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Today in Russian Business – July 2, 2008

Real estate group PIK has bought land in southern Russia with the intention of building a $640-million residential and commercial complex. Phone company Dalsvyaz announced 12-fold profit increases. Roskosmos, the federal space agency, has signed an agreement with US company Space Adventures to produce a tourist spacecraft. Global M&A volumes have dropped 30%, but Russia’s share has risen 24%. The new Petropavlovsk Group intends to invest about $5 billion over the next six years developing mining, banking and infrastructure assets in Russia’s Far East. Cisco Systems intends to invest in technology startups in Russia and other former Soviet states. “Whistle-blowing” is unpopular in Russian business.