The Moscow Times

Market Matters: As Conflict Ends, Markets on Road to Recovery
After tumbling to its lowest point in almost two years on Tuesday, Russia's MICEX Index began to slowly claw its way back over the rest of the week, suggesting a possible end to the volatility that has plagued the country's markets since tensions erupted between Russia and Georgia on Aug. 8.

Business

Stocks Tumble, Ruble Passes 25
By Courtney Weaver / Special to The Moscow Times The ruble fell by as much as nearly 2 percent against the dollar on Wednesday, while Russia's RTS Index dropped 4.3 percent, pummeled by low oil prices, a tightening market and geopolitical concerns over Russia's rift with the West over Georgia.

Rosneft Delays Field Launch, Cuts Target
Reuters Rosneft said Wednesday that the launch of a huge east Siberian field was delayed and cut its output forecast, making it more likely Russia's total production will decline this year.

Ukraine's Bonds Fall As Government Splits
Combined Reports The bond drop sends seven-year yields to a four-year high.

Call for Sovereign Wealth Fund Rules
Bloomberg Sovereign wealth funds should adhere to a new code of conduct to avoid a ""protectionist backlash"" in countries that grow suspicious of their motives, the International Monetary Fund's No. 2 official.

Medvedev Talks of Economy And Yukos' Fate in New Book
The Associated Press A new book based on interviews with President Dmitry Medvedev released Wednesday has him discussing issues ranging the fate of Yukos and the economy to his family and love of literature.

Regulator Urges Investors to Fund Electricity Expansion
By Nadia Popova / Staff Writer A noncommercial partnership that regulates the country’s electricity-trading system said Wednesday that Russia would need another 10 gigawatts of power by 2014 to keep up with growing demand, calling on foreign and domestic firms to step up investment.

Cheney Promotes Pipelines in Baku
Combined Reports U.S. Vice President Dick Cheney said Wednesday that the United States would work with countries in the Caucasus to develop additional routes for energy exports to promote energy security, which is becoming an ""increasingly urgent"" issue.

Business in Brief
'07 Inflation at 9.7% So FarRenova Boosts Falcon StakeNorilsk on Energy SpinoffSibur, TNK-BP Up CapacityAtomstroiexport in BulgariaTNK-BP Holding to MeetFor the Record

RZD Telecoms Arm Seeks to Double Revenue
Reuters Telecoms operator TTK, a subsidiary of state-owned Russian Railways, plans to double revenue from international telecoms services by the end of next year, an executive said Wednesday.

GAZ Joins GM in Italian Engine Company
Bloomberg GAZ, billionaire Oleg Deripaska's automaker, will partner General Motors in Italian engine maker VM Motori, after agreeing to buy the 50 percent the U.S. company does not own.

Russia Pushing for African Resources
By Tom Pfeiffer / Reuters Energy and metals firms have set their sights on the continent's untapped wealth, to Europe's dismay.

Gazprom, Nigeria Sign Energy Deal
Combined Reports Nigerian National Petroleum Corporation, the country's state oil firm, and Gazprom have signed a memorandum of understanding on oil and gas exploration in Africa's top crude producer, the companies said Wednesday.

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