Saturday NightCap

When government fails you

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Today’s Trivia

Welcome to Daily Trivia. There is a game to play here. The photo above relates to one of the items below. The first reader to correctly tell us in the comments what item the photo belongs to, and why, gets bragging rights. Sometimes they are obvious, other times the obvious answer is the decoy. Can you figure it out tonight?

Paris is often referred to as “The City of Light” (“La Ville-Lumière”), both because of its leading role during the Age of Enlightenment, and more literally because Paris was one of the first European cities to adopt gas street lighting. (Source)

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It pays to be paranoid

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These are legal in New Zealand (with an E cat FAL)

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Daily Roundup

Whaleoil Backchat

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New Zealand v Wales Game 3

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Please keep the rugby related chats and scores out of Backchat, even when the game is over.  Some people may still want to watch it delayed so let’s not spoil their day.

As per usual, guess the final score before the game starts, and if you’re closest, you get bragging rights for the week.  Read more »

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Latest news headlines from Reuters

Key tries to calm down the Brex-panic

The Brexit uncertainty has hit the financial markets, but more so because none of them were hedging against this result, so the dumping has been epic.

Prime Minister John Key says markets will come to terms with Britain’s decision to exit the EU, come back to a normalised state and then settle.

The United Kingdom yesterday voted to leave the European Union (EU) after a historic referendum.

Speaking in Auckland this afternoon, Mr Key said New Zealand companies should not worry about anything for now, re-negotiation obviously would take a while.

He said the government has had assurances from both Britain and the European Union that there will be no change in access for New Zealand goods or people until new conditions are negotiated.

The move by Britain to leave the European Union shocked global markets and caused the British pound to plummet to its lowest point against the US since 1985.

Mr Key said New Zealand would not be directly affected by the move, and the uncertainty in the markets that the British withdrawal had caused was likely to be the most immediate impact.

The markets appear to have over-reacted but that was because they were surprised by the result.   Britain won’t actually start to leave the EU for at least a few months, and then the process is one that takes some years.  All of this means that today’s drops are about speculators minimising their losses rather than a loss of faith in the fundamentals of the British economy.

Give it a little while, and the markets will be jumping back in on the good bargains sitting around. Read more »