Russian News: February 29th, 2008!

Originally posted 2008-02-29 10:40:00.

RBC, 29.02.2008, Moscow 14:55:12.France’s automobile producer Renault and AVTOVAZ are planning to develop a new low-cost car, Sergei Chemezov, Chairman of the Russian car maker’s Board of Directors, stated today. AVTOVAZ intends to use Renault’s engine and transmission for the car, while producing the rest unaided, Chemezov said. The new car is projected to be a station wagon seven-seater, and it is expected to be rolled out by 2009.

RBC, 29.02.2008, Moscow 14:05:42.The Bank of Russia is not planning to change its annual inflation forecast of 8.5 percent for 2008, radio Echo of Moscow reported today, citing the bank’s First Deputy Chairman Alexei Ulyukayev. He pointed out that Russia could meet the target, adding that the figure itself was not as important, as the downward trend. Ulyukayev noted that the government was capable of curbing inflation, despite an inflation rate exceeding 3 percent in the first two months of the year.

RBC, 29.02.2008, Moscow 13:29:28.Novolipetsk Steel (NLMK) has applied once again to the Russian Anti-Monopoly Service for the permission to purchase an iron and steel producer Maxi Group, a source close to the company reported today. Meanwhile, NLMK’s press office did not comment on the matter.

RBC, 29.02.2008, Moscow 12:48:53.OGK-6’s Board of Directors has approved an issue of 22,468,978 shares as preparation for a merger with OGK-6 Holding, the power generation company stated today.

RBC, 29.02.2008, Moscow 12:39:28.AVTOVAZ and France’s car producer Renault have signed an agreement on strategic cooperation. The document was signed by the Russian state technology corporation, Russia’s leading automobile producer AVTOVAZ, Troika Dialog investment company, Rosoboronexport, and Renault. Chairman of AVTOVAZ Sergei Chemezov pointed out that the company’s restructuring was to be completed in July 2008. Once the process has been completed, Rosobornexport, Troika Dilaog, and Renault will be AVTOVAZ’s main shareholders.

RBC, 29.02.2008, Chelyabinsk 12:19:43.TGK-10 has announced today an issue of 633m additional shares with a par value of RUB 1.66 (approx. USD 0.069) each, the regional power generation company reported. The issue is expected to account for 57.73 percent of the company’s increased share capital, and the offering price has been set at RUB 111.80 (approx. USD 4.64). TGK-10 has invited investors to place bids for the issue, and Troika Dialog will act as the company’s broker. Proceeds from the issue are not projected to exceed RUB 46.6bn (approx. USD 1.932bn).

RBC, 29.02.2008, Moscow 10:48:34.Russia has made a statement at the UN Security Council meeting that the deployment of an EU mission in Kosovo was illegal, Russia’s Ambassador to the UN Vitaly Churkin was cited by the Vesti TV channel as saying, following closed consultations at the UN. The mission’s deployment is illegal and does not comply with UN resolution 1244, which has been repeatedly declared valid by UN Secretary-General Ban Ki-moon, Churkin noted.

RBC, 29.02.2008, Moscow 10:40:54.Russia and Hungary signed a cooperation agreement in Moscow on Thursday for building a gas pipeline to transit natural gas across Hungarian territory. The document was endorsed following a meeting between Hungarian Prime Minister Ferenc Gyurcsany and Russian President Vladimir Putin by Finance Minister Janos Veres of Hungary and Industry and Energy Minister Viktor Khristenko of Russia. The accord provides for Hungary’s inclusion in the implementation of the South Stream project.

RBC, 29.02.2008, Moscow 09:27:45.Russian President Vladimir Putin has delivered an address to the Russian people ahead of the presidential election, the leader’s press office reported. In his speech, the President encouraged Russians to exercise their right of vote on March 2. “Every vote matters, and the opinion of each one of you is important. I ask you come to the election on Sunday and vote for our future, Russia’s future,” he said.

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