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

 

While you were sleeping: Global bank tax mooted

While you were sleeping: Global bank tax mooted, U.S. jobless soar

Nov. 9 (BusinessWire) – British Prime Minister Gordon Brown proposed a global financial transactions tax as a way of extracting an insurance levy from banks.

Brown was speaking at the weekend meeting of finance ministers and central bank governors of the Group of 20 nations. U.S. Treasury Secretary Tim Geithner subsequently said America could not support a financial transaction tax.

Brown also suggested an insurance fee that reflects the risk of banks and a pool of funds to ensure an orderly process when banks fall into bankruptcy.

The G20 agreed by November 2010 to progress a framework to achieve “sustainable and balanced” global economic growth.

The U.S. House approved sweeping changes to American health-care which will force all people in the U.S. to get insurance cover while tightening the rules for insurers, changes estimated to cost US$1 trillion over 10 years. The measure was approved by 220 votes to 215.

The changes “make real the promise of quality, affordable health care for the American people,” President Barack Obama said.

The unemployment rate in America rose to a higher-than-expected 10.2% last month, the most since 1983. Labor Department figures showed non-farm payrolls fell by a greater-than-expected 190,000 in October. The data suggests consumer sentiment will be frailer than expected.

The Dow Jones Industrial Average edged up 0.2% to 10023.42 on Friday in New York and the Standard & Poor’s 500 gained 0.3% to 1069.30. The Nasdaq Composite rose 0.3% to 2112.44.

European equity markets followed a similar pattern. The Dow Jones Stoxx 600 rose 0.2% to 241.06. Among national benchmarks, the U.K.’s FTSE 100 rose 0.3% to 5142.72, Germany’s DAX 30 gained 0.1% to 5488.25 and France’s CAC 40 fell 0.1% to 3707.29.

The dollar gained against the euro after the U.S. jobless rate jumped more than expected, eroding investors’ risk appetite.

The greenback rose 0.1% to US$1.4839 per euro while the yen strengthened almost 1% to 133.41 per euro. The dollar fell 0.8% to 89.85 yen.

India will pare back its fiscal stimulus starting next year amid “clear signs of an upturn” in economic growth speeds to more than 7%, said Prime Minister Manmohan Singh.

“Like other countries we resorted to a significant stimulus and we will take appropriate action next year to wind this down,” Singh said at an economic summit in New Delhi.

New Zealand’s economy is also accelerating, Prime Minister John Key told state-owned Television New Zealand. Growth will be helped by recovery in Australia, he said.

Copper fell after the U.S. jobless rate outpaced expectations, amid doubts demand for the metal can be sustained.

Copper futures for December delivery slipped 0.2% to US$2.9525 a pound on the New York Mercantile Exchange on Friday.

Crude oil for December delivery fell 2.8% to US$77.43 a barrel in New York.

(BusinessWire)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>

ALSO:

Electricity: New Zealand Remains In Top 10 For Energy Balance

The World Energy Council’s Energy Trilemma Index has become part of the energy dialogue both globally and in New Zealand. The Index illustrates the need for countries to balance energy security, energy equity and environmental sustainability. New Zealand ... More>>

ALSO:


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO:

Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>

ALSO: