The Moscow Times

Market Matters: RTS Has Toughest Week Since '99
Trading on the dollar-denominated RTS exchange was suspended three times on Friday as anxiety deepened over whether the U.S. House of Representatives would pass a $700 billion financial sector bailout package and share prices on Russian and international markets plummeted.

Business

Dubai Developer to Build Suburb
Bloomberg Limitless, a Dubai developer building a desert waterway longer than the Panama Canal, agreed to build a Moscow suburb for 12,000 people with local partner Regional Development & Investment Group.

Alfa Group Buys 50% of Builder
Bloomberg Mikhail Fridman's Alfa Group bought half of St. Petersburg's IVI-93 construction company as the billionaire's holding starts development projects in the country's second-biggest city.

Chigirinsky Plans Heirs to Dismantled Rossiya
By John Wendle / Staff Writer Cement from the Soviet-era hotel may be used in the construction of several smaller ones.

IKEA Seeks New Land in Moscow
The Moscow Times Swedish furniture giant IKEA is moving closer to encircling both Moscow and its market with the purchase of a 50-hectare plot in the city's northeast, and plans are in the works for the construction of a fourth Mega mall.

RusHydro Market Debut at $16Bln
Bloomberg RusHydro, the largest power generation unit of national utility Unified Energy System, was valued at about $16.5 billion in its first day of trading Monday.

EU Gives Nabucco a Boost
Reuters The European Commission said Monday that it had approved an exemption from strict competition rules for Austria's section of the Nabucco gas pipeline to help its preferred project over Gazprom's rival project, South Stream.

Business in Brief
Vekselberg-Chemezov DealNord Stream Costs HigherInter RAO Cuts ExportsLisin Buys St. Pete PortTurkmen-EU Energy TalksEldorado Planning IPOFor the Record

Watchdog Threatens Sibir Unit's Rights
By Greg Walters / Staff Writer The Natural Resources Ministry's environmental watchdog on Monday recommended revoking production rights for a unit of Sibir Energy, the London-listed oil company controlled by billionaire Shalva Chigirinsky, for ""serious violations.""

Ex-RusAl Exec Goes to Russneft
Combined Reports Russneft, the oil producer Oleg Deripaska is seeking to acquire, has appointed a former official from the billionaire's aluminum producer as vice president.

Bullish Kudrin Says Inflation Rate Will Slow
Bloomberg Finance Minister Alexei Kudrin has increased his forecast for economic growth this year and said inflation may slow, playing down the impact of subprime losses that are constricting global expansion.

Ukraine Seeks $7Bln From Telecom Selloff
Reuters Ukraine expects to sell a 67.8 percent stake in the state fixed-line operator this year for $7 billion, a government minister said Monday, which would make the privatization the country's biggest yet.

TGK-7 Global Shares to Be Kept Off Markets
Reuters Power producer TGK-7 said Monday that it was proceeding with its secondary sale of 3.86 billion shares but that its Global Depositary Receipts will not be listed.

Kovykta Deal Seen This Month
Combined Reports Gazprom may close a deal to buy the Kovykta natural gas field in the Irkutsk region from TNK-BP this month, Governor Alexander Tishanin said, Interfax reported Monday.

$12Bln in Iraqi Debts Written Off
By Tai Adelaja / Staff Writer Russia agreed on Monday to write off $12 billion of Iraq's debt and restructure another $900 million in a landmark deal that could clear the way for Russian oil companies to invest in the war-torn country.

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