Corporate

High tech reverberations from the St. Petersburg International Economic Forum

June 19, 2021

A notable part of this year’s St. Petersburg International Economic Forum (SPIEF) was dedicated to IT and digital transformation as well as the state’s role in these fields (see the forum’s topical sessions and its special Innovation Space). This major event took place on June 3-4, gathering much of the country’s political and business elite and some foreign …

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Auchan plans to spend more than $277 million on developing digital service in Russia

June 16, 2021

French retailer Auchan plans to spend more than 20 billion roubles ($277 million) on developing digital services in Russia by 2024 to boost online sales, the company’s country head said. Auchan has faced increased competition from fast-expanding Russian retailers and online delivery firms, including Magnit (MGNT.MM) and Lenta .  Auchan, which started to expand its online delivery …

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Sberbank promises to double online ecosystem investments over the next three years

May 5, 2021

In September last year Sberbank, the state-controlled financial and digital giant, rebranded itself to just ‘Sber,’ dropping the word “bank” from its name, but the change has not really caught on. The management is now ramping up its rebranding drive and has promised to double investment into building its new “bank plus everything else” online …

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Sber could issue blockchain-based digital currency as early as this year

April 28, 2021

Sber, the state-controlled financial and tech giant, could issue its own digital financial asset, ‘Sbercoin,’ as early as this year. The registration of an in-house blockchain platform, developed for this purpose, is pending final approvals from the regulator. Sber’s blockchain platform will be made available not only to the bank, but also to other companies …

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Segezha Group: How a Russian forestry major addresses digitalization and sustainability challenges

March 29, 2024

Segezha Group, a major Russian producer of fiber-based packaging and forestry products, is a global leader in sack paper (#2), paper sacks (#2) and birch plywood (#5). Unlike most of its industry peers, the group is fully vertically integrated and controls its own forests. Operating across several countries, it holds long-term (typically 49 years) leases …

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X5 pursues innovation path through dark kitchens, freshness sensors and facial recognition payments

April 16, 2021

X5 Retail Group, a leading Russian food retailer listed on the Moscow and London stock exchanges, has acquired a dark kitchen company called Mnogo Lososya (‘A Lot of Salmon’). The group’s head Igor Shekhterman revealed the transaction earlier this week in a media interview, without providing any financial details.  “While we see great potential in this business, we didn’t have …

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Russia’s AI Alliance launches training programs, contests and an investment platform

April 1, 2021

The board of the Artificial Intelligence Alliance met in late March in Moscow, providing updates about this organization created by large Russian companies 2019. An investment platform will be launched to “consolidate the AI project and idea pipeline” and provide participating companies with access to the corporate accelerators of the members. Dubbed ‘AI-Hub,’ this platform will also “allow …

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Sber and Mail.ru Group “on the brink of divorce” (FT)

March 31, 2021

The rumors aired in late 2020 about dissensions between Mail.ru Group (an LSE-listed Russian Internet major) and Sber (the state-controlled financial and technology giant previously known as Sberbank) could be confirmed soon.  The Financial Times learned that the two groups are considering splitting jointly-owned assets, including meal delivery service Delivery Club and ride-hailing service Citimobil. These companies are part of a joint …

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Backed by a software giant, this Russian smart transportation provider eyes foreign markets

March 19, 2021

Softline Venture Partners, the venture arm of Russian software giant Softline, has invested in T-1 Group,  a provider of B2B and B2C telematics solutions and navigation technologies. No details of the transaction were disclosed.  “The acquisition of a stake in T-1 Group is an investment in the rapid growth of the transport telematics market, which is simply …

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Sber adopts artificial intelligence ethics principles

March 3, 2021

The board of Sberbank has adopted ethical principles behind development and use of artificial intelligence across Sber Group. Principle #1: Secure AI The AI technologies Sber develops are secure, governable and controllable as much as possible. Sber takes into account the possible risks associated with the security of AI technologies and does not allow them to …

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Severstal puts $122 million in digital transformation this year, provides every employee with digital training

February 12, 2021

The Russian steel and mining giant Severstal plans to invest no less than 9.1 billion rubles ($122 million at the current exchange rate) “in IT and digital projects” this year.   This year will see “a significant change [in] the company’s IT process model and organizational structure,” following the creation of “four new client teams responsible …

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NorNickel adopts blockchain for a more responsible supply chain management

February 3, 2021

As more and more global companies adopt corporate blockchain solutions, Norilsk Nickel (NorNickel), the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper, has announced it is joining the Responsible Sourcing Blockchain Network (RSBN), a network aimed at supporting responsible sourcing and production practices from mine to market. According to NorNickel, the move …

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