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...
Business Highlights: Capital A, ABM Fujiya, Protasco, LFE Corp, TAS Offshore, Kerjaya Prospek, Leong Hup, Tan Chong Motor, MNRB, Pantech
KUALA LUMPUR (Oct 23): Here are some key business updates from Wednesday:
Capital A Bhd has terminated a US$1.15 billion deal to inject its AirAsia brand management business into a Nasdaq-listed SPAC, Aetherium Acquisition Corp, due to Aetherium receiving a delisting notice from Nasdaq. The notice followed Aetherium’s failure to comply with Nasdaq’s minimum market value and shareholder requirements.
ABM Fujiya Bhd announced that Chinese battery maker Jujiang Power Technology Co Ltd will acquire a 40% stake in its subsidiary Fuya Energy Sdn Bhd for RM48 million, which will be offset against earlier cash advances. The deal is expected to boost ABM Fujiya’s revenue and profits.
Protasco Bhd reported a revision in its affordable housing project awarded by Perbadanan Putrajaya. The number of units for the two projects under the Residensi Prihatin scheme has been reduced slightly, with both projects being renamed.
LFE Corp Bhd secured an RM81.71 million construction contract for main building works through its subsidiary LFE Engineering Sdn Bhd. The contract was awarded by Puncakcity Development Sdn Bhd and will be completed in 32 months.
TAS Offshore Bhd announced shipbuilding contracts for eight tugboats valued at RM49.1 million from new Indonesian customers. The tugboats are expected to be delivered in Q2 2025.
Kerjaya Prospek Group Bhd has won two contracts totaling RM34.4 million for developments in Penang and Selangor. The contracts involve piling, earthworks, and structural works, with both projects starting in November 2024.
Leong Hup International Bhd has appointed Chong Choon Yeng as its new CFO, effective January 2025. Chong previously held the same position at Tan Chong Motor Holdings Bhd.
MNRB Holdings Bhd reported a doubling of its net profit for Q2 to RM92.74 million, attributed to an increase in insurance service earnings. The company declared a 10 sen per share dividend, up from 4.45 sen a year earlier.
Pantech Group Holdings Bhd posted a 27% drop in Q2 net profit to RM20.74 million, due to lower sales in domestic oil and gas projects and foreign exchange losses. However, the company maintained a second interim dividend of 1.5 sen per share.
These updates provide insights into the latest corporate moves across various sectors in Malaysia.
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