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...
The Japanese government has issued a corrective order to Toyota Motor Corp after discovering new violations in the company's vehicle certification procedures.
The transport ministry's on-site inspections revealed widespread, intentional misconduct and irregularities in seven additional models that had not been previously disclosed. This follows earlier revelations in June.
Key Points:
Newly Discovered Violations:
- The ministry's inspections uncovered irregularities in the certification of seven more models.
- These issues involve both currently produced and discontinued models.
Toyota's Response:
- Toyota has acknowledged the corrective order and stated it will "make drastic reforms to ensure appropriate certification operations."
Previous Admissions:
- Earlier this month, Toyota had claimed no new cases of wrongdoing beyond those reported in June.
- In June, Toyota and four other automakers admitted to submitting flawed or manipulated data for vehicle certification.
Affected Models:
- Newly discovered violations involve three production models: Corolla Fielder, Corolla Axio, and Yaris Cross.
- Discontinued models include some sold under the Lexus brand.
- Additional models with irregularities include the Noah, Voxy, Harrier, and Lexus LM, with six of these certified in other countries. Authorities in those countries have been alerted.
Industry-Wide Checks:
- The investigation and subsequent corrective order follow an industry-wide check mandated by the transport ministry after a safety test scandal at Toyota's Daihatsu compact car unit.
The latest findings and the corrective order highlight the need for comprehensive reforms in Toyota's certification processes to ensure compliance and integrity in vehicle safety and performance standards.
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