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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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Key Corporate Updates from Malaysia

 

Here is a brief recap of some business news and corporate announcements that made headlines on Wednesday:

  1. RHB Bank Bhd

    • RHB appointed Mohamed Rastam Shahrom as the new group CFO, effective August 1.
    • Additional appointments include Phuah Shok Cheng as regional CFO and head of capital strategy, Kevin Vijendren Davies as CEO of RHB Investment Bank, and Tan Boon Ching as group chief internal auditor.
    • Source: RHB Bank appoints Mohamed Rastam as group CFO

  2. Malaysia Airports Holdings Bhd (MAHB)

    • MAHB appointed Datuk Mohd Izani Ghani as managing director and Zeid Abdul Razak as CFO, effective August 1.
    • The changes follow Mohamed Rastam Shahrom’s departure to pursue a new career opportunity.
    • Source: MAHB names UEM’s Mohd Izani as MD, confirming The Edge report; promotes Zeid Abdul to finance chief

  3. CelcomDigi Bhd (CDB)

    • CDB submitted its proposal for deploying Malaysia’s second 5G network to the Malaysian Communications and Multimedia Commission.
    • CDB recently completed a share subscription of a 16.3% stake in Digital Nasional Bhd’s single wholesale network model.
    • Source: CelcomDigi submits proposal to MCMC for second 5G network deployment

  4. Yong Tai Bhd

    • Yong Tai is selling its five-star hotel Courtyard by Marriott Melaka for RM160 million, expecting a gain of RM45.86 million.
    • It also proposed a special issue of up to 190.05 million new shares to raise RM57.02 million.
    • Source: Yong Tai sells Courtyard by Marriott Melaka for RM160m, proposes special issue to raise RM57 mil

  5. Zen Tech International Bhd

    • Bursa Malaysia Securities reprimanded Zen Tech and eight directors for misrepresenting its appointment as a Covid-19 vaccine distributor and other breaches.
    • A total of RM757,500 in fines was imposed on the eight directors.
    • Source: Bursa reprimands Zen Tech and eight directors, imposes RM757,500 fines for misleading vaccine announcements, annual report breaches

  6. Avillion Bhd

    • External auditor Messrs Baker Tilly Monteiro Heng PLT flagged material uncertainty affecting Avillion’s ability to continue as a going concern, noting net losses of RM5.55 million at the group level and RM6.81 million at the company level for FY2024.
    • Source: External auditor again casts doubts over Avillion’s ability to continue as a going concern

  7. Bintai Kinden Corp Bhd

    • Approval was received for restructuring and rescheduling the banking facilities of its wholly owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd.
    • The restructuring involves converting outstanding contract overdraft/trade bills into a term loan facility and reinstating an overdraft and bank guarantee facility.
    • Source: Bintai Kinden receives nod for restructuring of banking facilities

  8. Lotte Chemical Titan Holding Bhd

    • Reported its ninth consecutive quarterly loss with a narrower net loss of RM248.9 million for 2QFY2024, down from RM313.5 million in 2QFY2023.
    • Revenue dropped 4.3% to RM1.78 billion due to scheduled statutory maintenance.
    • Source: Lotte Chemical Titan posts ninth straight loss-making quarter amid gross negative margin

  9. Infomina Bhd

    • Infomina secured a three-year contract worth RM34.71 million to provide technology and infrastructure operations and support services to the National Registration Department.
    • The contract was awarded by the Ministry of Home Affairs and is expected to contribute positively to its earnings.
    • Source: Infomina bags RM35m contract for provision of tech services to NRD

  10. Censof Holdings Bhd

    • Censof, through its unit Century Software (M) Sdn Bhd, partnered with Netherlands-based Storecove to strengthen its position in the e-invoicing market.
    • The partnership aims to ensure compliance with Inland Revenue Board regulations.
    • Source: Censof partners with Netherlands-based Storecove for e-invoicing solutions

  11. Cape EMS Bhd

    • Managing director and CEO Christina Tee Kim Chin sold 1.895 million shares for RM1.27 million, reducing her stake to 37.86%.
    • Despite the sell-off, Tee remains the largest shareholder, followed by her sister Kim Yok.
    • Source: Cape EMS CEO offloads shares amid selling pressure, EPF emerges as substantial shareholder
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