BRIC Didn't Discuss Bonds

The leaders of Brazil, Russia, India and China didn't discuss buying each other's bonds during a summit, Brazilian President Luiz Inacio Lula da Silva said Wednesday.

President Dmitry Medvedev's top economic adviser, Arkady Dvorkovich, said the leaders planned to discuss buying each other's bonds in a bid to promote regional currencies and reduce dependence on the dollar. (Bloomberg)

---

Moscow Buys Bank Shares

Bank of Moscow shareholders on Tuesday approved the purchase of 15 billion rubles ($479 million) worth of the bank's stock by the city of Moscow.

The purchase of 15 million shares will raise the city's total holding in the company from 44 percent to 48 percent, RIA-Novosti reported. (MT)

---

Lenta Denies Wal-Mart Talk

Lenta chairman Oleg Zherebtsov said the retailer doesn't have a business relationship with Wal-Mart, which is looking to expand in the country.

"Lenta has no business-to-business ties, no contract of any kind with Wal-Mart," Zherebtsov said in an interview Wednesday. "Wal-Mart won't complete a quick deal in Russia." (Bloomberg)

---

Norilsk Builds Own Airport

Norilsk Nickel created its own airline to service the route between Moscow, where it is headquartered, and its main production facilities.

Norilsk's NordStar carrier will begin regular flights between Moscow, the city of Norilsk and Krasnoyarsk on June 21, Norilsk said Wednesday. (Bloomberg)

---

Lisin Buys Business FM

Billionaire Vladimir Lisin, who controls Novolipetsk Steel, bought Business FM, a Russian radio station, Kommersant reported Wednesday.

Lisin bought the station from Arkady Gaidamak, a Russian-Israeli investor, for $23.5 million, the newspaper said, citing two unidentified media managers and a person close to Lisin. (Bloomberg)

---

For the Record

Russian Railways, or RZD, the country's biggest employer, plans to reduce its work force of 1.2 million people by 53,700 this year, chief executive Vladimir Yakunin said Wednesday. (Bloomberg)

Gazprom asked Belarus gas pipeline operator Beltransgas to pay debts of more than $230 million for gas supplies from January through April, Interfax reported. (Bloomberg)

General Motors said the sale of its Opel unit will have "no impact" on its operations in Russia, where it opened a plant last November, GM Russia chief Hans-Juergen Michel told reporters Wednesday. (Bloomberg)

Gazprom raised its stake in Sibir Energy to 33.5 percent from 28.5 percent, becoming the largest stakeholder in the midsized oil firm, Renaissance Capital brokerage said Wednesday in a statement. (Reuters)

LSR Group, a property company, said it won a contract worth 11.4 billion rubles ($365 million) from the Defense Ministry to build housing in St. Petersburg, the company said Wednesday. (Bloomberg)