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Today in Russian Business – April 16, 2008

Russia and Brazil have signed an agreement to jointly develop a fifth-generation fighter jet. Globaltrans Investment, the privately owned freight rail operator, expects to raise up to $509 million floating a 29% stake on the London Stock Exchange, and food retailer Magnit expects to raise up to $480.25 million in a rights issue of new stock. German truckmaker MAN is to expand its share of the “booming” Russian market. The US Department of Justice has endorsed the purchase of the Sparrows Point steel mill, near Baltimore, by Russia’s Severstal. PricewaterhouseCoopers, already facing back tax claims, is to be the subject of a further investigation by the Russian authorities.