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Despite facing stringent sanctions due to the war in Ukraine, Russia's economy is experiencing its fastest growth in over a decade. However, the rise in interest rates may indicate potential challenges ahead for the nation's economic stability.
Russian food prices are surging, with inflation hitting 8.5% in October, driven by supply shortages and increased production costs linked to the ongoing war in Ukraine. Basic items like butter have seen price hikes of up to 30%, prompting thefts and forcing consumers to downgrade their purchases. Despite the economic strain, public criticism of the government remains muted, as propaganda continues to deflect blame onto "unfriendly" countries.
Former national security adviser H.R. McMaster criticized Trump’s potential cabinet picks, particularly Sebastian Gorka, and expressed concern over some Republicans echoing Putin's rhetoric. While some Democrats support Marco Rubio for Secretary of State, others remain skeptical of Trump’s choices, including Tulsi Gabbard for Director of National Intelligence, citing her alleged ties to Russia. Senator Tammy Duckworth deemed Pete Hegseth unqualified for Secretary of Defense, emphasizing the need for experienced leadership in the military.
Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan held a phone call to discuss bilateral relations. They focused on enhancing trade and economic cooperation, with plans for further contacts between relevant departments to address current issues on the agenda.
Russian President Vladimir Putin has enacted a law that forgives debt arrears of up to 10 million roubles ($95,835) for new army recruits who sign contracts to fight in Ukraine for at least a year, effective December 1. This law targets potential recruits with existing debt collection proceedings prior to that date, as Russia intensifies military recruitment efforts with significant financial incentives.
Russia's recent greenhouse gas inventory report to the UN, which includes emissions from annexed Ukrainian territories, has sparked protests from Ukrainian officials at COP29. They argue this undermines global climate efforts and violates Ukraine's sovereignty, raising concerns over potential double-counting of emissions. Legal experts warn that Russia's claims could lead to illegal appropriation of emissions reductions as carbon market offsets.
Heavy snowfall from low pressure system Caetano has broken November records in Switzerland, causing significant traffic disruptions and affecting postal services. Meanwhile, a former army advisor faces a criminal complaint for billing over CHF 400,000 during the pandemic, and NATO convenes a meeting in response to Russia's missile threats against Ukraine. Additionally, Pam Bondi is nominated as Trump's new Attorney General, and Switzerland's energy outlook remains stable despite potential winter challenges.
Gold prices have surged above $2,700, driven by escalating geopolitical risks, particularly following President Putin's new nuclear doctrine and military actions in Ukraine. Additionally, a weak Philly Fed index has sparked speculation about potential interest rate cuts in the U.S., further boosting gold's appeal. The sustained rise above this key level is crucial for confirming an upward trend, with the record high of around $2,790 potentially within reach.
At the APEC summit in Lima, the looming presence of Donald Trump overshadowed discussions, with diplomats expressing anxiety over his potential return to power and the threat of universal tariffs. Meanwhile, President Xi Jinping advocated for economic globalization, contrasting Trump's protectionist stance, as global leaders navigated a divided landscape marked by geopolitical tensions and uncertainty. The atmosphere was one of cautious anticipation, with many waiting to see how Trump's policies might reshape international trade dynamics.
European markets are set to open higher as investors react to escalating tensions in the Russia-Ukraine war, with the U.K.’s FTSE 100 expected to rise by 33 points. This comes after a slight recovery in the pan-European Stoxx 600 index, which ended a four-session losing streak. Meanwhile, gold prices are climbing amid ongoing conflict concerns, and the German economy showed modest growth of 0.1% in the third quarter.
Vladimir Putin
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