fbpx

Today in Russian Business – May 13, 2008

Magnit, Russia’s second-largest supermarket chain, said first-quarter profit climbed 71%. The board of Russia’s top silver miner, Polymetal, has recommended not paying a dividend for 2007. Analysts at Barings Bank say Chinese demand for oil and commodities is driving Russia’s growth, reducing its exposure to Western economies and offering good equity deals. Alisher Usmanov’s AF Telecom Holding has agreed to buy 58.9% in Telecominvest in order to increase its stake in MegaFon to 39%.