Here's my summary of the key news overnight in 90 seconds at 9 am, including news that US retail sales barely rose in January as tax increases and higher petrol prices held back spending, suggesting the US economy got little help from consumers at the start of the year.
But a key Federal Reserve voting member claimed the US prospects are now 'bullish for growth".
President Obama's State of the Nation speech said America will push to complete the Trans-Pacific free trade deal, and he opened up a new front restarting a push for a Trans Atlantic free trade deal.
In Europe, hard on the heals of the big job losses at Barclays, ING Bank has announced job cuts of 2,400 staff. That takes the total staff laid off at ING to over 7,500 in a bit over a year.
Staying in Europe, the British central bank has said Britain faces a further bout of inflation and a muted economic recovery, and said officials will look through the volatility in prices to keep nurturing growth where they can.
They called the rise in inflation an 'own goal' by policy makers.
And in Switzerland, authorities there have ordered their banks to increase their capital backing for real estate loans. The Swiss action is in response to a local property price boom.
Across the Tasman, National Australia Bank has become the latest lender there to cut its fixed home loan rates, lowering its one-year fixed home loan by 0.15 percentage points to 5%.
And CBA has opened the door to the possibility of interest rate cuts outside any moves by the RBA after the company posted a record half-yearly profit. Their NZ division, ASB, actually had a small profit decline.
The kiwi dollar starts today at 84.1 USc, 81.3 AUc, and the TWI is at 76.3.
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8 Comments
The Swiss are sensible. There is even a published UBS Swiss Real Estate Bubble Index.
"I think that's what we have to ask ratepayers," she said.
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10865266
Well doh.....!
"events from nearly 100 years ago are now primed to repeat themselves"
http://www.marketoracle.co.uk/Article38962.html
"In its report, the BOE said the outlook for consumer-price growth is higher than forecast in November because of the weaker pound and increases in energy bills."
So energy price is hurting, (helped by a weaker exchange rate). Of course thats a push due to a physical geological limitation, ie rising demand and no more supply or even less. I dont see where he mentions that ppls wages will be going up, in which case as ppls energy costs increase they have to spend less elsewhere....so no overall inflation....
I really wonder about how these ppl (dont) think.....seems to be stuck in the past....
regards
So I live in an area under the (mis)management of the Taupo Diatrict Council- that of the $40,000.00 per paperclip sign vintage, and an area with the second highest debt to ratepayer ratio in NZ (i believe?). When I sell my property, and relocate, how do I find out the debt burdens of each local authority? It would appear to me that the future sitting ducks will be property owners as taxes from business activity and wages decline through either failure or corpoate avoidance.
Kaipara and Dunedin would seem to be out of the equation in more ways than can be counted. I do recall some stats being available on this subject but havent found them yet.
This guy knows http://www.kauriglen.co.nz/larry/, have a hunt and see if it is on his site.
Thanks. Great debt servicing versus rates revenue info.
These numbers could be even scarier if our debt funding costs kick up as percieved currency risks climb. Local rates have already lept for asset rich property owners as council changed the rules. Whatever happened to the "user-pay" mantra? We playing a new game now!!!
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