Russia’s Federal Financial Markets Service decided to nullify the license of Moscow’s OOO Home Credit & Finance Bank which allowed the bank to act as an intermediary in stock trading of exchange commodities-based derivative contracts. The decision to nullify the license was taken on the basis of the company’s application and the papers that proved the bank had no unfulfilled professional obligations.

‘The fact that its rating has been confirmed by the agency enhances Sverdlovsk Region’s investor appeal and expands the number of the potential investors and creditors who might be interested in coming to do business here. The rating also opens up a wider access to borrowed funds and other sources of capital. This, in its turn, promotes further economic growth,’ Sverdlovsk Region’s Economics Ministry says regarding the recent change to ‘Positive’ in the region’s rating outlook. Standard & Poor's also confirmed Sverdlovsk Region’s BB long-term credit rating, with Positive, rather than

A number of apparently counterfeit goods were found by Nizhniy Tagil Customs officers in one of the local stores, Ural Customs Administration’s press service reports. The owner of the goods in question was unable to produce any documentary proof of the products being genuine, so their sale is believed to violate the trademark owner’s rights. The sports clothing and footwear bearing Adidas and Nike logos, worth a total of 28,500 RUR, had to be confiscated, with product samples directed to expert examination. All in all, about 1,200 counterfeit items have been confiscated from the stores

Head of Russian Government Vladimir Putin signed an order on converting Rosnano State Corporation into an open joint stock company, the corporation’s press officer reports. The decision was taken to fulfill Russian President Dmitry Medvedev’s resolution that all of Russia’s state-run corporations should be reorganized.

The decision to set up Titanium Valley in Verkhnyaya Salda, Sverdlovsk Region, is key to the region’s development for decades to come, Governor of Sverdlovsk Region Alexander Misharin says. ‘This special economic zone will offer businesspeople tax relief schemes and a special customs regime, which means everything will be organized so as to promote the breakthrough development of the enterprises based there. All this will push our innovational projects even further,’ the Governor observes. Alexander Misharin explains that at the moment, there are six companies willing to sign an agreement

Innogarant, an insurance company will provide only a partial reimbursement of Capital Tour’s customers’ expenses; what’s more, this compensation will not be paid any sooner than March 2011, TourBusiness portal reports. According to the insurer’s PR Director Alexander Kremer, 1,020 sets of insurance payments applications had been accepted by the company from the tour operator’s customers by December 17, that is, a month after Capital Tours closed down. Kremer says the Capital Tour’s case is yet unique to the Russian insurance market as it beats all the previous incidents in terms of the number

OAO Magnitogorsk Iron & Steel Works (MMK) applied Ford Motor Company’s standards to its zinc-coated rolled products. These standards determine the requirements that the automobile industry products supplied to Ford have to meet. The standards cover such products as hollow-resistant steel sheets and hot-dip galvanized rolled products made of low-alloy steel with high and super-high formability. MMK is now coordinating the first shipments of metal goods that meet Ford Motor Company’s standards. MMK sees the production of automobile body sheets that meet the existing global standards as one

This year’s 1,000,000th ton of hot-rolled products has been produced at OAO Magnitogorsk Iron & Steel Works (MMK) Mill5000, MMK PR Department reports. The unique production unit, launched at MMK in the summer of 2009, has reached its full capacity this year. The millionth ton of products since the launch of the unit was produced in September; in November, the mill produced 117,900 tons of hot-rolled products, which means 1,048,000 tons of goods were made in January through November 2010. According to MMK Sales Director Nikolay Lyadov, Mill5000 let the company build up on its share of the

The Chinese currency can now be traded at Russian stock exchanges; the exchange rate was set at 4.634 RUR: 1 RNB at the close of business on the first day. The trading process lasted for about one hour and resulted in twenty-nine deals worth 22.78m RUR altogether. The Central Bank’s representatives confess these figures exceeded their boldest hopes and signified that the banks’ customers are growing increasingly interested in China’s currency. ‘We used to use the U.S. dollars for Russian-Chinese contract settlements before, which meant the cost of converting rubles and RNBs into dollars added

‘Operations Taxi Van and Illegal Migrant that Sverdlovsk Region’s law enforcement officers carry out on a regular basis have led to about 40,000 people facing administrative liability this year; these people were both foreign workers and their employers, who had to pay a total of 72 million RUR. 501 foreign workers had to leave Sverdlovsk Region due to violations of the migration laws,’ Deputy Head of Russia’s Federal Migration Service Sverdlovsk Region division Yuri Bezborodov announced at a press conference in Yekaterinburg. ‘The foreign workers were forced to leave due to absence of an ID

The Urals’ citizens whose consumer rights have been infringed by the recent shark attacks in Egypt can count on a 100% reimbursement of their tour: Sverdlovsk Region’s division of Rospotrebnadzor (the state consumer rights watchdog) is willing to consult them on how to apply for compensation, the agency reports. A few shark attacks were registered on the beaches of Sharm El Sheikh in late November and early December; some of the victims were actually Russian citizens. A traveler from Germany whose hand had been bitten off by a shark died on December 5. Russia’s chief public health officer

A tender where bidders can compete for a preliminary agreement on the trust management of Yekaterinburg EXPO, an international exhibition center, was announced in Yekaterinburg recently. The company that placed the order for the tender is Ural Exhibition Center. Applications must be submitted by January 17, 2010.

As many Yekaterinburg-based consulates are not going to be working during the traditional winter holiday break, airlines warn their customers that all the European visa applications must be submitted by the beginning of next week at the latest, Ural Airlines’ press service reports. Getting their papers processed in time will mean that the locals will be able to benefit from the air carriers’ special New Year offers; Ural Airlines, for one, is launching some offers of its own. Ural Airlines currently operates flights from Yekaterinburg to Paris, Prague, Rome, Vienna, Munich, Salzburg, Sofia,

Nikolai Kolyada, a well-known Yekaterinburg-based playwright might get a theater building he needs only under certain conditions: the structure, which will presumably be put up with Sverdlovsk Region’s budget money, will either have to become a state unitary enterprise (still retaining its name of Kolyada Theater) or will have to be rented by the troupe, lawyer Ivan Kadochnikov claims. ‘There are two options to choose from, all the other ones being the derivatives of the first two. The first option is to set up a state unitary enterprise called Kolyada Theater that will be given a land

The fitness club OOO Timir Service that used to operate in the Atrium Palace Hotel in Yekaterinburg is leaving these premises and moving to Evropa Business Center. The club will be based on the premises of an already existing wellness center Stella Nova. The company explains they had to move because of the increased rent. ‘The agreement we had with Atrium expired recently. The terms we used to work on before and the ones we have been offered for renewing the agreement are absolutely unacceptable and economically impossible,’ Timir Service’s manager Yulia Yefremova told UrBC. Now the fitness

United Company RUSAL came up with a report on the aluminum industry development in the year 2011. The company’s analysts believe the Russian and CIS sales of aluminum will go up by 22%, that is, up to 928,000 tons due to the recovering machine-building and construction industries as well as the packaging companies’ economic come-back. RUSAL predicts aluminum prices will be set at $2,400-$2,500 per 1,000 kg next year. ‘Despite the aluminum price curve’s volatility, RUSAL expects the aluminum shortage to hold in the short run. The transactions involving aluminum currently stored in warehouses

Microsoft Corporation announced it was about to launch a one-way licensing program for Russian non-profit organizations and NGOs. According to the company’s press service, the new one-sided license will act automatically on behalf of Microsoft and cover the software already installed on the computers of non-profit and non-governmental organizations as well as on those of some small-sized independent media. The license will be valid through January 1, 2012. ‘Microsoft has been donating software to Russia through its InfoDonor program since 2009. The program allows non-profit organizations and

Ural Airlines is going to introduce additional flights from Yekaterinburg to Norilsk, Khabarovsk, Novosibirsk, and Yerevan as a special New Year offer. This is why the company’s airplanes will operate flights to these cities on December 28, 30, and 31 in addition to the regular weekly ones. Ural Airlines’ customers need to travel much more during the holiday season and the New Year break, as this time of the year is great for long-distance traveling and meeting relatives and friends in other cities. So, the air carrier decided to launch a number of extra flights. All these flights are

Russia’s Federal Antimonopoly Service received a petition from the American company PepsiCo regarding the possible acquisition of Wimm Bill Dann Foods, a Russian dairy foods manufacturer, RIA Novosti quotes FAS’s deputy head Andrei Tsyganov as reporting. The news of the upcoming transaction was announced on December 2, 2010. The company will probably be sold for $5.8bn. PepsiCo intends to buy a 66% shareholding in Wimm Bill Dann for $3.8bn first and will launch an offer for the acquisition of the remaining shares later. Tsyganov also said the transaction was to be considered by a governmental

The Federal Financial Markets Service’s Ural Federal District division ordered on December 14, 2010 through a decree 62-10-1801/pz-i that the issue of Sverdlovsk Region-based Piastrella Trading House’s common registered paperless shares must be halted.