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Today in Russian Business

Russia’s VEB state bank for development and foreign trade plans to swap its 5% stake in EADS for a holding in Russia’s state-owned aircraft maker United Aircraft Corp. Russia’s Transcontainer, a unit of railway monopoly RZhD, plans to hold an initial public offering of up to 34% of its shares in early October. Andrei Kostin, chief executive officer of VTB Group, says that emerging markets led by China, India and Russia will help counter a decline in the US economy. Kostin also foresees VTB acquisitions in Ukraine and Kazakhstan, which will open its first branch in India next month. Italian cable and fibre optic giant Prysmian has about $2.9 billion for possible acquisitions, and has pinpointed Russia as an important emerging market. Russian stock markets have recovered from their “rollercoaster ride”, partly due to the US Federal Reserve’s decision to slash interest rates.