TNK-BP chief didn’t break any labour laws: comments

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With gold prices hitting all time highs should Russia to be thinking of selling some of its reserves?

Spiraling oil prices and TNK-BP stake add to BP’s 2Q British Petroleum posted a 61 percent rise in second-quarter profits, exceeding analysts expectations. Its Russian joint venture TNK-BP accounts for a third of these record-breaking results.

$40 Billion boost for nuclear power in Russia Russia will invest $40 Billion into the country's nuclear power sector over the next 7 years, Prime Minister Putin says. After that he expects the industry will become self-financing.

Boeing looking at long term cooperation in Russian market, as local civil... American aircraft maker Boeing is denying claims it has cut plans to make more of its planes in Russia. Sources close to the company say Kremlin interference in Russia's air industry has frightened off both Airbus and...

CTC Media posts 53.9% jump in Net Income for H1 2008 Russian media group CTC Media has posted a 53.9% jump in its first half 2008 results under US GAAP.

Gazprom looking for ways to keep Turkmen gas cheap Gazprom is offering interest-free loans to Turkmenistan hoping to keep the price for Central Asian gas low.

Italy throws its support behind Gazprom’s search for downstream markets in... Italy has shattered hopes of a united European front against Gazprom after throwing “unquestionable” support behind its bid to buy EU energy companies. The EU's Reciprocity Clause bans Gazprom buying its...

Government inflation forecast up again as Central Bank searches for answers The Russian government has acknowledged, once again, that inflation is likely to be higher than it predicted. The Economics Ministry has adjusted its figures, and is thinking about new ways to hold down prices.

Prime Minister Putin renews criticism of Mechel Prime Minister Vladimir Putin has criticised Mechel, Russia's sixth-largest steel maker, for tax evasion. It's the second time in less than a week that the premier has publicly slammed the firm, and his comments sent...

Russian shareholders of TNK-BP say they need BP expertise, as 'elephant' waits Russian shareholders of TNK-BP have admitted to Business Today they need Western expertise. Their comments come despite recent allegations they're trying to force BP nominees out of the joint venture. Experts have...

Medicine sales soar, Viagra receipts fall Sales of medicine have jumped by 21% in Russia in the first half of 2008, with flu remedies topping the list alongside immune system boosters and brain stimulants.

Mechel shares rise on cooperation with Federal Anti Monopoly Service Shares in Mechel have risen on Monday, on the Russian market, after the firm said it'll cooperate with the Federal anti-monopoly service in an investigation into its coal prices.

Prime Minister Putin renews criticism of Mechel Prime Minister Vladimir Putin has again criticised Mechel, Russia's sixth-largest steel maker, for tax avoidance by exporting raw materials through offshore companies.

Luxury apartment market continues boom as wealthy invest in bricks and mortar Right now, Russia’s most expensive flat costs 22mln dollars. But that will soon be eclipsed by Moscow's latest luxury development. Exerts say, demand for luxury apartments far exceeds supply. And there are enough buyers...

Official inflation forecast rises Russia's Economic Development Ministry has raised its inflation forecast for the current year.

Lukoil buys into Turkish retail fuel market Lukoil has bought Turkish oil products group Akpet, which controls about 5 % of Turkey's retail oil product market.

Usmanov buys into Australian miner to develop iron ore in Peru Russian metals billionaire Alisher Usmanov has agreed to buy a 27 percent stake in Australian mining firm Strike Resources.

Light shines on small business as key to economic revival of Chechnya The Russian government plans to spend millions of dollars developing the Chechen republic. Government, international organisations and entrepreneurs met on Sunday in Piategorsk to give a futher boost to micro business...

Volga drives into the future with new Siber Russia’s Volga car plant has launched production of the new Volga Siber. The car is the result of a $300 Million joint project by Russia’s Gaz group and Canada’s Magna car parts maker.

Visa-less TNK-BP chief called for questioning Russian prosecutors have summoned TNK-BP boss, Robert Dudley, to answer allegations of labour law violations at the Russo-British oil company. However, the American CEO has already left the country because his visa has...

Top quality art lures Russian buyers to London despite fears of global slowdown With the world economy facing troubles, many of Russia's wealthy are investing in high-end art – and rushing to London to pick up masterpieces.

Mechel slumps on Putin criticisms One of Russia’s leading metallurgical firms, Mechel, lost almost one third of its market value on Thursday after Prime minister Vladimir Putin criticised the miner’s pricing policy. Putin accused Mechel of selling its...

Big Mac reveals true worth of crashing dollar The American dollar is overvalued in Russia by as much as 30 per cent, according to the so-called ‘Big Mac index’. The index was developed by The Economist magazine as a way of valuing currencies based on the price of...

Kamaz in talks to sell 42% stake to Daimler The management of Kamaz, major shareholder, Troika Dialog, and German automaker Daimler, are in talks which could see Daimler take a 42% stake in the Russian truckmaker.

Sberbank Q1 IFRS Profit jumps 16% Russia’s largest Bank, Sberbank has unveiled a 16% jump in Q1 net profit to $1.33 Billion, up from $1.14 in the same period 2007.

Prime minister Putin calls for pipemaking industry to move to new... Prime Minister Vladimir Putin has proposed solutions for holding down prices on the domestic black metals market.During his visit to one of Russia’s oldest metallurgical plants, Putin called for cuts in import duties,...

Calls for wider intervention in agricultural markets First deputy prime minister Viktor Zubkov wants the government to introduce price intervention for a wide range of agricultural products. So far the state intervenes to stabilise prices only on the grain market. New...

Prime Minister Putin criticises Mechel pricing policy Prime minister Vladimir Putin has criticised the coal and steel group Mechel's pricing policy. Russia's antimonopoly regulator – the Federal Anti Monopoly Service – has already launched an...

Evraz wins right to develop Mezhegeiskoye coal deposit Evraz, one of the world's biggest steel and mining companies, has won the right to develop a coal deposit in Siberia.

TNK-BP Chief Robert Dudley leaves Moscow Russian-British oil company TNK-BP says its head, Robert Dudley, has left Moscow temporarily – but that won't affect its operations.

TNK-BP on track for best year in its history Oil major TNK-BP's performance in 2008 could be the best in the history of the company. But the on-going dispute among its shareholders – Britain's BP and a group of Russian billionaires – may have...

TNK-BP chief didn’t break any labour laws: comments

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