NEWS & EVENTS

Aug 28. In global petroleum market headlines, oil prices spiked to near USD 119 a barrel Thursday in Asia on fears that Tropical Storm Gustav could strengthen on its way toward crude and natural ga

Aug 27. In June 2008, sales of new houses in the US grew by 2.4% on the previous month, with account for seasonal factors, to 515,000 units.

Aug 27. The Russian Bank for Development (RBD) will stop managing Russia's external debt only when Eurobonds come under its service,

Aug 27. The consolidated revenue of the Dixy group in January-July 2008 was USD 1.31 billion, which is 48% up on last year.

Aug 27. At a meeting with Russian Deputy Prime Minister Sergei Ivanov on August 7 Russian coal companies were instructed to make priority deliveries inside the country this year,

Aug 27. The PIK group more than doubled its y-o-y cash flow for 1H 2008 to USD 1.263 trillion from USD 611 million, mainly due to the realization of residential property projects,

Aug 27. The volume of federal budgetary funds placed on bank deposits at Tuesday's auction amounted to RUB 21.1 bn within a maximum offering of RUB 100 bn.

Aug 27. In global petroleum market headlines, oil prices jumped Tuesday as Hurricane Gustav struck Haiti, raising concerns that the storm could slam into major oil operations in the Gulf of Mexico.

Aug 26. VAT reduction to 12-13% would result in a drop in tax receipts by 1.1-1.3% of GDP

Aug 26. The Energy Ministry and System Operator has worked out a program to reduce risks of peak loads in the national utilities industry in autumn-winter,

Aug 26. The Russian Ministry of Transport has submitted to the Federal Property Management Agency (Rosimushchestvo) proposals to renew the board of directors of Aeroflot-Russian Airlines, including

Aug 26. The Moscow Arbitration Court (MAC) is to hold a hearing on August 28 in the lawsuit filed by Mikhail Prokhorov against Vladimir Potanin

Aug 26. A committee of the Federal Antimonopoly Service has upheld a claim filed by Mosenergo (TGK-3) against the Moscow government, MOEK and Moscow Heat Distribution Company on Monday,

Aug 26. Fitch has confirmed Severstal's long-term issuer default rating (IDR) at BB, short-term IDR at B and national long-term rating at AA-(rus).

Aug 26. In global petroleum market headlines, oil prices ended a choppy session slightly higher Monday, edging back above USD 115 a barrel after Tropical Storm Gustav formed in the Caribbean.

Aug 25. The Cabinet gave a month for the Economic Development and Trade Ministry to rework the issue of lowering VAT from 18% to 12%.

Aug 25. The Russian government expects to raise the middle class and bring average wages to USD 30,000 a year by 2020.

Aug 25. The first stage of Russia's long-term development concept up to 2020 will be implemented from 2008 to 2012,

Aug 25. TGK-10 has participated in competitive power takeoff for 2008 .

Aug 25. Eniseyskaya TGK (TGK-13) has completed formation of its management team,

Aug 25. Gazprom's BoD has approved in absentia an increase in the charter capital of Gazoenergeticheskaya Kompaniya (GEK) by contribution of the gas concern's 53.47% stake in Mosenergo and a 11% st

Aug 25. In global petroleum market headlines, oil prices were steady Monday in Asia above USD 114 a barrel as a strengthening dollar offset continuing tensions between the U.S. and Russian over the

Aug 22. Gazprom's record high investment program for 2008, which was increased by 16% in early summer, could be revised again in the near future and raised by another 25%,

Aug 22. Gazprom's expenses on development of the Bovanenkovskoye field in 2009 will be at least in line with 2008,

Aug 22. Gazprom Neft intends to farm out fields located on Chukotka and within the Lopukhovsky block.

Aug 22. Norilsk Nickel has appointed Yury Oleinikov deputy general director and head of the metal major's federal and regional programs unit,

Aug 22. Mobile TeleSystems (MTS) signed an agreement on the promotion of iPhone telephones in Russia,

Aug 22. International rating agency Moody's has confirmed the corporate rating of X5 Retail Group at B1 and the outlook was downgraded from positive to stable,

Aug 22. In global petroleum market headlines, oil prices spiked more than USD 5 yesterday as investors mulled the likelihood that tension with Russia would further disrupt crude supplies to the Wes

Aug 21. The federal budget revenue is projected at RUB 10.92 tn in 2009, or 21.2% of GDP, and the surplus is scheduled at RUB 1.90 tn, or 3.7% of GDP,

Aug 21. Russian President Dmitry Medvedev and President of the Syrian Arab Republic Bashar al-Assad are to discuss Syrian-Russian trade and economic cooperation issues in Sochi Thursday.

Aug 21. Mechel Group forwarded a recommended cash offer to minority shareholders of British Oriel Resources.

Aug 21. Lukoil's petrochemical arm Lukoil-Neftekhim has suspended operations at Stavrolen in the Stavropol region due to power supply problems,

Aug 21. Novatek has launched a global depositary receipt (GDR) buyback program on the London Stock Exchange,

Aug 21. The largest Russian independent gas producer Novatek projects gas output to rise at least 20%, the company's CFO

Aug 21. The Federal Civil Aviation Agency (Rosaviation) could revoke the license of Krasnoyarsk Airlines (KrasAir) in the event of repeated mass flight delays,

Aug 21. In global petroleum market news, the price of oil bounced back near USD 115 a barrel on Wednesday, as traders shrugged off a massive build in U.S. crude inventories and a stronger dollar an

Aug 20. Fannie Mae and Freddie Mac bonds have generated over USD 1 bn in profits in the past 6 months for Russia, in which it invested international reserves,

Aug 20. MinFin proposes lowering the transfer of oil export revenues to the federal budget from 5.5% of GDP to 4.9% of GDP in 2009,

Aug 20. Export duties on mineral fertilizers will remain in effect until the end of 2009,

Aug 20. Gazprom intends to assign shares in subsidiary utilities to a single business entity Gazoenergeticheskaya Kompaniya (GEK).

Aug 20. Rosneft's affiliate Neft Aktiv is prepared to withdraw its claims against grid companies,

Aug 20. The Federal Antimonopoly Service which completed review of the Mechel affair last week will impose a fine on the company of 5% of annual turnover of coking coal sales,

Aug 20. The Federal Antimonopoly Service will force Mechel Group to cut coking coal prices by 15%,

Aug 20. Bank of Moscow has placed an additional stock offering and raised RUB 8.28 bn. In addition, 37% of additional shares were placed in a public offering.

Aug 20. In global petroleum market news, oil prices were slightly higher in Asian trading on Wednesday, around USD 115/bbl as investors await today’s midweek crude inventory report.

Aug.19. In global petroleum market news, oil prices settled below USD 113 a barrel for the first time in over three months Monday as Tropical Storm Fay steered clear of oil production facilities in

Aug 18. A gradual decline in budget revenue, even taking into account all proposals by MinFin on corporate and individual taxation, will lead to federal budget deficit in 2014 and the need to boost

Aug 18. The Russian Finance Ministry is exploring the option of assigning some cash from the National Welfare Fund to VEB for management,

Aug 18. Russia's finance ministry plans to invest up to 40% of the National Welfare Fund (NWF) in corporate securities,

Sovkomflot could be technically prepared to go public by 2008, CEO Sergey Frank said.

Russian Railways Company (RRC) is looking to raise a $1 bln syndicated loan in February-March 2008.

TGC-2 shareholders to address the SPO issue on December 5, 2007.

Rosneft intends to spend some Rub 3 bln to carry out the first stage of the Syzran Refinery’s revamping program in 2007-2010.

Magnit is set to open hypermarkets in Solnechnogorsk (Moscow region), as well as in Kingisepp (Leningrad) and Kamyshin (Volgograd region), by the end of 2007.

Gazprom could take French O&G giant Total onboard to tap the Astrakhan gas condensate field.

Rosnedra's commission for premature license revocation issued an order to Ulyanovskneft, a subsidiary of Russneft, to eliminate violations at the Zimnitsky acreage within 3 months.

GAZ Group intends to triple auto component purchases from manufacturers in the State of Michigan (USA) to $1.2 bln by 2010.

Russian President Vladimir Putin thinks it's reasonable to work out a concept for macro regions of Russia and does not rule out that this will change boundaries of federal districts.

It's advisable for Ukraine to form a portion of currency reserves in Russian rubles, since at a certain point in the future Russia could switch to the ruble in export supplies, first vice PM and Finance Minister Nikolay Azarov believes.

UES expect to see the capacity market as part of the wholesale electric power market launched as of January 1, 2008.

UES has not dropped plans to place WGC-6's GDRs on LSE.

UES will have to perform revaluation of MUEGC and MCEGC ahead of their subsequent merger.