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...
Contemporary Amperex Technology Co. Ltd. (CATL), the world’s largest battery maker and a key supplier to Tesla, reported that a fire at its battery factory in Ningde, Fujian province on Sunday had a "relatively small" impact on production, with no casualties reported. The company stated that the volume of products affected by the fire was limited, and the incident is currently under investigation.
The factory is part of CATL’s core production base, known as the "Z base", which is located near its headquarters and features some of the company’s most advanced production lines. The fire was extinguished by 10:20 pm, according to local reports.
This follows a deadly fire in June at Aricell, a South Korean lithium battery maker, which resulted in 23 deaths due to rushed production without addressing quality issues. CATL emphasized that despite the incident, the impact on its overall production and operations remains minimal.
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