VimpelCom (VIP) reported third-quarter 2009 earnings of 42 cents per ADS (based on an average exchange rate of 31.26 RUR/US$) that narrowly missed the Zacks Consensus Estimate of 44 cents. However, the result beat the year-ago earnings per ADS of 27 cents. The second-largest Russian telecom carrier reported quarterly net income of RUR13.5 billion (US$432 million), more than double the net income of RUR6.5 billion (US$208 million) reported in the year-ago quarter. This significant year-over-year growth is largely attributable to foreign exchange gains from a strong Russian ruble versus the US dollar. Operating revenue increased 3.5% year over year to RUR71.3 billion (US$2.3 billion) as growth across Russia, Kazakhstan, Uzbekistan and Tajikistan was partly offset by declines in Ukraine and Armenia. Revenue from the wireless operation was RUR60.7 billion (US$1.9 billion) while the fixed-line business generated revenue of RUR15.1 billion (US$483 million). Reported OIBDA of ...

VEB, which holds a blocking state in Vimpelcom, will apparently agree to the merger of the mobile operator with Ukrainian company Kyivstar.  Car sales in Russia fell 52% in September year-on-year, a slight improvement on August's drop of 54%.  State-controlled VEB bank has extended loans for six companies, including Gazprom's oil unit Gazpromneft.  Reuters reports that Italian automaker Fiat is interested in launching its SUV in Russia.  Fiat SpA has said that its CNH unit has signed a letter of intent with truck-maker Kamaz for a joint agricultural and construction equipment project.  The government will provide around $170 million in financial assistance to state-controlled defense industry corporation Oboronprom and titanium producer Vsmpo-Avisma.  Russian Railways has reported that 2008 net income dropped 47% from a year earlier to $2.6 billion.  Russia has placed Hermitage Capital Management ...

Economists are troubled by data showing that industrial output decreased by a record 16.9% year on year in April.  Wage arrears have however fallen for the first time in four months.  Goldman Sachs has said that GDP will contract more than originally predicted this year, at 7.5% annually.  Economic Development Minister Elvira Nabiullina has presented a $23 billion plan for small and medium-sized businesses, hoping that they will account for one third of the country's GDP by 2012.  Polyus Gold has announced that candidates put forward by Suleiman Kerimov have won four board seats, while those proposed by Mikhail Prokhorov won three.  Shalva Chigirinsky is no longer a shareholder in Sibir Energy after businessman Ruslan Baisarov took over his stock.  Farimex products is, according to Telenor, behind a probe prompted by Ukraine's Anti-Monopoly Committee into ...