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. Last Updated: 07/27/2016

04/30/2004

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Press Review

A brief look at the stories making headlines in the Russian-language press

Russia Falls to Earth in Norway

Russia's preparations for Euro 2004 took a humiliating blow Wednesday when Georgy Yartsev's side suffered a 3-2 defeat to nonqualifier Norway -- a team that had never before beaten Russia.

Business in Brief

$500M Renova Fund MOSCOW (Bloomberg) -- Renova, a holding company controlled by Russia's ninth-richest man Viktor Vekselberg, is setting up a direct investment fund that will manage about $500 million of assets, Vedomosti reported. Renova's 12 percent stake in Verkhnaya Salda Metallurgical Production Association, the world's biggest titanium producer, will become the fund's first asset, Vedomosti said, citing Oleg Tsarkov, the former managing director of Troika Dialog who now heads the Renova Capital fund. Renova Capital will seek to buy stakes in consumer goods, service and transportation companies with market values of at least $70 million, Tsarkov told Vedomosti. Renova controls Russia's second-biggest aluminum producer SUAL Group, owns a stake in TNK-BP and has assets ranging from food processing to production of construction materials.

Stocks Plunge on UES Fears, Potanin Rumors

The market suffered its steepest decline since the October arrest of Mikhail Khodorkovsky on Thursday after the government moved to renationalize Russia's largest hydro plant and rumors spread that an arrest warrant had been issued for businessman Vladimir Potanin.

Brewers Crank Up Production

Beer production spurted 25 percent year-on-year in March according to official numbers, but industry experts stuck to their moderate growth forecasts for 2004.

Halliburton Man to Sub for Khodorkovsky

The Central Bank of Russia and U.S. oil services giant Halliburton may seem like strange bedfellows, but they have at least one thing in common: has-beens from both organizations will soon be working for jailed oligarch Mikhail Khodorkovsky.

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