The Moscow Times

Market Matters: As Conflict Ends, Markets on Road to Recovery
After tumbling to its lowest point in almost two years on Tuesday, Russia's MICEX Index began to slowly claw its way back over the rest of the week, suggesting a possible end to the volatility that has plagued the country's markets since tensions erupted between Russia and Georgia on Aug. 8.

News

Sarkozy Returning To Clarify Cease-Fire
By Nabi Abdullaev, Anatoly Medetsky / Staff Writers French President Nicolas Sarkozy is visiting Moscow on Monday to urge President Dmitry Medvedev to pull Russian troops out of Georgian territory surrounding South Ossetia and Abkhazia, in accordance with a cease-fire agreement signed last month.

Cheney Fires Broadside at Moscow
The Associated Press U.S. Vice President Dick Cheney said Saturday that Russia's actions in the conflict with Georgia were an ""affront to civilized standards"" and called on Western nations to stand united against any effort by Moscow to use its place as an energy supplier to intimidate its neighbors.

Bush Set to Back Out Of Nuclear Agreement
Combined Reports Secretary of State Condoleezza Rice says the time 'isn't right' for the deal.

Armenia, Turkey in Football Diplomacy
Reuters The presidents of Turkey and Armenia watched a football match together Saturday during a landmark encounter that they said could help end almost a century of hostility and boost security in the Caucasus.

Journalist Convicted of Fraud
Combined Reports The editor of a small Moscow newspaper has been convicted on fraud and extortion charges, which her lawyer denounced Friday as fabricated.

Putin Sexy but Not the Most Sexy
By Catrina Stewart, Nataliya Vasilyeva / The Associated Press He single-handedly saved a TV crew from the jaws of a tiger. He flexed his muscles in front of the cameras in Siberia. He cuts a dash on the ski slopes.

Bribe to Illegally Seize A Firm Put at $30,000
By Svetlana Osadchuk / Staff Writer Need to ensnare a senior executive of a rival company in a criminal investigation? Be prepared to fork over $30,000 to an official. Tack on another $35,000 if you want a court to rule in your favor.

News in Brief
McCain Wants Good TiesGerman Wins Venice PrizePulikovsky Leaves AgencyUkraine Bars MarkovCafe Blast Kills One

Tbilisi to Ask UN Court to End Abuses
Reuters Georgia will seek a ruling from the UN's highest court in the Hague on Monday ordering Russia to stop what it claims are human rights violations against ethnic Georgians in South Ossetia and Abkhazia.

U.S. Navy Ship Unloads Aid as Russian Soldiers Watch Closely
The Associated Press As nearby Russian forces watched intently, a U.S. Navy ship unloaded 17 tons of humanitarian aid to the Georgian port of Poti.

Prague Fears More Crises Like Georgia
Reuters An increasingly wealthy and confident Russia has been testing the West with its invasion of Georgia, and it is likely that there will be more such crises in the region, a senior Czech official said.

Security Bloc Slams Georgian Attack
Combined Reports Moscow gets support from the Collective Security Treaty Organization for its actions in Georgia.

Tymoshenko Blasts Yushchenko
Reuters Ukrainian Prime Minister Yulia Tymoshenko accused President Viktor Yushchenko on Saturday of putting his political ambitions before the national interest.

Britain Sends Message by Pulling Pipers
The Associate Press The sound of bagpipes has fallen victim to frosty relations between the West and Russia. British officials have banned three military bands from attending a tattoo in Moscow.

Business

MTS Considers Offer For Stake in Yevroset
By John Wendle / Staff Writer Mobile TeleSystems confirmed on Friday that it was interested in buying a stake in mobile phone retailer Yevroset, which last week had its office raided and two of its employees detained over smuggling and kidnapping allegations.

State Declares AiRUnion Crisis 'Over'
Combined Reports Government officials said Friday that the country would create a state-controlled airline holding company as big as Aeroflot to rescue the cash-strapped AiRUnion airline alliance.

Business in Brief
August Inflation at 15%Mandelson on WTO BidGazprom Picks Up LicensesMTS Inks iPhone 3G DealA New Brand of CrudePoultry Import Quota Cut?For the Record

German Firm Bans Foreign Languages at Work
Reuters A German technology company in which Russians comprise more than one-third of the staff has banned the use of foreign languages in the workplace.

Car Dealer Rolf Set to Enter India
By Maria Kiselyova, Simon Shuster / Reuters Rolf Group hopes to start car distribution and retail operations in India this year, banking on a surge in demand from India’s middle class, Rolf chief executive Nick Hawkins said Friday.

Severstal Eyes Share Buyback
Bloomberg Severstal may buy back shares to buoy its stock price following a 44 percent slump since May, Lehman Brothers Holdings said Friday.

Part of Fund To Be Invested Domestically
Bloomberg A “small amount” of the country’s $32 billion National Welfare Fund, created to fund pensions, may be invested in local markets, said Alexei Ulyukayev, the Central Bank’s first deputy chairman.

Georgian Inflation Soars to 12.8% After Russia Conflict
Bloomberg Georgian inflation accelerated to 12.8 percent in August, the fastest pace in two years, after a conflict with Russia disrupted supplies and forced tens of thousands of people to abandon their homes.

Central Bank Acts to Stem Ruble Slide
Combined Reports The ruble recovered on Friday from a historic trough after the Central Bank said it would not allow the currency's trading band to widen, adding further weight to its market interventions.

Further Tax Cuts Urged By Ministry
Reuters The Energy Ministry suggested on Friday a further cut in the mineral resource tax, saying the reduction already approved by the government was not sufficient to mitigate falling oil output.

CAT Oil to Miss Earnings Estimate
Bloomberg CAT Oil, an Austrian oil-services company operating in Russia and Kazakhstan, will probably miss its earnings forecast for 2008 as it incurs higher costs, chief investment officer Manfred Kastner said Friday.

Cheney Fails to Garner Azeri Support on Nabucco Pipeline
Bloomberg U.S. Vice President Dick Cheney has failed to win Azerbaijan's support for the construction of a new gas pipeline from the Caspian that would bypass Russia.

Buyout for TNK-BP Shareholders
Reuters TNK-BP Holding, a listed subsidiary of BP's joint venture with Russian billionaires, offered on Friday a buyout to minority shareholders as it prepares for a bigger share float.

Opinion

Russian Roulette for Investors
When Russian troops moved into Georgia, foreign investors moved out and the Russian market plummeted. When U.S. troops moved into Iraq, foreign investors hesitated but the U.S. market barely blipped. Is this a double standard?

EU Should Focus on Kiev
The war in Georgia has clearly exposed the security vacuum in the surrounding region, as well as a lot of raw nerves.

Vladimir Frolov: Kremlin's PR Machine Falling on Deaf Ears
A serious communications breakdown between Russia and the West over the Georgian crisis has escalated into an unwillingness to speak to each other in normal diplomatic terms. Russia and the West are simply shouting past each other.

Alexei Bayer: Overplaying the 'Blame America' Card
Last month's blitzkrieg against Georgia unleashed a stunning wave of anti-Americanism in Russia. Russians obviously like to think that their country not only roughed up a small, poor neighbor but, more important, dealt a blow to U.S. efforts to encircle Russia with military bases.

City Wise

Catching On With the Swinging Upper Class
By Svetlana Osadchuk / Staff Writer When asked by Leonid Brezhnev how to attract investment into the Soviet Union, billionaire entrepreneur Armand Hammer told him to provide limousines and golf courses for U.S. businessmen.

Community Bulletin Board

Market Matters

Markets Suffer in 'Triple-Whammy' Week
By Tim Wall, Courtney Weaver / Special to The Moscow Times A combination of global financial woes, falling commodities prices and bad political news sends the MICEX to a two-year low.

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