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...
Zhuhai CosMX Battery Co Ltd, a Chinese manufacturer of lithium-ion batteries, is set to invest RM1 billion to establish a manufacturing plant in Kedah, Malaysia. The new facility will be built in phases at the Kulim East Industrial Park, with construction expected to start in the fourth quarter of 2024. This investment is projected to create over 1,000 jobs.
Key Details:
Investment and Job Creation: The plant represents a significant RM1 billion investment in Kedah, with the potential to create over 1,000 jobs, according to the Malaysian Investment Development Authority (Mida). This development is expected to enhance Malaysia's local ecosystem by introducing cutting-edge battery technology.
Expansion of CosMX's Global Presence: CosMX manufactures lithium-ion batteries for a range of devices, including laptops, drones, and electric vehicles, and provides industrial energy storage systems. The Kedah plant will be a strategic addition to the company's global production bases in Zhuhai, Chongqing, Zhejiang, and India. The company's chairman, Xu Yanming, emphasized that the new factory aims to be a model for economic success and sustainable development.
Boost to Malaysia's Investment Appeal: Malaysia’s Minister of Investment, Trade, and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, highlighted that CosMX's decision to invest in Malaysia reinforces the country’s status as a preferred destination for tech-based companies. He attributed this to Malaysia's proactive efforts in creating a favorable business environment, leading to increased investment flows, more high-skilled jobs, and a stronger electrical and electronics supply chain.
This investment by Zhuhai CosMX marks a significant step in advancing Malaysia’s position in the global technology and sustainable development landscape.
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