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Operator of second round of Europe, which has been hunting a case for almost two years, will invest up to $ 45 million (￡ 28. 5 m) for a 50 1pc its participation in the oldest Russia business travel. Billionaire Vladimir Evtushenkov system owns the rest.

Thomas Cook will have the option to buy the rest of the société.Manny Fontenla-Novoa, Chief Executive, said that the agreement has created a "very clear path to full ownership within the next three to four years".

The agreement will also Thomas Cook meet demand for Russia Holiday Beach and family, particularly to the Turkey and Egypt, as well as Cyprus, which has a tax treaty with the Russia.

Mr. Fontenla-Novoa has stated that he "hopes of 12-15pc annual growth now" and the Russia at the biggest market in Europe "in five to ten years".

He also stated that the Russian tourists were also more likely to be a rich holiday last minute of the people who were "likely pass as well once at the vacation station as they do on the day itself.

Intourist is the former tourism founded in 1929, when Stalin ruled the soviétique.Elle Union monopoly was acquired by of oil of telecom Holding Russia Sistema in 1994.

In 2009, it is more than 650,000 passagers.En 2010, volumes are by 30pc in nine months to 30 September 2010, compared to the same period last year.

Wealth increases among 142 m with strong economic growth led by natural resources industry.

However, the Russia tourist industry is still recovering from the financial crisis and sales Intourist hits 405 m $ 324 m $ in the year to 31 December 2009, with losses before income taxes in operations that form joint venture totaling $4.2 m.

Russian retail last month expanded at the slowest pace since March as a weaker ruble and sales growth of prices dampened consumer demand while disposable income has been reduced for the first time since August 2009.

Vince Cable company Secretary is currently leading a delegation of chefs d'Entreprise 37 on three days in Moscow trade mission and will be accompanied by patterns of largest companies including British Airways, Rolls Royce, Rio Tinto, Diageo Great Britain in a submission with the Russia to ' strengthen ties and promote trade ".

Companies which have recently invested in Russia include Cadbury, AstraZeneca and marks & Spencer.

Shares of Thomas Cook have increased by 1. 5pc in afternoon trading, 192 p.

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A decision on the question of whether the agreement can move forward is expected of the Canadian Government.

Phosagro said that he would like to unite with other Russian producers and buy a stake in PotashCorp to sabotage a plan from the BHP takeover.

Vladimir Litvinenko, President of Phosagro said he asked to Vladimir Putin, his close ally Russian Prime Minister to approve a move, arguing that the interests of the Russia would be game if BHP won his prolonged struggle.

"The potash market is be consolidated and so far we have been watching only", said Mr Litvinenko."If the potash from the BHP controls market, the consequences for our producers can be serious... we lose part of the market."

Mr Litvinenko said he was not talking about a full takeover."It may be a merger or a purchase of game" says .but analysts were skeptical about any potential Russian agreement.

Canadian media also reported that a representative of the indigenous peoples in Saskatchewan Group had raised $ will be used in its attempt to compete with the bid by BHP.

Ken Thomas, Chief Executive of indigenous potash (MSO) group said that foreign investors and Canadian pension funds had committed the fonds.Si Federal Government grants approval for the bid, GPI has stated that he had a lawyer based in Toronto waiting to file an application for an injunction which would oblige the Government to "consult and accommodate" Aboriginal groups developments impact on their treaty rights.

Tony Clement, Minister of industry the Canada should announce if Ottawa will allow the agreement go ahead under peu.En pursuant to the Investment, legislation which lays down the rules for foreign acquisition agreement must demonstrate "net benefit" to the Canada whether it should be approved.

Premier of Saskatchewan, Brad Wall has urged the Government to block the agreement.

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Reuters

Exporters have cancelled major contracts of drought-hit Black Sea wheat to Bangladesh, signalling the need for Asian millers to scramble for supplies from other key growers like Australia.

Russia banned grain exports on Thursday last week as the worst drought on record ravaged crops across the Black Sea region, boosting the Chicago Board of Trade front-month wheat contract up 66 per cent from a low of $US4.25 in June.

Chicago wheat futures fell nearly three per cent on Monday, extending their losses to around 10 per cent in two sessions, but traders say the the impact of the Russian ban has not been fully felt and the market faces wide swings in prices.

"We see more deals being cancelled as nothing can be done about it," said one Singapore-based trading manager. "People have no choice but to go for Australian wheat as the US is still more expensive due to higher freight costs."

Australian cash prices firm

Other Asian buyers signed deals for supplies of Black Sea wheat at around $US200-$US240 a tonne in May and June, including cost and freight (C&F). but prices have climbed to $US270-$US290 a tonne and concern is growing on commitments already made.

Traders have estimated up to one million tonnes of wheat cargoes to Asia could be affected by Russia’s decision to ban grain exports.

Mills in Bangladesh, Thailand, Vietnam, Malaysia and Indonesia use cheaper Black Sea wheat and blend it with higher quality US and Australian grains. Feed millers have also been snapping up cargoes of feed quality wheat from Ukraine this year.

Australian cash wheat prices have strengthening in last few weeks on prospects of buyers seeking more supplies.

Australian prime wheat is quoted around $US320 to $US340 a tonne, C&F to Southeast Asia, compared with $US280 to $US300 a few weeks ago.

"We’ve also got some of the north Asian buyers coming into the market this week for their routine tender programmes," said Tom Puddy, head of grain trading at Western Australian grain firm CBH Group.

"We are expecting about 100,000 tonnes going to north Asia from Australia this week."

Chicago Board of Trade wheat for September delivery dropped 2.7 per cent to $US7.06 a bushel by 1843 AEST, adding to the 7.6 per cent fall on Friday.

Influential US investor Jim Rogers, who appeared in Reuters forums, said he was bullish on agricultural commodities.

"I expect agriculture to continue to do well for several years, no matter what happens to the world," he said.

"the Russian drought itself will not lead to a food crisis, but we are going to have other similar problems because agriculture has been so depressed for three decades."

Russia’s wheat crop may fall to as low as 43 million tonnes this year from 61.7 million tonnes in 2009 after a severe drought has destroyed many grain producing regions, leading agricultural analysts SovEcon said on Monday.

Australia, which is expected to produce a bumper crop at the end of this year, is also facing a threat of dry weather in Western Australia.

Dry weather is prompting analysts to cut estimates for the 2009/10 wheat harvest in Western Australia, the top grain exporting state with a 40 per cent share, adding to global concerns about lower supplies.

Local wheat suppliers to fill Russian void

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