16:30 UPM acquires Russian logging company.
UPM has acquired 99% of the shares of the Russian logging company ZAO Tikhvinsky Komplexny Lespromkhoz from 200 private owners. Through this acquisition, UPM aims to improve the availability of quality timber to UPM's own production plants in Russia.

16:26 Transit Telecom Selects CLASSICA CIS and Lucent Technologies to Build new MPLS/VPLS Network
Lucent Technologies and OOO "MPO Classica" (CLASSICA CIS), a Lucent Business Partner in Russia, today announced that CLASSICA CIS has completed the first phase of building a next-generation network for ZAO Petersburg Transit Telecom (PTT).

16:15 Finland's Rautaruukki plans to buy land in St Petersburg
Finnish metal-based components supplier Rautaruukki announced in a press release Wednesday that it is negotiating the purchase of a 20-acre plot of land with St Petersburg city authorities.