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

Putin Scolds Miller on Pipeline Access
By Anatoly Medetsky / Staff Writer A Gazprom-commissioned oil rig destined for the Arctic dwarfed the black hulks of diesel- and nuclear-powered submarines docked for maintenance Friday at the Sevmash shipyard, but its dimensions apparently left Prime Minister Vladimir Putin unimpressed.

Medvedev Said to Break G8 Promise
By Miriam Elder, Nikolaus von Twickel / Staff Writers The Kremlin entered a new battlefield with the West over the weekend, with Washington and London accusing President Dmitry Medvedev of reneging on a promise with Russia's decision to block United Nations sanctions against Zimbabwe.

Georgia Threatens To Shoot Down Jets
By Matt Siegel / Staff Writer Georgia will shoot down any Russian fighter jets that violate its airspace, two senior Georgian officials said Friday, a day after Russia's admission that it had flown sorties over the breakaway republic of South Ossetia.

Pastor Speaks of Isolation in Jail
The Associated Press Phillip Miles, a U.S. pastor convicted of smuggling a box of bullets into Russia, said he felt isolated during the five months he spent in a Moscow jail.

Pristavkin, Former Pardons Chief, Dead at 76
The Associated Press Anatoly Pristavkin, a writer who headed the president's pardons commission throughout the 1990s, died Friday in Moscow. He was 76. The cause of death was not reported. Pristavkin headed the Presidential Pardons Commission from its creation in 1992 until 2001, when it was abolished by then-President Vladimir Putin.

Obama Says Keep Russia in G8
Reuters Democratic U.S. presidential candidate Barack Obama opposes excluding Russia from the Group of Eight, as suggested by Republican John McCain, saying Moscow's help was needed to fight nuclear proliferation.

Monarchists Tell Moscow To Rename Metro Station
Reuters The Voikovskaya metro station, named after one of Tsar Nicholas II's executioners, should be renamed, monarchists said Friday, a week before the 90th anniversary of the royal family's killing.

Senator's Embezzlement Case Closed After Time Runs Out
By Nabi Abdullaev / Staff Writer A decade-old embezzlement case involving Federation Council Senator Andrei Vavilov has been closed for good because the statute of limitations has expired, an Investigative Committee spokeswoman said Friday.

Fears Swirl That Spy Claims May Hit Business
By Nikolaus von Twickel / Staff Writer Last week's allegations of cloak-and-dagger activities between Moscow and London have raised new concerns of a deterioration in British-Russian ties that could spill over into business.

Pope Plans to Apologize for Sexual Abuse
The Associated Press Pope Benedict XVI arrived in Australia on Sunday, saying he wants to use his visit to raise awareness about global warming and address the crisis of clergy sexual abuse.

Blasts Kill 24 in South Afghanistan
The Associated Press A suicide bomber on a motorcycle blew himself up next to a police patrol in southern Afghanistan on Sunday, killing 24 people, including 19 civilians, said a provincial police chief.

Sarkozy Hosts Mediterranean Union
By Angela Charlton / The Associated Press French President Nicolas Sarkozy urged the disparate and conflicted countries around the Mediterranean Sea on Sunday to make peace as European rivals did in the 20th century as he launched an unprecedented Union for the Mediterranean.

Business

Udokan Copper Tender Attracts Crowded Field
By Nadia Popova / Staff Writer Billionaire Alisher Usmanov’s Metalloinvest on Friday joined the race for the Udokan copper field, the country’s largest untapped source of the metal, just a few hours ahead of a bids deadline.

Sukhoi to Unveil 30 Superjet Orders at Air Show
Combined Reports But with industry-wide losses growing, many airlines are expected to keep their wallets shut at the Farnborough air show.

United Airlines Delays Moscow Route
Combined Reports United Airlines, the world's second-largest carrier, has won U.S. permission to delay the start of its flights between Washington and Moscow by five months because of high fuel costs.

Ruble Gains 1% Against Dollar
Bloomberg The ruble advanced against the dollar-euro basket last week after the Central Bank allowed it to edge upward to ward off speculative investors.

Central Bank Increases Rates
Bloomberg The Central Bank raised its key interest rates by a quarter of a percentage point for the fourth time this year to subdue inflation.

Czechs Tap Reserves as Russian Oil Falls
Reuters The Czech Republic’s main oil refiner said Saturday that it was tapping state oil reserves and bringing in crude through an alternate pipeline after Russia cut deliveries.

AAR Proposals Fail At TNK-BP Meeting
Combined Reports Russian shareholders in TNK-BP said Sunday that they were ""disappointed"" that representatives of BP, which owns half of the venture, rejected four proposals they put forward.

36.6 Posts First Annual Loss After Disruption of Supplies
Bloomberg Pharmacy Chain 36.6, the country's largest drugstore company, reported its first annual loss Friday after a new distribution system caused stores in Moscow to run short of some products last year.

Gazprom Readies Power JV in Libya
Reuters Gazprom is planning a joint venture in Libya to build electricity capacity, the firm said Friday.

Gref Says Sberbank May Reach Top 10
By David Schlesinger, Anastasia Onegina / Reuters Global financial turmoil will help Sberbank join the ranks of the world’s top 10 banks by market capitalization in the next five years, CEO German Gref said in an interview.

Step Made to Replace State Board Members
By Anna Yukhananov / Special to The Moscow Times First Deputy Prime Minister Igor Shuvalov on Friday presented President Dmitry Medvedev with a list of independent directors to replace state officials on the boards of 11 fully state-owned companies, following through on a campaign pledge made by Medvedev earlier this year.

Opinion

Medvedev Passed G8 Test
President Dmitry Medvedev has clearly passed muster at his first Group of Eight summit in Japan last week.

Alexei Bayer: U.S. Decline Gives Moscow a Golden Chance
Victory Day is the only true national holiday in Russia. The pride in the country's role in defeating Adolf Hitler is shared by Russians across social, economic and generational boundaries.

Sports

NHL, Russian Rival Reach Deal
By Graham Dunbar / The Associated Press The NHL reached an agreement with a new Russian hockey league Thursday, temporarily ending the threat of players being lured away by big-money offers.

Business in Brief

Business in Brief
Gazprom-Iran Agreement; Ban Pitched at Baikal Mine; Polymetal Posts '07 Loss; Raspadskaya Raises Prices; Diplomatic Passports Bill; TUI Looks to Mordashov

News in Brief
Communists Want Airtime; Web Extremism Crackdown; Don't Go, Abramovich; Tymoshenko Dismayed; Warsaw Wants Long Deal

Market Matters

Finance Ministry Says Reserves in No Danger
By Max Delany, Jeremy Ventuso / Special to The Moscow Times The Finance Ministry has moved to stave off worries that the troubles at U.S. mortgage giants Fannie Mae and Freddie Mac pose a threat to the country’s gold and foreign currency reserves or the more than $157 billion it has salted away from taxes on energy exports.

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