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...
Manchester United has parted ways with manager Erik ten Hag following a disappointing start to the season, leaving the club languishing in 14th place in the Premier League. The decision comes after Ten Hag's side managed just three wins in their opening nine league games, with four defeats, including heavy losses to Liverpool and Tottenham. A 2-1 defeat to West Ham on Sunday proved to be his final game in charge.
Ten Hag, who joined United from Ajax in 2022, had won the League Cup in 2023 and the FA Cup earlier this year. However, the team has struggled to show signs of progress, and the Dutchman paid the price for United's poor start to the campaign, leaving them 12 points behind league leaders Manchester City.
"Erik ten Hag has left his role as Manchester United men’s first-team manager," the club said in a statement, expressing gratitude for his contributions and wishing him well for the future.
Ruud van Nistelrooy, one of Ten Hag's assistants and a former United striker, will take over as interim head coach while the club searches for a permanent replacement.
Ten Hag was initially tasked with revitalizing a club that has been in decline since the retirement of Alex Ferguson in 2013. Despite some early success, United failed to build on it, finishing eighth in the league last season, their worst in 34 years.
The club's new soccer leadership, led by Jim Ratcliffe, who recently took control of United's soccer operations, was reportedly dissatisfied with the team's progress under Ten Hag. The club is now in the process of appointing its sixth permanent manager since Ferguson's departure.
United's next game is a League Cup tie against Leicester at Old Trafford on Wednesday.
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