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...
Apple Inc. CEO Tim Cook has scheduled a trip to India to open the iPhone maker's first stores next week, highlighting the company's ambitions for the nation as a growing market and manufacturing base.
Cook is expected to preside over the opening of the twin restaurants in India's financial and political capital, according to people familiar with the situation who requested anonymity to disclose private arrangements. Apple said Tuesday that a store will open in Mumbai on 18 April and another in New Delhi on 20 April.
The trip comes seven years after the CEO's first visit in 2016, and it coincides with the world's most valuable firm surpassing significant milestones: India iPhone sales have reached an all-time high, and yearly iPhone exports from the nation have reached billions of dollars. In the midst of tight relations between Beijing and Washington, Apple is banking on India to expand its assembly operations beyond China.
Cook plans to open Apple's first India store within an expensive mall in Mumbai's Bandra Kurla Complex, also known as BKC. A few days later, he plans to open the doors to the New Delhi store, which will be located in a high-end mall in the Saket district. The store's barricades were removed on Tuesday.
The two stores have been in the works for a long time because India's tight restrictions prohibit multinational businesses from opening their own-brand stores unless they source a major amount of their items from within the country.
According to Bloomberg, Apple did not respond to email seeking for a comment on Cook's visit.
In 2020, the company will launch its Indian internet store. Although the country boasts the world's second-largest smartphone market and one of the fastest-growing, Apple's comparatively expensive sticker prices remain a disincentive in a country of 1.4 billion people where affordability is a big factor in purchasing decisions.
In between the two store inaugurals, Apple has sought a meeting for Cook with Prime Minister Narendra Modi, said one of the people. Modi’s government has been pushing for electronics manufacturing and has offered billions of dollars in incentives to attract Apple’s manufacturing partners like Foxconn Technology Group and Pegatron Corp.
On Apple earnings calls, Cook has stressed India’s importance as a market and production base. During the latest such conference, Cook said Apple set “a quarterly revenue record and grew very strong double digits year over year” in the country.
“India is a hugely exciting market for us and a major focus,” Cook said on the call. “I’m very bullish on India.”
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