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. Last Updated: 07/27/2016

08/08/2008

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Markets Tumble on War Fears

Worries over Russia's involvement in the escalating conflict in South Ossetia sent Moscow stock markets tumbling Friday.
The benchmark RTS Index dropped 6.5 percent to 1723.32 points, while the ruble-denominated MICEX fell 4.9 percent to 1,365.26 points, as of 5:20 p.m.

Rich Get Richer as Poor Get Poorer

The Associated Press

RusAl to Oppose Putin Ally At Norilsk

Bloomberg
Heating up a battle for control of Norilsk Nickel, RusAl said late Thursday that it would oppose outgoing Federal Tourism Agency chief Vladimir Strzhalkovsky, a longtime ally of Prime Minister Vladimir Putin's, becoming CEO of the miner at a board meeting Friday.

Olympic Sponsorship Worth More Than Gold

Reuters
If you were to melt it down, the real value of a gold medal at the Beijing Olympics would probably just scrape $200.

TNK-BP to Quit Office On Arbat to Lower Rent

The Moscow Times
TNK-BP, the troubled oil company torn by infighting between BP and its billionaire Russian partners, is going ahead with plans to relocate its downtown head office on Arbat to a business park on the outskirts of the city.

South Ossetia Conflict Escalates

Reuters
MEGVREKISI, Georgia — Tensions over Georgia's rebel territory of South Ossetia exploded on Friday when Georgia tried to assert control over the region with tanks and rockets, and Russia sent forces to repel the assault.
Fighting between Georgian forces and Russian-backed separatists raged in and around Tskhinvali, the capital of South Ossetia, after Tbilisi sent troops to take back the territory, which broke away in the 1990s.

EBRD Buys Fesco Stake for $120M

Reuters
The European Bank for Reconstruction and Development said Thursday that it had bought 3.8 percent of Russian transport and shipping firm Fesco for $120 million.

BTP Pipe Offline for One to 2 Weeks

The Baku-Tbilisi-Ceyhan pipeline, which is still ablaze after an explosion, may not reopen for another one to two weeks, a senior source at Turkey's state-owned pipeline company Botas said Thursday.

No. 3 Nickel Producer May Cut Output

Industrial Metallurgical Holding, the country's third-largest nickel producer, may slash output after a 30 percent slump in prices this year.

Saakashvili Wants Ossetia Cease-Fire

Bloomberg
Georgian President Mikheil Saakashvili called for an immediate cease-fire with South Ossetian separatists Thursday after days of fighting raised fears of new war in the Caucasus.

Bomb Kills 2, Injures Up to 13 In Sochi

Bloomberg
An explosive device detonated on a beach in the Black Sea resort of Sochi on Thursday, killing two and injuring as many as 13, authorities said.

No Bush Talks as Expected

U.S. President George W. Bush will not hold talks in Beijing with Prime Minister Vladimir Putin on Friday as Putin's office had expected.

Warrant Out for Yamadayev

The Moscow Times
A federal arrest warrant has been issued for former Vostok battalion leader Sulim Yamadayev, a powerful former Chechen rebel who has clashed with Chechen President Ramzan Kadyrov.

Police Raid National Bolshevik's Apartment

The Moscow Times
Police raided the apartment of an activist with the banned National Bolshevik Party on Thursday and confiscated a computer and several books by opposition leader Eduard Limonov, a spokesman for the opposition coalition The Other Russia said.

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