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The Russian Central Bank Raised Interest Rates To A Record 21% To Fight Inflation.

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Russian Central Bank

(VOR News) – To combat inflation, which has been exacerbated by military expenditures, the Russian central bank raised the benchmark interest rate by 200 basis points, bringing it to an all-time high of 21%.

This resulted in the interest rate reaching a level that had never been seen before. On Friday, the Russian Central Bank raised its benchmark interest rate by two percentage points, bringing it to an all-time high of 21%. This move was made in an effort to combat the rising rate of inflation.

This step was done in order to solve the ongoing problem of rising inflation. This program was carried out as a response to the fact that the government’s expenditures on military operations were putting pressure on the economy’s ability to supply products and services, which ultimately resulted in a rise in the compensation of workers.

“Domestic Russian Central Bank demand continues to outpace supply of goods and services.”

“This represents a substantial rise compared to the prior year.” This assertion is accurate in light of the circumstances that currently exist. In the press release, it was claimed that inflation “is significantly exceeding the Bank of Russia’s July forecast,” and that “inflation expectations are persistently rising.”

Inflation in Russia was the subject of both of these remarks. This has resulted in an increase in the likelihood that there will be additional rate rises in December.

The Russian Central Bank economy continues to demonstrate signs of expansion as a result of consistent earnings from oil exports and sustained investment by the government, particularly in expenditures related to the military. The interaction between the two variables is what led to this result.

By raising interest rates, the Russian Central Bank has attempted to reduce inflation; nevertheless, this action has ironically resulted in inflation occurring as a consequence of the activity.

The cost of borrowing money has grown as a result of the rise in interest rates, which has made it more expensive to finance purchases. This, in theory, should help alleviate the pressure that is placed on expenditure.

The refinancing rate, which served as a comparable instrument, has been effectively replaced by this crucial interest rate ever since it was first introduced in 2013. The end result is that the main interest rate in Russia is the highest of any interest rate in the world.

In February of 2022, the Russian Central Bank made a last-ditch effort to strengthen the ruble as a response to the heavy sanctions that were imposed as a result of the Kremlin’s military intervention in Ukraine. Nevertheless, the rates reached an all-time high of twenty percent, which was an incredible milestone.

Recently, the Russian Central Bank once again surpassed its peak in February 2022.

While the unemployment rate in Russia was at a low 2.4% during the second quarter of 2024, the economy of Russia expanded by 4.4% during that same period. The nation has made progress in a positive direction as a result of this.

The vast majority of factories are currently running at full capacity, with the majority of their output being commodities intended for use in the military. The product includes a variety of garments as well as various modes of transportation, including automobiles.

In other instances, Russian Central Bank manufacturers are providing solutions to fill the voids that have been left by imports from countries that have been subjected to sanctions or by the decisions of foreign enterprises to suspend operations in Russia. As a direct result of this, a great number of imports have been prevented from progressing.

The government is able to keep its earnings stable as a result of the progress of the economy and the continued exportation of oil and gas. The sanctions, which are not completely impermeable, as well as the price restriction of sixty dollars that Western nations have imposed on Russian oil, are also factors that contribute to this predicament.

Insurance companies and shippers in the Western region are not allowed to deal with oil that is priced more than the cap. In order to ensure that the cap will attach properly, this step is taken.

Through the Russian Central Bank establishment of its own fleet of tankers that are not dependent on Western insurance, Russia was able to sidestep the price cap, which resulted in roughly $17 billion in earnings from oil sales for the month of July. The fact that Russia was able to circumvent the price cap made this considerably easier.

SOURCE: EN

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Salman Ahmad is a seasoned freelance writer who contributes insightful articles to VORNews. With years of experience in journalism, he possesses a knack for crafting compelling narratives that resonate with readers. Salman's writing style strikes a balance between depth and accessibility, allowing him to tackle complex topics while maintaining clarity.

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Amazon Strike Called By Teamsters Union 10,000 Walkout

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Teamsters members were demonstrating at "hundreds" of other Amazon locations.

An Amazon strike has hit facilities in the United States in an effort by the Teamsters union to pressure the corporation for a labour agreement during a peak shopping season.

The Teamsters union told the Associated Press that Amazon delivery drivers at seven facilities in the United States walked off the job on Thursday after the firm failed to discuss a labour contract.

According to the union, Amazon employees in Teamsters union jackets were protesting at “hundreds” of additional Amazon facilities, which the union billed as the “largest strike” in US history involving the company.

The corporation, which employs over 800,000 people in its US delivery network, stated that its services will be unaffected.

It was unclear how many people, including members of Germany’s United Services Union, participated in Thursday’s demonstration. The Teamsters union reported that thousands of Amazon employees were implicated in the United States.

Amazon Strike at 10 Locations

Overall, the group claims to represent “nearly 10,000” Amazon strikers, having signed up thousands of people at roughly ten locations across the country, many of whom have joined in recent months.

The organization has claimed recognition from Amazon going on strike, claiming the firm illegally neglected its obligation to bargain collectively over salary and working conditions.

The Teamsters is a long-standing US union with nearly one million members. It is well-known for securing lucrative contracts for its members at companies like delivery behemoth UPS.

Most of the Teamsters’ Amazon campaigns have concerned drivers working for third-party delivery companies that partner with the tech behemoth.

Amazon denies that it is liable as an employer in those circumstances, which is a point of legal contention. In at least one case, labour officials have taken a preliminary stance in favour of the union.

Stalled Contract Negotiations

Amazon employees at a major warehouse on Staten Island in New York have also chosen to join the Teamsters. Their warehouse is the only Amazon facility in the United States where labour officials have formally recognized a union win.

However, the Amazon strike is because contract negotiations have not progressed since the 2022 vote. It was not one of the areas scheduled to go on strike on Thursday.

Amazon, one of the largest employers in the United States, has long received criticism for its working conditions and has been the target of activists seeking to gain traction among its employees.

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Amazon Encounters Numerous Strikes As Unions Aim At The Holiday Shopping Surge.

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(VOR News) – Thousands of Amazon employees at various sites across the country were scheduled to go on strike on Thursday in an effort by the Teamsters union to pressure the retail behemoth to acknowledge its unionised workers in the United States.

The walkout is expected to concentrate on seven Amazon locations across the country during the holiday purchasing surge and may be the most significant union action against Amazon in the nation’s history.

The business announced on Thursday morning that there had been no effect on operations. It also stated that it is “continuing to concentrate on fulfilling customers’ holiday orders.”

The International Brotherhood of Teamsters maintains that it represents more than 10,000 Amazon employees and contractors in aviation centres, warehouses, and delivery centres.

Amazon has refused to acknowledge the union for many years.

The retail giant, which employs approximately 1.5 million individuals, excludes contractors and part-timers. A strike has been initiated by delivery couriers and warehouse employees at seven distinct locations in order to exert pressure on the company to negotiate a collective bargaining agreement that would encompass modifications to compensation, amenities, and working conditions.

Picketing was intended for New York, Atlanta, Los Angeles, San Francisco, and Skokie, Illinois.

Also, the Teamsters assert that they are establishing picket lines at “hundreds” of additional warehouses and delivery centres by encouraging non-unionized workers to picket under U.S. labour law, which protects workers’ ability to take collective action to further their interests.

“Amazon workers are exercising their power,” Randy Korgan stated to NPR.

“They now realise there is a pathway to take on a corporate giant like this – and that they hold the power.” Amazon responds by accusing the Teamsters of fabricating information regarding the strikes, asserting that the participants are “entirely” outsiders rather than employees or subcontractors of the corporation.

Amazon spokesperson Kelly Nantel stated that “the reality is that they were unable to secure sufficient support from our employees and partners and have invited external parties to harass and intimidate our team.” For more than a year, the Teamsters have been intentionally misleading the public by claiming to represent “thousands of employees and drivers.” They do not.

The Teamsters did not provide a specific duration for the strike; however, they informed NPR that it would extend beyond one day. Workers would receive $1,000 per week in strike money, as per the union.

Teamsters President Sean O’Brien issued a statement in which he stated, “If your package is delayed during the holidays, you can attribute it to Amazon’s insatiable greed.” We established a firm deadline for Amazon to attend the meeting and treat our members equitably. They disregarded it.

The Teamsters granted until December 15 to convene with its unionised employees and develop a collective bargaining agreement.

Amazon has opposed all unionisation efforts in court, asserting that unions were not advantageous to its employees and emphasising the compensation and benefits that the organisation currently provides.

Amazon has been accused of discriminatory labour practices on numerous occasions, including the termination of labour organisers. Furthermore, it has disputed its official status as a contract employer.

Teamsters organize Amazon delivery couriers and other employees.

In June, Amazon established its first unionised warehouse in Staten Island, New York, two years after making history by voting to join the fledgling Amazon Labour Union, which is also affiliated with the Teamsters.

The union is one of the most influential in the United States and Canada, with 1.3 million members. On Thursday, the German United Services Union declared that Amazon employees in Germany would participate in a strike in conjunction with their American counterparts.

In the past, Amazon has experienced demonstrations in Germany and Spain that were related to the holiday season in order to advocate for improved wages and working conditions.

“The holiday season has arrived.” Delivery is anticipated. Patricia Campos-Medina, the executive director of Cornell University’s Worker Institute, asserts that “this is the moment in which workers have control over the supply chain.”

The Teamsters have reported that Amazon’s profits have increased both during and after the pandemic. The corporation is currently valued at over $2.3 trillion, with net income of $15 billion in the most recent quarter alone. It is the second-largest private employer in the United States, following Walmart.

SOURCE: NPR

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Crown Royal Canadian Whisky Launches 12 Year Reserve Blended

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This 80-proof sipping whisky will be available at selected retailers this month

If you enjoy Crown Royal Canadian whisky, the company has announced the launch of a new expression, which will join its lineup of famous sipping whiskies.

As the name implies, Crown Royal Reserve Aged 12 Years Blended Canadian Whisky is a blend of whiskies selected by Crown Royal’s master blenders. Each had been maturing for at least twelve years.

Crown Royal Canadian whisky is a robust, drinkable whisky with flavours of dried fruits, roasted vanilla beans, cinnamon candy, and baking spices. It all culminates with a warming, lingering, spicy finish that leaves you wanting more. It’s subtle and robust enough to drink neat or on the rocks.

“Crown Royal Reserve Aged 12 Years stays true to the tradition of the original Crown Royal Reserve offering while elevating the flavour profile with more pronounced fruity notes,” stated Mark Balkenende, Master Blender of Crown Royal, in a press statement.

“This expression enhances what makes Reserve unique within the Crown Royal portfolio, now featuring the exciting addition of an age statement that provides a more elevated experience for our consumers.”

This 80-proof sipping whisky will be available at select locations in the United States starting this month for a suggested retail price of $49.99. You’ll want to try this unique taste if you enjoy blended Crown Royal Canadian whisky.

About Crown Royal Canadian Whisky

The post-Crown Royal will release a new 12-year-old blended whisky that appeared first in The Manual.

Crown Royal Canadian Whiskey is a classic loved for its smooth taste and rich history. First crafted in 1939 to honour King George VI and Queen Elizabeth’s visit to Canada, this whisky has built a lasting reputation.

Made in Gimli, Manitoba, it has a unique flavour from blending 50 whiskies. It offers a balanced and approachable profile with notes of vanilla, caramel, and oak.

Whether enjoyed neat, on the rocks, or in cocktails, Crown Royal stands out as a top choice for whisky fans. The signature purple bag protects the bottle and is a recognizable symbol. Crown Royal continues representing Canadian quality and pride in the global whisky scene.

Nestled along the western side of Lake Winnipeg in Manitoba is the little town of Gimli, where a committed group of professionals devote their time and love to the production of Crown Royal Fine De Luxe Blended Canadian Whisky.

As proud stewards, these men and women carry out the same process that generations of Crown Royal employees have done before them, demonstrating that each bottle of Crown Royal Fine De Luxe Blended Canadian Whisky contains a lifetime of expertise.

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