Sections |
| Title | Starting Page | Number of Pages |
|---|
| RUSSIA'S DIFFICULT CHOICE: ECONOMIC GROWTH OR FINANCIAL STABILITY | 1 | 1 |
| POTANIN BUYS 1% OF POLYUS GOLD FROM NORILSK | 1 | 1 |
| INDICATORS | 1 | 1 |
| Disclosure | 1 | 1 |
| HEADLINE NEWS | 2 | 1 |
| DIGEST OF HEADLINE NEWS | 2 | 2 |
| COVER STORY | 4 | 1 |
| RUSSIA'S DIFFICULT CHOICE: ECONOMIC GROWTH OR FINANCIAL STABILITY | 4 | 1 |
| LESSON TO BE LEARNED FROM U.S. CRISIS | 4 | 2 |
| ECONOMICS MINISTRY FAVORS STRONG GROWTH | 5 | 1 |
| FIGHTING INFLATION, BUT NOT WITH TIGHTER MONETARY POLICY | 5 | 2 |
| KUDRIN OUTLINES RUSSIA'S ECONOMIC STRATEGY | 6 | 1 |
| INTERNATIONAL RESERVES | 6 | 1 |
| SPENDING CUT | 7 | 1 |
| DOLLAR GROWTH | 7 | 1 |
| BANKING SYSTEM | 7 | 1 |
| CAPITAL INFLOW | 7 | 1 |
| WARNING | 8 | 1 |
| OIL PRICE | 8 | 1 |
| VTB SHARES | 8 | 1 |
| GROWTH RATES AND OVERHEATING | 8 | 2 |
| FUNDS | 9 | 1 |
| RUSSIA'S CENTRAL BANK EXPECTS GROWTH IN CREDITING TO SHRINK TO 35%-40% IN 2008 | 9 | 1 |
| CREDIT | 9 | 1 |
| TRADE MONITORING | 9 | 2 |
| FRAUDULENT TRANSACTIONS | 10 | 1 |
| PRIVATE CAPITAL | 10 | 1 |
| CAPITAL OUTFLOW PLUMMETS IN MARCH | 10 | 1 |
| REFINANCING | 10 | 2 |
| INFLATION WON'T TOP 10% IN 2008 | 11 | 1 |
| FURTHER REFINANCING RATE HIKE POSSIBLE | 11 | 1 |
| POSSIBILITY TO SAVE ON DEPRECIATION WILL PLAY OUT STARTING 2009 | 11 | 2 |
| MINISTRY TO MULL TAXATION OF SECURITIES' SALE BY STRATEGIC INVESTORS IN 2008-2009 | 12 | 1 |
| TAX ALLOWANCES WILL BE RESTRICTED FOR LARGE, MID-SIZE COMPANIES | 12 | 1 |
| NRET FOR GAS WILL NOT GROW UNTIL 2011 | 12 | 2 |
| OPINION | 13 | 1 |
| KREMLIN EXPERT DOES NOT SEE OVERHEATING IN RUSSIAN ECONOMY | 13 | 1 |
| ANALYSTS PREDICT MORE FOOD PRICE HIKES IN RUSSIA | 13 | 2 |
| BANKS NOT FACING LIQUIDITY PROBLEMS | 14 | 1 |
| POLITICS. ECONOMY | 14 | 1 |
| DUMA LIKELY TO CONFIRM PUTIN'S NOMINATION FOR PM ON MAY 8 | 14 | 1 |
| MINISTRY CALLS FOR RUSSIA TO MOVE AWAY FROM ENERGY-BASED ECONOMIC DEVELOPMENT | 14 | 2 |
| DUMA APPROVES BILL RESTRICTING FOREIGN INVESTMENT IN STRATEGIC ENTERPRISES | 15 | 1 |
| TRANSFER OF STATE INDUSTRIAL ASSETS TO ROSTEKHNOLOGII JUSTIFIED-KHRISTENKO | 15 | 2 |
| MINISTRIES, AGENCIES OPPOSES TRANSFER OF GEOLOGICAL ENTERPRISES | 16 | 1 |
| RUSSIA HAD ESTIMATED $22.8 BLN NET CAPITAL OUTFLOW IN Q1-CB | 16 | 1 |
| RUSSIAN BALANCE OF PAYMENTS SURPLUS UP 61.6% TO $37 BLN IN Q1-CB | 16 | 1 |
| ACCUMULATED FOREIGN INVESTMENTS IN RUSSIA | 16 | 1 |
| RUSSIA HAD 1.2% INFLATION IN MARCH, SLIGHTLY ABOVE FORECAST | 16 | 2 |
| RUSSIAN INFLATION WILL START TO DECLINE IN MAY-JUNE-ECONOMICS MINISTRY | 17 | 1 |
| RUSSIAN INTL RESERVES UP $4.6 BLN TO $506.8 BLN IN WEEK TO MARCH 28 | 17 | 1 |
| RUSSIAN MONEY SUPPLY GROWS 2% TO 14.64 TRLN RUBLES IN FEBRUARY | 17 | 1 |
| RUSSIAN MANUFACTURING SECTOR SUSTAINS HIGH GROWTH IN MARCH-VTB EUROPE | 17 | 2 |
| RUSSIAN SERVICES SECTOR SEES FASTEST GROWTH IN 6 MTHS-VTB EUROPE | 18 | 1 |
| CORE SECTOR GROWTH ACCELERATES TO 10.4% IN FEB | 18 | 1 |
| RUSSIAN FOREIGN DEBT GROWS 48% TO $460 BLN IN 2007-CB | 18 | 2 |
| RUBLE STRENGTHENS 1.3% IN JAN-MARCH | 19 | 1 |
| RUSSIA'S DOMESTIC DEBT DECLINES 2% IN MARCH | 19 | 1 |
| COMPANIES & MARKETS | 19 | 1 |
| ENERGY & RESOURCES | 19 | 1 |
| RUSSIAN EXPORT DUTY ON CRUDE HITS RECORD | 19 | 1 |
| RUSSIA UPS COAL PRODUCTION 3.1%, EXPORTS 5.2% IN 2 MTHS | 20 | 1 |
| RUSSIA UPS GAS PRODUCTION 2.4% IN JAN-FEB, EXPORTS UP 18.6% | 20 | 1 |
| RUSSIAN OIL PRODUCTION UP 0.8% IN JAN-FEB; REFINING UP 4.8% | 20 | 1 |
| RUSSIA UPS OIL PRODUCTION 0.2% IN Q1 | 20 | 1 |
| RUSSIA UPS GAS PRODUCTION 2.6% IN Q1 | 20 | 1 |
| ECON MINISTRY SUGGESTING 30% GAS PRICE HIKE IN 2011 | 21 | 1 |
| GAZPROM AGREES COOPERATION WITH SIEMENS, CAPACITY RESERVATION WITH MOSENERGO | 21 | 1 |
| GAZPROM EXPECTS SERBIA TO RATIFY ENERGY AGREEMENT WITH RUSSIA | 21 | 2 |
| GAZPROM UNDERVALUED BY 75%-85%-DEPUTY CEO KRUGLOV | 22 | 1 |
| GAZPROM TO INVEST ALMOST 1 TRLN RUBLES IN 2010 | 22 | 1 |
| GAZPROM PLACING IN NOTES AT 375-387.5 BPS ABOVE SWAPS-SOURCE | 22 | 1 |
| ENI COULD SHARE ASSETS WITH GAZPROM IN LIBYA-FT | 22 | 2 |
| ITALY'S ENEL TO INVEST 9BLN EURO IN RUSSIAN ECONOMY-YASTRZHEMBSKY | 23 | 1 |
| PGNIG BOARD TO MEET WITH GAZPROM IN LATE APRIL | 23 | 1 |
| ROSNEFT, BP DISCUSS OUTLOOK FOR COOPERATION | 23 | 1 |
| RITEK BOOSTS RAS EARNINGS 13.56% IN 2007 | 24 | 1 |
| RUSSIAN COAL WINS RIGHTS TO ROSTOV COAL PROPERTY | 24 | 1 |
| THREE PHASES OF SHTOKMAN PROJECT | 24 | 1 |
| NORD STREAM COST ESTIMATE ALMOST DOUBLES | 25 | 1 |
| BURGAS-ALEXANDROUPOLIS PIPELINE CONSTRUCTION TO BEGIN IN 2009 | 25 | 1 |
| TRANSNEFT LINKS FIRST ESPO SECTION TO PIPELINE NETWORK | 25 | 1 |
| CAPACITY | 25 | 1 |
| COST | 26 | 1 |
| MODIFIED PRICING | 26 | 1 |
| ST. PETE EXCHANGE DELAYS PETROLEUM PRODUCT TRADING | 26 | 1 |
| ELECTRICITY PRODUCTION & DISTRIBUTION. NUCLEAR POWER | 27 | 1 |
| RUSSIA GENERATES 7% MORE ELECTRICITY IN JAN-FEB | 27 | 1 |
| TGK-13 TO PAY ADDITIONAL 0.00046 PER SHARE FOR 2007 | 27 | 1 |
| TGK-10 BOARD APPROVES SUPPLEMENTARY SHARE ISSUE FOR SPIN-OFF | 27 | 1 |
| FINLAND'S FORTUM UPS STAKE IN RUSSIA'S TGK-10 TO 76.49% | 27 | 2 |
| GAZPROM TO MAKE OFFER TO TGK-1 SHAREHOLDERS, AIMS FOR CONTROL | 28 | 1 |
| MOSENERGO BOARD APPROVES TERMS FOR SIEMENS CAPACITY DEAL | 28 | 1 |
| RUSSIA'S SUEK APPLIES WITH FAS TO ACQUIRE 100% OF TGK-12 | 28 | 2 |
| TGK-11 WARNS SHAREHOLDERS OF RISKS RELATED TO ROSNEFT LAWSUITS | 29 | 1 |
| VOLOSHIN, DMITRIEV, KIRIENKO, KLEPACH, KHRISTENKO TO JOIN INTER RAO BOARD | 29 | 2 |
| SOCIETE GENERALE PREPARING TO PLACE RUSSIA'S MRSK CENTER ON EUROPEAN EXCHANGES | 30 | 1 |
| METALS & MINERALS | 30 | 1 |
| RUSSIA MOVES TO BRING INVESTORS INTO URANIUM INDUSTRY | 30 | 1 |
| POTANIN BUYS 1% OF POLYUS GOLD FROM NORILSK | 31 | 2 |
| MECHEL TO REFINANCE ORIEL TAKEOVER WITH UPSTREAM IPO | 32 | 1 |
| RUSAL'S NORILSK NICKEL BUY TO BE CLOSED IN APRIL | 32 | 2 |
| MECHEL, DANIELI SIGN THREE-YEAR PARTNERSHIP DEAL | 33 | 1 |
| RUSSIAN FIRMS EYE NAMIBIAN URANIUM | 33 | 2 |
| ALROSA TO START OVERHAULING SALES POLICY THIS YEAR | 34 | 1 |
| AUSTRALIAN REGULATOR BANS USMANOV FROM SELLING MOUNT GIBSON STAKE | 34 | 2 |
| RUSAL SUBSIDIARY SUSPENDS OPERATIONS OF TWO COALMINES OVER STRIKE | 35 | 1 |
| EVRAZ 2007 NET PROFIT UP 56% | 35 | 2 |
| EVRAZ GROUP STEEL MILL COULD BOOST 2007 DIVIDENDS 50% | 37 | 1 |
| ENRC COMPLETES ACQUISITION OF RUSSIAN FERROALLOY PLANT | 37 | 1 |
| U.S. MAY RECONSIDER ANTI-DUMPING DUTY ON RUSSIA MAGNESIUM SUPPLIES | 37 | 1 |
| METAL GOODS & ENGINEERING | 37 | 1 |
| ORGANIZERS OF AVTOVAZ'S IPO TO LAUNCH MARKETING AFTER CROSS OWNERSHIP ELIMINATED | 37 | 2 |
| GAZ MAY CREATE SEVERAL JVS WITH MAGNA INTERNATIONAL | 38 | 1 |
| RUSSIA LAUNCHES SALE OF KALUGA ASSEMBLED PASSAT, JETTA CARS | 38 | 1 |
| RUSSIA'S AVTOTOR STOPS ASSEMBLING CHERY CARS | 38 | 1 |
| CADENCE INNOVATION, SUMITOMO TO BUILD AUTO PARTS PLANT OUTSIDE ST. PETERSBURG | 38 | 2 |
| POWER MACHINES TREBLES NET LOSSES IN 2007 | 39 | 1 |
| NISSAN DOUBLES CAR SALES IN RUSSIA IN Q1 | 39 | 1 |
| IT & TELECOMS | 39 | 1 |
| SMARTS MULLS IPO TO DETERMINE FAIR PRICE OF OPERATOR | 39 | 2 |
| MTS BORROWING $1 BLN FOR POSSIBLE SMARTS BUY-SOURCE | 40 | 2 |
| EUROSET MULLS PURCHASE OF RUSSIAN CELLULAR PHONE RETAILER | 41 | 1 |
| EVENTIS TELECOM FOUNDERS SELL UP | 41 | 1 |
| RUSSIA'S ROSTELECOM BOOSTS RAS NET PROFIT 31.2% IN 2007 | 41 | 2 |
| MTS HALVES Q4 RAS EARNINGS | 42 | 1 |
| RUSSIA'S MEGAFON REDUCES RAS NET PROFIT 24% IN 2007 | 42 | 1 |
| SOUTHERN TELECOM COULD BOOST 2007 DIVIDENDS 50% | 42 | 1 |
| TRANSPORT | 42 | 1 |
| RUSSIA'S RZD TO RAISE FROM SALE OF SUBSIDIARIES BEFORE 2010 | 42 | 2 |
| VEB YET TO RECEIVE OFFICIAL PROPOSAL ON PURCHASE OF NRC STAKE IN ILYUSHIN FINANCE | 43 | 1 |
| AEROFLOT 2007 NET PROFIT DOWN 23.8% (PART 2) | 43 | 1 |
| FOOD & AGRICULTURE. PROCESS INDUSTRIES, FORESTRY & TIMBER | 43 | 1 |
| RUSSIAN GOVT APPROVES EXTENSION OF GRAIN EXPORT DUTIES | 43 | 2 |
| RUSSIA INTRODUCES TOUGHER SAFETY REGULATIONS FOR FOOD PRODUCTS | 44 | 1 |
| ANALYSTS DON'T FORESEE ACTIVE IPOS IN RUSSIAN RETAIL SECTOR | 44 | 1 |
| AUCHAN TO BROADEN COOPERATION WITH RUSSIAN FOOD PRODUCERS | 44 | 1 |
| JOHN DEERE TO INVEST $80 MLN IN PRODUCTION CENTER IN W. RUSSIA | 44 | 2 |
| URALKALI UPS 2007 NET PROFIT 130% | 45 | 1 |
| ARMENIA EXPECTS TO BOOST GRAPE HARVEST 5%-10% IN 2008 | 45 | 1 |
| CHEMICALS & PHARMACEUTICALS | 45 | 1 |
| SIBUR NOT PLANNING IPO THIS YEAR, COULD OFFER EUROBONDS | 45 | 1 |
| SIBUR IN TALKS TO EXPAND TIRE BUSINESS | 45 | 2 |
| FERTILIZER EXPORT DUTIES TO FINANCE EXPENSES FOR AGRICULTURAL PRODUCERS- GORDEYEV | 46 | 1 |
| THREE CRIMINAL CASES AGAINST PHARMACEUTICAL COMPANIES ARE BEING INVESTIGATED IN RUSSIA | 46 | 1 |
| CONSUMER GOODS. RETAIL | 46 | 1 |
| POLICE SEARCH ELDORADO OFFICE IN MOSCOW | 46 | 1 |
| X5 RETAIL GROUP SUSPENDS CASH & CARRY PROJECT | 47 | 1 |
| EUROSET TO SELL PART OF BUSINESS IN LITHUANIA, LATVIA | 47 | 1 |
| NETHERLANDS' SPAR COULD HAVE TURNOVER IN RUSSIA IN 2008 | 47 | 1 |
| BOSCH GROUP TO BOOST RUSSIA TURNOVER BY 2010 | 47 | 2 |
| RUSSIAN RETAILER DIXY MULLING SPO IN 2-3 YRS | 48 | 1 |
| BRITAIN'S KING FISHER TO HAVE 20 HYPERMARKETS IN RUSSIA BY 2010 | 48 | 1 |
| KORKUNOV BOOSTS SALES 30% IN 2007 | 48 | 2 |
| FRANCE'S AUCHAN OPENS FIRST HYPERMARKET IN KYIV | 49 | 1 |
| PATERSON PUTS 3 STORES UP FOR SALE IN KYIV | 49 | 1 |
| CONSTRUCTION & PROPERTY | 49 | 1 |
| HINES, BELAYA DACHA TO INVEST IN PROJECT IN MOSCOW REGION | 49 | 2 |
| TOURISM & LEISURE | 50 | 1 |
| COURT RULES CONTRACTS TO DEVELOP HOTEL ROSSIYA LANDSITE INVALID | 50 | 1 |
| FINANCIAL & BUSINESS SERVICES | 50 | 1 |
| INDIVIDUAL BANK DEPOSITS IN RUSSIA DOWN 0.2% IN JANUARY-ROSSTAT | 50 | 1 |
| SBERBANK HAD 100 BLN RUBLES IFRS EARNINGS IN 2007 | 50 | 1 |
| SBERBANK "NOT RULING OUT" MAJOR ACQUISITIONS IN EASTERN EUROPE-BUGROV | 51 | 1 |
| SBERBANK EYES TOP-10 WORLD RANKING IN 5 YRS | 51 | 1 |
| SBERBANK PLANNING BROAD EXPANSION ABROAD IN 5 YRS-GREF | 51 | 1 |
| VTB Q1 NET PROFIT DOWN 56.5% | 52 | 1 |
| VTB 24 EXPECTS EARNINGS TO JUMP IN 2008 | 52 | 1 |
| GROWTH IN LENDING TO PUBLIC WILL SLOW 33% IN 2008-VTB 24 CHIEF | 52 | 1 |
| MDM BANK COULD RECEIVE UP IN LOANS FROM IFC | 52 | 1 |
| ORGRESBANK BOOSTS CHARTER CAPITAL 41%, EBRD'S STAKE SHRINKS TO 8.85% | 53 | 1 |
| NOVOSIBIRSKENERGO RAISING LOAN FROM GAZPROMBANK | 53 | 1 |
| RUSSIA CAN BE ADMITTED TO GREEN CARD INSURANCE SYSTEM IN 2009 | 53 | 1 |
| ROSGOSSTRAKH, KAPITAL INSURANCE TO FORM NEW INSURANCE GIANT | 53 | 2 |
| ITALY'S GENERALI AGAIN TRYING TO ENTER RUSSIAN INSURANCE MARKET | 54 | 1 |
| RUSSIA, ITALY TO SET UP JOINT INVESTMENT BANK ON PARITY BASIS | 54 | 2 |
| AIG PLANS ENTRY INTO RUSSIAN BANKING MARKET | 55 | 1 |
| RUSSIA'S CENTRAL BANK REGISTERS BMW BANK | 55 | 1 |
| HUNGARY'S OTP BANK TO RAISE CAPITAL OF UKRAINIAN BANK 70% | 55 | 1 |
| CIS | 55 | 1 |
| BELARUSIAN GOLD, FOREX RESERVES | 55 | 1 |
| NATIONAL BANK OF BELARUS TO LOWER REFINANCING RATE IN SEPT | 55 | 2 |
| KAZAKHSTAN'S GOLD AND CURRENCY RESERVES UP 1.8% IN MARCH | 56 | 1 |
| KAZAKHSTAN TO KEEP REFINANCING RATE AT 11% | 56 | 1 |
| KYRGYZ GOVT, NATIONAL BANK EXPECT GDP TO GROW OVER 8% IN 2008 | 56 | 1 |
| NATIONAL BANK OF AZERBAIJAN BOOSTS CURRENCY RESERVES 6% IN Q1 | 56 | 1 |
| AZERBAIJAN LEADS CIS IN INDUSTRIAL GROWTH IN JAN-FEB | 56 | 1 |
| AZERBAIJAN'S GDP TO GROW 15.7% IN 2008, 18% IN 2009-ADB | 57 | 1 |
| DIRECT FOREIGN INVESTMENT IN AZERBAIJAN TO TOTAL IN 2008-2011 | 57 | 1 |
| ARMENIA SEES INFLATION OF 4.8% IN Q1 | 57 | 1 |
| ESTONIA SCALES DOWN SOCIAL PROJECTS DUE TO EXPECTED BUDGET DEFICIT | 57 | 1 |
| FORECASTS & MARKETS ANALYSIS | 58 | 1 |
| FINANCIAL MARKET | 58 | 1 |
| DOLLAR EDGES UP | 58 | 1 |
| GOVERNMENT SECURITIES | 59 | 1 |
| NO CLEAR TREND ON OFZ MARKET | 59 | 1 |
| RUSSIAN EUROBONDS DIP | 59 | 2 |
| STOCKS | 60 | 1 |
| INTERNATIONAL VOLATILITY SLOWS RUSSIAN STOCK CLIMB | 60 | 2 |
| CORPORATE BONDS | 64 | 1 |
| CORPORATE BONDS LIKELY TO KEEP CLIMBING | 64 | 2 |
Tables |
| Title | Starting Page | Number of Pages |
|---|
| CHIEF RUSSIAN FINANCIAL AND MACROECONOMIC INDICATORS | 1 | 1 |
| EVENTS IN THE COMING WEEK | 1 | 1 |
| Key Data | 22 | 1 |
| Evraz Group FY2007 financial highlights | 36 | 1 |
| RESULTS OF RUSSIAN STOCKS TRADING IN RUSSIAN TRADING SYSTEM | 61 | 3 |
| Primary placements planned for April 7 to 11: | 64 | 1 |
| Leading gainers/decliners on MICEX Stock Exchange, March 28-April 3: | 65 | 1 |
| Leading issues by trading volume on MICEX: | 65 | 1 |
| Trading volume on stock exchanges, March 28-April 3: | 65 | 1 |
Graphs |
| Title | Starting Page | Number of Pages |
|---|
| OFFICIAL EXCHANGE RATE | 1 | 1 |
| RTS INDEX | 1 | 1 |
| RESULTS OF TRADING ON MICEX | 58 | 1 |
| Average YiElD On Securities | 59 | 1 |
| GKO-OFZ MARKET VOLUME BY PRICE | 59 | 1 |
| MINFIN YIELD | 60 | 1 |
| MINFIN BOND PRICES, % | 60 | 1 |
| RUSSIAN USD DENOMINATED EUROBONDS' PRICES | 60 | 1 |
| Best Performers | 63 | 1 |
| Worst Performers | 63 | 1 |
| Stock Indexes | 64 | 1 |
| CORPORATE BOND INDEX RUXCBONDS | 65 | 1 |
| CORPORATE BOND INDEX RUXCBONDS-P | 65 | 1 |
