“Investor trust in Russian equities is based more on the perceived security of the current Kremlin leadership than on the faith that financial institutions will somehow protect shareholders’ rights.” Russian stock markets suffered heavy losses as a lastminute deal to save US investment bank Bear Stearns from bankruptcy sparked fears of further bad news to come. Unimilk, the country’s second-largest dairy company, plans to hold an initial public offering in 2009. Asbis Enterprises, a hardware and software distributor, will begin delisting from the London Alternative Investment Market, becoming the first Russian-owned company to leave the exchange voluntarily. Until recently, Russia’s Defense Ministry had fiercely opposed a project to spread 3G nets in Moscow for cell phones, as its missile warning system operates at the same frequencies required for 3G. Russian services conglomerate Sistema has sold its engine business for $190 million as part of its strategy to focus on services sector.