Russia's Sberbank sees 50% increase in Chinese businesses opening accounts in past year
(Reuters) -The number of Chinese small and medium-sized businesses opening bank accounts with Russia's largest lender Sberbank has risen by 50% in the past year, Sberbank's First Deputy CEO Alexander Vedyakhin said on Thursday.
Trade between Russia and China has soared since Western countries shunned Moscow over the conflict in Ukraine, surging to a record 1.74 trillion yuan ($239 billion) last year, based on Chinese customs data, despite payment disruptions caused by Western sanctions.
Sberbank has a representative office in China and has opened a centre in Russia's far eastern port city of Vladivostok to develop business between Russian and Chinese companies.
Vedyakhin, speaking at the St Petersburg International Economic Forum, said a Chinese language tutorial on starting a business in Russia, created by Sberbank, had helped to attract Chinese companies.
Foreign direct investment into Russia has fallen sharply, U.N. data published on Thursday showed, and Russia's premier economic forum this week is offering scant hope of a revival, with Western investors largely absent and limited investment from friendly countries including China.
Also at the forum, Russia's second-largest bank, VTB, said its Shanghai branch had grown into a fully-fledged bank, expanding its customer base.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
19 minutes ago
- Yahoo
Jim Cramer on DocuSign Stock: 'It's Time to Sell'
DocuSign, Inc. (NASDAQ:DOCU) is one of the 11 stocks Jim Cramer put under the microscope recently. Answering a caller's query about the company during the lightning round, Cramer stated: 'You know, I thought the last quarter was good, and nobody liked it. I swear to God, I thought all the different innovations were good. People thought the revenues were too weak. I'm going to go with the flow and tell you it's time to sell.' A software engineer in front of a computer screen, typing code to build the company's electronic signature software. DocuSign (NASDAQ:DOCU) provides an AI-driven agreement management platform that includes electronic signatures, automated contract workflows, document generation, and identity verification tools. For the fiscal year ending January 31, 2026, the company expects total revenue to be between $3.151 billion and $3.163 billion. Subscription revenue is projected to range from $3.083 billion to $3.095 billion. DocuSign (NASDAQ:DOCU) anticipates billings between $3.285 billion and $3.339 billion. Furthermore, the company's non-GAAP operating margin is expected to be between 27.8% and 28.8%. While we acknowledge the potential of DOCU as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
19 minutes ago
- Yahoo
Jim Cramer Expresses Shock Over Paychex Stock's 9% Decline
Paychex, Inc. (NASDAQ:PAYX) is one of the 11 stocks Jim Cramer put under the microscope recently. Discussing the stock's recent decline, Cramer said: 'What the heck happened to the stock of Paychex today? Payroll processor and outsource human capital management company that cuts one out of every 11 paychecks in the private sector. This morning, Paychex reported what the Street thought to be a mixed quarter. In-line earnings paired with oh-so slightly lower than expected revenue, which would've been fine but… people thought that maybe their full year forecast for revenue, little light… A man in a suit presenting HR Solutions to a satisfied corporate client. Paychex (NASDAQ:PAYX) provides human capital management services covering payroll processing, human resources support, employee benefits, insurance solutions, and retirement plan administration. The company primarily serves small and mid-sized businesses. While we acknowledge the potential of PAYX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Sign in to access your portfolio
Yahoo
19 minutes ago
- Yahoo
Jim Cramer Calls Marvell's Recent Sell Rating 'Ridiculous'
Marvell Technology, Inc. (NASDAQ:MRVL) is one of the 11 stocks Jim Cramer put under the microscope recently. When a caller highlighted that the stock has received a Sell rating, Cramer commented: 'On Marvell Technology, they have a Sell?… That's just ridiculous. Marvell's an excellent company, and they won a lot of business for some of the hyperscalers. I don't know. That's crazy. Matt Murphy is doing a remarkable job. The stock is starting to act right… So, by the way, I'm leaving a twofer, is AMD. So I think… you're on the right track owning Marvell, and that brokerage firm should rethink their negativity.' An assembly line in a semiconductor factory, with workers at their stations. Marvell Technology (NASDAQ:MRVL) supplies semiconductor solutions for data infrastructure, with a focus on system-on-a-chip designs that incorporate analog, mixed-signal, and digital processing. The company provides Ethernet components, processors, custom semiconductors, interconnect and storage technologies, and high-speed data transfer devices. Hardman Johnston Large Cap Equity Strategy stated the following regarding Marvell Technology, Inc. (NASDAQ:MRVL) in its Q1 2025 investor letter: 'The portfolio's off-benchmark position in Marvell Technology, Inc. (NASDAQ:MRVL) contributed negatively with a return of -44.2%. Shares of Marvell came under pressure during the release and subsequent realization of the innovations of the DeepSeek's R1 model. DeepSeek is a Chinese AI competitor to ChatGPT and other large language models ('LLMs') that claimed to operate at significantly lower cost. This pressured the entire AI compute and networking supply chain, and, while impressive, we believe the immediate selloff was an overreaction. The compute requirements for reasoning models like R1 should drive greater hardware demand and lower cost, as more accessible AI models should drive up adoption. This pressure was exacerbated by Marvell's FY4Q results and FY1Q guidance that fell short of exuberant buyside expectations, as Amazon Web Services ramped its Trainium2 custom processor.' While we acknowledge the potential of MRVL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
