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Deficit Hits 4.2% of GDP
The budget deficit widened in the first half to the equivalent of 4.2 percent of gross domestic product as the government spent 753.6 billion rubles ($23.4 billion) more than it collected, the Finance Ministry said Friday.
Revenue in the first six months of 2009 was 3.2 trillion rubles, or 47.2 percent of the amount the government planned for the year, while spending was 3.9 trillion rubles, or 40.1 percent of forecast expenditure, the ministry said, citing preliminary figures. (Bloomberg)
RHJI Sweetens Opel Bid
BERLIN — RHJ International will present a complete purchasing contract for General Motors’ Opel unit within a week, Bild am Sonntag said Sunday, without citing anyone.
The Brussels-based private-equity firm has improved its offer to GM and the German government-backed trust controlling Opel by keeping all German sites, the newspaper said. RHJI also plans to cut fewer than 10,000 jobs from Opel’s 52,000 work force in Europe, it added.
RHJI will ask for loan guarantees of 3.8 billion euros ($5.3 billion) to be paid back by 2014. That is 750 million euros less than what was sought by Magna International, which is bidding with for the unit. (Bloomberg)
Magna Meeting Canceled
BERLIN — Magna International canceled a supervisory board member meeting scheduled for Tuesday, postponing a decision to buy Opel, Automobilewoche said Saturday, citing a source close to the matter.
The meeting was scheduled to reach a final agreement on the General Motors unit’s business plan, the magazine said. Magna co-CEO Siegfried Wolf has targeted Wednesday for an initial purchase contract, it said. (Bloomberg)
Chigirinsky Sells Mansion
LONDON — Russian investor Shalva Chigirinsky sold his London mansion for £33 million ($53.5 million), down from an asking price of £45 million, the Financial Times said Saturday.
The house, on Eaton Square in the city’s Belgravia neighborhood, has six floors and seven bedrooms, the newspaper reported. The buyer’s identity was not known, the FT said. (Bloomberg)
RZD Exec May Head Alrosa
Russian Railways senior vice president Fyodor Andreyev may head Alrosa, replacing Sergei Vybornov as chief executive at the state-run diamond producer, Interfax reported Friday, citing a source close to the rail monopoly.
Andreyev was elected to Alrosa’s board as an independent director at the last annual shareholders meeting, the news service said. (Bloomberg)
For the Record
- The Economic Development Ministry raised its estimate for gross domestic product growth to 2.8 percent in 2011 and 4 percent in 2012, Interfax reported Friday, citing an unidentified government official.(Bloomberg)
- Standard Bank Group said Friday that the Federal Anti-Monopoly Service had approved its purchase of 33 percent of . (Bloomberg)
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Suleiman Kerimov controls 36.88 percent of ’s shares and Mikhail Prokhorov 26.8 percent, Interfax reported Friday, citing company materials. (Bloomberg)
