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☆ Meet the woman who engineered Russia's wartime economy and helped secure another term for Putin
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +12 min

Russian central bank governor Elvira Nabiullina has played a key role in stabilizing Russia's sanctions-hit economy. It's also aimed at the woman behind him: Elvira Nabiullina, the country's central bank governor, who plays a chief role in keeping Russia's wartime economy ticking. At the time, she was the first woman to lead a Group of Eight, or G8, central bank. In 2015, Euromoney, a finance trade publication, named Nabiullina Central Bank Governor of the Year. In December, she issued a warning that Russia's economy was at risk of overheating.

Persons: Elvira Nabiullina, —, Putin, It's, Nabiullina, Daniel McDowell, McDowell, wined, Christine Lagarde, Nabiullina —, Richard Portes, Portes —, Portes, Anders Åslund, Åslund, Leo Tolstoy, Fyodor Dostoevsky, Franz Kafka, Yaroslav Kuzminov, Kuzminov, Nabiullina's, Alan Harvey, Herman Gref —, Central Bank Governor Elvira Nabiullina, Maxim Shemetov, Michel Camdessus, she's, isn't, Sergei Aleksashenko, Alexei Makarkin, Vladimir Pesnya, Nabiulina, let's Organizations: Ukraine, Service, Russian, KGB, Syracuse University, Kremlin, International Monetary Fund, US, London Business School, Moscow Times, Bloomberg, Higher School of Economics, —, Moscow State University, SNS, USSR, Industrial Union Board, Gref, Central Bank Governor, Nabiullina Central Bank Governor, Banker, Central Banker, IMF, Monetary Fund, Financial Times, Government, Political Technologies, Wall Street Journal, RBC, Politico Europe Locations: Russian, Ukraine, Russia, Brussels, Nabiullina, Swedish, Moscow, Ufa, Central Russia, Tatars, Crimea, Euromoney, Europe, steadying

One Russian banking source close to the Russian central bank said receiving revenue in a non-convertible currency with little value outside India was "pointless". They said, however, the problem remained of finding a viable alternative to the dollar, and that the problems affect buyers in Africa, China and Turkey which have become top buyers of Russian oil. The biggest issue, however, concerns India, which has been buying more than 60% of Russian seaborne oil, according to LSEG data and Reuters calculations. India's top refiner Indian Oil Corp (IOC.NS) is struggling to settle some payments, mainly for the purchase of Russia's light, sweet Sokol grade from the Sakhalin 1 project. From October, several UAE banks have tightened control over Russia-focused clients to ensure compliance with the price cap, according to five oil trading and bank sources.

Persons: Yang Mei Hu, Tatiana Meel, Ivan Nosov, Sokol, YUAN, Barbara Lewis Organizations: COSCO Shipping, REUTERS, U.S ., UAE, Reuters, Indian Oil Corp, Sokol, IOC, UAE dirhams, Thomson Locations: Nakhodka, Russia, Ukraine Russian, MOSCOW, DELHI, Ukraine, India, Russian, Hong, Africa, China, Turkey, Washington, Moscow, United States, Russia's, Sakhalin, UAE

[1/5] Russian President Vladimir Putin delivers a speech during a plenary session of the Artificial Intelligence Journey 2023 international AI and machine learning conference in Moscow, Russia November 24, 2023. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS Acquire Licensing RightsSummaryCompanies Putin to approve new AI strategy soonChina and U.S. lead on AI currentlyRussian AI has been set back by Ukraine war, sanctionsPutin calls Russia to up its game on AIMOSCOW, Nov 24 (Reuters) - President Vladimir Putin on Friday warned that the West should not be allowed to develop a monopoly in the sphere of artificial intelligence (AI), and said that a much more ambitious Russian strategy for the development of AI would be approved shortly. "In all spheres of our life, humanity is beginning a new chapter of its existence," Putin said of AI, adding that Russia needed to up its game on AI both in ambitions and execution. Russia, he said, would have to change laws, boost international cooperation, and ensure much more investment for the development of AI. He told Putin in June that Sberbank was making around $3 billion annually from $1 billion in AI investments.

Persons: Vladimir Putin, Mikhail Klimentyev, Putin, Gref, Sberbank, Guy Faulconbridge, Gareth Jones, Mark Potter Organizations: Artificial, Sputnik, REUTERS Acquire, MOSCOW, Thomson Locations: Moscow, Russia, Kremlin, China, U.S, Russian, Ukraine, United States, India, Israel, South Korea, Japan

☆ Sberbank CEO expects 'serious cooling' in Russian mortgage market
▼ + stars: | 2023-11-08 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

REUTERS/Maxim Shemetov/File photo Acquire Licensing RightsMOSCOW, Nov 8 (Reuters) - Russia's biggest bank Sberbank (SBER.MM) expects a sharp cooling of the mortgage market following an expected 80% rise in mortgage lending this year, CEO German Gref said on Wednesday. Gref said the bank's mortgage issuance for the whole of 2023 was expected to reach 4.6 trillion roubles ($50.1 billion). VTB, Russia's number two bank, expects mortgage loans across the entire sector to total 7.2 trillion roubles this year, falling to between 5 and 5.5 trillion roubles in 2024. Vyacheslav Dusaleyev, head of retail business at Rosbank, gave corresponding forecasts of 7.3 trillion roubles this year and 5 trillion next year. Mortgage demand has remained buoyant in part because of the wide range of preferential offers available, according to the central bank.

Persons: Maxim, Gref, Sberbank, Vyacheslav Dusaleyev, Olga Polyakova, Elena Fabrichnaya, Mark Trevelyan, Christina Fincher Organizations: St ., Economic, REUTERS, Rights, Mortgage, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Moscow, Rosbank

☆ A Russian single mom who owed $8,560 says she was told to pay it off by joining the army
▼ + stars: | 2023-11-02 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +3 min

A Russian mother-of-two told local media that officials suggested she join the military. Olga, a single mother, said she received a letter after she couldn't pay off a bank loan. AdvertisementAdvertisementA Russian single mother who had to pay off a $8,560 debt told local media that bailiffs suggested she join the military instead. The woman, identified only as Olga, told local news outlet NGS24.ru. "They are suggesting that I go to the military enlistment office and sign a contract to fight in the SVO (special military operation) to pay off the debt," Olga told NGS24.ru.

Persons: Olga, —, Meduza, NGS24 Organizations: Service, Krasnoyarsk Bailiff Service, Russian Armed Forces, Ministry of Defense Locations: Russian, Krasnoyarsk, Krasnoyarsk Krai, Ukraine, Russia

☆ Who is in Putin's delegation to China - and who stayed in Moscow?
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Russian President Vladimir Putin arrives for the opening ceremony of the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Dmitry Azarov/Pool via REUTERS Acquire Licensing RightsMOSCOW, Oct 18 (Reuters) - Russian President Vladimir Putin is currently on a visit to China, his second only trip outside the former Soviet Union since the February 2022 invasion of Ukraine. Who is in the Russian delegation with Putin - and who stayed in Russia? Before Putin left for China, he was shown at a meeting with defence and spy chiefs at his Novo-Ogaryovo residence outside Moscow. The following top officials are thought to be in Russia.

Persons: Vladimir Putin, Dmitry Azarov, Alexander Novak, Sergei Lavrov, Yuri Ushakov, Maxim Oreshkin, Dmitry Peskov, Central Bank Governor Elvira Nabiullina, Anton Siluanov, Maxim Reshetnikov, Dmitry Shugaev, Yuri Chikhanchin, Dmitry Chernyshenko, Igor Morgulov, Igor Sechin, Alexei Miller, Alexei Likhachev, Andrei Kostin, Igor Shuvalov, Leonid Mikhelson, Oleg Belozyorov, Kirill Dmitriev, Putin, Sergei Shoigu, Nikolai Patrushev, Alexander Bortnikov, Dmitry Medvedev, Anton Vaino, Sergei Kiriyenko, Mikhail Mishustin, Viktor Zolotov, Sergei Naryshkin, Guy Faulconbridge, Muralikumar Organizations: Forum, Sputnik, REUTERS Acquire, Rights, Soviet Union, Putin, Kremlin, Central Bank Governor, Federal Service for Military, Gazprom, VEB, Russian, Russian Direct Investment, Russia Security, Federal Security Service, Russia's Foreign Intelligence, Reuters, Thomson Locations: Beijing, China, Ukraine, Russia, CHINA, North Korea, China BUSINESSPERSONS, Moscow, Russian

REUTERS/Maxim Shemetov/Illustration/File Photo Acquire Licensing RightsSummaryCompanies Russian rouble climbs to over 2-week high vs dollarMove comes after Putin reimposes currency controlsRouble had slumped to over 18-month low this weekAnalysts expect rouble to firm more in coming weeksOct 12 (Reuters) - Russia's rouble leapt against the U.S. dollar on Thursday after President Vladimir Putin ordered the mandatory sale of foreign currency revenues for some exporters to buttress the currency. The rouble collapsed to a record low in the weeks after Russia invaded Ukraine last year, before Moscow imposed similar capital controls that saw it recover to a seven-year high. Kogan warned, however, that by 2025-2026 businesses would form plans based on a rouble rate of 100-105. The central bank endorsed the measures, a shift in its stance, after it previously warned of the inefficiency of currency controls. "The rouble is even less tradable for foreign investors after Russia re-imposed some capital controls," Piotr Matys, senior FX analyst at In Touch Capital Markets.

Persons: Maxim Shemetov, Putin, Rouble, rouble, Vladimir Putin, Yevgeny Kogan, Kogan, Gref, Andrei Belousov, Piotr Matys, Dmitry Polevoy, Brent, Alexander Marrow, Amruta, Robert Birsel, Mark Potter, Varun, Alexander Smith Organizations: REUTERS, U.S, Russia's Higher, of Economics, TASS, Wednesday, Bank of Russia, FX, Touch, Thomson Locations: Moscow, Russia, Ukraine, outflows, Locko, Bangalore

An employee counts Russian 1000-rouble banknotes in a bank office in Moscow, Russia, in this illustration picture taken October 9, 2023. REUTERS/Maxim Shemetov/Illustration/File photo Acquire Licensing RightsOct 10 (Reuters) - The Russian rouble dived towards a more than an 18-month low on Tuesday before paring most losses in a volatile session, under pressure from domestic demand for foreign currency and a drop in oil prices. By 1034 GMT, the rouble was 0.3% weaker against the dollar at 99.63 . It had lost 0.8% to trade at 105.55 versus the euro and shed 0.4% against the yuan to 13.64 . "The bank may show a record profit of 1.5 trillion roubles for the year."

Persons: Maxim Shemetov, Sber, Yevgeny Kogan, Alexander Marrow, Ed Osmond, Gareth Jones Organizations: REUTERS, Bank of Russia, Russia's Higher, of Economics, Thomson Locations: Moscow, Russia, Russian, Brent

SummaryCompanies This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, Oct 3 (Reuters) - Russian technology company Astra plans to open the books for an initial public offering (IPO) on the Moscow Exchange on Thursday, two financial market sources told Reuters, with trading due to start on Oct. 13. Sberbank, Gazprombank, Alfa Bank and Start Capital were chosen as organisers of the offering, said the sources, who asked not to be named because the information is private. Astra dominates Russia's operating system (OS) market with its Astra Linux software. ($1 = 98.3250 roubles)Reporting by Olga Popova and Gleb Stolyarov; Writing by Alexander Marrow; Editing by Mark TrevelyanOur Standards: The Thomson Reuters Trust Principles.

Persons: Olga Popova, Gleb Stolyarov, Alexander Marrow, Mark Trevelyan Organizations: Astra, Moscow, Alfa Bank, Start, Astra Group, Astra Linux, Thomson Locations: Russia, Ukraine, MOSCOW, Russian, Moscow

☆ The CEO of Russia's biggest bank says the ruble is 'unjustifiably undervalued,' but Putin has downplayed the ruble's weakness — and it shows even Russia's elite don't see eye to eye about the economy
▼ + stars: | 2023-09-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Sberbank CEO Herman Gref said the Russian currency should be trading at 80 to 85 rubles to the US dollar. Gref's comments came just as Putin sought to project an image of calm in the country's economy at an economic forum on Tuesday. Russia's economy has been deeply impacted by Western sanctions ever since it invaded Ukraine, even if there's some support from the Kremlin's wartime spending. The impact of the sanctions on Russia's economy and currency has fuelled inflation. Russian inflation accelerated 5.15% year-over-year in August, well above the central bank's 4% annual inflation target.

Persons: Herman Gref, Putin, Gref Organizations: Service, Kremlin Locations: Russian, Wall, Silicon, Ukraine

☆ Top Russian banks say exporters can now get trapped funds from India
▼ + stars: | 2023-09-12 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +3 min

After Moscow despatched troops to Ukraine in February 2022, Western countries imposed sweeping sanctions and have sought to wean themselves off Russian energy exports. India has been a major beneficiary, picking up Russian oil on the cheap. In response, India is seeking to stimulate investment in several sectors and diversify the goods that India supplies to Russia, Kapoor said at the economic forum. Tightening global supplies have led Russian companies to stop offering fertiliser such as di-ammonium phosphate (DAP) to India at discounted prices, three industry sources told Reuters. On the transactions issue, Kapoor rejected reports in Russian media that rupees stuck in Russian exporters' accounts in India were related to oil supply payments.

Persons: Ivan Nosov, Andrei Kostin, Kostin, Moscow Pavan Kapoor, Kapoor, Sergei Lavrov, Lavrov, Elena Fabrichnaya, Alexander Marrow, Gareth Jones, Emelia Organizations: ., Economic, RBC, Reuters, Thomson Locations: Russia, Ukraine MOSCOW, India, Moscow, Ukraine, Vladivostok, Sberbank, Arab, Emirates, Russian, Jakarta

☆ As war grinds on, HSBC halts Russia payments
▼ + stars: | 2023-09-08 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

HSBC Bank logo is seen in this illustration taken March 12, 2023. "We have therefore reached the decision to restrict commercial payments by our corporate entity customers to or from Russia and Belarus through HSBC," a HSBC spokesperson said. Business customers have been informed the bank no longer intends to process the payments, the spokesperson added, rolling out globally from this month. HSBC has announced an exit from Russia, but the planned sale of its unit to local lender Expobank has hit delays and is pending final regulatory approval. The United States has pushed for harsher action against banks with Russia links, while China in contrast has deepened economic ties with Russia.

Persons: Dado Ruvic, Expobank, Iain Withers, John O'Donnell, Philippa Fletcher Organizations: HSBC Bank, REUTERS, HSBC, Belarus, Business, Nikkei, SWIFT, Raiffeisen Bank, United, Thomson Locations: Russia, Belarus, Ukraine, Europe's, China, United States, Hong Kong, Moscow, Europe, Russian

☆ Sberbank CEO tells Putin of huge returns on its AI investments
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 19 (Reuters) - Russia's dominant lender Sberbank (SBER.MM) is making around $3 billion each year from artificial intelligence, a return on investment of about 200%, CEO German Gref told Russian President Vladimir Putin on Wednesday. Advances in generative AI by firms such as startup OpenAI, backed by Microsoft (MSFT.O), are stimulating excitement about the potential benefits for business and society. "Every year we invest a sum of around $1 billion in artificial intelligence technology," Gref told Putin at a televised event in the Kremlin. "And we get about $3 billion back from artificial intelligence." During his time at Sberbank's helm, Gref has overseen investments in artificial intelligence, cloud services, big data and smart devices, transforming the former Soviet savings bank's image.

Persons: Gref, Vladimir Putin, Putin, Sberbank, Vladimir Soldatkin, Alexander Marrow, Alexandra Hudson Organizations: Microsoft, Alexandra Hudson Our, Thomson Locations: MOSCOW, Russia, Soviet Union, Sberbank's, Ukraine

☆ This international stock picker is outpacing peers with differentiated, long-term bets
▼ + stars: | 2023-07-07 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

In 2019, it launched its International Fund. Today, the investor manages the Diamond Hill International Fund (DHIAX) , rated five stars by Morningstar. Mohanraj expects that's because of the fund's emphasis on differentiated bets. The Diamond Hill fund, which is benchmarked against the MSCI ACWI ex USA Index, has roughly $65 million in assets, a 1.150% expense ratio, and . "And it's that idea of a highly curated portfolio, of what I want to own in international, that's the mindset."

Persons: Krishna Mohanraj, Sanford C, Bernstein, that's, Mohanraj, Morningstar, DHIAX, What's, Dino, they've, Mario, V, Prem Watsa who's, Warren Buffett, Berkshire Hathaway, Warren Buffett's Organizations: Diamond Hill Capital Management, Diamond Hill, International Fund, i2 Technologies, Sanford, Dino Polska SA, Polska, Dino Polska, Nintendo, Mario Bros, Office, Fairfax Financial Locations: Diamond, South India, U.S, Warsaw, Poland, Japanese, Fairfax, Canadian, Canada, Berkshire

☆ Russia's Sberbank launches Indian rupee accounts for individuals
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows the logo of Sber (Sberbank) at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 15, 2022. REUTERS/Anton Vaganov/File PhotoMOSCOW, June 14 (Reuters) - Russia's dominant lender on Wednesday said individuals could now open accounts in Indian rupees, expanding the range of foreign currencies available as Moscow strives to reduce dependency on the U.S. dollar and euro. "As Sberbank has highlighted, the bank supports the trend of de-dollarisation and constantly increases the number of foreign currencies available to clients," Sberbank said in a statement. Sberbank has more than 100 million retail clients and already offers deposits in China's yuan and UAE dirhams. "Other soft currencies are still only looking for their consumers in Russia, acting as niche offers," he added.

Persons: Anton Vaganov, Sberbank, Anatoly Pechatnikov, Elena Fabrichnaya, Alexander Marrow, Louise Heavens, Sharon Singleton Organizations: St ., Economic, REUTERS, U.S ., UAE dirhams, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, MOSCOW, Moscow, yuan, UAE

"But the situation is changing and it is possible that a window of opportunity will appear before the end of this year, then we will issue yuan bonds." Russian firms placed bonds worth 1.7 billion yuan ($237.5 million) in May. The bank has issued 140 billion roubles ($1.7 billion) worth of rouble-denominated bonds this year, he said, and would continue to do so at the right price. The head of Sberbank rival VTB last week told Reuters Russia's economy had adapted to sanctions. Sberbank's record first-quarter profit of 357.2 billion roubles featured no one-time revenues, meaning profits should grow as the business does, Skvortsov said.

Persons: Taras Skvortsov, Skvortsov, VTB, Alexander Marrow, Elena Fabrichnaya, Lisa Shumaker Organizations: Reuters, Monetary Fund, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine

The logo of Russia’s state gas company Gazprom was emblazoned on the shirts of players at the soccer club Toennies chaired. In Germany, Toennies’ story is far from unique. At the centre of Gazprom’s influence campaign was Schalke 04, the soccer club Toennies chaired at the time and which Gazprom began sponsoring in 2006. Russian gas imports have dropped dramatically and Germany is supplying tanks and other weapons systems to Ukraine. In 2001 Toennies assumed another of his older brother’s roles – chairman of soccer club Schalke 04.

Persons: Clemens Toennies, Vladimir Putin, Toennies, Willy Brandt, ”, Putin, Sberbank, Angela Merkel, “, ” Merkel, Bernd, Clemens, Putin’s, Alexei Gromov, Gromov, Gerhard Schroeder, Schroeder Organizations: Gazprom, Toennies, Schalke, Gazprom’s, Reuters, Miele, Volkswagen, Deutsche Telekom, ” Schalke, Chelsea, Kremlin, Former Locations: WIEDENBRUECK, Germany, Russia, Russian, Moscow, Ukraine, Berlin, Russians, Crimea, Gazprom, Rheda, German, Europe, Nord Stream, Dresden

[1/4] A logo is on display in the office of Sberbank, Russia's state-owned dominant lender and one of the country's leading technology players, in Moscow, Russia, March 28, 2023. But it also highlights challenges as Russia's tech development becomes increasingly reliant on one state-owned player. Since 2020 it has cast itself as a technology company as well, and is now seeking a bigger slice of Russia's shrinking technology pie. "There are restrictions on some of them, it is a very complex technology," Belevtsev said. "There is already a lot of cooperation on engineers and technology," Belevtsev said.

SHANGHAI/SINGAPORE, April 28 (Reuters) - Chinese banks are ramping up efforts to promote international use of the yuan, and reporting a surge in cross-border yuan business from the country's booming trade with Russia and deepening ties with the Middle East. Harbin Bank Co (6138.HK), in China's Heilongjiang province neighboring Russia, saw its cross-border yuan business grow nine-fold last year to a record, as the Sino-Russia trade grew briskly after the Ukraine war began. Industrial Bank Co (601166.SS), whose cross-border, corporate payment business jumped 50% last year, has also been actively promoting CIPS, China's own global payment system. The bank said it currently helps 153 foreign and Chinese banks connect to CIPS, to advance China's yuan internationalisation strategy. "Increasing the use of yuan in pricing, and settling cross-border oil and gas trade will give a boost to yuan internationalization."

☆ Russia should not take temporary control of foreign banks' units, central-bank governor says
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

President Vladimir Putin on Tuesday signed a decree placing the Russian assets of Finland's Fortum (FORTUM.HE) and Germany's Uniper (UN01.DE), which both operate power plants in Russia, under Moscow's control. "Such decisions should be made with very good reasons, connected to the stable functioning of the Russian economy," Nabiullina said when asked whether Russia could do the same with banks. Foreign banks have stepped in to take business from Russian lenders hit by sweeping Western sanctions imposed after Moscow despatched troops to Ukraine in February 2022. Austria's Raiffeisen Bank International (RBIV.VI), earned more than half of its profit last year from Russia. Reporting by Elena Fabrichnaya, Vladimir Soldatkin, Alexander Marrow and Jake Cordell; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's VTB reports profitable Q1, on track for sharp recovery
▼ + stars: | 2023-04-27 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, April 27 (Reuters) - Russia's No. 2 lender VTB (VTBR.MM) on Thursday posted first quarter net profit of 146.7 billion roubles ($1.8 billion) and kept its forecast for record profits this year as the bank recovers from a $7.7 billion sanctions-induced loss in 2022. Pyanov said the final price of VTB's second additional share issue will be determined in May. He said the 2022 loss excluded the bank from participating under the current version of the draft law. ($1 = 81.8500 roubles)Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

[1/2] Just Russia party chief Sergei Mironov arrives before the Victory Day Parade in Red Square in Moscow, Russia June 24, 2020. Lender Sberbank (SBER.MM) features the "Kandinsky 2.1" design tool on its website, with versions in Russian and English. Mironov said it appeared "Kandinsky 2.1" had been based on designs by "unfriendly states waging an informational and mental war" against Russia. "They will not know what the national flag of Russia looks like and will assume that Russia is a scientifically backward country," he wrote. Mironov said he had therefore written to Russia's prosecutor general to ask him to investigate Sberbank and whether the content produced by "Kandinsky 2.1" was lawful.

☆ Russia's Sberbank releases ChatGPT rival GigaChat
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

April 24 (Reuters) - Russian lender Sberbank (SBER.MM) said on Monday it had released technology called GigaChat as a rival to ChatGPT, initially in an invite-only testing mode, joining the artificial intelligence chatbot race. The release last year of ChatGPT, a chatbot from the Microsoft-backed (MSFT.O) startup OpenAI, has caused a sprint in the technology sector to put AI into more users' hands. The hope is to reshape how people work and win business in the process. Sberbank said what sets GigaChat apart was its ability to communicate more intelligently in Russian than other foreign neural networks. Reporting by Alexander Marrow Editing by Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

April 21 (Reuters) - Demand for the Chinese yuan is growing in Russia, the CEO of Sberbank (SBER.MM) said on Friday, adding that the lender has made use of central bank currency swaps providing yuan liquidity. CEO German Gref said Sberbank was gradually raising its interest rates on yuan deposits and had resorted to borrowing from the Russian central bank in yuan several times. Gref said shareholders at the bank's annual general meeting on Friday had supported the board's recommendation to pay a record 565 billion roubles ($6.94 billion) in dividends. Gref said the bank would take advantage of an early payment option and direct around 10 billion roubles to the budget. Gref said Sberbank was not engaged in any talks with Austria's Raiffeisen Bank International (RBIV.VI) over an asset swap.

April 12 (Reuters) - Sberbank (SBER.MM), Russia's dominant lender and a leading technology company, is finding graphics cards the trickiest hardware item to replace in the absence of Western providers, CEO German Gref said on Wednesday. Sberbank needs the cards for its artificial intelligence services and super computers and Western sanctions over Moscow's actions in Ukraine have curbed Russia's access to some technology imports. "We depend first and foremost on technology called hardware," Gref told lawmakers in the Federation Council, Russia's upper house of parliament. "And probably the most critical position is graphics cards, microelectronics - video cards for high-performance computing." In the absence of Western imports, local companies have enhanced efforts to increase domestic production and cushion the blow.

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