Tag Archives: billion

New Zealand wine exports totaled NZ $ 2 billion | Instant News





By Jo Gilbert

Published: November 26, 2020

International demand for New Zealand wines has surged over the past decade, with the total export value now hitting a record NZ $ 2 billion in 2020.

Exports have doubled over the past decade, from a total export value of NZ $ 1.04 billion in 2010 to NZ $ 2 billion in the 12 months to October 2020.

The numbers are coming New Zealand Wine Developers. The association notes that the country’s winemakers have witnessed challenging vintages, a recession and now a global pandemic during that time.

However, export performance has been consistently strong, even in 2020, when the country saw a 19% increase in the first four months of the new export year (July to October) compared to 2019.

“This achievement reflects the world’s appreciation of New Zealand wines, and strengthens our international reputation for distinctive, premium and sustainable wines,” said Clive Jones, chairman of Winegrowers New Zealand.

“We are optimistic that demand for New Zealand wines will continue to increase in the coming years, and then the question is whether our supply can meet that demand. While Sauvignon Blanc remains our flagship export, consumers continue to explore the wide variety of grapes we produce, with Pinot Noir remaining our most exported variety, and Rosé and Pinot Gris becoming increasingly popular, ”said Jones.

New ZealandThe upward trajectory appears to have been supported by consistently strong sales in key markets such as the UK, US, Canada and China, where the country remains the highest or second highest priced wine category.

This year, like other countries in the world, wineries have to deal with the global coronavirus pandemic.

The impact of Covid-19 on industry is mixed, said Winegrowers New Zealand, as different parts of the industry face different opportunities and challenges. These include increased production costs and potential labor shortages.

“Exports to our main international markets have increased beyond expectations this year, but on the other hand, the wine business which sells primarily through local tourism and wine has experienced significant challenges. What is exciting in the domestic market is that we see people continue to buy and support local products. “

“After the industry survives the 2020 harvest during the Level 4 lockdown, we are planning a worst case scenario. However, what we see is that even though the world has changed in 2020, what hasn’t changed is people’s love of New Zealand wine, ”Jones concluded.





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Brazil faces a $ 112 billion refinancing gap in early 2021 | Instant News


BRASILIA, Nov 24 (Reuters) – Brazil’s debt has swelled to unprecedented levels due to the COVID-19 pandemic and the government faces a $ 112 billion refinancing gap early next year, with April funding needs the highest for a month.

Publicly, at least, Treasury officials in Latin America’s top economies insist there will be no problems getting investors to lend to them. The so-called liquidity cushion can cover at least three months of the loan.

In addition, nearly all of Brazil’s debt is denominated in reais and more than 90% of it is held by domestic investors, many of whom are forced to hold it by banking regulations.

Financial analysts also see little risk of a boycott by lenders, which is likely to trigger a serious crisis and wreak havoc on Brazilian financial markets.

But the likelihood that the Ministry of Finance may have difficulty repaying debts, due to sudden unfavorable political, economic or market conditions, is not zero. And it will likely pay a premium to shift so much debt at once, analysts say.

According to Treasury Department figures, about 605 billion reais ($ 112 billion) of domestic federal debt is due in the first four months of next year. That’s 14.1% of Brazil’s 4.82 trillion reais pile of domestic debt.

The month to watch is April, when the 283 billion reais of debt will need to be extended. That is 6.6% of Brazil’s debt and will be the largest single month of maturity debt on record, according to the Ministry of Finance.

“It’s a huge number, and if people want to reduce their exposure a little bit for whatever reason, that’s a significant amount,” said Sergi Lanau, deputy chief economist at the Washington-based Institute of International Finance (IIF).

“It’s not a good situation, but it would be much worse if it was foreign debt. We are not too worried about the pile maturing. If something goes wrong at that point, then you will be exposed,” he said. the word.

The IIF analysis shows that the government’s domestic debt maturing in April amounts to 3.7% of GDP, also an all-time high for a month.

Economy Minister Paulo Guedes said he saw “no problem” for the Ministry of Finance to reimburse the debt. About half of the 600 billion reais due early next year may already be covered by cash inflows from central banks and public sector banks, he said.

STEP CURVE

The government’s surprisingly aggressive fiscal response to the pandemic, particularly through direct income transfers to the poor, has driven its deficits and debt to records that are far above most other developing economies.

Brazil’s main deficit, excluding interest payments, is estimated at nearly 12% of GDP this year, with overall debt rising to around 95% of GDP, according to the government.

That has forced the Treasury Department to borrow more, more and more in short dated paper because it’s cheaper and as growing concerns around the fiscal outlook mean investors are reluctant to lend to the government long-term loans.

While reducing average debt maturity lengths and record low official interest rates have brought average interest costs down to a record low, the so-called “roll over risk” for the Treasury has increased sharply.

“The problem is if we can’t sell any bonds. But we don’t have to worry too much, there’s money in the system,” said an interest rates specialist at a hedge fund in Sao Paulo.

“The treasury won’t run out of cash: that’s not the case. But it will continue to pay higher interest rates and see a steeper curve,” he said.

The difference between long-term and short-term interest rates has widened sharply. Before the pandemic, the difference between the January 2022 and January 2027 futures rates was 180 basis points or less. That tripled to 460 basis points in September, and is now creeping back to that all-time peak.

The Treasury has failed to sell the full allocation of bonds offered at several auctions in recent weeks, both the fixed rate ‘LTN’ note and the floating rate ‘LTF’ note linked to the central bank’s official Selic rate.

To attract buyers, the Ministry of Finance has to pay a higher premium. It also relies on other sources of financing, including a recent transfer of 325 billion reais from the central bank.

Waldery Rodrigues, special secretary of the economy ministry, said last week that a central bank selling part of its foreign currency reserves to pay debt is “on the menu” for next year, although the decision rests with the central bank.

($ 1 = 5.40 reais)

(Reporting by Jamie McGeever; Editing by Tom Brown)

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New Zealand tourism: a $ 12.9 billion spending gap without international visitors | Instant News


Business

Tourists stopped coming from abroad when the border closed in March. Photo / Mike Scott

New Zealand faces a $ 12.9 billion a year income gap without international visitors.

Research for New Zealand Tourism shows that it takes 12 overnight trips from the Kiwi to match the expenditure of one international visitor and foreign tourists spend up to three times as much a day than locals.

International visitors spend $ 232 a day, Kiwis traveling around the country spend $ 155 a day while locals spend $ 74 a day.

“Kiwis do a wonderful job traveling within the country but New Zealand will need high-value international visitors to shore up the sector and economy beyond weekends and public holidays,” said Tourism NZ chief executive Stephen England-Hall.

Total international visitor spending was $ 17.2 billion in the 12 months ended March last year. New Zealanders spend $ 23.7 billion on domestic holidays and it is estimated that because they are unable to holiday abroad, this will be boosted by $ 4.2 billion – half of what Kiwis spent on overseas trips last year.

The study by Tourism NZ – the government agency – and economist, Fresh Info, draws data from the Ministry of Business, Innovation and Employment and Stats NZ.

This suggests Government revenue is boosted by $ 849 for each international visitor. New Zealand tourists pay around $ 11 a day at GST while international visitors pay $ 26 a day.

Every $ 178,000 of tourism expenditure creates one job and this equates to 42 international visitors or 480 overnight domestic trips.

England-Hall said tourism was essential to the country’s recovery and the research would clear up some misconceptions.

“Tourism is a major employer of women and youth and an average of every $ 178,000 of visitor expenditure creates one new job. This job is important for our region, especially where there may be few other job options.”

Chief executive of Tourism New Zealand Stephen England-Hall.  Photo / Nick Reed
Chief executive of Tourism New Zealand Stephen England-Hall. Photo / Nick Reed

“Embracing technology and enhancing digital capabilities can increase tourism productivity even further. This can result in higher wages and better standards of living, especially for our regional communities.”

England-Hall said research shows there is still some work to be done to become more environmentally friendly.

“The sector is doing some amazing things to reduce or offset carbon with many operators moving towards zero carbon. While there is still work to be done, tourism’s carbon efficiency is improving, and its intensity is lower than that of other large sectors including agriculture, utilities and mining. “

He said the study results would be shared with the Government and industry with more research expected to be carried out in the coming months.

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Britain’s economic boom still keeps the nation catching up | Instant News


People shop at Lewisham Market amidst the coronavirus disease (COVID-19) outbreak in London, England, October 13, 2020. [Photo/Agencies]

The UK economy grew by a record 15.5 percent in July to the third quarter of September this year, but remains 8.2 percent smaller than before the pandemic, official figures show.

The growth figure is the largest the UK has recorded in a quarter and is a clear change from the first six months of the year, when gross domestic product, or GDP, fell 22.3 percent.

However, the economy grew at a slower-than-expected 1.1 percent in September from August, even before the latest restrictions on business, said the latest data from the Office for National Statistics, or ONS.

Analysts warned of a further contraction to come, driven by a second national lockdown this month.

The Bank of England estimates that the world’s sixth-largest economy is expected to shed 11 percent over the year, before growing more than 7 percent in 2021.

The ONS comparison shows the UK economy saw the largest decline among the major economies, twice as large as the decline in Italy, Germany and France and nearly three times the size of the decline in the United States.

Reuters reports that the UK economy is supported by more than 200 billion pounds ($ 264 billion) in emergency spending and tax cuts ordered by Finance Minister Rishi Sunak and by the Bank of England’s 900 billion pound bond purchase program.

Sunak acknowledged in a statement on Thursday that recovery had slowed. He said: “The steps we have to take since stopping the spread of the virus mean growth is likely to slow even further.

Very optimistic

“But there are reasons for optimistic caution on the health front – including promising news about tests and vaccines.”

In September there was an increase in education as children returned to school and house construction continued to recover.

Jonathan Athow, deputy national statistician at the ONS, warned: “While all major sectors of the economy continue to recover, the pace of growth is slowing again, with the economy still well below its pre-pandemic peak.

“However, pubs and restaurants saw less business after the Eat Out To Help Out scheme ended, and accommodations saw less business after a successful summer.”

The crisis has had a major impact on jobs as unemployment rose to nearly 5 percent in the July-September period as layoffs hit a record 314,000, up from 181,000 in the previous quarter.

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PM announced Rs11 billion for Karachi but not released even Rs11: Mustafa Kamal – Pakistan | Instant News


Published in November 10, 2020 12:24

PM Imran himself created a constitutional crisis in the country, said Mustafa Kamal.

KARACHI (Berita Dunya) – Pak Sarzameen (PSP) Party chairman Syed Mustafa Kamal Tuesday said Prime Minister Imran Khan announced a Rs11 billion package for Karachi but the metropolitan city did not even receive Rs11.

The PSP head said Imran Khan was still not convinced he was the country’s prime minister. Pakistani Tehreek-e-Isaf (PTI) leaders behaved as if they were handling an election campaign, said Mustafa Kamal.

“PM Imran himself created a constitutional crisis in the country because he said he would not have a dialogue with the opposition.

“Dogs bite people from Karachi to Kashmore but there is no vaccine. Karachi has become the dirtiest city in the world with unemployment and the worst transportation system.

“People have lost their trust in all other parties. People from all over the country were brought in for the October 18 rallies but no public interest agenda was discussed at the meeting convened by eleven parties.

“The Karachi people are being treated not seriously and the drama cannot happen anywhere other than Pakistan.”

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