The Ministry of Finance of the Russian Federation has published explanations of one of the most controversial issues in the retail segment of Russia’s pooled investments market. The agency permitted the managing companies’ agents for mutual funds’ sale to give their shareholders 2 NDFL certificates (individual income tax) by themselves. Until recently, only managers could do this, and that caused some inconveniences both to them, and to their clients.

The volume of bill debts grows rapid paces in Russia. In 1H 2008 the number of the placed public bill programs exceeded the index of the analogical period of the last year by 73%. In the meantime, experts warn issuers and investors of risks’ rise.

JSC RusHydro’s stocks are listed in indices’ calculation of the agency Morgan Stanley Capital International (MSCI) Barra. Analysts forecast the mass demand for these securities from the part of the western investment funds and their quotations’ growth as well.

Official statement about cease-fire in the Georgia-Ossetia conflict zone caused 2,63-3,49% growth of the Russian stock indices. However, analysts don’t speak about the steady market recovery that has fallen more than 30% within one and a half month. Currently, only speculators are operating on stock exchanges, and long-term investors reassess risks of the Russian securities.

Metalloinvest Holding controlled by Alisher Usmanov has first published the consolidated reporting by international standards. Financial indices have coincided with analysts’ expectations who consider that the reporting publication is the first Metalloinvest step to IPO. It takes place in autumn, and judging from the forecasts of the holding management, according to 2008 results Metalloinvest can be estimated at about $34 billion.

Uralkali, Russia’s potash producer, can spend around 70% of the company net income by RAS standards (Russian Accounting Standards) to pay dividends for 1H 2008. The company does not have any large projects for the nearest four years, so by 2012 stockholders can expect high payments, while the core rivals reduce dividends for capital investments. According to the year results, Uralkali dividends can total almost RUR 20 billion.

The largest French banking group – BNP Paribas – purchases the Russian group of companies – AntantaPioglobal. The deal size can attain $70 million. However, the French have to spend more, as development of AntantaPioglobal retail business requires serious costs, experts forecast.

Situation in the Georgian and Ossetian conflict zone has continued and worsened during the weekend, and the Russian stock market participants have given up hopes for recovery in the nearest future. In terms, when all Russia’s news push all Russian indices down, and all leading western markets grow, analysts do not give forecasts even for the short-term prospect

In the nearest future China’s issuers will get an opportunity to place their securities at Russia’s market directly. In addition, People’s Republic of China will place its gold and currency reserves in Russia as well. It becomes possible due to a memorandum about information exchange Russia’s Federal Financial Markets Service and China’s Commission for securities regulation have signed

On the background of prices drop on primary markets, on August, 5 took place quotations fall on the stock floors. According to the day results, stock exchange indicators of MICEX (Moscow Interbank Currency Exchange) and RTS (Russian Trading System) lost 3,7% and 4,4% respectively. Fall at the Russian market continues 11 weeks already. As experts mark, they have not observed such long drop since 2004, when the state had made tax claims that resulted in Yukos bankruptcy.