Main news of May 7

RUSSIA

* Dmitry Medvedev was inaugurated as Russia's third president in a glittering and solemn ceremony in front of some 2,500 guests at the Grand Kremlin Palace in Moscow as Vladimir Putin stepped down after eight years as head of state

* Russia's President Dmitry Medvedev submitted Vladimir Putin's candidacy for prime minister to the State Duma, a presidential spokesman said

* Russia's government will have a larger number of deputy prime ministers if Vladimir Putin is appointed premier, Communist leader Gennady Zyuganov said after Putin held consultations with MPs

* Promises made by U.S. leaders cannot be trusted, former Soviet president Mikhail Gorbachev said in an interview with The Daily Telegraph

* Russia's doomsday sect members, still holed up in a dugout in the country's central Penza Region, have excavated a well after an earlier reported cave-in, local officials said

WORLD

* India has successfully conducted the third test of an intermediate-range ballistic missile capable of carrying nuclear warheads, national television reported

* Israel paid tribute to the more than 22,000 killed in wars and terrorist attacks since the Jewish state was created as part of its 60th anniversary

* Almost 1,500 children in Singapore have been infected this week by hand, foot and mouth disease (HFMD), that has already killed a total of 28 children under six in China, the country's health ministry said

* At least one Palestinian militant has been killed and some 15 others wounded in Israeli attacks in southern Gaza, local officials said

*  U.S. authorities have officially brought charges against an alleged Russian arms dealer who they claimed attempted to sell weapons to a terrorist organization in Colombia, a senior U.S. drug enforcement official

* Georgia's self-proclaimed republic of Abkhazia will eventually achieve independence just like Serbia's Kosovo gained sovereignty in February, Sergei Bagapsh, the president of the unrecognized republic said

BUSINESS

* Russia and Kazakhstan have agreed to double the capacity of the Caspian Pipeline Consortium (CPC) by 2012, the Russian Industry and Energy Ministry said

* Russia's law on foreign investment in strategic industries, clarifying the rules of investing in Russia, came into effect

* Tatneft, Russia's sixth largest oil company, said its proven oil and condensate reserves grew by 228 million barrels or 3.9%, year-on-year, in 2007 to 6.14 billion barrels

* Russia's crude exports to countries other than former Soviet republics declined 5.8%, year-on-year, in the first quarter to 51.5 million metric tons (377 million barrels), the Federal Customs Service said

* The European Bank for Reconstruction and Development (EBRD) bought a 4.1% stake in OGK-5 from a subsidiary of Italy's Enel and will now control 5.2% of the Russian wholesale generating company