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Today in Russian Business – Aug 5, 2008

From Reuters: “Investors are plowing money into Russia’s open lands to resuscitate the long-neglected farm sector and supply a world in ever greater need of food. This year’s Russian wheat crop promises to be the best in 30 years.” The waiting lists to buy cars in Russia can be very long, with buyers often waiting up to a year to buy a model of their choice, unless they “grease someone’s palm”. The historical pedestrian zone of Arbat in Moscow is being cleared of souvenir stands and artists. A cut in year-end forecast by Renaissance Capital is a sign of “continued investor jitters”. A unit of Severstal has acquired Italian-based wire-rope producer Redaelli Tecna for an estimated $100 million. The potential sale of Stolichnaya vodka is shrouded in mystery. The FT writes on Russian inflation.