CENTRAL BANK OF RUSSIA – DOLLAR – SUBSTITUTION
Central Bank of Russia tries to defend its foreign exchange reserves from devaluation, Nezavisimaya Gazeta reports.
Bank of Russia is going to place more its reserves in Swiss Francs, the first vice-chairman of the bank Alexei Ulykaev reported Friday. Experts explain this decision by the danger of a new dollar downfall and possible world exchange market fever.  It is also possible that Russian reserves will be placed in Canadian, Australian and New Zeeland exchanges.  

TAHERA DIAMOND - STAY PERIOD - EXTENSION
Tahera Diamond Corporation has received an extension to its stay period entered under the Companies' Creditors Arrangement Act (CCAA) from the Ontario Superior Court of Justice. The original CCAA filing occurred on January 16, 2008 and the stay period was subsequently extended to June 30, 2008. The stay period is now in effect until September 30, 2008 and is intended to provide sufficient time for the company to complete its sales process. In addition, the order also provides an extension for Tahera to conduct its annual meeting of shareholders to a date no later than six months after the date of implementation of a Plan of Arrangement or Compromise under the CCAA proceedings, Tacy reports.

JAPAN – DIAMONDS - EXPORT
An event celebrating the continuation of economic ties and trade between Israel and Japan, as well as the 60th anniversary of the establishment of the state of Israel, was held Thursday evening at the residence of the Japanese ambassador to Israel, Yoshinori Katori.
Several Israeli companies that are leaders in their respective fields according to their level of trade with Japan were honored, including M Schnitzer & Co. The Israeli diamond firm achieved the highest level of diamond exports to Japan out of all other Israeli companies in the diamond industry in 2007.

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