E.ON makes presence felt in Russia with OGK-4 deal

E.ON, the German utility, completed the €4.1 billion (£2.9 billion) purchase of the generator OGK-4 and took its first step into the Russian power market. Wulf Bernotat, the E.ON chief executive, signed contracts to buy 69 per cent of the company with Anatoli Chubais, the former politician who is president of Unified Energy Systems (UES), at Russian-German political and trade talks in Wiesbaden, Germany.

UES, a state-owned utility, is selling OGK-4 as part of the divestment of six power generators to attract investment into the growing Russian power market. E.ON said last month that UES had selected its bid. (Reuters)

Swedish fashion group ahead

H&M, the Swedish fashion retailer marking its sixtieth year in business, reported a 25 per cent year-on-year rise in September sales, after an 11 per cent increase in August. Sales for comparable stores rose 12 per cent last month. The figures topped analysts’ expectations. (Reuters)

Healthcare cash switched by GM

General Motors said that it would shift $16 billion (£7.8 billion) to a trust being established to take over a $47 billion healthcare obligation for 270,000 retirees. Analysts have said that allowing GM to move the money would produce savings for the carmaker as it restructures. (Reuters)

Nomura to cut workforce

Nomura Holdings, the Japanese brokerage, will pull out of the American residential mortgage-backed securities market and cut a quarter of its workforce in the United States. It expects to report a pretax loss of up to 60 billion yen (£250 million) for July to September. (Leo Lewis)

Fox opens for business in US

Fox Business Network has made its American television debut. The channel aims to expand the audience for business news beyond Wall Street viewers and challenge CNBC, the market leader. Sir Richard Branson and Hillary Clinton were among the channel’s first guests. (PA)