QUICK HITS

1 Russia hikes interest rate for 4th time this year:

Russia’s Central Bank on Friday raised its key lending rate for the fourth time in half a year in an effort to bring down surging inflation. The bank raised the rate to 15%, up 200 basis points. The interest rate in the first half of the year was 7.5%.

2 Huawei reports its revenue inched higher:

Chinese telecoms equipment maker Huawei Technologies said its revenue edged higher in the first three quarters of the year, even as it grappled with U.S. sanctions that have hindered both its sales and its purchases of advanced technology. The Shenzhen-headquartered firm said Friday that it generated $62.4 billion in revenue for the first nine months of the year, an increase of 2.4% compared to the same period last year. Huawei, the biggest maker of network gear for phone and internet carriers, said its net profit margin was 16%, but it gave no basis for comparison.

Maryland Rep. John Sarbanes announces retirement:

Rep. John Sarbanes (D-MD.) announced he will not seek a 10th term in 2024, creating an open congressional seat and ending a tenure that earned him praise as a champion of campaign finance reform. Sarbanes’s announcement, which surprised Maryland politics watchers, was posted in a statement on his House website that said he hoped to return to work with communities and nonprofits“to explore the many opportunities to serve that exist outside of elected office.”

Larry Elder ends long-shot presidential bid:

Larry Elder, a conservative talk radio host from California whose run for the Republican presidential nomination never gained traction, ended his campaign Thursday and endorsed Donald Trump, the front-runner in the crowded field.

Plan to convert empty buildings:

The Biden administration is launching a multi-agency effort to encourage states and cities to convert more empty office buildings into housing units, with billions of federal dollars available to help spur such transitions. The initiative, announced Friday, involves the departments of Housing and Urban Development and Transportation, along with the General Services Administration and the Office of Management and Budget in a multi-pronged effort to address both the national shortage of affordable housing and the post-pandemic surplus of vacant office buildings.