VTB, Russia's second largest bank is undertaking an IPO worth nearly 100 billion roubles. Russia's second largest financial institution, VTB, is now undertaking plans to meet potential investors from all over the world in preparation for the issuance of new shares.

Due to the lack of promised reforms, many investors are moving their investments from Russia to other countries.

Russia extends help but conditions that help on "taking their interests into consideration."

Due to a planned maintenance check and low levels, the Troll Gas Field distribution plant at Kollsnes was shut down.

VTB purchases minority stake in Tricolor. VTB Capital announced today the purchase of minority shares in the largest Russian satellite TV operator, National Satellite Company, operating under the brand Tricolor TV.

First Deputy Prime Minister Shuvalov said that the government will not provide assistance to Cyprus depositors who lost money, except in certain circumstances.

South Africa with its diminutive size has more bang for the buck. Since South Africa's inclusion into the BRIC grouping of major emerging countries, there has been a deafening silence in its ascenscion from the global invesment community.

HSBC winds up Hermitage Fund. HSBC Holdings Plc has closed down Hermitage Capital Management and its Russia Fund. The fund's co-founder, William Browder, is now facing charges of libel in London and concurrently being tried in Moscow for tax evasion.

Oktogo.ru receives capital infusion from consortium headed by Victor Sazhin. Oktogo. ru, receives an $11million funding infusion from a new group of venture capitalists.

Morgan Stanley purchases Russian Mall for US$1.2 billion. Morgan Stanley Real Estate Investing, the fund manager's property arm has recently purchased Metropolis Shopping Mall located in northwestern Moscow.