In today’s news, Axial Vector Energy announced that it has selected Mr. Sanjai Chhaunker as its new President and CEO effective today. Mr. Chhaunker will be in charge of all AVEC corporate functions, including finance, administration, international operations, product development, customer services, sales and marketing.

“Sanjai has tremendous operational and product development experience that covers the range of corporate functions,” commented Mr. Ahmed Khalifa, Chairman of AVEC. Mr. Khalifa further said, “The Board has given its full endorsement of his plan to use the financial resources of EICA to seek acquisitions of companies and technology for AVEC that compliment AVEC engine, generator and electric motor technologies.”

“Sanjai Chhaunker’s depth of experience and leadership skills will allow us to accelerate our growth and take the company to the next level,” stated Mr. Arash Masom, Senior Managing Director of Emirates Capital. “We are excited to

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Financial NewsJason Corcoran in Moscow23 June 2008 Investment climate is steady as new leader continues reform agenda Russia’s equity markets are enjoying the country’s honeymoon period under its new leadership, but investors remain wary of how the power-sharing arrangement will evolve.The changing of the guard on May 7 saw Vladimir Putin hand over the presidential mantle to his protégé Dmitry Medvedev. Within hours, Medvedev had nominated his mentor Putin as Prime Minister.The smooth choreography proved to be a fillip for Russia’s main stock markets and sparked a buying spree by foreign funds.The MSCI Russia Index was the best performing emerging equity market last month, rising 15.7%, and outperforming the MSCI EM Emea index, which rose 7.3% in the same month. Inflows recorded in the third week of May of $542m (€350m) were the highest in Russia ...