Tuesday, 12 October 2004

Eagle eye required on oil price impacts

United Future energy spokesperson Gordon Copeland believes that the escalation in the price of crude oil to beyond $US50 constitutes a new risk to New Zealand’s continued economic growth.

“In response to my question in the House today, Finance Minister Michael Cullen revealed that last week’s International Monetary Fund meeting in Washington estimated that the higher price of oil will likely reduce economic growth by half of 1%.

“Dr Cullen believes the effect on the NZ economy will be mitigated by the strength of the $NZ against the $US.

“This raises a new issue. What happens if the $NZ weakens against the $US, triggering higher prices and an inflationary spiral?

“Both the government and the Reserve Bank will need to monitor these developments very carefully,” said Mr Copeland.

ENDS

© Scoop Media

Gordon Campbell: On the Sony cyber attack

Given the layers of meta-irony involved, the saga of the Sony cyber attack seemed at the outset more like a snarky European art film than a popcorn entry at the multiplex.

Yet now with (a) President Barack Obama weighing in on the side of artistic freedom and calling for the US to make a ‘proportionate response’quickly followed by (b) North Korea’s entire Internet service going down, and with both these events being followed by (c) Sony deciding to backtrack and release The Interview film that had made it a target for the dastardly North Koreans in the first place, then ay caramba…the whole world will now be watching how this affair pans out. More>>