Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Doubts rise on Greek aid talks

While you were sleeping: Doubt rises as Greek aid talks continue

Nov. 27 (BusinessDesk) - The meeting of European Union finance ministers on extending aid to Greece hasn’t resolved and yet stocks have sold off and bonds have gained on doubts the 17 nations will be able to bridge their differences.

German bonds rose for the first time in six days and the euro declined against the yen as finance chiefs met in Brussels, the third such meeting in a month. They failed to thrash out an agreement in an all-night session last week. US Treasuries rose for the first time in five days, pushing the 10-year bond yield down 5 basis points to 1.64 percent

“Today is critical in terms of reaching the agreement, which is not very much expected,” Vassili Serebriakov, a currency strategist at BNP Paribas SA in New York, told Bloomberg.

Overdue for payment is some 44 billion euros that was originally due to be paid in May and Greece has been surviving on emergency loans since then.

The EU’s economic and monetary affairs commissioner, Ollie Rehn, urged the EU states and the International Monetary Fund to “go the last centimetre because we are so close to an agreement."

Stocks were weaker in Europe and the US. Germany’s DAX 30 fell 0.2 percent and France’s CAC 40 was down 0.8 percent.

On Wall Street the Dow Jones Industrial Average was recently down 0.5 percent. Macy’s Inc was among decliners, falling 3.6 percent as retailers extended Black Friday discounting.

Thanksgiving weekend sales rise 13 percent to US$59.1 billion, according to the National Retail Federation. That’s shy of the 16 percent gain in the same period last year.

The other leg of this week’s double is the resumption of talks between President Barack Obama and Republicans on the fiscal cliff. The Congress is seeking a budget deal to avoid $607 billion of automatic tax increases and spending cuts from kicking in on Jan. 1 – just 36 days away. Failure to act could drive the world’s biggest economy back into recession and result in a spiralling jobless rate.

Talks over Greece and the fiscal cliff are “just enough reason at this point in time to take risk off the table and wait for more insight and clarity,” Peter Sorrentino of Huntington Asset Advisors in Cincinnati told Bloomberg.

The British pound found strength in the surprise announcement that Bank of Canada chief Mark Carney has been tapped for the top job at the Bank of England.

"I think the markets will interpret this as perhaps ushering in a rather tighter monetary stance from the Bank of England," Stephen Lewis, an analyst at Monument Securities, told Reuters.

The pound strengthened to rose to $1.6016 against the dollar after Carney’s appointment was announced, from about $1.6003.

In other appointments, Elisse Walter, former senior executive vice president at the US Financial Industry Regulatory Authority, has been named as next chairman of the U.S. Securities and Exchange Commission as incumbent Mary Schapiro is to step down on Dec. 14 after being at the helm since 2009.

Schapiro climbed into a hornet’s nest as it faced fallout from the Bernard Madoff fraud and for its oversight of Lehman Brothers.

Meantime, New York City mayor Michael Bloomberg is seeking US$9.8 billion in federal funds to help pay for repairs from damage caused by Hurricane Sandy, whose total costs run to US$19 billion.

And Egyptian President Mohamed Mursi has been in talks with senior judges after violent protests over his move to increase his powers in the Middle Eastern nation.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news