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When you’re a Russian retiree living on a limited income, it’s bad enough trying to contend with skyrocketing prices for staples like eggs, potatoes, or butter. Now add to the list of worries: a swooning ruble hitting lows not seen in years. “I see these prices, my eyes get wide,” said one retired history teacher who lives in St. Petersburg and tries to get by on a 19,100-ruble ($187) monthly pension. “What's going on? Prices are rising for absolutely everything.” “Polite words fail me, of course” the 72-year-old woman told RFE/RL’s Russian Service. She asked for her name not to be used to avoid police harassment. “I have to joke about it to cool down my anger,” she added. Nearly three years into the Kremlin’s all-out invasion of Ukraine, Russia’s economy has defied expectations and the experts who predicted that it would be crippled by sweeping Western sanctions imposed in response to Moscow’ military aggression. Fueled by the flood of government spending that’s prioritizing the war above all else, is expected to clock in at 3.6 percent growth this year, according to the International Monetary Fund (IMF). But the torrid pace of spending is overheating the economy. Grappling with inflation hovering above 8 percent, the Central Bank has already hiked rates and could raise them even further in the coming weeks. That in turn has pushed up residential mortgages, not to mention business loans, prompting vocal complaints from business leaders. Now comes another symptom of an increasingly unhealthy economy: the plunging Russian currency, hitting levels not seen since March 2022, weeks after Moscow launched its invasion of Ukraine. As of December 5, the ruble stood at 103 to the U.S. dollar. That’s down from 85 in September, but up from its lowest recent level -- 113 -- which it hit in the final days of November. The main -- though not only -- reason for the drop? A new set of sanctions that the United States announced on November 21, targeting dozens of Russian banks, including the largest bank to avoid sanctioning to date. The state-owned Gazprombank had dodged that bullet mainly due to its role as a conduit for transactions related to oil and gas exports. Washington had previously feared that sanctioning it would disrupt global oil markets and send oil prices skyrocketing. Russians -- individuals, banks, and businesses -- were rushing to make transactions ahead of December 20, when the restrictions take effect, Sergei Aleksashenko, a former top official in the Central Bank, said, and that has flooded the market with rubles. “It seems to me that the sharp jump in the ruble (or dollar) is explained by the fact that the rules of the game will be changed, and no one knows what the new rules will be,” . Officials, including President Vladimir Putin, have tried to calm jittery nerves for both average consumers and business leaders. “As often happens in such situations, there is currently an excessive emotional component on the currency market,” Economic Development Minister Maksim Reshetnikov on November 27. “Experience shows that, after a period of increased volatility, the rate always stabilizes.” The economic crosswinds are causing headaches for policymakers, both big and small. Regular Russians -- particularly those in poorer regions far from urban centers like St. Petersburg -- have benefited from the torrent of cash in government spending. Dizzyingly high wages paid to men who volunteer to fight in Ukraine -- not to mention the bonuses and benefits paid to war widows – have spurred consumers to spend -- or even splurge. High war wages, however, have forced civilian factories, particularly military industrial enterprises, to hike wages to compete, and fill vacancies. Putin himself has publicly lamented that labor shortages have been a problem. Elevated salaries have , driving up the cost of everyday goods, including butter, potatoes, and eggs. Several regions have reported a rash of thefts of butter and other dairy products, as prices climb. Some retailers have taken to putting dairy products under lock-and-key to prevent theft. Rates on residential , in conjunction with the Central Bank’s interest hikes, which has in turn choked off home and apartment sales in a growing number of regions. The ruble’s drop, meanwhile, will make imported goods more expensive -- at a time when Russian consumers are ramping up spending for the long New Year’s and Christmas holidays. It’s also pinching migrant workers, many of whom hail from Central Asia and send much of their Russian wages back home to support families. The current drop means less money to send. “If you have to live in Russia, then it makes no difference,” one Uzbek man who works as a taxi driver told RFE/RL. “But if you have to work here and send money back to Kyrgyzstan or Uzbekistan, then there’s no point in working here. Better just to go home.” Few experts are predicting outright economic collapse anytime soon. More likely the flashing warning lights are pointing to a cooling off, which is what the Central Bank director Elvira Nabiullina has said is the goal of the recent rate hikes. The IMF predicts that the economy will slow to around 1.3 percent growth next year. “Economic growth has to slow down,” Laura Solanko, an expert on the Russian economy at the Bank of Finland’s Institute for Economies in Transition, told RFE/RL. “But cooling growth is no sign of economic collapse. Russia can sustain broadly [the] current level of household consumption and of warfare with broadly [the] current level of economic activity.” “It’s becoming [all too clear] that there are no good remedies for the Russian economy’s malaise apart from ending the war; the mother of Russia’s problems,” Alexander Kolyandr, a researcher with the Center for European Policy Analysis, last month. By RFE/RL
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Shares of American Century STOXX U.S. Quality Growth ETF ( NYSEARCA:QGRO – Get Free Report ) saw unusually-high trading volume on Friday . Approximately 191,958 shares were traded during mid-day trading, an increase of 252% from the previous session’s volume of 54,584 shares.The stock last traded at $100.69 and had previously closed at $102.68. American Century STOXX U.S. Quality Growth ETF Price Performance The firm has a market cap of $1.10 billion, a P/E ratio of 33.83 and a beta of 1.14. The company’s 50-day simple moving average is $99.90 and its 200 day simple moving average is $91.78. Hedge Funds Weigh In On American Century STOXX U.S. Quality Growth ETF A number of large investors have recently bought and sold shares of QGRO. Strategic Equity Management increased its stake in American Century STOXX U.S. Quality Growth ETF by 8.2% in the 2nd quarter. Strategic Equity Management now owns 2,809 shares of the company’s stock worth $241,000 after buying an additional 213 shares during the period. Cozad Asset Management Inc. purchased a new position in shares of American Century STOXX U.S. Quality Growth ETF during the second quarter worth approximately $241,000. Larson Financial Group LLC bought a new stake in shares of American Century STOXX U.S. Quality Growth ETF during the second quarter valued at approximately $151,000. Strategic Financial Concepts LLC purchased a new stake in shares of American Century STOXX U.S. Quality Growth ETF in the second quarter valued at approximately $1,829,000. Finally, Financial Gravity Asset Management Inc. bought a new position in American Century STOXX U.S. Quality Growth ETF in the second quarter worth approximately $105,000. About American Century STOXX U.S. Quality Growth ETF The American Century U.S. Quality Growth ETF (QGRO) is an exchange-traded fund that mostly invests in total market equity. The fund tracks an index of large- and mid-cap US stocks. Holdings are selected and weighted by growth and quality factors. QGRO was launched on Sep 10, 2018 and is managed by American Century Investments. Read More Receive News & Ratings for American Century STOXX U.S. Quality Growth ETF Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Century STOXX U.S. Quality Growth ETF and related companies with MarketBeat.com's FREE daily email newsletter .
Miles Barnstable scored 23 points as St. Thomas beat Bowling Green 93-68 on Saturday. Barnstable shot 6 for 12 (3 for 8 from 3-point range) and 8 of 9 from the free-throw line for the Tommies (10-4). Drake Dobbs scored 18 points while going 6 of 10 from the floor, including 1 for 3 from 3-point range, and 5 for 6 from the line and added five assists. Kendall Blue shot 5 for 11 (2 for 6 from 3-point range) and 4 of 4 from the free-throw line to finish with 16 points. The Tommies picked up their sixth straight win. Javontae Campbell led the way for the Falcons (4-7) with 18 points, six rebounds and four steals. Marcus Johnson added 16 points for Bowling Green. Derrick Butler had 15 points. St. Thomas took the lead with 18:36 remaining in the first half and did not relinquish it. Carter Bjerke led their team in scoring with 12 points in the first half to help put them up 46-20 at the break. St. Thomas pulled away with a 10-0 run in the second half to extend a 20-point lead to 30 points. They were outscored by Bowling Green in the second half by a one-point margin, but still wound up on top, as Barnstable led the way with a team-high 14 second-half points. St. Thomas' next game is Sunday against UC Riverside on the road, and Bowling Green hosts Aquinas (MI) on Monday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Barnstable scores 23 as St. Thomas downs Bowling Green 93-68Walter Mondale reflected on legacy of former President Jimmy Carter
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Nasdaq closes above 20,000 for the first time as CPI data cements Fed rate cut betsMilton High School faces Lee County High School in the 2024 GHSA State Semifinal Football Playoff Game on Friday, Dec. 6 at 7:30 p.m. ET. Here’s how you can watch the game on NFHS Network. Watch: Milton VS. Lee County LIVE STREAM How can I watch Milton vs. Lee County? Fans can subscribe to NFHS Sports Network , a nationwide streaming platform for more than 9,000 high school sports. You can find the list of available schools here. How much does an NFHS subscription cost? Is there a free trial to NFHS Network ? An annual subscription costs $79.99, or you can pay monthly for $11.99 per month. Can you watch NFHS on your phone or TV? NFHS Network is available on smart TVs like Apple TV, Roku, Amazon Fire and Google Chromecast, as well as on iOS and Android smartphones. Top 25 high school football rankings (MaxPreps) 1. Mater Dei (Santa Ana, California) 2. Milton (Milton, Georgia) 3. Duncanville (Duncanville, Texas) 4. Bishop Gorman (Las Vegas, Nevada) 5. Carrollton (Carrollton, Georgia) 6. North Shore (Houston, Texas) 7. St. John Bosco (Bellflower, California) 8. St. Frances Academy (Baltimore, Maryland) 9. North Crowley (Fort Worth, Texas) 10. Buford (Buford, Georgia) 11. Archbishop Spalding (Severn, Maryland) 12. Lakeland (Lakeland, Florida) 13. Orange Lutheran (Orange, California) 14. Chaminade-Madonna (Hollywood, Florida) 15. Centennial (Corona, California) 16. Corner Canyon (Draper, Utah) 17. Mission Viejo (Mission Viejo, California) 18. IMG Academy (Bradenton, Florida) 19. Venice (Venice, Florida) 20. Atascocita (Humble, Texas) 21. Bergen Catholic (Oradell, New Jersey) 22. De La Salle (Concord, California) 23. DeMatha (Hyattsville, Maryland) RECOMMENDED • nj .com Parker vs. Saraland LIVE STREAM (12/6/24) | How to watch Alabama state playoffs game Dec. 6, 2024, 6:00 p.m. Buford vs. Carrollton LIVE STREAM (12/6/24) | How to watch Georgia state playoffs game Dec. 6, 2024, 6:00 p.m. 24. DeSoto (DeSoto, Texas) 25. Lee County (Leesburg) Thank you for relying on us to provide the journalism you can trust.