Today in Russian Business

Vneshtorgbank, Russia’s second largest bank, is to invest roughly $260 million in “the purchase and construction of a residential complex” in London. Magnit, Russia’s largest supermarket chain by stores, may seek to sell at least $500 million of shares in London next year. The owner of OAO Seventh Continent reportedly rejected a $1.37 billion offer for the Russian supermarket chain from US buyout firm TPG because it was too low. The state-run monopoly, Unified Energy System, is against passing its name on to its successor company when the country’s electric power sector is reformed. Some analysts suspect that the current rise in retail prices for petrol was initiated by Rosneft. The company say that their prices “are based on market calculations. And we would like to point out that the prices at our petrol stations are growing slower than inflation.” Ball Corp. is in talks with South Russia’s Rostov regional authorities to build a beverage can manufacturing plant. (PHOTO: People pass by a branch of Vneshtorgbank (VTB) in Moscow, September 2006. (AFP/File/Maxim Marmur))