Bad Loans Reach 5%
Nonperforming bank loans reached 5 percent of total loans in June, up from 4.6 percent a month earlier, according to data posted on the Central Bank’s web site Thursday.
Overdue corporate loans rose to 4.8 percent in June from 4.4 percent in May, while delinquent consumer loans increased to 5.7 percent from 5.5 percent. (Bloomberg)
Timan Gets New Owner
Midsized Timan Oil said Thursday that businessman Vitaly Belik has taken control of the company.
Belik has amassed a stake of 56.36 percent, Timan said in a statement, opening the door for him to oust five of its directors at an upcoming shareholders’ meeting, where he would now have the majority vote. (Reuters)
RZD’s High-Speed Train
Russian Railways’ new high-speed Sapsan trains manufactured by Siemens will halve travel time between Moscow and St. Petersburg, the company said Thursday.
The trains will cut travel time between the two cities to 3 hours 45 minutes from as long as eight hours, the company said in a statement. Russian Railways plans to begin operating the new link in December. (Bloomberg)
Reserves Jump $4.3Bln
Russia’s international reserves last week jumped the most since the beginning of June as the Central Bank refrained from currency-market moves after the ruble rallied 2.8 percent against the dollar, the bank said Thursday.
The stockpile’s value climbed $4.3 billion to $402.4 billion in the week ended July 24, it said. (Bloomberg)
Norilsk’s Q2 Output Rises
Norilsk Nickel said Thursday second-quarter nickel output rose 3.7 percent and copper production fell 4 percent. Norilsk produced 71,394 tons of nickel in the second quarter, compared with 68,835 tons a year earlier, the company said in an e-mailed statement. Copper output fell to 99,793 tons, from 104,056 tons, it said. (Bloomberg)
For the Record
- Donalink received permission from anti-monopoly authorities to buy a 50 percent stake in regional utility company Yakutskenergo, the Federal Anti-Monopoly Service said in a statement on its web site Thursday. (Bloomberg)
- China is in talks with Alrosa to buy a “large batch” of rough diamonds from Russia, Interfax reported, citing an unidentified person with knowledge of the talks. (Bloomberg)
- Ritzio International, a one-time powerhouse in Russia’s now-banned gaming industry, asked Moody’s to withdraw its rating on the company’s debt, the agency said in a statement Thursday. (MT)
- Nigeria signed a preliminary agreement with Russian maintenance and security firm Ruscorp on Thursday to help upgrade and protect its dilapidated oil pipeline network and build new distribution lines. (Reuters)
- VTB Group, Russia’s second-biggest bank, plans to add 300 million Swiss francs to its issue of 7.5 percent notes due August 2011, according to a banker involved in the deal. (Bloomberg)
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