G20

G20 overestimates economic performance – the slide has started

The G20 is truly the planet’s economic power plant. ?When their performance as a group starts to slide, we all suffer

The G20 group of top world economies says global economic expansion was slower than had been expected but expressed confidence that a recovery would gain momentum.

“Global growth falls short of our expectations. We have pledged to take decisive action to keep the economic recovery on track and we are confident the global economic recovery will gain speed,” finance ministers and central bank chiefs said on Saturday in a draft communique after their two-day meeting in Ankara.

The group vowed to “carefully calibrate and clearly communicate our actions… to minimise negative spillovers, mitigate uncertainty and promote transparency” as key global economies search for robust growth.

The economic supremos also vowed to “refrain from competitive devaluations and resist all forms of protectionism”, following controversy over China’s unexpected devaluation of the yuan last month.

In English, they have publicly stated they will not wage economic war on each other in an attempt to arrest the backward slide. ?That is, of course, until it suits one of them to do so. ? Read more »

Last poll of year is a bit boring but Audrey Young manages some weapons grade spin on behalf of Labour

The Herald’s last poll of the year is real margin of error stuff.

Labour is up a bit, so is National, NZ First and Greens down a bit…otherwise it is a bit meh.

It didn’t stop Audrey Young spinning this as a massive lift in labour’s fortunes despite them still being under 30%.

Labour’s popularity has jumped three percentage points in the first political poll since Andrew Little took over the leadership and the first major poll since the September 20 election.

But National’s support has also risen, while support for the Greens and New Zealand First has declined.

Labour is on 28.9 per cent, a rise of three points from 25.9 per cent in the Herald-DigiPoll survey conducted in the last week of the election campaign.

Its party vote in the election of 25.13 per cent was close to the poll result, so it can safely be said the party has had a lift.

Mr Little was elected on November 18 after the resignation of David Cunliffe.

National’s support rose 2.2 points, from 48.2 to 50.4 per cent in the poll, conducted in the second and third weeks of December.

Read more »

Free trade deal done with South Korea

While the left wing were marching in the streets opposing the TPPA another free trade deal has snuck under their radar.

New Zealand has completed a free trade deal with South Korea.

New Zealand and South Korea have concluded a free-trade agreement that’s expected to cut $230 million of export tariffs in New Zealand’s sixth-largest export market, including $65 million in the first year.

The deal, which was announced on the sidelines of the G20 Leaders’ Summit in Brisbane, will initially eliminate tariffs on 48 percent of current New Zealand exports, with duties largely eliminated within 15 years. Two-way trade between the countries is worth about $4 billion.

South Korea has said it also aims to conclude FTAs with China and Vietnam before the end of the year, after agreeing recent deals with Australia and Canada. New Zealand is actively seeking such agreements after trade with China soared since an FTA was inked in 2008. The Korean FTA marks Prime Minister John Key’s first bilateral deal since being elected leader.

The Korean talks, begun in 2009, have previously stalled amid Korean concern about the impact of New Zealand agricultural exports on domestic producers.

“It has been a long, hard agreement to reach,” Key told reporters in Brisbane. “It’s a high quality deal. It was always going to be a tough negotiation but we have got ourselves now back into a level playing field with those countries that compete heavily in the Korean market and I think a lot of New Zealand industry will be happy about the outcome.”

Tariffs slated for elimination include a 45 percent rate on kiwifruit, 22.5 percent charged on sheep meat, a 40 percent levy on beef and an 89 percent tariff on butter.

Read more »

Photo Of The Day

U. S. Navy photo, Oct. 24, 2003. The Russian Federation Navy Udaloy Class destroyer Marshal Shaposhnikov is believed to be heading towards Australia as part of a Russian convoy.

U. S. Navy photo, Oct. 24, 2003.
The Russian Federation Navy Udaloy Class destroyer Marshal Shaposhnikov is believed to be heading towards Australia as part of a Russian convoy.

Russians Warships Headed for Australia

Read more »

Headline of the Week

From the Courier Mail in Queensland.

20140415_205751

 

The story itself is hilarious:

FORMER foreign minister Bob Carr was last night labeled ?arrogant? and ?foolish? for risking diplomatic ties after leaked extracts of his new diaries revealed him complaining about taxpayer-funded first and business class travel and questioning whether top US leaders had plastic surgery.? Read more »

Another coup for Key. Turns G20 into G21

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John Key gets criticised?for smoozing with Liz and playing golf with Bazza, but either through ignorance or willful sabotage, it is reported on as something negative.

A lot of deals get done on the back of good relations, and this involves ‘soft’ information and informal meetings.

John Key just hit a home run: ? Read more »

A Cigarette Economy?

David Parker attacked the government by describing New Zealand as Australia’s Mexico?after the Aussies decided to send 380 jobs back to New Zealand:

This hasn’t gone down too well with the Mexican’s who have issued a press release and written a letter to David Parker:

Is Mexico A Cigarette-Based Economy?

Following the recent comment made by Hon. David Parker about Labour?s concerns for New Zealand becoming ?Australia?s Mexico?, the Mexican Ambassador, Mrs Leonora Rueda, has written a response to the MP noting that Mexico has been awarded the privilege of assuming the annual Presidency of the G20 this year not only because of its being the 14th largest economy in the world, but also through the good performance of its economy over the past 20 years.

Amongst other points, she notes that thanks to a highly developed infrastructure and a modern multimodal transportation system, including a vast network of commercial corridors, ports and airports, Mexico is one of the largest recipients of Foreign Direct Investment (FDI) in the world.

FDI in Mexico is nowadays concentrated in high value-added products, such as the aerospace, telecommunications and biotechnology industries, which opens up careers in technology and creates specialised education and allows the integration of academies into the productive sector, thereby increasing research and development and productive chains based on the knowledge economy.

Letter_from_the_Mexican_Ambassador_to_Hon._David_Parker_MP.pdf

Hah!

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