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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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ONEOK Expands with US$5.9 Billion Acquisitions in Strategic Permian Basin and Other Regions

ONEOK, a US pipeline operator, announced two significant deals totaling US$5.9 billion to expand its presence in key oil and gas regions, including the Permian Basin, mid-continent, North Texas, and Louisiana. The deals, made with infrastructure investor GIP, will enhance ONEOK's strategic positioning amid a challenging natural gas market.

Key Takeaways:

  1. Strategic Acquisitions: ONEOK will acquire GIP's 43% stake in EnLink Midstream and full interest in its managing member for US$3.3 billion in cash, along with GIP's equity interests in Medallion Midstream for US$2.6 billion, reinforcing its presence in the Permian Basin and other vital regions.

  2. Financial Impact: These acquisitions are expected to immediately boost ONEOK's earnings and free cash flow, supporting the company's planned US$2 billion share repurchase program. Synergies between US$250 million and US$450 million are anticipated over the next three years.

  3. Financing and Future Outlook: ONEOK has secured up to US$6 billion in financing from JPMorgan Chase and Goldman Sachs, with the deals expected to close in the early fourth quarter. This expansion follows ONEOK's previous US$18.8 billion acquisition of Magellan Midstream Partners, further solidifying its market position despite challenges in the natural gas sector.

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