Here's my summary of the key news overnight in 90 seconds at 9 am, including news that European governments have set up a full-time €500 billion (NZ$800 billion) fund to aid debt-swamped countries and, not for the first time in the three-year crisis, expressed confidence that the extra financial muscle won’t be needed anytime soon.
Euro zone finance ministers have delivered a united defence of Spain, saying the country was taking steps to overhaul its economy, funding itself successfully in the financial markets and did not need a bailout, at least for now.
And in a case of either cool bravery, or thoughtless arrogance, Angela Merkel is about to visit Athens to hammer home the German insistance for the austerity program, and she will be guarded by Greek police who are preparing a huge security operation involving 7,000 officers, water cannon and a helicopter to protect German chancellor. Expect an unfriendly Greek welcome.
It is the Columbus Day public holiday in the US and many markets there are closed or on skeleton staff.
Meanwhile, the World Bank says East Asian economies will be growing slower than expected this year, but acceleration may take hold next year. They say there was a risk the slowdown in China could worsen and last longer than many analysts have forecast. But in a separate report, there is news that house prices in China are rising again and September is the fourth month in a row that this has happened, even though the rise was modest.
The NZ$ starts today at 82.1 USc and just over 73.3 on the TWI, a rise of a half percent from yesterday.
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9 Comments
If anyone wants a slice of good news , the Nobel prize for medicine has been given jointly to Sir John Gurdon ( Britain ) and Shinyu Yamanaka ( Japan ) for their work in cloning .....
..... Gurdon successfully cloned frog cells 40 years ago , research that led to " Dolly " the sheep .
Yamanaka has extended this work by producing immature human cells from mature cells , and then prodding those immature cells to produce mature cells of a completely different type from the originals .....
.... initial thoughts are that there'll be direct applications for diabetes sufferers , and for Parkinson's disease ....
And this puts a nail in the coffin of the aborted foetuses debate . Emryonic stem cell research may not be required for so much longer . Which should cheer the religious fanatics who're offended by such science ( looking at you , George Bush Jr. ! ) .......... does Gummy bury his warehouse load of frozen foetuses , or can you compost them ?
Downsize is what PDK and I have been saying Hugh, energy costs.....transpose that to petrol costs to get into work from your fringe builds.....it isnt going to work. Ppl are already looking to move closer to reduce their expenditure. Students looking for closer and smaller to save bills, ditto renters....its a trend...and its going to continue.
Now me Im looking at a nice property further out because I dont expect to be commuting in...telecommute for some years more and then well that wont matter IMHO.
regards
So Merkel heads to Greece to underline the sacrifice Germany has made to rescue it's own Market, costs the Greek taxpayer considerable security expense to do so, tells them she'll put it on their bill no doubt......
Thoughtful David ...? no ....not really is it.
Even if to say ..hey we are not the bad guys here...we are trying to help you help yourselves in order to help us back to where we left off...now that can't be all bad can it....?
I'd say she'd be about as welcome as a fart in an elevator.....A sauerkraut in a confined space.
Guys - why is Aotearoa’s government no talking point at least – daily ????
We have a National Party, but especially it’s leader John Key, who is completely divorced from the NZpublic and it’s interests. A number of industries in this country are in massive trouble to lose jobs – even their existence. The majority of the NZpublic is increasingly financially struggling and need help.
Listening to parliament the National party frontbenchers are often arrogant and ignorant dealing with public concerns. We have a leader, who is regularly lying and under his leadership ethical and democratic standards, which are so important in the current circumstances diminished.
We have a government, which is mismanaging our economy and doesn’t value the NZpublic.
..and we accept that all – sheepishly !!!!
You should check out the conservative's somewhat uh conservative views GBH....$15 for a bottle of wine? uh no try $60+
It surprises me you think they'd suit your outlook....they are very much in your face....bringing their values into your life whether you want them or not
Strange bedfellows comes to mind.
regards
He's a banker so "We have a leader, who is regularly lying and under his leadership ethical and democratic standards.....diminished" what did you expect? tie your grandmother and wife down I'd suggest.
Oh but look at the other side of the house......frankly they are no better if only by ommision.
regards
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