Business News

While Russian authorities are busy deliberating on how to distribute oil and gas fields on the continental shelf of the northern seas between Gazprom and Rosneft, the latter company has decided not to waste any time in the south. According to the RBC Daily newspaper, Rosneft is nearing the end of talks with its potential partner, ExxonMobil, on the Tuapse bend, which is part of the Black Sea shelf...

Sberbank is poised to purchase 51 percent of shares in DB Development - 49 percent from Strabag and 2 percent from DB Development's General Director Dmitry Garkusha, a joint press release by Sberbank and Deutsche Bank states. Deutsche Bank, Sberbank, Strabag, and DB Development have signed a memorandum of intent on the sale of a blocking stake in DB Development to the Russian lending institution...

Russia is one of the key markets for our company, and it is No. 3 after the United States and Germany. It’s a very strategic and important growth market for us. Now we can observe a new demographic situation: a growing global population, a growing proportion of elderly people, an increasing trend toward chronic “lifestyle” diseases, continuing advances in medical technology (which also drives costs up) and ongoing growth of emerging economies...

The Central Bank, holder of the world's third-largest reserves, said Monday that it had increased the share of sovereign bonds in its investments in 2009, opting to reduce its risks and accept lower returns. By the end of 2009, 46.4 percent of the Central Bank's foreign currency reserves were held in dollar assets, 42...

ST. PETERSBURG — Russia has enough grain to cover its needs after harvesting 38 percent less in 2010, a senior official said Monday, but his data indicated that the former exporter is likely to import millions of metric tons. Russia, which had been the world’s third-largest wheat exporter, was hit by a severe drought in many producing regions that destroyed large parts of its crop and raised the issue of imports...