Magna to build auto factory in Russia

Magna International Inc., the Canadian vehicle-parts maker that also assembles autos, will build a car factory in Russia to profit from surging domestic demand, the Russian government said.

Magna signed a preliminary agreement with the country's Economy Ministry, an official said in Moscow, declining to give his name because of ministry rules. Tracy Fuerst, a spokesman for Aurora, Ontario-based Magna, wouldn't confirm the expansion, calling it speculation.