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- Russia auctions off the main production unit of oil giant YUKOS for 260.75 billion rubles (USD 9.37 billion) to the small Baikal Finance Group.
- U.S. president George W. Bush (pictured right) is named "Person of the Year" by TIME magazine.
- European Union leaders agree to invite Turkey to begin negotiations to join the EU on 3 October 2005.
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