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...
The Malaysian Aviation Commission (Mavcom) received 2,083 complaints in the first half of 2024 (1H2024), reflecting a 32% year-on-year decrease compared to the same period in 2023, according to its bi-annual consumer report. Of these complaints, 98% were related to airlines, while the remaining 2% concerned airport services.
Firefly, a subsidiary of Malaysia Aviation Group, recorded the highest number of complaints, with 166 complaints per million passengers, followed by Batik Air Malaysia (formerly Malindo Air) at 139 complaints, and AirAsia X Bhd at 127 complaints. The top three complaint categories were flight cancellations, mishandled baggage, and flight delays, which made up 42% of the total complaints.
Despite the high volume, Mavcom resolved 97% of the complaints, with 45% of them resolved in favor of consumers after airlines reversed initial decisions. However, 579 complaints were deemed unactionable due to incomplete documentation or other jurisdictional issues.
Airlines and airports are required to respond to complaints within 30 days under the Malaysian Aviation Consumer Protection Code (MACPC), and Malaysia Airlines, MASwings, and Firefly achieved resolution rates of over 90% within this period. AirAsia and AirAsia X met their on-time performance (OTP) targets for domestic and international flights during select months, while Batik Air Malaysia and Malaysia Airlines faced shortfalls in meeting their OTP targets from April to June 2024.
All airlines successfully met the required standards for flight cancellations during this period, achieving a 100% operational rate for scheduled flights.
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