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. Last Updated: 07/27/2016

12/24/2008

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Gas Exporters Downplay Cartel Talk

Russia played host Tuesday as 11 gas producing countries agreed to work more closely to control supply levels on world markets and vowed to step up other cooperation, upgrading the Gas Exporting Countries Forum into a more official and potentially influential group.

A Crash Course in Grasping A Crisis

In the past three months, ""financial crisis"" has become a ubiquitous phrase for Russians: it glosses newspaper headlines daily and is more and more frequently appearing on billboard, print, TV and radio advertisements for banks and other private companies.

Don't Look to TV for Crisis-Time Laughs

On a recent episode of television show ""Comedy Club,"" a comedian downplayed the crisis in Russia.

MMK Board Forfeits Pay in Rare Decision

Board members with Magnitogorsk Iron & Steel Works will forfeit their salaries for the four months from January until their contracts expire, the company said Tuesday.

Holidays Offer Chance for Rally

Russia’s stock markets are expected to see little trading in the next two weeks, giving VEB a chance to spark a year-end rally.

Test of Bulava Missile Fails for the 5th Time

The launch failure could delay the submarine-based intercontinental ballistic missile from entering service next year.

Layoffs, Pay Cuts Cast Shadow on Steel City

Reuters
The working week, like the winter days in this Siberian city, has become shorter since the global financial crisis paralyzed its heavy industry. Paychecks have been cut by a third or more.

The Party Is Over

Prime Minister Vladimir Putin and Deputy Prime Minister Igor Sechin were quick to react to the street demonstrations against higher tariffs on imported used cars in Vladivostok over the past two weekends.

Crisis Puts Putinomics to the Test

Suddenly, Russia stands out as one of the countries likely to be worst hit by the international financial crisis, although it entered the crisis with huge budget and current accounts surpluses since 2000 and the third-largest currency reserves in the world.

Business in Brief

10 Power Bids MissGazprom on Ukraine DebtNaftogaz Set for WinterMTS Plans $1Bln Bond SalePolymetal to Cut Jobs by 5%Sechin on Strategic FirmsRZD Cuts Profit Forecast

Gazprom to Invest $24.7Bln in 2009

Bloomberg
Gazprom's board approved on Tuesday its investment program and budget, which calls for 2009 capital spending of 699.88 billion rubles ($24.7 billion).

News in Brief

U.S. Diplomat VisitsFor the Record

Snow and Holiday Rush Jam Streets

The Moscow Times
Heavy traffic snarled Moscow streets on Tuesday after snowplows found that they could not compete with 2 centimeters of overnight snowfall combined with the rush of New Year’s shoppers.

Politkovskaya Evidence Questioned

The Moscow Times
A lawyer for a suspect in the killing of reporter Anna Politkovskaya questioned the soundness of the prosecution’s case Tuesday, saying evidence introduced by prosecutors suggested that the murder had taken place at the same time that the body was discovered.

2 Violinists Are Assaulted in Separate Attacks

The Moscow Times
Two members of the acclaimed Moscow Virtuosi chamber orchestra were mugged in the city in as many days, in what police said might be related attacks.
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