14 April 2004 22:19
Moscow press review for April 14, 2004 (part 2)
MOSCOW. April 14 (Interfax) - The following is a digest of Moscow newspapers published on April 14. Interfax does not
accept liability for information in these stories. POLITICS & ECONOMICS
Russian industrial production growth unexpectedly slowed to 6.6% year-on-year in March, from 8.7% in February and
7.5% in January, according to preliminary figures. Economists think the strong ruble is to blame (Vedomosti, p. A1).
A number of Russian companies working in Iraq plan to evacuate their personnel after eight employees of one company -
three Russians and five Ukrainians - were kidnapped Monday evening. The eight were released unharmed on Tuesday
(Vedomosti, p. A2; Kommersant, p. 1; Moscow Times, p. 1; Izvestia, p. 2; Vremya Novostei, p. 1).
The Central Bank will change the way it regulates the ruble's exchange rate by replacing ruble to dollar
monitoring with a dollar/euro currency basket (Vedomosti, p. B1; Kommerasant, p. 13; Moscow Times, p. 6; Izvestia, p.
13; Vremya Novostei, p. 1).
General Yury Baluyevsky, the deputy head of the General Staff, said Russia would review the principles of its
military planning, including strategic nuclear forces, if NATO remains a military alliance with its current military
doctrine (Izvestia, p. 3; Vremya Novostei, p. 4).
The head of the Federal Financial Markets Service, Oleg Vyugin, wants the mega-regulator to have the right to
legislative initiatives, and intends to take over regulation of banks, insurers and auditors (Vedomosti, p. B5;
Kommersant, p. 1; Vremya Novostei, p. 7).
Kommersant analyzes the administrative resolution issued by Prime Minister Mikhail Fradkov and argues that
bureaucrats are hijacking reforms (Kommersant, p. 20). METALS & MINING
Russian Aluminum raised a loan of $800 million, its largest and cheapest ever. The company plans to use it to
refinance some of its record $2.2 billion debt, but analysts think RusAl might also use the money for acquisitions
abroad (Vedomosti, p. B1).
Russian Railways threatens to hike tariffs if steelmakers continue to hike their prices (Kommersant, p.13).
Leading international trader Glencore is creating a grain
company in Russia in which it might invest as much as $100
Interview: Viktor Vekselberg, shareholder of TNK-BP and aluminum company SUAL (Vedomosti, p. A5). BANKING, FINANCE
& INSURANCE
The Central Bank has barred Sodbusinessbank from accepting retail deposits for six months and ordered the bank to
beef up barriers against money laundering and boost its capital adequacy. Analysts say the fact that the sanctions have
been made public sets a precedent (Vedomosti, p. A1). REAL ESTATE
The Moscow city government has approved a $25.3 million plan to restore the landmark Manezh exhibition center, far
less than the 25 million-30 million euros that the city planned to spend on renovating the Manezh before it was
destroyed by a fire (Kommersant, p. 7: Vremya Novostei, p. 1). AGRICULTURE & FORESTRY
million. It has already lured top executives away from Russian grain company Roskhlebprodukt (Vedomosti, p. B1). [RU
ASIA EUROPE EEU EMRG PRESS GRA IQ REA MET ALU REGS BNK FRX CEN MCE] vp tc
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