Weekly news:

INDICATORS

Chief Russian Financial and Macroeconomic Indicators

EVENTS IN THE COMING WEEK

HEADLINE NEWS

Digest of Headline News

COVER STORY

Ministers see difficult 2009, outline ways state can combat crisis

Putin stresses Russia open to investment, warns against isolationism at Davos

Ruble seen as more stable with floating rate, forex demand expected to ease

Nabucco facing "moment of truth"

overview

Country risk exacerbates Russian corporate liquidity and market woes – S&P

FORECAST

EBRD lowers 2009 growth forecast for Russia to 1%

IMF forecasts Russian economy to fall 0.7% in 2009

POLITICS. ECONOMY

FSB should track spending of govt aid allotted to banks, companies – Medvedev

Russian international reserves fall $9.7 bln in week

Russian GDP fell 0.7% in Dec, rose 6% in year – source

Russia had budget surplus of 1.849 trillion rubles or 4% of GDP in 2008 – Kudrin

Russia had approx 0.8% inflation for week Jan 20-26, 2% in month so far – source

Russian govt members, European Commission to meet in Moscow in Feb

Russia’s population shrinks by 117,400 in 11 mths

Jobless in Russia up 0.5 mln, unemployment jumps to 7.7% in Dec - Rosstat

ECHR to examine Yukos case

RUSSIA-UKRAINE GAS DISPUTE

29.01.09 Naftogaz denies gas contracts were signed under pressure

28.01.09 Gas sector still political, conflict not resolved - Yushchenko

27.01.09 Yushchenko calls for European integration of Ukraine’s gas transport system

26.01.09 Gazprom again proposes intl consortium manage Ukraine’s pipeline system

COMPANIES & MARKETS

ENERGY & RESOURCES

Putin confirms $100.9 export duty on oil

One strategic hydrocarbon field discovered in 2008 – Trutnev

Gazprom sees no financing difficulties; may raise loans secured with exports

Regulator fines Gazprom 158 mln rubles for restricting pipeline access

Lukoil prepared to buy CPC stake if BP decides to sell – Alekperov

Rosneft, Lukoil contest fines for fuel pricing violations

Norway proposes Russian companies use its gas transportation system

Sistema planning "billion dollar" acquisitions in Q1

ELECTRICITY PRODUCTION & DISTRIBUTION. NUCLEAR POWER

Negative outlook for Russian power groups in 2009 - Fitch

Russian power consumption could fall 4%-8% in 2009 – council

Inter RAO plans to manage OGK-1 shares

RusHydro, FGC reportedly agree on sale of shares in gencos

METALS & MINERALS

Russia boosts gold production 13.3% in 2008

Usmanov makes formal merger proposal to Norilsk shareholders – newspaper

Udokan must be put back, Metalloinvest 2009 EBITDA could be under $1 bln – Usmanov

Polyus Gold edges gold output up to 38 tonnes in 2008

Peter Hambro boosts gold production 36% in 2008

Lukoil, FORACO sign contract on diamond field exploration

ARMZ buying stakes in two Kazakhstan-based uranium JVs

Evraz challenging fines for coal producers, orders to cut prices

Govt commissions recommends zeroing of import duties on scrap and copper by-products

Russia reduces steel output 5.1% in 2008; down 43.6% in Dec - Rosstat

Severstal may supply steel for new model at Renault-Nissan plant in Moscow

METAL GOODS & ENGINEERING

Alfa Bank preparing new claims against Basel firms

KAMAZ Group expects net losses of 1.5 bln rubles in 2009

AvtoVAZ plans to match last year’s car sales in 2009 – Aleshin

GM Uzbekistan JV boosts auto output 13.5% in 2008

IT & TELECOMS

Sistema expects to agree on Svyazinvest stake with govt by end 2009

Chichvarkin arrest ordered in absentia

VimpelCom may place ruble bonds in 2009

TRANSPORT

Tariffs on cargo transport in 2008 up 41% on average

Aeroflot boosts revenue 28.6% to 95.7 bln rubles in 2008 – preliminary data

Aeroflot signs $286 mln contract for six Airbus A321

Sibir officially cancels contract for 15 Boeing 787 Dreamliner

FOOD & AGRICULTURE. PROCESS INDUSTRIES, FORESTRY & TIMBER

Russia ups agricultural output 10.8% in 2008

Russia produced more meat, milk in 2008; fewer eggs

Russia reduces sugar production 4% on declining raw sugar imports

Russian beer production down for first time since 1996

Only cognac and fruit wine production up in Russia in 2008 – Rosstat

Russian wine production down sharply in Dec 2008

CHEMICALS & pharmaceuticals

Weakening ruble rate helps mineral fertilizer producers - Acron

Russia reduces mineral fertilizer production 6% in 2008

Russia eliminates export duties on nitrogenous, phosphate, compound fertilizers

Prices for medicines in Russia up 11% since Jan 1 - agency

UralChem completes 5:1 share split

Kalina to sell Dr. Scheller Cosmetics assets in Germany

CONSUMER GOODS. RETAIL

Russian retail growth slows to 4.4% in Dec - source

X5 Retail Group could buy or merge with Kopeika – newspaper

Weaker ruble to hit Seventh Continent hardest among grocery chains – analysts

PPF Group to acquire 51% of electronics retailer Eldorado - Vedomosti

CONSTRUCTION & PROPERTY

LenSpetsSMU in negotiations to change structure of $100 mln in CLNs – Troika Dialog

FINANCIAL & BUSINESS SERVICES

New rules for suspending stock exchange trading to take effect March 1

RTS to launch futures in euro/dollar and euro/rubles parings on Feb 5

Russian companies ask VEB to take over their foreign debts

Sberbank boosts 9M IFRS earnings 29% to 90.2 bln rubles, below forecast

Russian govt mulling extra 200 bln rubles for VTB Bank

Criminal action against Storchak resumed – source

Gazprom to offer 19% stake in insurer SOWAG Mar 16

CIS

Ukrainian debt soars 45.2% in two months, 37.3% in year

Kazakh budget revenue 0.4% below target, grows 40% in 2008

Uzbekistan has 9% GDP growth in 2008; inflation - 7.8%

IMF forecasts Uzbek GDP to grow 7% in 2009

Tajikistan’s foreign debt rises 22% in 2008

Georgia has 2% real GDP growth in 2008

Azerbaijan to lower discount rate from 8% to 5% on Feb 2

Lithuanian GDP up 3.2% in 2008 - early stats

FORECASTS & MARKETS ANALYSIS

FINANCIAL MARKET

DOLLAR, EURO HIT NEW HIGHS

GOVERNMENT SECURITIES

MINIMUM INTEREST ON OFZ MARKET

EUROBONDS DOWN AFTER BRIGHT START TO WEEK

STOCKS

STOCK MARKET SEES FIRST CLIMB FOR 2009

RESULTS OF RUSSIAN STOCKS TRADING IN RUSSIAN TRADING SYSTEM

STOCK INDEXES

CORPORATE BONDS

TRADING, PRICES TO PICK UP ON CORPORATE BONDS MARKET

Nb: This news report features only the headline of each news.

Agency Interfax