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. Last Updated: 07/27/2016

10/17/2008

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Renaissance Group Cuts 100 Staff

Renaissance Group announced Thursday that it was cutting 100 jobs, saying it was necessary to rework its business to address the effects of the global economic crisis.

Budget in Doubt as Oil Falls To $69

The MICEX and RTS indexes fell more than 9 percent to three-year lows Thursday as Urals Blend crude slipped below the crucial mark of $70 per barrel, casting doubts on next year's projected budget revenues.

Marshals Want Powers to Foil Pesky Debtors

A Vologda debtor was determined to defend his property from court marshals -- or at least make their visit as unpleasant as possible.

Bailout Funds to Be Paid Out Next Week

The government said Thursday that it would begin distributing money from a multibillion-dollar bailout early next week to help the country's real economy weather the global credit crunch.

Mandelson Scolded Over Deripaska

Former European Union Trade Commissioner Peter Mandelson has been criticized for maintaining ""unwise"" private contacts with Russian billionaires after it emerged that he vacationed in August on the yacht of metals magnate Oleg Deripaska.

Pringle Stands Firm On Litvinenko Case

London will not soften its position on the murder case of Alexander Litvinenko and will seek to resolve the lingering conflict over the British Council's activities here, Britain's new ambassador to Russia said Thursday.

Kolesov Out as Amur Governor

The Moscow Times
President Dmitry Medvedev has accepted the resignation of Amur Governor Nikolai Kolesov and nominated Oleg Kozhemyako to replace him, Interfax reported late Thursday, citing the Kremlin press service.

Reserves Fall $32.2Bln in 2 Weeks

Reuters
The country's currency reserves dropped $32.2 billion in the last two weeks, data on Thursday showed, and Standard & Poor's warned more falls could be bad news for the country's credit standing amidst market turmoil.

In the Spotlight

As ordinary Ivan Ivanov worries about losing his job and falling behind on his mortgage, the tabloids are sparing a thought for the sufferings of Russian showbiz stars, who are also tightening their belts and knocking a few zeros off their fees. Perhaps the most severely affected is television host Maxim Galkin, who has had to freeze the construction of his castle.

Moscow Stuck in Dead Sea While Kiev Evolves

Kiev is caught up in a turbulent political crisis. Against this backdrop, it is interesting to take a look at Russia, where the political scene is like the Dead Sea -- thick, swampy and lifeless. You can't swim in it.

Decoding Politician-Speak

The financial crisis is providing an unexpected lesson in language and culture. By my unscientific observation, in the United States some people believe only politicians in their political party.

Khodorkovsky Parole Appeal Denied

Reuters
Former Yukos head Mikhail Khodorkovsky lost an appeal Thursday for early release from prison.

Gorbachev Seeks Yukos Lawyer's Release

The Moscow Times
Former Soviet leader Mikhail Gorbachev on Thursday called on President Dmitry Medvedev to pardon jailed Yukos lawyer Svetlana Bakhmina, who was denied early release last month despite having served half her sentence and being seven months pregnant.

Aliyev Wins Nearly 90% of Vote

The Associated Press
Azeri President Ilham Aliyev has won a landslide re-election in a vote boycotted by the top opposition parties and that OSCE monitors described as lacking competition and failing to fully meet the nation's international commitments.

Oil Firms Face Fines Over High Prices

Combined Reports
The Federal Anti-Monopoly Service said Thursday that it has warned the country's major oil firms that it will take legal action if refined oil products' prices remain high, despite falling oil prices.

TNK-BP Warned Over Kovykta Field

Reuters
The Natural Resources and Environment Ministry sent a new warning Thursday to TNK-BP that it could lose its huge Kovykta gas field as talks over its sale to Gazprom have been stalled for more than a year.

RusAl Sees End to Profitability

Bloomberg
United Company RusAl said Thursday that 75 percent of aluminum producers in China, Europe and the United States were unprofitable after the price of the metal fell on slowing demand.

Mercury Sees Luxury Sales Slowing

Reuters
The head of the country's leading luxury goods group says that growth this year will be minimal.

Business in Brief

Prokhorov Suit ConsideredState Aviation Head ResignsMedvedev on Jet Fuel PricesState to Aid CarmakersRuble Hits 20-Month LowUsmanov Seeks VTB LoanFor the Record

Ivanov: No Crisis in Defense Spending

Reuters
Russia will spend nearly $50 billion in 2009 on buying weapons and hardware for its armed forces despite the economic crisis, Deputy Prime Minister Sergei Ivanov said Thursday.
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