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...
Bharti Airtel Ltd reported lower-than-expected profits for the quarter ended September 30, despite benefiting from tariff hikes introduced in July. The company's net income rose nearly threefold to 35.9 billion rupees (RM1.85 billion), compared to the same period last year, but fell short of analysts' estimates of 43.98 billion rupees, according to a filing on Monday.
The shortfall was primarily due to a one-time charge of 8.54 billion rupees, which also coincided with a loss of subscribers during the quarter.
The company, India's second-largest wireless carrier, saw revenue increase by 12% to 414.73 billion rupees, slightly exceeding analyst expectations. However, total costs also rose by 12%, reaching 196.3 billion rupees.
Bharti Airtel's average revenue per user (ARPU) in India rose by 10% to 233 rupees, although it remains below the 300-rupee target that the company has been pushing for as the minimum necessary for financial sustainability in the telecom sector.
The company also announced leadership changes, with Gopal Vittal being appointed vice chairman and Shashwat Sharma named as the managing director and chief executive officer.
The quarter's performance follows a low base from the previous year, when Bharti Airtel's profits were impacted by an adverse court ruling in India and lower revenue from Africa due to the devaluation of the Nigerian naira.
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