Ruselectronics plans to launch a business incubator as part of a $35m, three-year investment plan.

The fuel cell developer, which has received funding from investors including defunct Russian oil company Yukos, has secured $63m from Singapore's sovereign wealth fund.

Geolocation platform KitLocate has been purchased by Russian internet company Yandex for an undisclosed sum.

The Russian internet company has agreed to acquire an additional 12% share of social network Vkontakte, lifting its overall stake to 52%.

The Randstad Innovation Fund will target online, mobile, social media and big data, and has already made its first investment.

The executive will be promoted to head up the unit's US digital and mobile investments, and will be replaced by Jong Sang Choi.