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...
Key Business Announcements on October 24:
Rexit Bhd - Two major shareholders, Datuk Seow Gim Shen and Kong Chien Hoi, were sentenced to 14 weeks in jail in Singapore for their involvement in a conspiracy to illegally obtain personal data of over 9,000 individuals, linked to cybercrime for gambling operations.
Nestlé (Malaysia) Bhd - The company's net profit for 3QFY2024 fell 36.12% to RM85.41 million due to lower domestic sales and cautious consumer spending. Nestlé halved its dividend to 35 sen per share, down from 70 sen a year ago.
ViTrox Corp Bhd - Net profit for 3QFY2024 dropped 32.5% to RM22.45 million, impacted by foreign exchange losses and slow demand recovery for automated board inspection systems.
Pavilion Real Estate Investment Trust - 3QFY2024 net property income increased 8.65% to RM131.86 million, driven by lower operating expenses and higher rental income. The distribution per unit rose to 2.38 sen.
CapitaLand Malaysia Trust - 3QFY2024 net property income grew 6.3% to RM61.99 million, with higher revenue from its properties. It announced a 1.07 sen distribution per unit.
DXN Holdings Bhd - Net profit for 2QFY2025 dropped 13.2% to RM65.97 million, due to higher shipping costs and foreign exchange losses, despite record-high revenue of RM488.43 million.
Luxchem Corp Bhd - 3QFY2024 net profit fell 26% to RM6.67 million due to higher administrative expenses, although revenue rose 18.29% to RM196.09 million.
AWC Bhd - The company secured a RM9.4 million contract from the Melaka Public Works Department for facilities management at the Sungai Melaka immigration complex.
SC Estate Builder Bhd - The termination of a RM4.3 million contract with Merchant Esteem Sdn Bhd was attributed to low demand and uncertainties in the commercial property market.
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