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...
China’s Cosco Shipping Corp has entered into a preliminary agreement with Australia’s Fortescue Metals Group to develop a green fuel supply chain aimed at reducing pollution in the shipping industry, the Chinese company announced on Monday.
Key Takeaways:
Green Fuel Collaboration: The memorandum of understanding between Cosco Shipping and Fortescue includes the exploration of constructing and deploying green ammonia-fueled vessels. These vessels will be used to transport iron ore and other minerals, significantly cutting carbon emissions in the China-Australia iron ore green shipping corridor.
Commitment to Sustainability: "We are committed to increasing cooperation with global partners to actively promote the green and sustainable development in the shipping industry throughout its life cycle," stated Cosco Shipping, headquartered in Shanghai, via its WeChat account.
Decarbonization Goals: Fortescue, known as the world’s fourth-largest iron ore supplier and an integrated green technology, energy, and metals company, emphasized the importance of this cooperation. "The cooperation marks another big step in decarbonizing the shipping industry ... These solutions will be integral to achieving our net zero Scope 3 emission target by 2040," Fortescue said.
Recent Developments: Fortescue's executives have been in China recently, engaging with potential partners for joint projects. On July 25, CEO Dino Otranto highlighted these discussions.
Innovative Trials: Earlier this year, Fortescue conducted the world’s first trial using ammonia as a shipping fuel in the port of Singapore, demonstrating its commitment to pioneering green fuel technologies.
This partnership between Cosco Shipping and Fortescue represents a significant move towards reducing the environmental impact of the shipping industry and advancing green technology in global logistics.
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