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INDICATORS

Chief Russian Financial and Macroeconomic Indicators

EVENTS IN THE COMING WEEK

HEADLINE NEWS

Digest of Headline News

COVER STORY

Russia’s difficult choice: economic growth or financial stability

Kudrin outlines Russia’s economic strategy

Russia’s Central Bank expects growth in crediting to shrink to 35%-40% in 2008

Possibility to save on depreciation will play out starting 2009

OPINION

Kremlin expert does not see overheating in Russian economy

Analysts predict more food price hikes in Russia

Banks not facing liquidity problems

POLITICS. ECONOMY

Duma likely to confirm Putin’s nomination for PM on May 8

Ministry calls for Russia to move away from energy-based economic development

Duma approves bill restricting foreign investment in strategic enterprises

Transfer of state industrial assets to Rostekhnologii justified - Khristenko

Ministries, agencies opposes transfer of geological enterprises

Russia had estimated $22.8 bln net capital outflow in Q1 – CB

Russian balance of payments surplus up 61.6% to $37 bln in Q1 – CB

Accumulated foreign investments in Russia amount to $220.6 bln – Putin

Russia had 1.2% inflation in March, slightly above forecast

Russian inflation will start to decline in May-June – Economics Ministry

Russian intl reserves up $4.6 bln to $506.8 bln in week to March 28

Russian money supply grows 2% to 14.64 trln rubles in February

Russian manufacturing sector sustains high growth in March – VTB Europe

Russian services sector sees fastest growth in 6 mths – VTB Europe

Core sector growth accelerates to 10.4% in Feb

Russian foreign debt grows 48% to $460 bln in 2007 – CB

Ruble strengthens 1.3% in Jan-March

Russia’s domestic debt declines 2% in March to 1.3 trln rubles

COMPANIES & MARKETS

ENERGY & RESOURCES

Russian export duty on crude hits record $340.1/tonne

Russia ups coal production 3.1%, exports 5.2% in 2 mths

Russia ups gas production 2.4% in Jan-Feb, exports up 18.6%

Russian oil production up 0.8% in Jan-Feb; refining up 4.8%

Russia ups oil production 0.2% in Q1

Russia ups gas production 2.6% in Q1

Econ Ministry suggesting 30% gas price hike in 2011

Gazprom agrees cooperation with Siemens, capacity reservation with Mosenergo

Gazprom expects Serbia to ratify energy agreement with Russia

Gazprom undervalued by 75%-85% - Deputy CEO Kruglov

Gazprom to invest almost 1 trln rubles in 2010

Gazprom placing $1.5 bln in notes at 375-387.5 bps above swaps – source

Eni could share assets with Gazprom in Libya – FT

Italy’s Enel to invest 9Bln euro in Russian economy – Yastrzhembsky

PGNiG board to meet with Gazprom in late April

Rosneft, BP discuss outlook for cooperation

RITEK boosts RAS earnings 13.56% in 2007

Russian Coal wins rights to Rostov coal property

Three phases of Shtokman project to cost estimated $40 bln

Nord Stream cost estimate almost doubles to 7.4 bln euro

Burgas-Alexandroupolis pipeline construction to begin in 2009

Transneft links first ESPO section to pipeline network

St. Pete exchange delays petroleum product trading

ELECTRICITY PRODUCTION & DISTRIBUTION. NUCLEAR POWER

Russia generates 7% more electricity in Jan-Feb

TGK-13 to pay additional 0.00046 per share for 2007

TGK-10 board approves supplementary share issue for spin-off

Finland’s Fortum ups stake in Russia’s TGK-10 to 76.49%

TGK-1 recommends no dividend for Apr-Dec 2007

Gazprom to make offer to TGK-1 shareholders, aims for control

Mosenergo board approves terms for Siemens capacity deal

Russia’s SUEK applies with FAS to acquire 100% of TGK-12

TGK-11 warns shareholders of risks related to Rosneft lawsuits

Voloshin, Dmitriev, Kirienko, Klepach, Khristenko to join Inter RAO board

Societe Generale preparing to place Russia’s MRSK Center on European exchanges

METALS & MINERALS

Russia moves to bring investors into uranium industry

Potanin buys 1% of Polyus Gold from Norilsk

Mechel to refinance Oriel takeover with upstream IPO

RUSAL’s Norilsk Nickel buy to be closed in April

Mechel, Danieli sign three-year partnership deal

Russian firms eye Namibian uranium

Alrosa to start overhauling sales policy this year

Australian regulator bans Usmanov from selling Mount Gibson stake

RUSAL subsidiary suspends operations of two coalmines over strike

Evraz 2007 net profit up 56%

Evraz Group steel mill could boost 2007 dividends 50%

ENRC completes acquisition of Russian ferroalloy plant for $210 mln

U.S. may reconsider anti-dumping duty on Russia magnesium supplies

METAL GOODS & ENGINEERING

Organizers of Avtovaz’s IPO to launch marketing after cross ownership eliminated

GAZ may create several JVs with Magna International

Russia launches sale of Kaluga assembled Passat, Jetta cars

Russia’s Avtotor stops assembling Chery cars

Cadence Innovation, Sumitomo to build auto parts plant outside St. Petersburg

Power Machines trebles net losses in 2007

Nissan doubles car sales in Russia in Q1

IT & TELECOMS

SMARTS mulls IPO to determine fair price of operator

MTS borrowing $1 bln for possible SMARTS buy – source

Euroset mulls purchase of Russian cellular phone retailer

Eventis Telecom founders sell up

Russia’s Rostelecom boosts RAS net profit 31.2% in 2007

MTS halves Q4 RAS earnings

Russia’s MegaFon reduces RAS net profit 24% to 4.9 bln rubles in 2007

Southern Telecom could boost 2007 dividends 50%

TRANSPORT

Russia’s RZD to raise $6 bln from sale of subsidiaries before 2010

VEB yet to receive official proposal on purchase of NRC stake in Ilyushin Finance

Aeroflot 2007 net profit down 23.8% (Part 2)

FOOD & AGRICULTURE. PROCESS INDUSTRIES, FORESTRY & TIMBER

Russian govt approves extension of grain export duties

Russia introduces tougher safety regulations for food products

Analysts don’t foresee active IPOs in Russian retail sector

Auchan to broaden cooperation with Russian food producers

John Deere to invest $80 mln in production center in w. Russia

Uralkali ups 2007 net profit 130% to 8.045 bln rubles

Armenia expects to boost grape harvest 5%-10% in 2008

CHEMICALS & pharmaceuticals

SIBUR not planning IPO this year, could offer Eurobonds

SIBUR in talks to expand tire business

Fertilizer export duties to finance expenses for agricultural producers - Gordeyev

Three criminal cases against pharmaceutical companies are being investigated in Russia

CONSUMER GOODS. RETAIL

Police search Eldorado office in Moscow

X5 Retail Group suspends cash & carry project

Euroset to sell part of business in Lithuania, Latvia

Netherlands’ SPAR could have turnover in Russia of more than $1 bln in 2008

Bosch group to boost Russia turnover to 1 bln euros by 2010

Russian retailer Dixy mulling SPO in 2-3 yrs

Britain’s King Fisher to have 20 hypermarkets in Russia by 2010

Korkunov boosts sales 30% in 2007

France’s Auchan opens first hypermarket in Kyiv

Paterson puts 3 stores up for sale in Kyiv

CONSTRUCTION & PROPERTY

Hines, Belaya Dacha to invest $900 million in project in Moscow region

TOURISM & LEISURE

Court rules contracts to develop Hotel Rossiya landsite invalid

FINANCIAL & BUSINESS SERVICES

Individual bank deposits in Russia down 0.2% in January – Rosstat

Sberbank had 100 bln rubles IFRS earnings in 2007

Sberbank not ruling out major acquisitions in Eastern Europe – Bugrov

Sberbank eyes top-10 world ranking in 5 yrs

Sberbank planning broad expansion abroad in 5 yrs – Gref

VTB Q1 net profit down 56.5% to 1.166 bln rubles

VTB 24 expects earnings to jump to $200 mln in 2008 from $30 mln in 2007

Growth in lending to public will slow 33% in 2008 – VTB 24 chief

MDM Bank could receive up to $385 mln in loans from IFC

Orgresbank boosts charter capital 41% to 824 bln rubles, EBRD’s stake shrinks to 8.85%

Novosibirskenergo raising 3.5-bln ruble loan from Gazprombank

Russia can be admitted to Green Card insurance system in 2009

Rosgosstrakh, Kapital Insurance to form new insurance giant

Italy’s Generali again trying to enter Russian insurance market

Russia, Italy to set up joint investment bank on parity basis

AIG plans entry into Russian banking market

Russia’s Central Bank registers BMW Bank

Hungary’s OTP Bank to raise capital of Ukrainian bank 70%

CIS

Belarusian gold, forex reserves reach $5.5 bln

National Bank of Belarus to lower refinancing rate in Sept

Kazakhstan’s gold and currency reserves up 1.8% in March

Kazakhstan to keep refinancing rate at 11%

Kyrgyz govt, National Bank expect GDP to grow over 8% in 2008

National Bank of Azerbaijan boosts currency reserves 6% in Q1

Azerbaijan leads CIS in industrial growth in Jan-Feb

Azerbaijan’s GDP to grow 15.7% in 2008, 18% in 2009 - ADB

Direct foreign investment in Azerbaijan to total $10 bln in 2008-2011

Armenia sees inflation of 4.8% in Q1

Estonia scales down social projects due to expected budget deficit

FORECASTS & MARKETS ANALYSIS

FINANCIAL MARKET

DOLLAR EDGES UP

GOVERNMENT SECURITIES

NO CLEAR TREND ON OFZ MARKET

RUSSIAN EUROBONDS DIP

STOCKS

INTERNATIONAL VOLATILITY SLOWS RUSSIAN STOCK CLIMB

RESULTS OF RUSSIAN STOCKS TRADING IN RUSSIAN TRADING SYSTEM STOCK INDEXES

CORPORATE BONDS

CORPORATE BONDS LIKELY TO KEEP CLIMBING

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Agency Interfax