Turkmenistan Tries To Give Money, And Image, A Makeover

Turkmenistan has redenominated its national currency, the manat, cutting off three zeroes while also removing the image of its autocratic former leader, Saparmurat Niyazov, from all coins and all but one banknote. The government says the procedure will strengthen the manat and promote foreign investment. Some Turkmen, however, are anxious about the move, saying any currency change will create more uncertainties in markets and could drive prices up. More

Russia, EU See Caspian Energy Dreams Deferred

The steady rise of oil and gas prices in the early half of 2008 had much of the world scrambling to achieve energy security, and eyeing the resource-rich Caspian basin. Foreign delegations descended on the region, eager to make deals. By the end of the year, however, the stunning fall in oil prices had complicated matters greatly. More