Business News

Sen. Joe Biden, D-Del., departs from his home Thursday, Aug. 21, 2008 in Greenville, Del. Biden, Sen. Evan Bayh, D-Ind., and Virginia Gov. Tim Kaine are believed to be on Democratic presidential candidate Barack Obama's short list for a running mate. (AP Photo/Bradley C Bower) Obama says he's made his veep choice
1 hr 18 mins ago - Barack Obama said Thursday he's chosen his running mate, but coyly kept all the details to himself as he campaigned with one leading contender and planned a major rally to present the Democratic ticket Saturday in Illinois.
In this Feb. 5, 2008 file photo, Republican presidential hopeful Sen. John McCain, R-Ariz., watches Super Tuesday election returns from the kitchen area of his home in Phoenix, Ariz. Days after he cracked that being rich in the U.S. meant earning at least $5 million a year, McCain acknowledged that he wasn't sure how many houses he and his wealthy wife actually own. (AP Photo/Stephan Savoia) Obama raps McCain for ignorance of his own houses
35 mins ago - John McCain may have created his own housing crisis. Hours after a report that the Republican presidential nominee-in-waiting didn't know how many homes he and his multimillionaire wife own, Democratic rival Barack Obama launched a national TV ad and a series of campaign stops aimed at portraying McCain as wealthy and out of touch.
U.S. Secretary of State Condoleezza Rice, left, and Iraq's foreign minister Hoshyar Zebari, right, shake hands at a press conference in the heavily fortified Green Zone in Baghdad, Iraq Thursday, Aug. 21, 2008. U.S. Secretary of State Condoleezza Rice and Iraq's foreign minister Hoshyar Zebari said Thursday that American and Iraqi officials agree that timetables should be set for a U.S. troop withdrawal, but conceded that nailing down a broader pact on future relations is difficult. (AP Photo/Ali Abbas, Pool) US, Iraq close in on deal for pullout of US troops
1 hr 27 mins ago - Iraq and the U.S. pushed close to a deal Thursday setting a course for American combat troops to pull out of major Iraqi cities by next June, with a broader withdrawal from the long and costly war by 2011.
A Russian armored vehicle is seen at a checkpoint near the village of Khurvaleti, about 60 kilometers (37 miles) northwest of the Georgian capital of Tbilisi, Thursday, Aug. 21, 2008. Russian control of the roads and uncertainty about the security situation has made it difficult for international groups to deliver aid, contributing to the desperation of Georgians in Gori and outlying villages. (AP Photo/Sergei Grits) Russians dig in but still promise Georgia pullout
2 hrs 41 mins ago - Russian forces lingered deep in Georgia on Thursday, digging trenches and setting up mortars a day before Kremlin officials promised to complete a troop withdrawal from this former Soviet republic.
Japan's Yukiyo Mine, right, and pitcher Yukiko Ueno celebrate after winning the gold medal against the USA in the gold medal softball game in the Beijing 2008 Olympics in Beijing, Thursday, Aug. 21, 2008. (AP Photo/Elaine Thompson) US softball team loses 3-1 to Japan, denied gold
5 hrs ago - Losing for the first time since 2000, the U.S. softball team was denied a chance for a fourth straight gold medal Thursday, beaten 3-1 by Japan in the sport's last appearance in the Olympics for at least eight years - and maybe for good.
This undated two picture combo provided by The Lancet, shows an unidentified 29-year-old man with tumors, left, and the same man, right, after a transplanted new lower face from a donor. Transplanting faces may seem like science fiction, but doctors say the experimental surgeries could one day become routine. In papers from two of the world's three teams that have performed partial face transplants, experts said their techniques were surprisingly effective, though complications exist and more work is still needed. In this week's British medical journal The Lancet, Dr. Laurent Lantieri and colleagues reported on their patient's status one year after the transplant. In 2007, Lantieri and colleagues operated on this 29-year-old man with tumors that blurred his features. They transplanted a new lower face from a donor, giving the patient recognizable cheeks, a nose and mouth. Six months later, he could smile and blink. (AP Photo/The Lancet/ho) Face transplant patient can smile, blink again
1 hr 20 mins ago - Transplanting faces may seem like science fiction, but doctors say the experimental surgeries could one day become routine. Two of the world's three teams that have done partial face transplants reported Friday that their techniques were surprisingly effective, though complications exist and more work is still needed.
This image provided by the Byrd Polar Research Center, Columbus, Ohio, taken July 25, 2008, shows a growing giant crack and an 11-square-mile chunk of ice hemorrhaging off a prominent glacier in northern Greenland. The crack, at center, right, is seven miles long and about half a mile wide. It is about half the width of the 500 square mile floating part of the glacier. If the cracking continues, the floating part of the glacier could lose up to one third of its size. (AP Photo/Byrd Polar Research Center) At top of Greenland, new worrisome cracks in ice
2 hrs 28 mins ago - In northern Greenland, a part of the Arctic that had seemed immune from global warming, new satellite images show a growing giant crack and an 11-square-mile chunk of ice hemorrhaging off a major glacier, scientists said Thursday.
In this Feb. 6, 2008 file photo, musicians Gavin Rossdale and his wife Gwen Stefani arrive at 'A Night to Benefit Raising Malawi and UNICEF' at United Nations headquarters. (AP Photo/Evan Agostini, file) Gwen Stefani gives birth to second child
1 hr 24 mins ago - It's Love, Angel, Music, and Baby No. 2 for Gwen Stefani, who on Thursday gave birth to a boy. Zuma Nesta Rock weighed 8 pounds and 5 ounces when he was born Thursday afternoon, according to publicist Dave Tomberlin.
In this undated photo released by the N. C. Wildlife Resources Commission, David Hayes holds his state record-breaking channel catfish while his three-year-old granddaughter Alyssa holds the Barbie rod and reel that Hayes used to reel in the 21-pound, 1 ounce fish in Elkin, N.C. (AP Photo/N. C. Wildlife Resources Commission) Man uses Barbie fishing rod to make record catch
51 mins ago - David Hayes' granddaughter just ask him to hold her Barbie rod and reel while she went to the bathroom. He did. And seconds later he landed the state record channel catfish at 21 pounds, 1 ounce.
San Francisco Giants' Ryan Rohlinger, center bottom, is tagged out by Jorge Cantu, center top, while caught in a rundown in the fourth inning of a baseball game in San Francisco, Thursday, Aug. 21, 2008. Also present are Marlins' Mike Jacobs, left, and John Baker. (AP Photo/Jeff Chiu) Giants beat Marlins on wild pitch in 9th inning
1 hr 8 mins ago - Emmanuel Burriss scored the winning run on a wild pitch in the bottom of the ninth inning, giving the San Francisco Giants a 4-3 victory over the Florida Marlins 4-3 on Thursday.

VimpelCom Signs Definitive Agreement To Establish Telecom Joint Venture in Vietnam

Distributed by Press Release

MOSCOW and NEW YORK, July 8 /PRNewswire-FirstCall/ -- Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP) announced today that it has signed a Joint Venture and Shareholders Agreement (the "Agreement") to establish a mobile telecommunications joint venture in Vietnam under the name of GTEL-Mobile Joint Stock Company (the "Joint Venture Company"). The other participants in the Joint Venture Company will be Global Telecommunications Corporation ("GTEL"), a Vietnamese state-owned enterprise and GTEL TSC, a subsidiary of GTEL.

Subject to the conditions contained in the Agreement and in accordance with Vietnamese investment laws, VimpelCom will receive a 40% interest in the Joint Venture Company in consideration for an equity investment of US$267 million. GTEL and GTEL TSC will have an equity interest of 51% and 9%, respectively, in the Joint Venture Company. The parties' obligations under the Agreement remain subject to receipt of regulatory approvals, including approvals required for the legal formation of the Joint Venture Company and its receipt of the GSM license and frequencies.

Alexander Izosimov, CEO of VimpelCom said, "With a population of 86 million and a fast growing economy, the Vietnamese market holds great promise for VimpelCom and we believe the GTEL-Mobile growth dynamics make it an ideal place for us to begin building our international growth platform. We are very happy that this first step in the realization of our international growth strategy has successfully materialized. We are also pleased to be working with such a strong partner as GTEL and we value their professionalism, expertise and understanding of the Vietnamese market. This is a first-of-a-kind transaction in Vietnam, so we will work alongside our partners to ensure that we build a strong business to capture the revenue opportunities."

This press release contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements address the anticipated investment amounts in the joint venture and the intended benefits to VimpelCom. These statements are based on management's best assessment of the joint venture transaction and involve risks and uncertainties. The effectiveness of the obligations in the Agreement remain subject to the receipt of regulatory approvals, including approvals for the formation of the joint venture and its receipt of a GSM license and frequencies. There can be no assurance that the necessary regulatory approvals and the GSM license will be obtained. Additionally, the outcome of the joint venture may differ materially from these statements as a result of unforeseen developments from competition, governmental regulations of the wireless telecommunications industry, general political uncertainties and general economic developments in Vietnam and other factors. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 2007 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this press release, or to make corrections to reflect future events or developments.

pr

Advertisement