Gareth Vaughan details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, with news the New Zealand dollar has reached an all time high against the euro.
The kiwi rose to 61.63 euro cents, topping the previous high of 61.43 reached last August. This comes as Groundhog Day strikes the European sovereign debt crisis once again, with yet another meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy.
This time the two warned Greece it would get no more bailout money until it agrees with creditor banks on a bond swap and also want an early deal to avoid a potential default in the euro-zone's most debt-stricken country. After talks in Berlin Merkel and Sarkozy said private sector bondholders must share in reducing Greece's debt burden, along with new European and International Monetary Fund lending. See more here at Reuters.
Meanwhile, Sarkozy secured Merkel's support for a tax on financial transactions, something their British counterpart and European Union partner David Cameron opposes.
Merkel said she supported thinking about such a tax in the euro-zone, with such a tax a "correct response." Last September the European Commission suggested a tax of 0.1% on equity and bond transactions, and 0.01% on derivatives, which it said could raise 55 billion euros a year. European Union finance ministers are due to discuss the levy in March.
British Prime Minister David Cameron says he'd block any attempt by the European Union to impose a financial transaction tax in Britain, where London is Europe's biggest financial centre. See more here at Bloomberg.
Back in New Zealand Ports of Auckland management and the Maritime Union are set to begin a fresh round of mediation on Thursday with ports boss Tony Gibson saying he's prepared to replace 330 union jobs with private contractors to get a more flexible workforce.
The union began another 48-hour strike at 11pm last night, the fifth such disruption at the port since November. Gibson says the port's ninth offer to the union is its final one. It includes a 10% rise in hourly rates, performance bonuses of up to 20% on hourly rates, the retention of existing benefits and entitlements in exchange for a new roster system providing more operational flexibility whilst allowing workers to plan their rosters a month in advance.
Union leaders say they are committed to the success of the port and adding to performance improvements already achieved, but this doesn't require the casualisation of the workforce. See more here at the NZ Herald and Stuff.
No chart with that title exists.
28 Comments
The Swiss Centeral Bank head has just resigned, just a shame he didn't close the bank down first before he quit
http://www.youtube.com/watch?v=IgtSrjESThA&feature=g-u&context=G242f471FUAAAAAAACAA
John - hundred’s should be behind bars, but have a great life protected by government, shareholders and other buddies.
Here the story: http://www.efxnews.com/story/8749/hildebrand-tarnishes-swiss-brand
I guess this isn’t much different from most other countries – corruption, greed and unethical business behaviour.
You are kidding, right? That has got to be the understatement of the year(ok, early days)
A man who becomes the head of a central bank, makes a patently illegal, inethical inside trade 'did not think through things sufficiently'. This man is paid top dollar to think everything he does financially through very damn carefully.
Is that the scent of priviledge I smell in the air? Or the rank corpse of equal oppertunity?
I promised myself to not resort to sarcasm when I started actively participating in online debate. Dammit! Hollow promise.
White collar crime is so damaging to the fabric of society. Dicks who rob the dairy for ciggies and $300 don't have the option to resign. They get records, go to jail, can't travel freely, barred from many kinds of employment blah blah.
This family stole(call it what you will but it is theft, with a suit and tie) what, 50K?Hildebrand, the pink faced liar forgoes some retirement perks and a loss of face. When the westen world is faced with the possibility(very slight, in my opinion) of real social unrest if it all goes tits up its unpunished actions(this the latest in so many) such as his which would be squarely to blame, not the angry sweaty masses who could potentially carry out wonton destruction. This behaviour and our apathy towards it makes my blood boil.
Did his missus get herself that foxfur coat and the blood red lippy? Or the daughter the Porsche Cayenne? Decisions decisions. Must be tough.
Why should John Kelly personally care? He is a Swiss banker operating a Swiss banking system. Why should someone in NZ care what goes on in Switzerland? Isn't it just tall poppy syndrome to dislike somebody because they are successful (in this case successful at enriching himself through crime).
Ports of Auckland competed more successfully with Port of Tauranga when it was a publicly listed company . Now privatised , it is being screwed into the ground by the union . Some victory for them , when all the choice contracts ( Maersk ) head down the coast to Tauranga .
How long before we hear google when talking about currencies, 1 followed by 100 zeros.
Just googled "my name" 1 result, on this website. I wasn't expecting it, but the price of having a registered co. I guess.
..and currently the major issue for New Zealand “RENA”
How much does this accident costs ?
Who pays for the loss of revenue for businesses ?
Who pays for the environmental damage birds etc./ eco system in general ?
Who pays for the cleaning operations ?
Who pays for what and how much ?
What is the possible long term eco damage - costs ?
Where is the transparency in that case ? What is the burden for the taxpayer ?
..and on top of that with all that "Megalomaniac Shit", which goes on in this country, the government wants deep-sea drilling and more mining we cannot technical, operational and financially handle in this country – powerdownkiwis !!
Back to the roots mates - NZ100% clean and green - unique NZ - a model for the world making billions in revenue.
Walter : When you think about it , the " 100 % pure " slogan is pure B.S. ....... . even the neanderthals created a human footprint on the planet . It's unavoidable ......
.... unless will all suddenly disappear from earth ... ... and in that , I'll let you , PDK & steven lead the way ......
The remainder of us will follow ,.. promise !
Roger : When you think about it , the " 100 % pure " slogan is pure B.S – no it is not in the world of business advertising. Most slogans of multinationals and big companies are not 100% pure. But I agree we may already passed that stage here in New Zealand – what a shame.
The slogan also emphases an absolute commitment for the nation. So, therefore using the slogan “NZ100% clean and green” is absolutely acceptable, when real policies apply. You cannot give your child a name until you know, if it is a girl or a boy.
Minister Brownlee/ Smith - who pays for the costs and for what ??
Salvors face one of the most dangerous and expensive underwater operations ever undertaken in New Zealand as they try to recover hundreds of containers from the sinking Rena, says a salvage expert.
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10777946
another link: http://gordoncampbell.scoop.co.nz/2011/10/17/gordon-campbell-on-who-should-pay-for-the-rena-clean-up/
see comment 10.1.2012- 9:46am
Interesting enough – I brought this issue up yesterday – not one person replied. It isn’t even an issue for interest.co.nz
Kunst,
The latest(or the one prior) NZ Geographic ran a Rena piece highlighting the regulatory bodies and their inadequacy, percieved or otherwise involved in shipping in NZ waters.
With ever greater volumes of shipping, bigger vessels, more coastal delivery due to carbon efficiency as opposed to trains/trucking, our focus has to be on managing risk a whole lot smarter in the future. Resource constraints forstall investment in technology which is urgently required.
goNZ – Christchurch is on the agenda here and in the media regularly. The public isn’t informed about the “Rena Case” – there is no transparency. goNZ, who pays for the "Rena case" ? Who paid for Pike River and who would pay for a severe "drilling accident" in NZwaters ?
Leadbelly – not that long ago, I have written an article with similar content. With stressed financial resources we will se increased industrial accidents/ catastrophes – even involving nuclear power/ chemical plants failing.
speckles - I’m aware of that and as you should know and others, I’m often engaged in dealing with Christchurch’s earthquakes. Yes – Christchurch is also a case where transparency is missing.
It would be far better concentrating on the many cases/ issues, which government/ authorities let down the public, then of the misuse/ mistakes of a few words from commentators.
Mismanagement of economy brings more debt.
The Rena grounding has already cost taxpayers $25 million, but how much will be paid back remains unclear.
http://www.stuff.co.nz/environment/rena-crisis/6243297/Bill-for-Rena-grounding-now-25m
Under consideration of worldwide developments, when will our government stop operations in New Zealand we cannot handle technically, operational and financially ?
Billons to pay for what we destroy. Stop - NZeconomic megalomania.
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