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).
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