Banks extend Rusal covenant

■ Russian aluminium producer Rusal, controlled by billionaire Oleg Deripaska, has extended a waiver from its banks to the end of 2013 to meet its financial covenants on a $4.75bn (£2.95bn) syndicated loan, as it battles falling prices and higher debt. In March, it agreed a 12-month holiday on the financial conditions, and has now extended the holiday until the end of next year.