Today in Russian Business – April 29, 2008

A new report indicates that the total volume of assets in sovereign wealth funds grew by 27% in 2007 and continue to exert influence on the world financial market. Consultancy Global Insight says that, if sovereign wealth funds continued to expand at their current rate, they would exceed the economic output of the United States by 2015 and the European Union by 2016. Finnish state-owned post and logistics firm Itella has agreed to buy top Russian warehouse firm NLC Group for around €300 million ($470 million). Highland Gold Mining has turned its first profit after 40% of it was bought by Roman Abramovich’s Millhouse.