Today in Russian Business – Sept 23, 2008

Russia’s stock markets extended losses Tuesday as the Standard & Poors ratings agency revised its long-term outlook on seven Russian banks over liquidity concerns. Eurocement Holding today purchased6.52% of voting shares of Switzerland’s Holcim – the world’s second largest cement producer – on the open market. The Dubai government’s sovereign wealth fund, Dubai World, has pulled out of a $5.3 billion deal to buy control of Russian power firm OGK-1 due to poor market conditions, stated a source. Onexim Group today acquires a 50% stake in Renaissance Capital investment bank for $500 million, director general of the company said yesterday. The president of the company Mikhail Prokhorov stated that Renaissance Capital is planned to become the basis for a global investment bank.