission of Control over Foreign Investments in Russia

Guarantees For Foreign Investors In Russia

Federal Law № 160-FZ "On Foreign Investment in the Russian Federation", dated 09 July 1999 gives main guarantees of foreign investors’ rights with regard to investment and profit and other income received from such investment. 

The provisions of this Law are mainly as follows: 

- Legal treatment of foreign investors’ business operations and the use of profit gained from investment must not be less favourable than those of Russian investors.

-  At the same time legislation set forth some restrictions and exceptions with regard to foreign investment (Federal Law "On Procedures for Foreign Investments in the Business Entities of Strategic Importance for the  Russian National Defence and State Security" dated 29 April 2008 № 57-FZ, Law of the RF dated № 2124-1 "On Mass Media" 27 December 1991, and other regulations). 

- Foreign investors operating in Russia are given full and unconditional protection of their rights and interests guaranteed by Federal Laws and other legal acts,  international treaties to which Russia is a party.

- Foreign investors have rights to recover damages suffered as a result of illegal actions (or inaction) of state authorities, local administrations, or officials of these authorities. 

- Property of a foreign investor or a business entity receiving foreign investment cannot be seized or be subject to nationalization, or requisition. 

- Foreign investors’ disputes arising from investment and business operations in Russia shall be resolved in accordance with the international treaties of the RF and the Federal Laws in court, or arbitration tribunal, or in an international court of arbitration (court of mediation).

- Constitution of the RF claims that  generally recognised principles and provisions of the international law,  international treaties of the RF form an integral part of its legal system. The latter shall prevail in case of any contradictions. 

Forein Investments in Russia in 2010

Russian economy in the I quarter of 2010 received 13.1 billion dollars of foreign investment reported the Federal State Statistics Service of Russia (Rosstat). This is 9,3% more than during the same period of 2009. 

However, the amount of canceled investments received earlier in Russia from abroad in January-March of this year was $ 13 billion, which is 7,9% more than in I quarter of 2010.
 

Accumulated foreign capital in Russian economy (the total amount of investments made since the beginning of investment in the light of redemption and the revaluation of assets and liabilities) at the end of March this year amounted to 265.8 billion dollars, increasing by 17,2%. Most of this investments were carried out on a returnable basis (53,8%), direct investments amount to 38.7%, portfolio - 7,5%.

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Russian And Western Contract Law Distinctions

Russian and Western approaches to entering into and execution of contracts are different.  

We have different legal culture, which naturally has its impact. Unfortunately, in some cases transactions fall through, sometimes because a European entrepreneur does not understand the requirements put forward by the Russian colleague. 

Russian legislation specifies explicitly: transactions that are made between legal entities and with individuals must be executed as a written contract (Article 161 of the Civil Code of the Russian Federation). This applies directly to international (foreign economic) contracts made with foreign partners.

Only in this case, the written contract, which sets forth the subject matter of the arrangements, rights, obligations and liability of the parties, is not only a legal guarantee, but also an "authorization" document for completing formalities related to the performance of a foreign economic contract. 

For example, a bank acting as an agent of currency control requires submission of a written contract to perform currency transactions, which include, in particular, cash settlements between Russian (resident) and foreign (non-resident) parties. A foreign economic contract is also required for the customs clearance of the goods crossing the Russian border.

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The Next President of Russia Will Be a Woman ...

Western media insist on the fact that after years of patriarchal in politics and economy of the Russian Federation only a woman may bring good order  to politics and economy and immediately call the first female candidates for President of Russia.
In particular, the publication of «The Independent» making big bets on the St. Petersburg Governor Valentina Matvienko, which, according to newspaper reporters, could be Russian Margaret Thatcher or Angela Merkel and has a lot of chances to win the presidential election, scheduled for 2012.
The key to the victory of Mrs. Matvienko media called the support of the current Prime Minister Vladimir Putin, who recently was not very pleased with his protege for the presidency, Dmitry Medvedev .



By materials of isra.com

Russian Company Severstal Returned to Profit Under IFRS in the II Qarter 2010

One of the largest Russian steel producer  "Severstal" returned to profit for the II quarter of 2010. The report prepared in accordance with International Financial Reporting Standards (IFRS) informs. During April-June this year the company earned $192 million compared to a loss of $290 million during the same period a year earlier.
In the previous quarter (January-March 2010) the company received a loss of $ 785 million  under IFRS for the I half of the year amounted to $ 593 million, down 38% compared to the same period last year.
Return to the quarterly earnings in the company attributed the increase in production volumes, higher prices for products of the company, as well as reduced costs for raw materials and transportation.
Despite the profits, the Board of Directors of "Severstal" does not recommend the payment of dividends for the II quarter of 2010. Nevertheless, management believes they could resume paying dividends in the foreseeable future.
Revenues in II quarter has decreased by 25%  amounting to $ 4.25 billion, while EBITDA amounted to 955 million dollars (compared to negative EBITDA of $ 5 million in April-June last year).
"Severstal" is a vertically integrated steel producer. The company's assets are in Russia, Ukraine, Kazakhstan, Italy, France, the United States and Africa. The company's shares are traded on the Russian RTS and the London Stock Exchange (LSE).
Last year "Severstal" has reduced steel production by 13% - to 16.75 million tons, getting a loss under IFRS amounting to 1.04 billion dollars since the beginning of the same this year, increasing its output against the recovery of world markets.

New Plant of Siemens in Voronezh Region of Russia

In the Voronezh region of Russia the first stone in the construction of a transformer factory "Siemens" was laid.

The ceremony, which took place in the industrial park "Maslovsky", was attended by Governor of the Voronezh region Alexei Gordeev, Director of the energy transfer of the energy sector department of the concern Siemens AG Duo Nihage and President of Siemens in Russia and Central Asia, Vice President of Siemens AG Dietrich Muller. 

On the place of this symbolic stone in the coming years will be industrial zone including 20-productions.

The plant will be fully integrated into the global technology and manufacturing network, of Siemens and will provide as a minimum of 300 new jobs. The company's products will be implemented in Russia and will go for export.

Voronezh region and Siemens also signed an agreement on cooperation in implementing projects in the sphere of high technologies, including the establishment of electronic government, electronic city, as well as improving energy efficiency.

In addition, the President of Siemens in Russia Dietrich Möller gave Alexei Gordeev certificate of donation from Siemens in the fund assistance to victims of fires in 2010 in the amount of 125 thousand Euro.

The first contract valued at almost 60 million Euro for the products of the future plant  was signed. Siemens has ordered 884 throttle network filters for approximately 5 years, 221 twin engine series 2ES10, whose production for the needs of "Russian Railways will soon be launched in LLC "Ural locomotives" - a joint venture of Siemens and a group Cinara.

On materials of the official site of the Voronezh region http://www.govvrn.ru/wps/portal

Revenues From Telecom Services in Russia Rose By 4.9 Percent

This is reported by the press service of Russian Ministry of Communications. The indicators are based on statistics of investments and fixed assets of  telecom companies, information exchange on communication networks, data service-level of comminvestment unications and economic indicators of the industry.
Revenues from telecommunications services amounted to 649.5 billion rubles. That is 4.9 per cent increase over the same period last year. Mobile operators' revenue increased by 6,4 percent  up to 284 billion rubles. The income of local telephone services in cities increased by 11.1 percent, rural areas - by 9.9 percent. 

GLONASS is Close to Operating Around the World

Formation of the space group of the Russian global positioning system GLONASS is near to completion. Rocket Proton-M launched on Thursday from the Baikonur Cosmodrome  launched to low earth target orbit  three satellites GLONASS-M.

Russian global navigation satellite system GLONASS operates on the principle similar to the American GPS. However, while this system works less stable and not on the whole territory of Russia, though, according to official figures, covering the whole country was achieved in 2008, when the total number of GLONASS satellites has been brought up to 18.

Until now orbit of the Earth has 21 operational satellites of the GLONASS system, and two reserve ones. The current launch brought the number of active GLONASS satellites in orbit to 24.
It is believed that in order to operate confidently around the world the system needs from 24 to 28 satellites.
In August, Prime Minister of Russia Vladimir Putin has assured that the GLONASS will work on a global scale before the end of 2010. Three more spacecrafts of GLONASS system are expected to be launched in addition to the already running ones.
According to Putin, in the next six years in the development of GLONASS  about 48 billion rubles (more than 1.5 billion dollars) will be invested.

Russian GLONASS sensors basically equip emergency vehicles, and state agencies. Communicators and smartphones with this system do not exist - cumbersome and expensive electronic board is used.
It is possible, however, that the suppliers of equipment fitted with navigation equipment, will have to accept the inevitable press the ban on distribution in Russia devices without chips GLONASS.

Coca-Cola Completed its Acquisition of Russian Juice Producer "Nidan"

Coca-Cola completed its acquisition of Nidan, said the American corporation. "Nidan Juices" unites all the production and marketing assets of the juice holding, including "Nidan-Gross"(Moscow) and "SP Nidan-Ekofrukt "(Novosibirsk).

The sellers were a British investment fund Lion Capital (75% plus 1 share) and the founders of the company. Lion Capital bought a stake in juice manufacturer in 2007, based on an assessment of $ 530 million for the entire company, said Interfax.
The deal with Coca-Cola is not disclosed, but the newspaper "Kommersant" on Wednesday, citing unnamed sources, reported that it had not exceeded $ 300 million excluding debt.

Information that "Nidan" was for sale appeared in January. Coca-Cola from the very beginning called the main contender for the acquisition of the company. In March, the American corporation reported on preparations for the transaction and the filing of the petition to the FAS. The document was filed on behalf of Coca-Cola Company European Refreshments. In early August the deal was approved by a Government commission of foreign investments monitoring.
"Nidan" is one of the four largest juice producers in Russia and manufactures products under the brands Caprice, Caprice Tea, My Family, Sokos, Champion  and Yes. Coca-Cola already owns a Russian juice producer Multon (brands Good and Rich).
 
Coca-Cola is confident in the potential of the Russian market and demonstrates  willingness to further investments in Russia. Since the beginning of 1990 the company invested in the Russian economy $ 2 billion, another $ 1 billion Coca-Cola intends to invest in their infrastructure in Russia in the next 3-5 years ", - stated in the corporation's press release.

By materials of forbes.ru

Head of Sberbank Intends to Sell a Stake of Russia's Largest Bank

The head of Russian "Sberbank" German Gref offered to sell a stake in Russia's largest bank on the open market and to consider privatization in favor of a strategic investor only if he offer premium to the market price.
"To sell on the market is the best. However, if a strategic investor offer a premium to the market price, it can be discussed. But while sales in the market is the most transparent," - agency Reuters quoted Gref.

Annual Forum IPO & SPO 2010 in Russia

Annual Forum "IPO & SPO-2010" - is Russia's largest conference dedicated to the problems and prospects of the organization of the primary public offerings of Russian companies, will be held on September 23 in Moscow, said in a press release.  The forum organizers are the Institute of Financial Markets (IRFR). 

"Forum  "IPO & SPO-2010" will take place against a background of growing Russian market IPO, and will continue to dialogue on issues of raising capital in Russia and abroad on a qualitatively new level. Event participants will have the opportunity to obtain information on the further development of the IPO market regulators, representatives of Russian and foreign exchanges, financial advisors and issuers themselves ", - the report said. 

The forum will also provide an overview of new financial products and instruments offered by Russian issuers. It will focus on new services intended to promote the IPO of  companies with an average capitalization (mid-caps). 

"Among the delegates and speakers of the Forum "IPO & SPO-2010" are representatives of CBR, Federal Financial Markets Service, the Ministry of Finance, the Ministry of Economic Development, FAS, as well as the largest issuers, banks, underwriters, and the organizers of IPOs, legal and consulting firms, rating agencies, investment companies and exchanges ", - stated in a press release.