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. Last Updated: 07/27/2016

10/31/2008

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Stocks Surge by Nearly 20%

The country's stock markets rallied nearly 20 percent for a third consecutive gain on Thursday, following a big rise in crude prices the day before and a coordinated international effort to boost liquidity.

Ingush Leader Ends Tumultuous Reign

Staff Writers
Murat Zyazikov, the unpopular president of Ingushetia, said late Thursday that he had resigned from his post to accept a job in Moscow.

Top Miners Prepare To Slash Production

The country's top miners announced Thursday that they would significantly cut production and expenditures for the rest of this year and 2009.

2 Fake Law Diplomas and a $37M Haul

A Samara professor earned an eye-popping $37 million teaching law at seven schools over the course of three years. The problem is that he landed the teaching jobs with fake diplomas, investigators said.

LUKoil to Cut Costs By $900M Next Year

LUKoil said Thursday that it planned to cut investment by at least 10 percent next year, as the global economy and demand for crude is slowing down.

Foreign Reserves Fall Below $500Bln

Reuters
The country's gold and foreign exchange reserves fell below the $500 billion mark for the first time in eight months, data showed Thursday, suggesting that the Kremlin's cash is starting to flow into the economy.

Perm Crash Pilots Used Fake Papers

The Moscow Times
The pilots of the Aeroflot-Nord jetliner that crashed during its approach to the Perm airport last month gave false information about their qualifications to fly, a top aviation safety investigator said Thursday.

The U.S. Leader the World Needs

Around the world, the U.S. presidential election campaign has attracted as much attention as domestic political controversies in each of our own countries. The interest the world has taken in the U.S. vote is the best example of the United States' soft power and a lesson in democracy from the world's only superpower. If only we could all vote as well as watch and listen, because the outcome is vital for everyone around the world.

Linguistic Middle Finger Raised in Cyberspace

Every once in a while when I'm poking around Russian Internet sites, I start following links that lead me out of the world of polite discourse and into the thicket of the blogosphere, where the grammar and orthography of Russian that I have spent more than half my life trying to master disappears in the undergrowth.

News in Brief

Sochi Mayor Resigns; Bill Targets Borrowers; NATO Chief Presses Russia and For the Record.

Details Emerge About Priest Murders

Two Jesuit priests found slain in their central Moscow apartment might have been killed a day or two apart, a senior Catholic official said Thursday.

Business in Brief

Iceland Says Talks to Restart; Gazprom Joins Eni and Enel; WTO Commission; CTC Cuts Revenue Forecasts; Aricom Stock Doubles and For the Record.

Russia May Have Bought CPC Stake

Combined Reports
Kazakh President Nursultan Nazarbayev told Prime Minister Vladimir Putin on Thursday that the two states should jointly buy Oman's share in a major pipeline, only to hear that Russia might have already bought it alone.

AvtoVAZ Halts Line For 3 Weeks

The Moscow Times
AvtoVAZ said Thursday that it would stop its assembly line for almost three weeks this winter in a possible sign that the effects of the financial crisis are catching up with the country's top carmaker.

Freight Shipments May Fall 12% in November

Reuters
Freight shipments will decline 10 percent to 12 percent in November because of the financial crisis as metals firms slash exports by up to 60 percent, the head of major freight operator Globaltrans said.

MTS, Vodafone Sign Network Agreement

Vodafone and Mobile TeleSystems clinched a ""partner network"" agreement Thursday that will allow the British carrier to expand its service in emerging markets and help Russia's biggest provider develop new technologies.

Grocers See Consolidation in Crisis

The financial crisis will present extraordinary consolidation opportunities for the food retail industry, the heads of X5 Retail Group and Dixy said at an investor conference Thursday.

Fortum Plans 10% Increase In Investment for TGK-10

Combined Reports
Fortum bucked market trends Thursday by pledging to boost planned investment in Russia by more than 10 percent and said it expected to reap more savings than previously forecast.

Alfa, Rosneft Get $3Bln to Refinance Debts

Reuters
The government has disbursed around $3 billion to billionaire Mikhail Fridman's Alfa Group and state-controlled Rosneft to help refinance their foreign debts, government and industry sources said Thursday.

Moscow Reviews Reporter's Killing

The Associated Press
Foreign Minister Sergei Lavrov said Thursday that Moscow was studying Dutch evidence that a TV cameraman was killed by a Russian cluster bomb during the Georgia war.
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