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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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Ex-Singapore Oil Tycoon Lim to Pay $3.5 Billion to Liquidators in Landmark Case

Former Singapore oil mogul Lim Oon Kuin and his children are set to pay $3.5 billion to the liquidators of Hin Leong Trading Pte. to settle a civil lawsuit aimed at recovering funds for the company's creditors. This settlement, known as a consent judgment, will also include interest and costs, marking a significant moment in the downfall of Lim's once-thriving oil trading empire, which was the largest independent oil trader in Singapore.

The legal action follows the collapse of Hin Leong in 2020, which left creditors, including major banks, with substantial losses. Among the affected, HSBC Holdings Plc has the largest exposure at $600 million, and the Lims are expected to proceed with similar settlements for other claimants.

This settlement marks an inglorious end to Lim's career, having built Hin Leong from scratch in 1973 into a major player in the oil trading sector, with interests spanning bunkering and storage businesses.

While this agreement resolves the civil suit, Lim's legal challenges are far from over. He is due to be sentenced later this week in a separate criminal trial for charges of cheating and forgery.

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