Billionaire Mikhail Prokhorov’s Onexim Group, a United Co. Rusal shareholder, is looking at buying debt issued by the world’s largest aluminum producer to boost its influence over management decisions.
Vale SA rose the most among major iron-ore producers after profit beat analysts’ estimates for the first time in two years on cost reductions and higher copper sales that offset lower prices for the steel ingredient.
Russian stocks rose for a second day, erasing earlier declines, amid bets the European Central Bank will cut interest rates to fuel growth in the country’s biggest trade partner. OAO Sberbank, the nation’s biggest lender, advanced.
Russian billionaire Mikhail Prokhorov is considering an initial public offering for his Renaissance Credit consumer lender in a bet financial stocks have hit “bottom,” the head of his holding company said.
President Vladimir Putin proposed limiting severance payments to Russian executives, after a former KGB colleague was granted about $100 million when he stepped down as the head of OAO GMK Norilsk Nickel.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.