The Moscow Times

Business: RenCap Cuts RTS '08 Target to 2,350
Renaissance Capital on Monday slashed its year-end forecast for the benchmark RTS Index from 3,000 to 2,350 and increased its equity risk premium for the country from 4 percent to 5.5 percent in a sign of continued investor jitters.

News

Carbon Credits Get Cool Reception
By Miriam Elder / Staff Writer The streets of this sleepy Arctic town, 2,200 kilometers north of Moscow, are piled knee-high with snow, and locals still wear boots made of reindeer fur to navigate its icy roads.

Love, War and Spies at the Interclub
By Svetlana Osadchuk / Staff Writer Valentina Pavlenko first met U.S. seaman Bill Rowgraft at a large dance party in Arkhangelsk.Pavlenko, then 15, knew she would pay a heavy price for falling in love with the bright-eyed sailor depicted in a photo that she has kept for the past 65 years. Little did she know how much.

Sargsyan Wins Putin's Seal of Approval
By Anna Smolchenko / Staff Writer President Vladimir Putin and Serzh Sargsyan on Monday pledged continuity in bilateral relations, as the Armenian president-elect made Moscow his first destination after being declared the winner in a controversial election last month.

JPMorgan Raises Offer on Stearns
The Associated Press JPMorgan Chase increased its offer Monday for Bear Stearns to $10 per share from a bargain-basement price of $2 per share, hoping to assuage shareholders of the ailing investment bank.

Pakistan's Lawmakers Elect Bhutto Supporter as Premier
The Associated Press Pakistan's parliament elected Yousaf Raza Gilani, a former house speaker and a longtime aide to the late opposition leader Benazir Bhutto, as the nation's new prime minister Monday.

Bhutan's First Election Sees Landslide Win for Royalists
The Associated Press The Bhutan Peace and Prosperity Party, widely seen as the more royalist of the two parties seeking power, swept the first parliamentary elections ever in this secluded Himalayan kingdom, taking nearly every seat in the new legislature, the election commissioner said Monday.

Iraq Bombing Pushes U.S. Deaths to 4,000
By Ross Colvin / Reuters The death toll of U.S. soldiers in Iraq reached 4,000 on Monday, days after the fifth anniversary of a war that President George W. Bush says the United States is on track to win.

Patrons Say Interclubs Were Not Brothels
By Svetlana Osadchuk / Staff Writer Hundreds of girls swooned over British and U.S. sailors at three entertainment lounges set up by Soviet authorities during World War II.

News in Brief
Shchekochikhin DenialLetov Died From AlcoholPutin Orders Aid for Kosovo

Iran Applies to Join Shanghai Group
The Associated Press Iran's foreign minister said Monday his country had applied to join the Shanghai Cooperation Organization, a regional security group dominated by China and Russia.

Car Bomb Injures 5 at Ingush Bank
The Associated Press A car bomb exploded outside a bank in Ingushetia on Monday, injuring at least five people, authorities said.

18 Sailors Trapped and Feared Dead
By Dikky Sinn / The Associated Press Eighteen Ukrainian sailors were feared dead Monday after they were trapped underwater in their capsized tugboat in Hong Kong for nearly two full days amid strong currents, rescue officials said.

Minsk TV Tells of U.S. Spy Ring
The Associated Press A report on state television in Belarus accused the U.S. Embassy of setting up a spy ring, the latest salvo in disputes that have led to unfriendly relations between the United States and the former Soviet republic's authoritarian government.

Cult Leader Accused of Inciting Religious Hatred
By Anna Malpas / Staff Writer Investigators have opened a new criminal investigation into the activities of the leader of a religious doomsday sect in the Penza region, accusing him of inciting religious hatred, a spokeswoman for the Investigative Committee said Monday.

Frustrated Baluyevsky Offers His Resignation
By Simon Saradzhyan / Staff Writer General Yury Baluyevsky, the chief of the General Staff, has asked to be relieved of his post as a result of his bitter opposition to Defense Minister Anatoly Serdyukov's plans for reforming the armed forces, Novaya Gazeta reported.

7 National Bolsheviks Are Convicted
By David Nowak / Staff Writer A Moscow court hands them light sentences for their role in a 2006 scuffle.

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