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fuels continue to generate signi cant revenue for the Russian government, investors have found sectors such as consumer goods, nancial services, telecommunications, and others to be extremely pro table Only 5 percent of Russia s oil industry is tradable, as the government keeps the lucrative sector under its own control The industry does not even rank in Russia s top ve according to the Morgan Stanley Capital International (MSCI) index (see Table 73) Thus, the market capitalization is extremely dispersed, especially for a developing economy In the case of Russia, therefore, we have departed slightly from using the MSCI country index in order to better focus on the Russian economy s more dominant industries Instead, we have opted to highlight the DAX Global Russia Index (see Table 74), which is comprised of companies with market capitalization greater than $150 million that have an average trading volume of at least $1 million over six months In the remainder of the chapter, we will highlight the most viable investment opportunities available to the individual investor TABLE 74 DAX Russia Index Sector Weights (as of September 31, 2007)

Economic sector Natural Gas and Oil Telecommunications Electrics Financials Others Float-adjusted shares (% of investable index market capitalization) 39 18 11 8 5

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The success of the Russian economy has depended largely on the world s growing demand for energy, as oil and natural gas constitute its main source of revenue Russia is the world s leader in natural gas production and its third leading producer of oil, and is likely to remain or advance in that regard in the coming years Natural gas in Russia is dominated by a few select companies, the most notable of which is Gazprom Inherited from the Soviet Union, Gazprom essentially holds a monopoly on the natural gas sector, yet despite its dominance of the market, the company will likely require a signi cant amount of infrastructure upgrade, as much of its structure is aging and inef cient Nevertheless, natural gas remains the primary source of Russia s energy consumption, accounting for over 50 percent of total use in 2004 With almost two quadrillion cubic feet of proven natural gas reserves, this domestic reliance is expected to continue well into the coming decades

Founded in 1989, Gazprom has become largest natural gas company on the globe, holding almost 20 percent of the world s total natural gas reserves and exporting to over 30 countries, primarily the European Union and eastern Europe Despite its huge share of the market the company controls 90 percent of Russia s domestic market Gazprom continues to be among Russia s more progressive companies, as it spends a considerable amount of its capital in geological exploration and other prospects Though a majority of the company is controlled by the Russian government, Gazprom now offers foreign investors the opportunity to purchase shares In 2005, the price of the company s share rose nearly threefold, and foreign investors were eager to get in on the purchase Dubbed the big bang of the Russian economy, Gazprom going public was seen as a long-awaited move for outside investors, and one that would attract thousands of investors from across the world In the rst three days that the companies stock was traded publicly, its price increased 24 percent, with the amount of trades expanding as well Energy disputes with Ukraine, an uneasy political environment, and other problems on the periphery have done little to deter investors from purchasing Gazprom stock In all likelihood, the company will remain one of Russia s more attractive investment opportunities

High High Medium Low Maintain investment Indifferent market opportunities Questionable investments Limit investment

Foreign demand for natural gas is also likely to persist, as Russia will continue to export natural gas to all parts of Europe An intense examination of the country s reserves is also expected to turn up new, more convenient sources of natural gas, as almost three quarters of its current production comes from the Siberian elds in the western part of the nation, which, given Russia s harsh terrain, are often dif cult to access Yet as the nation s overall infrastructure improves, so too will the productivity of Russia s natural gas production, making the sector highly sought after from an investment perspective

This chapter focuses on some of the dynamics of death rites involving ideas of the soul and human destiny on the one hand and varieties of funeral ritual on the other A central concern lies both with the changing status of religion, especially Christianity, in the nineteenth and twentieth centuries, and with some of the con icts that can emerge between individual belief and established religious practice Special attention is paid to the emergence of modern cremation, especially in Great Britain, and to the consequential issue of the dignity of the dead in an increasingly secular world One common element within the history of death is the fact that actual corpses need removal; the dead demand some attention and treatment This begins with the experience of death s strangeness, a phenomenon rooted in death s stillness which prompts beliefs to account for it and rites to cope with it The dead are too still for the comfort of the living Even when asleep people breathe, display eye movement and heartbeat This makes the very inertness of death notable and marks these still-people as out of place amongst the living, sometimes regarded as ritually

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