Weekly news:

INDICATORS

Chief Russian Financial and Macroeconomic Indicators

EVENTS IN THE COMING WEEK

HEADLINE NEWS

Digest of headline news

COVER STORY

Russia unsatisfied with Energy Charter, proposes new normative and legal base

Central Bank cuts refinancing rate to 12.5% effective April 24

Change in devaluation, inflation expectations let Central Bank lower interest rates – Ulyukayev

Russian GDP fell 9.5% in Q1 – Econ Ministry estimate

FORECAST

Russian GDP to fall 6% in 2009 – revised IMF forecast

IMF expects CIS economies to decline 5.1% in 2009

POLITICS. ECONOMY

Nord Stream project positive for Europe, Russia stands for its active promotion - Medvedev

Medvedev hopes Russian partners at WTO talks will be more active

OPEC chief could visit Russia in May - Sechin

Kudrin sees end to period of rising budget spending

Almost all of Russia’s Reserve Fund to be spent in 2010 – Kudrin

Kudrin: state may boost spending to support banks if non-performing loans rise

Shuvalov: no plans to speed up privatization

CB forecasts increase in total lending of 10%-12% for 2009 - Kudrin

Bank shareholders must inject funds into capital to get subordinated loans at 3:1 ratio – Kudrin

MinFin in discussion with banks on terms for entering foreign debt market - source

Russian international reserves rise $0.9 bln in week

Russian monetary base up 53.7 bln rubles to 3.826 trln rubles

Russian unemployment jumps to 9.5% in Q1 – Rosstat

Ex-Yukos lawyer Bakhmina released on parole

Khodorkovsky, Lebedev plead not guilty at their trial

COMPANIES & MARKETS

ENERGY & RESOURCES

Russia, China sign intergovt accord on oil cooperation

Economic Development Ministry raises 2009 forecast on average annual price of Urals oil from $41 to $45 a barrel

Tariffs Service chief not ruling out hike in Transneft tariff on June 1

ESPO oil transport tariff may equal $30-$32 per tonne – FTS

Rosneft may bid for Sibir Energy; Tchigirinski to sell personal assets - The Times

E.ON prepared to sell portion of Nord Stream stake to GDF Suez - press

Credit Suisse announces purchase of Sibir Energy shares for TNK-BP

Lukoil plans to enter Italy’s wholesale and retail market under its own brand

Lukoil to make voluntary offer on purchase of all RITEK shares from market

ELECTRICITY PRODUCTION & DISTRIBUTION. NUCLEAR POWER

Russia will not cut financing of nuclear radiation security programs in 2009 - Kiriyenko

Russia ready to be flexible on price of building second stage of Tianwan NPP

Russian govt could freeze electricity prices for farmers

INTER RAO to open representative office in Cuba

METALS & MINERALS

Potanin reduces stake in Norilsk Nickel to 25% plus one share – SEC

MMK returns to profitability in Q1

Russia’s Mechel finalizes purchase of Bluestone Coal in W. Virginia

Russia’s Alrosa mulls withdrawal from Angolan project

METAL GOODS & ENGINEERING

VSMPO-Avisma, Airbus contract on delivery of titanium products worth $4 bln – Putin

Avtovaz reaches debt repayment agreement with MMK

General Prosecutor checks Avtovaz, measures being discussed

Kamaz and India’s Vectra group to form JV for production of trucks

IzhAvto to continue producing KIA cars – President of Udmurtia

IzhAvto to stop car production entirely in May

IT & TELECOMS

Russia’s MegaFon warns investors of possible claims from Apple over iPhone

Microsoft to invest 10 bln rubles in Russian projects over three years

MegaFon boosts US GAAP net profit 37.2% to 12.63 bln rubles in Q4

TeliaSonera’s revenues from Megafon up 18% in Q1

Sitronics signs $64.2 mln in contracts with Sistema Shyam Teleservices for supply of billing system and CRM

TRANSPORT

Lebedev offers Aeroflot to buy shares in Blue Wings for one euro

FOOD & AGRICULTURE. PROCESS INDUSTRIES, FORESTRY & TIMBER

Coca-Cola’s sales down 18% in Russia for Q1

Efes invests 7.5 mln euro in new filling line at Kazan brewery

CHEMICALS & pharmaceuticals

Russian fertilizer output down 27% in Q1, signs of production bouncing back observed in Mar

CONSUMER GOODS. RETAIL

?5 Retail may acquire Siberia’s Holiday group for 7% of shares - Kommersant

CONSTRUCTION & PROPERTY

Mechel to open new cement production facility in 2011

LSR Group loses 8 bln rubles in 2008

media

Rambler Media net profit falls 40% in 2008

FINANCIAL & BUSINESS SERVICES

Putin calls for improving mechanism for state guarantees to banks

Russian govt to continue helping banks, but wants more loans to real sector – Putin

Banks receiving state assistance should provide loans at no higher than 16% - Putin

Putin proposes changing matching ratio on subordinated loans

Putin instructs govt to work on using state bonds to raise bank capitalization

Sberbank net profit tumbles 99% to 0.3 bln rubles in Q1

Sberbank posts net profit of almost 110 bln rubles in 2008 - Gref

Sberbank will not require additional capitalization until at least fall - Gref

Sberbank may require capital boost in 2010 – Ulyukayev

VTB net profit falls 85% to $212 mln in 2008, but beats forecast

VTB forecasts revenue to rise 10%-20% in 2009

VTB bought back portion of Eurobonds in Q1; amount not disclosed

VTB overdue loans rise to 3.4% in Q1 from 1.8%; problem loans total 7% - Kostin

Russian Central Bank’s gold reserves grow 1.2% in March

Swedbank cuts development plans for Russia and Ukraine

Russian govt endorses transfer of KIT Finance to DIA for rehabilitation – source

KIT Finance to sell non-core assets, including Rostelecom stock, to settle with creditors

Court recognizes bankruptcy of Moscow Capital Bank

Central Bank registers subsidiary of Japanese SMBC bank

CIS

Belarus sees industrial production shrink 4.5% in Q1

Belarus’ foreign trade falls 40% in Q1

Ukrainian current account deficit narrows 75% in Q1

Kazakh GDP declines 2% in Q1 – Econ Ministry preliminary data

Kazakhstan sees money supply expand 6.7% in Q1

Inflow of FDI to Kazakhstan in 2009 forecast at $10 bln – Ministry of Economy

Kazakh trade down 39% in Q1

Central Bank of Uzbekistan maintains refinancing rate at 14% for 2009

IMF to provide Tajikistan $116 mln loan

Tajikistan sees gold, forex reserves fall 12% in Q1

Azerbaijan’s GDP up 4.1% in Q1

Azerbaijan sees industrial production fall 2.2% in Q1

Azerbaijan’s state budget surplus at 7% of revenues in Q1

Azerbaijan to see GDP growth of 2.5%, inflation of 4% in 2009 – IMF

FORECASTS & MARKETS ANALYSIS

FINANCIAL MARKET

EURO STOPS FALLING, DOLLAR UNABLE TO GAIN

GOVERNMENT SECURITIES

OFZs POST VARYING QUOTATIONS FOR WEEK OF APRIL 20-24

RUSSIAN EUROBONDS FINALLY CORRECT DOWN AFTER SEVEN WEEKS OF GROWTH

STOCKS

Russian stocks correct downward after two-month advance

RESULTS OF RUSSIAN STOCKS TRADING IN RUSSIAN TRADING SYSTEM

STOCK INDEXES

CORPORATE BONDS

DEALERS LIKELY TO TAKE PROFITS ON CORPORATE BONDS MARKET

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

Agency Interfax