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Russia Holds Key Rate at 21% Amid Surging Inflation

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...
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HB Global Appoints Johol Ruling Chief as Chairman

Frozen food manufacturer HB Global Ltd (KL) has appointed Datuk Johan Pahlawan Lela Perkasa Setiawan Datuk Muhammad Abdullah, the ruling chief (Undang Luak Johol) of Johol, as its new independent non-executive chairman.

Key Takeaways:

  • New Chairman Appointment: Muhammad, 58, replaces Chan Kay Ding, who resigned due to personal commitments after serving the company for five months since February 22.

  • Background and Expertise: As the ruling chief of Johol, Muhammad oversees land management, customary laws, and traditional ceremonies, preserving the cultural heritage of the Luak Johol community in Negeri Sembilan. He also has a background in education and financial services, as stated by HB Global.

  • Board Expansion: HB Global has also appointed two new independent non-executive directors:

    • Chin Nyat Fwu: Currently a senior general manager at investment holding company Selangor Holdings Sdn Bhd.
    • Elizabeth Siew Wai Kit: A partner at Messrs Gan & Zul.

  • Chairman's Vision: "I am excited by the strategic plans in place to turn the company around and look forward to supporting the team. Together with the newly appointed independent directors, we aim to bring fresh perspectives and renewed energy to the board, working collaboratively to guide HB Global towards a brighter future,” said Muhammad.

  • Financial Performance: HB Global has been reporting full-year losses since the financial year ended December 31, 2020 (FY2020). For the first quarter ended March 31, 2024 (1QFY2024), the group’s net loss widened to RM7.9 million from RM4.72 million a year earlier, due to higher selling and distribution expenses. However, revenue increased slightly to RM11.8 million from RM11.55 million, driven by higher sales from its Chinese subsidiary, Shandong Hengbao Foodstuffs Co Ltd.

  • Market Reaction: Shares in HB Global closed unchanged at 14 sen on Monday, giving the group a market capitalisation of RM109.48 million. The stock has risen 55.5% since the start of this year.

HB Global's recent board appointments, including the new chairman, signal a strategic effort to revitalize the company and leverage diverse expertise to navigate its financial challenges.

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