The Moscow Times

Market Matters: Struggling Stocks Spur New Record Oil Prices
Oil hit another record of just under $143 as global stocks tumbled last week, with the Dow briefly dipping into bear market territory as investors sought safety in gold, government debt and the Swiss franc.

Business

State Budget Surplus Is Down 14%
By Maria Levitov / Bloomberg The government's budget surplus probably shrank 14 percent in November as the state transferred money to new funds intended to make the economy less dependent on energy sales.

Nord Stream's Warnig Quit Dresdner
Bloomberg Nord Stream executive Matthias Warnig, who opened Dresdner Bank's Russian business in 1991 and confirmed last year that he had worked for the East German Stasi, left the bank in the summer, Financial Times Deutschland said Tuesday, citing the company.

Navy Disrupts Access to Statoil Fields
Reuters Norwegian oil and gas producer StatoilHydro has suspended helicopter flights to some of its main fields in the North Sea due to Russian Navy exercises in nearby international waters, the company said Tuesday.

Evraz Buys Up Ukraine Steel and Iron Factories
Reuters Evraz Group, the country's largest steelmaker by domestic volume, on Tuesday agreed to acquire Ukraine's Dnipropetrovsk Iron and Steel Works plus a separate iron-ore complex and three coking plants.

Siemens Head Office Searched
By Catrina Stewart / Staff Writer Investigators have searched the Moscow offices of engineering and telecoms giant Siemens in connection with corruption charges against one of its Yekaterinburg-based employees.

Central Bank Hopes to Start Converting Oil Fund Cash
Reuters The Central Bank hopes to receive the government's approval to start exchanging rubles from the $144 billion oil stabilization fund into foreign currency on the forex market, a official at the bank said Tuesday.

Putin Plays Down the State's Role
Combined Reports Russia is not going to build state capitalism with giant, government-controlled corporations holding sway over the economy, President Vladimir Putin told business leaders Tuesday.

Costa, Rosinter Plan Coffee Shops
By Max Delany / Staff Writer Leading British coffee shop chain Costa Coffee is set to open in Russia early next year, after parent company Whitbread announced that it had signed a joint venture with restaurant group Rosinter on Tuesday.

Business in Brief
Mechel Net Rises 90%Transneft Seeks 20% HikeOfficer to Head Gazflot50% More Gas TradingHighland Shares Sold36.6 Plans $65M HospitalTrade Surplus Falls 13%Conversbank Into Fast CarsIntel, Comstar WiMax DealImedi TV to Return to AirKazakh Pipe Nearly DoneVimpelCom 3G in UkraineUkraine Power Price HikeUkraine Refinery Goes Light

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