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20 апреля 201109:26

Egypt to compensate Russian carriers for unsold tickets

Egypt’s Tourism Ministry is launching an advertising campaign in Russia aimed at promoting the Red Sea holidays. The Ministry intends to spend over $3bn on the project, the Director of the tourism department of the Embassy of Egypt in Moscow Nahed Nazmi Ayad Khan told RIA Novosti. The large-scale Egypt-promoting campaign will hit the Russian television, radio, and shopping malls on April 25, 2011. What is more, we are also planning on coordinating plenty of events in Sharm El Sheikh and Hurghada as well as Moscow to support travel there. Among such events are, for example, music festivals,’
20 апреля 201109:26

TMK: Pipe shipments keep breaking records

Pipe Metallurgical Company (TMK) came up with a performance report for the first quarter of 2011. The company shipped to consumers 1.07 million tons of steel pipes, which was 15.4% better than in the first quarter of 2010 and nearly on a level with the record-setting figures of the last quarter of 2010. In the first three months of 2011, TMK delivered to customers about 108,000 tons of premium tubing joints designed by the company’s Russian (TMK family) and American (ULTRA) branches; this exceeded the figures for the fourth quarter of 2010 by 20.6%. The share of ULTRA-manufactured joints
20 апреля 201109:25

Bank Société Générale Vostok to merge with Rosbank

The stockholders of AKB Rosbank decided in the course of an extraordinary general meeting that the bank should get reorganized through a merger with Bank Société Générale Vostok. The decision was made on April 15, 2011, and the Bank of Russia’s Moscow division must be notified within three working days of the general meeting. The proposal was first made by Rosbank’s Board of Directors. Both banks belong to the French group Société Générale; according to the group’s report, its Russian assets – Rosbank, Bank Société Générale Vostok, Rusfinance Bank, and Delta Credit – were only a cause of ?35m
20 апреля 201109:24

HSBC Bank PLC, UniCredit Bank Austria AG leave Concern Kalina

The Russian cosmetics manufacturer Concern Kalina now has new stockholders: HSBC Bank PLC, which used to own a 7.08% shareholding in the business, UniCredit Securities International Ltd, with its 8.72% shareholding, and UniCredit Bank Austria AG, whose shareholding amounted to 10.72%, are no longer the cosmetics company’s shareholders. In addition, Kalina Finance reduced its stake in the business from 12.72% down to 3.59% and Renaissance Securities (Cyprus) Limited reduced its share from 19.89% to 7.98%.