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Russia cuts key interest rate, warns of tepid growth
Russia cuts key interest rate, warns of tepid growth
Economy
by  AFP

Russia's central bank on Friday cut its benchmark interest rate and said growth had slowed to almost zero as the economy sags under the cost of the Ukraine offensive and Western sanctions. But the central bank says high rates are needed to bring down inflation that was still above eight percent in October, double the central bank's target.

China vows massive high-tech sector development in next decade
China vows massive high-tech sector development in next decade
Economy
by  AFP

China will develop its high-tech sector on a massive scale in the next decade, top officials vowed Friday, a day after meetings on the country's future policy priorities concluded in Beijing. "The new scale added in the next 10 years is expected to reshape China's high-tech sector," development official Zheng Shanjie told reporters at a news conference.