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...
Symphony Life Bhd: Former CFO Ng Ying Yiing and former group adviser Datuk David Goh were charged in the Sessions Court for using RM2.57 million in company funds to purchase shares in Cycle and Carriage Bintang Bhd without board approval. The Industrial Court ruled that Symphony Life's CEO Chin Jit Pying authorized the purchase.
Frontken Corp Bhd: Frontken reported a 32% surge in net profit to RM35.32 million for 3QFY2024, driven by strong semiconductor demand and increased utilization at its Taiwan facility. Revenue also rose by 8.08% to RM144.31 million.
Unisem (M) Bhd: The semiconductor device manufacturer saw a 48% y-o-y increase in net profit for 3QFY2024, reaching RM26.75 million due to higher sales volume and foreign exchange gains. The company declared a two-sen dividend.
LPI Capital Bhd: LPI Capital's net profit for 3QFY2024 rose by 27% to RM123.94 million, benefiting from higher investment returns and lower reinsurance expenses.
Infoline Tec Group Bhd: Infoline reported a 54.6% increase in net profit for 3QFY2024 to RM8.04 million, driven by strong contributions from managed IT services. The group declared a 0.79 sen interim dividend.
Tasco Bhd: Tasco's 2QFY2025 net profit fell by 48.7% to RM8.13 million, with the company citing challenges in its supply chain solutions division. Revenue grew 8.1% to RM295.69 million.
Telekom Malaysia Bhd: TM appointed Ahmad Fairus Rahim as its new group CFO, effective Nov 1, replacing Razidan Ghazalli.
Kumpulan Kitacon Bhd: Kitacon secured a RM131.9 million contract to build terraced houses in Bandar Puncak Alam, Selangor, for Tropicana Alam Sdn Bhd.
Chin Teck Plantations Bhd: Chin Teck reported a 64.32% increase in 4QFY2024 net profit to RM22.53 million, supported by higher sales volumes and average selling prices of palm products.
Techna-X Bhd: Techna-X announced its inability to release its annual report for the financial period ended June 30, 2024, and faces potential trading suspension if it fails to issue the report by Nov 7.
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