Amanda Morrall details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including calls by former U.K. Prime Minister Tony Blair for a stable long-term Eurozone framework; Shanghai bourse one step closer to inviting foreign listings; U.S. food inflation soars, NZ bucks trend.
Former U.K. Prime Minister Tony Blair waded into the Eurozone crisis over the weekend warning European leaders that they were courting disaster by taking a reactive rather than responsive approach to the ongoing debt crisis.
In an interview with BBC news, Blair said the current crisis was the most serious political project facing the European Union.
Blair told the BBC's Andrew Marr Show there had "never been a tougher time to be a leader" but said Europe's current cohort risked being "behind the curve". (The Guardian newspaper carries the story here).
Blair said it was imperative leaders and Europe's leading institutions throw their collective weight behind efforts to preserve the euro by devising a "long-term framework of credibility."
China, meanwhile, has moved one step closer to allowing foreign companies to list on the world's second largest stock exchange.
The Shanghai Stock Exchange announced that it has completed listing and trade rules, in addition to having finished technology, regulatory and system requirements.
Xu Ming, executive director of the Shanghai Stock Exchange, said listings would start soon, however, he fell short of providing a specific date. (Bloomberg reports here).
Xu said the internationalisation of the securities market there would benefit the entire country and overseas companies were "highly motivated" to participate.
Shanghai is hoping to lure overseas companies to list on the exchange as part of its effort to transform the city into a global financial center by 2020.
Companies reported to be interested include Coca-Cola Co. and HSBC Holdings Plc.
While it's been reported that overseas incorporated Chinese businesses listed in Hong Kong - so called red-chip companies - would get first dibs, Xu said the bourse won't play favourites.
And as Americans get ready to celebrate ThanksGiving on November 24, they’ll be looking to cut back on the usual trimmings.
The cost of a Thanksgiving meal this year is estimated to be 13% more than a year ago because of food inflation. (See more at Bloomberg).
The average cost for feeding a family of 10 will ring in at close to US$50 compared to last year’s grocery bill at just over US$43.
Turkey, a Thanksgiving staple, is one of the main drivers. Prices are up 22% due to corn price increases.
New Zealanders may not be celebrating the holiday but we can be thankful that food inflation here is relatively low.
According to the latest statistics, food prices shrank for the third consecutive month. Seasonal fruit and veggie prices were the biggest drag on prices, having fallen by 6.1% cmpared to overall food index inflation at 1.3%. (See more details here).
No chart with that title exists.
31 Comments
This is not going to work, 'putting an insider in' when they should have an election is going to cause trouble.
Mr Monti, nicknamed “Super Mario” for his impressive track record as a European Commissioner, will face the daunting task of implementing a package of austerity measures designed to cut Italy’s 1.9 trillion euro debt and avert a Greek-style financial collapse which could imperil the entire euro zone.
The 68-year-old academic, who until Sunday was director of one of Italy’s best universities and is regarded as being untainted by party politics, is expected to nominate a cabinet of technocrats, former academics and bankers on Monday.
http://www.telegraph.co.uk/news/worldnews/europe/italy/8887450/Mario-Mo…
Spot on A.J.....my whine also for the other day, they are all being replaced by IMF handpuppets with the index finger firmly inserted to steer them in the ......."Right" ....direction.
It's blatant , ..it's disgusting,...it's an affront to common people in the interest of what is supposedly best for them.
Christov, look like Italy is up for sale, anything take your fancy
http://www.telegraph.co.uk/finance/financialcrisis/8887513/Mario-Monti-…
The New Bank Disaster Olafur Arnarson, Michael Hudson and Gunnar Tomasson*
http://www.creditwritedowns.com/2011/11/icelands-fair-value-vultures.ht…
The great euro Putsch rolls on as two democracies fall Europe’s scorched-earth policies have begun in earnest. The inherent flaws of monetary union have created a crisis of such gravity that EU leaders now feel authorized to topple two elected governments.
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/88871…
moraymint
It seems to me that looming ahead of us in Europe (and, quite possibly, in the UK) there is a titanic clash between nations' political elites and their citizens, just waiting to explode.I have watched with growing astonishment and disbelief as the EU fascist machine steamrollers its way into so-called democracies, determined to have its way, to impose the grand integration project on the peoples of Europe, whether they want it or not, whether it benefits them or not.
One wonders just how long it will take a critical mass of citizens in those countries that are now, to all intents and purposes, being ruled by the EU's politico-bureaucratic mafia, properly to understand their political, social and economic plight? Moreover, to understand that they have no control over the elites who will now dictate and determine their (declining) standards of living over the next decade and more; elites without democratic mandate.
Surely, the Irish, the Greeks, the Portugese and soon the Italians and the Spaniards will only put up for so long with being ruled by placemen and/or a bunch of unelected suits in a faraway country? Then what?
It really is remarkable that the EU mafia has got thus far without serious resistance. How much longer have they got?
PS And my glancing reference to us here in the UK was deliberate. I don't know about you, but these days I simply don't recognise the unmitigated rubbish about the UK's relationship to the EU and the euro espoused by the likes of Cameron, Clegg, Cable, Miliband et al. Notwithstanding the inevitable and predictable politico-economic disaster that is now unfolding around us, these guys still bang on as if the EU was some sort of utopian dream to which we must continue to aspire at all costs. God give me strength.
Hi from Portugal!In first place I wish to thank Mr.Ambrose Evans Pritchard for this magnificent article.
"...a rebellion by the South against the North."
I hate to say but that might come true (in pacific way).
Infact, that "rebellion" will be spontaneous, popular (also political) and......natural.
We have nothing more to loose. We are s*rewed anyway, so.......at least we will be s*rewed in freedom.
Back to basics?!
Well, finally, Thanks God!
"... the flood of cheap credit into Southern Europe and the slow death of Club Med industry by currency asphyxiation..."
Once again, congratulations for putting that so plain and simple.
We and our leaders mistake anyway. We must now pay for that horrendous mistake that was aligning in this currency. life was far better under the old currency......by the way NOBODY asjed us if we wanted to leave our currency.
Also, I wish to congratulate the United Kingdom for staying outside of this preposterous mess and for fighting for the right of nations to be sovereign.
Goldman Sachs International Advisor Mario Monti Is Italy's New Prime Minister http://www.zerohedge.com/news/mario-monti-italys-new-prime-minister
Iteresting article, look at Michael Moore's house then look at its GV, 900k.
http://www.dailymail.co.uk/news/article-2060704/Occupy-protests-Michael…
Time to Worry: World Oil Production Finishes Six Years of No Growth
http://scitizen.com/future-energies/time-to-worry-world-oil-production-…
The only argument I have there is the 4% ...it has some bad assumptions.
1) .....thats based on a clear peak and then a decline or about 4% per annum.....trouble is we have got on a plataeu which hides the decline with more drilling.....so eventually when we drop off to get back to the theoretical 4% decline curve we "dodged" the decline rate will be far bigger....8% is quite possible.
2) The curve is assumed to be symetrical going up and down....its far more likely the downside will be steeper because the investment to get $80 or 90 oil just makes no sense...
The effect on the global economy that needs 2.5%more oil to grow at 4% but now has a 4% shortage (lets call it 5%) that suggests 8% decline in global GDP.....that is severe recession and close to depression.....(defined as 10% I believe)....and like I said 8% initially is possible, thats a 12+% decline in GDP for 1 or 2 years....
and the property kings think it will all be OK....that they are immune to a share price collapse for instance leading the way......(what P/E ratio is justified? answer a lot lower than today 5 to 1 maybe, certianly not 15+:1) property has to be badly hit....
regards
I see in the Herald the grand OBR scheme has been ripped apart...and a banker boss finally agrees the deposits in NZ will leave for aus...mine have and more to follow....Had govt and the RBNZ not allowed the banks to go stupid with the credit selling, the potential for a collapse would be almost zero....not now it isn't.
Meanwhile it is clear to all that gst at 15% is hammering the building sector...like letting Gerry lose with a nail gun....
Klinger slicing the pork...
"Labour has pledged to increase funding of Women's Refuge by $700,000 a year, saying funding cuts by National was setting back family violence help." herald
Why do we not see Annette King and her followers raising the cash in the same way they raise the loot to buy the advertising to sell Labour as a viable govt in the election?....surely the money wasted on advertising could be used to fund the refuge centres.....!
They are not my "heroes" ....none of the liars are....and they all lie. If Labours' policies were any good they would not need to biff a fortune at the media to convince punters... would they!
And if Labour has a sound support base of socialist believers then why are they not prepared to part with the loot for what is a good cause and that is not in doubt...But is anyone asking why the bashings are still happening....what is Labours' policy on how the courts should deal with the bashers.....!
HAHAHAHAHAHAHAHAHAHAHAHAAAA!
Get off the grass, Wal. Any type of grass.
You don't seriously expect anyone to believe that tired old lie of yours, now, do you? You and your blue blindfold won't criticise a damn thing about the Nats, or anything they do. Not that you'd have the time to do it, even if you wanted to, what with all your idiotic raving about "goofy", "cunnie", "Aunty Helen", "Labour lefties", "commies", "pinkos", "socialists" and all the rest.
We're still waiting for an example of anytime you've criticised the Holy See of National, and done so with the same eye-popping, vein-bursting vitriol you fire in Labour's direction.
What the Sunday Herald Tabloid could not print........
I have reviewed the video tapes of The Cup of Tea held between John Boy and Wanksie and with my limited lip reading skills (I believe) I have desiphered the content...as follows.
Wanksie...so John.. glad you could make it.......that chair ok..?
John Boy.....Yeah it's ok,... what's with the bloody circus...?
Wanksie.....Ahhh the press knew we'd be here...still, it'll give em a bit to chew on eh..?
John Boy... Not the press,.. the idiots in puke yellow with the placards..!
Wanksie...hah...well ..you did say keep it up as long as possible......
John Boy...I suppose...the old geyser got any suspicions yet...?
Wanksie....Nup, no idea...he still thinks he's on a comeback...ha ha......once I'm in he'll be gone by lunchtime so to speak...ha ha..!
John Boy ...well just keep it that way....uh God this coffees sh%t...where's that bloody barrista
Wanksie .....forget about it.....we don't want the wrong sort of attention here...!
John Boy...suppose not.,..what did you get..?
Wanksie....I got the frappa ...i only like the creamy bit anyway...
John Boy ..Yeah.I can see that....I'm gonna buy this place and sack that bast*%d..
Wanksie...uh..? yeah right....anyway it's all good...no worries...
John Boy...So ...what do you want out of this...?
Wanksie......Well I'd really like a portfolio that gives me the the opportunity to stick it right up Brownie the communist S.O.B..........and er,.... one other little thing ..erm..
John Boy...we'll see...what other thing...?
Wanksie...well it's just if you could stop saying Nu Zilland and a few other thins like that...
John Boy...What..? now you listen to me wanks...
Wanksie....no ,no,... it just makes you sound very effeminate that's all....and I er..
John Boy.....look I don't need .....what's that.....?
Wanksie...what...?
John Boy ...the bloody recorder that's what...oh... um..
Wanksie.......shifty bloody press...I'll sort it...I still know some people...I er..
John Boy....you get this mopped up...I'll check the legals on it...we're done here.
Wanksie...yeah no worries John...sorted
John Boy leans forward to Wanksie then, in an inaudile whisper and appears to say....
"don't f*$k this up Wanksie.....you don't get another turn right..."
They stand handshaking....John Boy exits firing a glance at the barrista, Wanksie mops up his sweat and pulls an idiot grin back to his face looking cautiously satisfied.
Wonkey thought his security wizz kids knew about it and figured it was harmless...the wizzkids thought it belonged to wonkey and figured it was harmless...banksee baby was so happpeeee that wonkey had turned up that he never bothered to look...
I wanna know what tea it was....Indian....Sri Lankan...Chinese...or a local variety with a herbal wiff to it....!
Great news for Americans....!
Guangzhou Constant Shoes Co. is set to abandon Guangdong, the southeastern province at the center of China’s exporting boom since the 1980s, by shifting most of its production 500 kilometers (311 miles) inland to tap a pool of cheaper labor in Yongzhou, Hunan province.
At this rate the western rush to tap the cheap labour pool will see the Chinese manufacturers crossing the Atlantic to make the best of the super cheap pool of American unemployed....later this century...likely as not they will opt to bypass Africa and the middle east...
Mohammed moves his finger and kabooooom
An explosion at a Revolutionary Guard base in Iran killed a senior commander in charge of the country's missile development programme, the authorities have said, prompting speculation Mossad, the Israeli intelligence service was involved. telegraph
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