..., for some, the country itself. Russia is ending its long love affair with a car that was once prized by the nation but has come to symbolize the decline of its automobile industry and, for some, the country itself. The decision by state carmaker AvtoVAZ to halt production of the last models in the Lada Classic series this year after four decades is more than just the end of the road for an automobile. Although the outmoded box-like series of family cars is ridiculed abroad, many Russians...

... operate under full banking licenses. An IKEA spokesman had no comment on the bank Friday. Kommersant reported earlier this month that French retailer Auchan has also studied the option of creating its own bank to consolidate its financial flows. Foreign carmakers pioneered setting up in-house banks in Russia to promote sales. One of the more recent arrivals to that cohort was Volkswagen Bank, registered in July 2010. There are at least five other auto banks including BMW Bank, Toyota Bank and Mercedes-Benz...

... 2011. Imports of cars will increase 7 percent to 900,000 units. Imports of used foreign cars might influence a change in tariff rates, according to the analysts. A stronger foothold in Russia and sharply higher sales in the United States helped German carmaker Volkswagen beat market expectations for its first-quarter profits, The Associated Press reported Thursday. Net profit rose to 3.19 billion euros ($4.2 billion) from 1.71 billion euros in the same period the year before. Volkswagen’s business...

... Kommersant. Auchan Group will control the joint venture, Kommersant reported Monday, citing a source close to the French company. In another example of a foreign investor not traditionally involved in finance seeking to enter Russia's banking sector, carmaking alliance Renault-Nissan intends to partner with Unicredit Group — which is present in the country through its subsidiary Unicredit Bank — to set up a local joint venture, according to the report. Renault-Nissan's banking unit and...

... swapping its current 25 percent direct stake in AvtoVAZ for an indirect 35 percent holding. Nissan would pay a further $450 million for an effective 15 percent stake. Renault owns 43.4 percent of Nissan, which for its part holds 15 percent of the French carmaker. Renault shares were up 0.8 percent at 34.12 euros ($44.9) at the close in Paris. AvtoVAZ stock closed down in Moscow by 7.1 percent to 20.7 rubles ($0.70). 179738

... Thursday as the Kremlin pushed ahead with a campaign to replace unpopular regional leaders before the first direct gubernatorial elections this fall. The Kremlin immediately replaced Governor Vladimir Artyakov, a former senior manager with the AvtoVAZ carmaker who had led Samara since 2007, with Nikolai Merkushkin, the long-serving leader of the Mordovia republic and a stalwart of the ruling United Russia party. President Vladimir Putin also accepted the resignation of Leningrad Governor Valery Serdyukov...

... a 50.01 percent indirect stake by 2014. Renault and Japanese-based Nissan have committed to investing upward of $750 million. The shift into foreign hands — Renault and Nissan will also control three-quarters of the seats on the board of the carmaker — is a landmark moment for AvtoVAZ that started out life as a poster boy for Soviet manufacturing. Set up in 1967 on the banks of the Volga River as a collaboration between the Kremlin and Italy's Fiat, the company even spawned its own...