The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
NEW YORK (Reuters) - Mexican tycoon Carlos Slim is the world's richest person, knocking Microsoft founder Bill Gates into second spot, as the wealth of the world's billionaires grew by 50 percent over the last year, Forbes magazine said on Wednesday. Mexican tycoon Carlos Slim speaks during the Reuters Latin America Summit in Mexico City in this March 22, 2007 file photo. (REUTERS/Andrew Winning/Files) It is only the second time since 1995 that Gates has lost the crown, the magazine said, estimating Slim's net worth at $53.5 billion, compared to Gates's $53 billion fortune, while investor Warren Buffett came in at No. 3 with $47 billion. The trio regained $41.5 billion of the $68 billion they had lost the previous year, Forbes said. The number of billionaires around the world has nearly recovered in 2010 after dropping by a third last year during the global financial crisis. There are now 1,011 billionaires, compared with 793 last year and 1,125 in 2008. The net wealth ...