Petrol protests may delay diesel reform
The UPA government came under intense pressure on Thursday from within the ruling coalition and protesters to roll back the steepest petrol price hike in the country's history, less than 24 hours after it took the unpopular decision cheered by investors. Full Article
Reuters Showcase
Aiming To Crack China
India's Mahindra taps Korean arm to push brand in world's largest auto market Full Article
Factories Take a Hit
China May factory activity turns down, according to HSBC Flash PMI. Full Article
Reuters India Mobile
Get the latest news on the go. Visit Reuters India on your mobile device. Full Coverage
Russia's VEB to lend $1.5 bln to mining industry
MOSCOW |
MOSCOW Dec 31 (Reuters) - Russian state-owned bank VEB's supervisory board approved a proposal to lend $1.5 billion to domestic metals and mining companies for them to refinance foreign loans, the bank said on Wednesday.
VEB, or Vneshekonombank, did not provide any details on which companies would receive the loans.
The Kremlin has entrusted the bank with distributing a $50 billion rescue package to help Russian companies refinance a total of $120 billion of Western loans by the end of 2009.
VEB paid out some of these funds this month, including an $800 million loan to steel maker Evraz Group HK1q.L and a $750 million loan to Gazprom Neft (SIBN.MM).
In October, it also agreed to lend $4.5 billion to RUSAL so that the aluminium giant could repay loans taken out to acquire a 25 percent plus two-shares stake in Norilsk Nickel (GMKN.MM). [ID:nLU464832] (Reporting by Alfred Kueppers; Editing by Erica Billingham)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters