Russian News: December 7th, 2007!

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Just some news today from Russia; For you to read while you drink your morning cup of coffee!
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Russian PM to visit Hungary:
RBC, 07.12.2007, Moscow 09:28:33.Russian Prime Minister Viktor Zubkov will pay a one-day visit to Hungary to attend the first Russian-Hungarian intergovernmental consultations chaired by the heads of government of the two countries. The consultations will also be attended by heads of the countries’ government agencies concerned, with a view to analyzing the current state of affairs and the potential for developing trade and economic, fuel and energy, transportation and information cooperation between Russia and Hungary.

A government source told RBC that several documents are expected to be signed following the consultations, including a cooperation agreement between Hungary and a number of Russian regions, a memorandum of understanding for a Hungarian company’s participation in building a residential block in the center of St. Petersburg, as well as a cooperation protocol between Russia’s Federal Agency for Culture and the Hungarian Culture Ministry.

The source has not rule out the possibility that an agreement could be signed between Sukhoi Civil Aircraft and the Hungarian airline Malev for the supply of SuperJet 100 planes.

Sibir Energy co-owner gains control of Russian retail chain:
RBC, 07.12.2007, Moscow 09:58:01.Dixy retail chain founder Oleg Leonov has found a way to raise financing to support the company’s aggressive growth without increasing its debt load as he aims to sell a controlling stake in the retail chain to Igor Kesayev, the owner of Russia’s largest tobacco distributor Merkury and co-owner of the oil company Sibir Energy. The deal is due to close by February 1, 2008. Although Leonov is leaving the company, he intends to stay in the retail business. As of the announcement date, the market value of the controlling stake in Dixy stood at nearly $450m. Experts believe that the new owners’ good financials and well-developed logistics can help significantly accelerate the retail chain’s development, the RBC Daily newspaper wrote today.

Dollar loses ground vs. ruble on stronger euro at open:
RBC, 07.12.2007, Moscow 10:25:32.Early at today’s special dollar trading session for tomorrow deals, the weighted average exchange rate stood at 24.51 RUR/USD, RUR0.04 below the official rate set by the Bank of Russia for December 7. The dollar’s retreat from yesterday’s steep RUR0.13 gain can be traced to the euro’s recovery of some of its losses from Thursday on international exchanges, where it is now trading at USD1.4611, up 0.06 percent from USD1.4602 at 10 a.m. at the previous session.

Russia’s upper house concerned with surge in motor fuel prices:
RBC, 07.12.2007, Moscow 10:30:51.The Federation Council, the upper house of the Russian parliament, intends to address Prime Minister Viktor Zubkov in connection with a steep rise in motor fuel prices. A group of deputies proposed to add the item to the agenda of today’s plenary session of the upper house. The proposal was drafted in collaboration with the Federation Council’s budget committee.

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Kyle

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