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

Turkmens Start Work on Resort
Reuters Turkmenistan's leader inaugurated the construction of a $5 billion tourism complex on the Caspian coast on Monday, his latest gesture to open up the reclusive country to the world.

Implenia, Chigirinsky Form Property Venture
Bloomberg Implenia, Switzerland's largest builder, said Monday that billionaire Shalva Chigirinsky bought a 2.7 percent stake and that a joint venture with the Russian investor's building company was founded to develop Russian property and infrastructure projects.

Profit Triples for Orco
Bloomberg Orco Property Group, a real estate developer that operates in Central and Eastern Europe, said Monday that nine-month profit tripled, bolstered by the earnings of a German unit and new projects in the Czech Republic and Poland.

Kazakhstan Raises Key Interest Rate
Bloomberg Kazakhstan's central bank on Monday raised the key interest rate by 2 percentage points in an effort to curb inflation, which accelerated to its highest in almost eight years last month.

Severstal Profit Falls 18% on Disruption
Bloomberg Severstal on Monday said third-quarter profit fell 18 percent because of disruptions to steel and coal output. The shares declined the most in more than two weeks in London trading.

Deal Near to Resume U.S. Beef
Reuters The United States and Russia have nearly completed a deal to loosen restrictions on beef exports to Russia, a pact U.S. beef producers are counting on to be a key revenue driver, the Wall Street Journal reported Monday.

Watchdog Slashes Imports of Herring From Norway
By Max Delany / Staff Writer With the holiday season fast approaching, supplies of one of the country's favorite drinking snacks, pickled herring, could be under threat, after Russia slashed the number of Norwegian companies allowed to export the shallow-water delicacy.

Mamut Buys LiveJournal Site
By Tai Adelaja / Staff Writer Alexander Mamut's media firm SUP said Monday that it had acquired LiveJournal, one of the world's most popular blogging and social networking web sites, from Six Apart, its longtime U.S. business partner.

Rosneft Executives Leave Company
Bloomberg Rosneft, the country's biggest oil producer, on Monday said vice president Alexander Sapronov, head of refining and sales, had quit the company.

31 Gas Fields Listed As Strategic
Bloomberg The government has designated 31 natural gas deposits as ""strategic"" for ensuring fuel deliveries to domestic consumers, including a field ExxonMobil had sought off Sakhalin.

New Storchak Investigation Opened
Combined Reports Prosecutors have opened a new criminal investigation into the activities of Deputy Finance Minister Sergei Storchak, who has already been charged with large-scale fraud and trying to embezzle millions of dollars in government funds.

Business in Brief
Tottenham Takeover BidSiemens Wins ContractX5 Readies Ramstore OfferTalks on OECD BeginGolden Telecom Bid$120M in AmnestyGazprom Put at $521BlnVentspils Nafta Posts RecordAbramov Goes to RZDTMK German Joint VentureFrench Luxury Goods Sales

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