Here's my summary of the key news over the weekend in 90 seconds at 9 am in association with Bank of New Zealand, including news that leaders of the world's 20 largest economies met in Mexico over the weekend to work on plans for US$2 trillion worth of rescue funds in case of further financial system strife.
However, an agreement seems a long way off with America insisting Europe increase the size of its own rescue funds before it agrees to an International Monetary Fund (IMF) request for an extra US$500 billion in rescue funds.
Germany is relucant to agree to an increase in Europe's funds, arguing the issues inside the Eurozone are settling down. See more here at Reuters.
Finance ministers at the G20 were far from united, with disputes erupting between America's Tim Geithner and Germany's Wolfgang Schauble. See more here at Bloomberg.
Meanwhile, closer to home, TVNZ is reporting the National-led government is expected to announce welfare reforms later today.
These could include changes to the rules for the Domestic Purposes Benefit which mean single parents with children over 5 years old will be forced to look for part time work, while those with children over 14 would have to look for full time work.
Also, the widows benefit is expected to be abolished and the Unemployment Benefit replaced with a 'Jobseekers' support' benefit.
Elsewhere, industrial action will see more than 2,000 staff stop work this week.
Stuff reports that Talley's Affco meat processing operation has locked out 700 workers over a long-running employment contract dispute and 300 Ports of Auckland staff continue their three week strike this week.
Also, 1,500 staff at the Oceania chain of rest homes will strike this week.
The New Zealand dollar was broadly steady around 83.5 USc over the weekend.
No chart with that title exists.
23 Comments
The Lamb schedule was back another 30c a kg at the weekend. Its getting a bit scary. The works are worried, its a good time to slow down processing while the market sorts itself out. Talley's lpost some money in the meat processing industry last year, a year of record demand a prices. There will be alot more restructuring throgh the year, costs are out of control and the ones at the bottom get it in the neck. The sheep boom appears to be over and its back to normal.
In the States my daughter tells me Petrol is up another 10c a gallon, people are in shock, big trucks and cars are history.
http://www.californiagasprices.com/index.aspx?fuel=B
ANALYSIS: EZONE, IRAN & CHINA – IS US HEGEMONY ABOUT TO UNRAVEL?
http://hat4uk.wordpress.com/2012/02/26/analysis-ezone-iran-china-is-us-hegemony-about-to-unravel/
Seems Holden is in line for an aussie taxpayer bailout plus a state taxpayer topup....hundreds of millions....oh boy it's a bailout scramble...who wants some dosh....line up here....don't push now the printer has plenty of paper and ink.
What a fabulous route the aussie political liars are taking...headlong into the same shite to join Barry Obama.
"It is possible if not likely we have to suffer through at least 11 more Groundhog days as Greece sets March 8 deadline for investors in bond swap."
"force people to look for work" the analogy of herding cats springs to mind. Nevertheless I'm sure there is just mountains of work waiting to be done. Maybe we could ask Foxxconn to set up a slave camp here.
Suddenly all that "spare capacity" will, be gone resulting in lack of capacity, increasing demand, but apparently not inflation.
So, do you know how many economic theories treat
resources as if they are nite? Well, the researchers at the O.E.C.D say “none” – that no such theory exists. Economic theory either ignores this little problem or assumes you reach out and take the needed resources given the normalworkings of supply and demand and you can do it indenitely . This is a lack of common sense on a par with “rationalexpectations,” that elegant theory that encouraged the ludicrous faith in deregulation and the wisdom of free markets, which brought us our recent nancial ascos. But this failure in economic theory – ignoring natural limits – risks far more dangerous outcomes than temporary nancial crashes. http://www.scribd.com/fullscreen/82746862 This is a fantastic read.70 seconds at 7am
"Capital Flight From Italy, Greece, Portugal Accelerates; Two Trillion Fantasy; Merkel Weaker Every Week; Crude and Geopolitical Risks "
70 seconds at 7am.
"Schmallengerg virus cases reach 83
The number of farms affected by the Schmallenberg virus, a new animal disease which causes birth defects and miscarriages in livestock, has increased to 83, the latest figures show."
http://www.telegraph.co.uk/earth/agriculture/farming/9109035/Schmallengerg-virus-cases-reach-83.html
More information from Germany:
http://www.fli.bund.de/en/startseite/current-news/animal-disease-situat…
It seems the virus is spreading fast.
70 seconds at 7am.
This will take the gloss off the presidential job creation recovery in our time blather...
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.