Here is a quick snapshot of some key overnight news, views, and data.
World moves closer to food price shock
A surprise cut in the sticks on hand for some key food crops has sent their prices racing up, and is focussing governments on avoiding a repitition of the 2008 food crisis.
Betting the China-bubble will burst
The world is looking to China as a springboard out of recession - but some hedge funds are betting the country's credit and growth levels cannot be sustained.
'Hot' money causing trade tensions
Emerging nations unleash a slew of measures to deal with the flood of cash unsettling their economies.
Motivating children
"What Chinese parents understand is that nothing is fun until you're good at it. "
- Amy Chua
more below ...
| 7 am | --- 52 week -- | |||||||
| Today | Friday | high | low | |||||
| -------- | -------- | --------- | --------- | |||||
| FX rates | NZ$1=US$ | 0.7667 | 0.7698 | 0.7964 | 0.6584 | |||
| NZ$1=AU$ | 0.7754 | 0.7691 | 0.8212 | 0.7408 | ||||
| Gold | in US$ | 1,367 | 1,384 | 1,421 | 1,058 | |||
| in NZ$ | 1,783 | 1,798 | 1,877 | 1,507 | ||||
| Copper | in US$ | 9,591 | 9,625 | 9,754 | 6,091 | |||
| in NZ$ | 12,509 | 12,503 | 12,811 | 8,951 | ||||
| Crude oil | in US$/bl | 91.66 | 91.79 | 91.91 | 70.15 | |||
| in NZ$ | 119.55 | 119.24 | 121.36 | 101.30 | ||||
| US Treasuries | 30 yr bond | 4.53% | 4.52% | 4.78% | 3.61% | |||
| Dow | DJIA 30 | 11,787 | 11,734 | 11,787 | 9,614 | |||
Fitch says Greece is 'junk'
Ratings agency Fitch has cut Greece’s long-term debt rating by one notch to BB+ from BBB-. This drops the eurozone member’s debt under investment grade. They say the outlook is negative.
No worries
China should not worry about being too heavily invested in the dollar and U.S. government debt, because its dependence is not unique in a world with few alternatives, a senior official at China's sovereign fund said. China holds about 20% of US Treasuries.
Consumerism spreads
Exports fueled the initial stages of China's ongoing economic boom. Now, however, the government in Beijing is placing a greater emphasis on domestic consumption.
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6 Comments
Unilever on food prices
In an interview with The Sunday Telegraph Mr Polman said that short-term speculators were also driving up prices. "One of the main things in food inflation is that it has attracted speculators for short-term profit at the expense of people living a dignified life," Mr Polman said. "It is difficult to understand if you want to work for the long-term interests of society." He revealed he had spoken to the European Commission's commissioner for internal markets, Michel Barnier, about the issue. Mr Polman says speculators should be forced to disclose their positions.
http://www.telegraph.co.uk/finance/economics/8262685/EMU-policies-are-p…
What is clear is that status quo is ruinous. The slow suffocation of nations still under Fascist rule just one generation ago cannot end well for liberal democracy in Europe.
NZ is such a rip off... http://www.sky.com/shop/bundles-offers/broadband/ What's the equivalent package and how much in NZD?
Thanks for the intro ... (bit like the twilight zone).
Like to look at the link, but telecom have throttled us... just blown the 'capped' usage... first time ever, dial up speed now.
Great conversation with the helpdesk though. Apparently in three days the usage limit resets itself.
There is an option of a 'once only' reset but it would take three days to process (now I start giggling hysterically).
Sales assistant has advised best option - full marks, no complaints... he/she 'gets it'.
Suggestion to Telecom... use all the previous months under usage to make discretionary decisions whether or not to throttle. Anyone want to write the code for them?
Absolute crap. We are an embarassment.
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