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...
ByteDance Ltd, the Chinese tech giant behind TikTok, is set to sign a US$10.8 billion (RM44.7 billion) corporate loan, marking the largest-ever dollar-denominated corporate facility in Asia, excluding Japan. The deal, funded by about 20 international and Chinese banks, exceeds the initial target of US$9.5 billion, highlighting continued lender confidence despite the company's challenges.
The loan, coordinated by Citigroup, Goldman Sachs, and JPMorgan, has a three-year tenure, extendable to five years, with part of the proceeds used to refinance a previous US$5 billion facility raised in 2021. This financing comes as ByteDance navigates US scrutiny and competition in the AI race.
Founded in 2012, ByteDance is leveraging its Douyin platform in China to expand into e-commerce, while TikTok continues its international growth, including plans to introduce its live shopping platform across more European markets. Additionally, the company's venture into generative AI and large language models demands substantial capital investment.
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