At their annual gathering each summer, the leaders of the rich world promise to fix some pressing global problem -- and usually fail to deliver.

The future of the Group of Eight depends on Russia, and Russia needs the G8.

Thanks to unprecedented oil prices, the Kremlin has tons of money. It is now trying to use this windfall to modernize the country and has given tasks to both of the likely presidential successors.

Anniversaries, not to mention 70th anniversaries, are not usually the time to talk about problems. But Monday's honorees themselves would have been surprised if all they received were congratulations.

Mirax Group, the Russian developer behind the Federation Tower, has set up a company to manage the tower and other skyscrapers popping up around Moscow.

In the second part of a four-part series on Moscow neighborhoods, six realtors answer the question: Which are Moscow's worst areas to live in and why?

British investment fund Raven Russia and Russian company Espro have formed a joint warehouse-development venture.

Now that hot weather has finally come, it's time to enjoy one of Russians' favorite summer activities.

$7.7Bln for Infrastructure Russia will spend the $7.7 billion it is saving through early repayment of its foreign debt on government projects including roads and bridges, Interfax reported, citing President Vladimir Putin. During a meeting with key government ministers, Putin ordered that the savings from paying back ahead of schedule the so-called Paris Club of creditor nations be placed into the government's investment fund, Interfax said. (Bloomberg) Manufacturing Growth Manufacturing industries grew in June at the fastest pace in almost six years as output, new orders and employment increased, a gauge of industrial output showed. Narodny Bank's Purchasing Managers' Index advanced for a third consecutive month, to 55.6 in June from 54 in May, the fastest pace since September 2000, the bank said in a statement Monday. A figure above 50 indicates growth, below 50 a contraction.

Oil output recovered from a deep winter slump and reached 9.69 million barrels per day in June to exceed the previous post-Soviet high in December 2005, the energy ministry said Monday.