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New Zealand is weighing negative interest rates as COVID rages abroad | Instant News

WELLINGTON – New Zealand’s central bank is expected this week to announce plans to unleash a torrent of cheap money into the financial system – and reiterate possible negative interest rates early next year – as it braces for further consequences of the COVID-19 pandemic.

But on the country’s roads, almost no masks are visible, shops and bars are full of life and New Zealand agricultural export containers continue to be loaded on ships bound for export markets.

New Zealand’s success in keeping the coronavirus away from the community in recent months is reflected in growing business confidence and strong retail activity. Housing prices and shares are at record levels. There are many reasons to be concerned about the global outlook and its impact on the country, but questions are being raised about the Reserve Bank of New Zealand’s planned signal to turn negative.

“If I look at economic data like now, I scratch my head about why the Reserve Bank will mark a continuation of the same line that was launched in August,” said independent economist Cameron Bagrie. “I wouldn’t say the economy is on a firmer footing but it is definitely performing a lot better in the near term than most people think.”

Part of the reason New Zealand’s economy beat expectations is the swift action taken by the central bank and government since March to counter the early effects of the pandemic. The government said it would spend up to 50 billion New Zealand dollars ($ 33.5 billion) to support the economy, while the Reserve Bank of New Zealand introduced quantitative easing through a plan to buy up to NZ $ 100 billion in government bonds.

The Reserve Bank has indicated that its next monetary policy statement, due for release on Wednesday, will include the announcement of the Funding Program for Loans, or FLP. It will be designed to keep interest rates down by providing cheap funds to state banks to lend to customers.

It has been argued that cutting its main interest rate, the overnight cash rate (OCR), from the current record low of 0.25% to below 0 is potentially feasible. However, so far the bank has also maintained its guideline that the OCR will be maintained at 0.25% through March next year.

Economists from the country’s four major retail banks have predicted a possible rate cut of between 50 and 75 basis points in April. Despite a brighter-than-anticipated economic picture, they are sticking with their projections for now, although some admit this is becoming less certain.

“Acting quickly with fiscal and monetary policy is really the right approach, but the response will now be even more complex,” said ANZ chief economist Sharon Zollner. “Policymakers still have to take into account the weak outlook and the enormous downside risks, but ad infinite stimulus is not worth it.”

New Zealand’s economy shrank by 12.2% quarter-on-quarter in the three months to June, half of which was under a tight lockdown that resulted in most retail and hospitality businesses shutting down and people working from home.

New Zealand’s bars and shops have come back to life, thanks to the country’s success in eliminating COVID-19. © Getty Images

Despite a minor outbreak in Auckland in August and the return of some of the lockdown restrictions, the economy has bounced back well. Big bank economists had expected growth of 8.5% to 13.5% in the September quarter, although they warned that the gloomy global outlook would be a drag in New Zealand.

“The recovery in New Zealand’s economic activity looks uneven and risks to the economy are still skewing to the downside,” said ASB chief economist Nick Tuffley.

The central bank’s mandate is to keep inflation between 1% and 3% in the medium term and to support maximum sustainable employment. Inflation fell to 1.4% from a year earlier in the September quarter, while the unemployment rate rose to 5.3% in the same period from 4% in the previous three months.

The government has forecast a peak unemployment of 7.7% next year and New Zealand’s economy will continue to be hampered by continued closure of borders to overseas tourists, the biggest source of foreign income.

Reserve Bank Governor Adrian Orr has repeatedly said the bank will follow a “least regrettable” monetary policy.

“We decided that it was better to risk doing too much too soon, rather than too late,” Orr said earlier this year.

Others, however, question the possible effectiveness of negative rates, given the mixed views on such policies in Japan, Sweden and the European Union in recent years.

One negative side effect in Sweden is a spike in house prices – already a major concern in New Zealand, where prices are up 11.1% on the year to record levels in September.

There are also some doubts about the effectiveness of negative interest rates in spurring business investment and consumer spending amid the uncertain economic outlook.

“When you lower interest rates, you tell people to spend more and save less, but we’ve actually seen the opposite,” said Bagrie. “We saw people hoarding cash on bank deposits.”


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11 companies showed interest in sponsoring national competitions | Instant News

KARACHI: Pakistan Hockey Federation (PHF) President Brig (rtd) Khalid Sajjad Khokar said that at least 11 companies had contacted PHF and showed interest in sponsoring national matches.

The PHF president made this point during a speech at a press conference here at the Abdul Sattar Edhi Hockey stadium in Karachi on Friday.

PHF has invited bids to sponsor national competitions for different purposes.

He said that PHF had finalized plans to establish a top hockey school in Lahore for training new players to be selected through a nationwide talent search scheme.

He urged the four provincial governments through the IPC ministry to establish a hockey academy. He said there were no hockey activities at the school and college levels. The academy at the provincial level is an alternative hockey activity in educational institutions, he said.

Khokhar said Pakistan will enter the Junior Asia Cup 2020 in January. The team will go to Bangladesh a few days before the event to adjust to the weather and play some practice matches against local and foreign teams.

He said, before leaving the country, the juniors would play a tie with the seniors, whose schedule would be completed after the national championship.

“PHF is interested in laying miniature grass in cities where the game of hockey is common so that our children start their game from synthetic turf and get used to playing advanced hockey on modern lines,” he said.

He said that the 5th hockey World Cup would be held in two years and Pakistan had to prepare for it. “The formation of mini grass will help us build hockey on a strong foundation and prepare for international hockey-5 events,” he said.

He said that due to the current efforts of PHF management, the issue of renting the 30-year-old Abdul Sattar Edhi hockey stadium has been resolved and the Pakistani army has been leasing the hockey stadium for a long time.

He said the Sindh government had done a great job laying grass in various cities in the province. “There is a need to take advantage of these facilities and hold hockey regularly,” he added.

He hopes that Pakistani senior and junior team training camps can be held in these Sindh cities.

Furthermore, the President of PHF said that the national women’s championship had a bright chance to be held in Sukkur in December.

Khokhar also said the Army Chief of Staff (COAS) hockey championship would be held in March 2021.

The PHF president said a bilateral hockey series was unlikely because of the second wave of Covid-19.

He further said that PHF plans to provide a central contact for the players to solve their financial problems.


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Giambattista Valli SS21 Collection Transports to The Italian Riviera | Instant News

Born in Rome but trained in London, Giambattista Valli’s SS21 collection and its eponymous label are a Parisian but Italian Riviera inspired silhouette. Valli is a Paris-based designer who showcases Couture’s collections and ready-to-wear clothing throughout the calendar year for Paris Fashion Week. But in a year of challenges, he returned to Italy to reveal a collection about the nature of Mediterranean blooms.

Appearing digitally, like many other brands, the collection includes videos from Valli’s cell phone about her vacation in Punta Rossa, Italy. There lay a nature reserve filled with glowing and colorful flowers. This is where she finds privacy and contemplation, but also inspiration for her collection with embroidered flowers, poplin dresses and subtle blouses.

Through this collection, Valli asks humans to have conversations with themselves about self-care, caring for their own bodies and intelligence. This is a collection about respecting one’s own health, which suits Valli’s time and privacy. He also awakens through his collection to continue to wish for better days and a better conscience.

If you’ve been to the Italian Riviera, then you know that it’s a serene place with bright colors and solar energy that brings Southern Italy to life. With a burst of color, Valli has evoked a distinctive Parisian silhouette and married it to this Italian paradise.

Valli played with long, short and long hem lines, of cotton, bold poplin and floral prints. Flowing georgette motif with rose branches, along with palm fronds and blooming blossoms blended into the bodice and skirt section of the look. Using needle and thread embroidery and black sequins, this look is perfect for everyday wear or evening wear.

A tulle sorbetto dress in cedar, aqua, lime, and peach offers evening color, as Valli awakens the senses through Thyrrhenian Coast colors.

Watch the Italian-inspired SS21 collection by Giambattista Valli


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It’s a strange time to travel | To select | Instant News

Next week we will be in Pennsylvania to visit our daughter who is at school in Erie on Lake Erie This will be one of our most unique trips as face masks are needed for almost the entire trip . Traveling is just not what it used to be. Do you remember when people smoked cigarettes in the middle of the flight? A little light came on to tell the passengers it was time to put out their cigarettes, we were going to land. Smokers who flew on the plane at the time were very upset when new rules banned smoking on board. I have a feeling these same people would be really unhappy with the requirement to wear a mask for the entire flight We received an email reminding us that anyone over 2 years old must also wear a mask at airports except when we were We were also told that we would receive an “ all-in-one ” snack bag that included a wrapped disinfectant wipe, an 8.5 ounce water bottle and two snacks, as well as a sealed drink on flights over 2 hours and 20 minutes. “On flights shorter than that, we’ll have a sealed drink and that’s it. No more friendly flight attendant taking our drink order. Erie is quite close to Niagara Falls. We were wondering if we could see it or not, as people like to go to the Canadian side for a better view, and the border between the US and Canada is closed at least until the end of August. which is the boat that takes you near the falls, was closed in June, it is now open on the US side and available for people in good health, wearing masks and willing to stand at least 6 feet from other people on a small boat .Fort Niagara opened in July and is available for healthy masked visitors, which is the same for all the restaurants we stop at. There won’t be any buffets though, and it looks like food “that requires minimal preparation” will be the rule. Fortunately, Pennsylvania is not on the list of states that require a 14-day quarantine when we arrive home. We were also assured that the plane is cleaned within an inch of its life and that airports will be cleaner than our homes. Still, we have small containers of disinfectant to use liberally when we feel too far away from a sink and soap, and we’ll avoid other people like the plague. our face, and white where the mask was. It’s a strange time to travel. .

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Babar has a good cricket brain: Flowers | Instant News

LAHORE: Former coach hitting Pakistan, Grant Flower, believes that the risks and rewards from the captain are huge, and while it can encourage some to become great, it can also derail others – something that he worries about could be the case for Babar Azam if he not careful about that. politics are rife in Pakistani crickets.

Flower, who joined the national team from 2014 to last year, worked closely with Azam and was well aware of how talented the birth of Lahore was.

“The first time I saw him play and the first time I worked with him, when I threw the ball at him at the academy in Lahore, he took the length much faster than other players and I think that is characteristic of great players.” batsman, “the Zimbabwean was quoted as saying by Stats Perform News.

Azam, easily the most valuable player in Pakistani cricket, has recently been the captain of the two limited supervisory teams. Flower stopped to say that Azam was not built to lead but he pointed out the dangerous territory his students would have searched for.

“He has a good cricket brain but there is a lot of politics in Pakistani cricket and a lot of pressure from the public,” said Flower, who is now the coach of hitting the Sri Lankan team under former Pakistani head coach Mickey Arthur. “Starting to lose, that’s one thing to be the best batsman but it will put pressure on your hitting skills and it can all collapse quickly. We have seen with great players in the past the pressure that the captain can bring, but some players get better and if it becomes better than the world is its oyster. Time will answer, “

Babar Azam has recently been the captain of both limited overs units.

Meanwhile, former Captain Ramiz Raja believes Pakistani captain Babar Azam must lead the team aggressively, saying Lahore-born cricket players must make strong decisions in the game.

While citing the example of captain Virat Kohli India and Kane Williamson of New Zealand, Raja said Kohli was an aggressive, emotional and passionate captain who had strong body language, while Williamson remained cool in the field, who followed the process and had good choices.

“Pakistani crickets have aggression and Kohli’s model fits into our game, but we lack consistency in 50 overs and Tests because we have a low level of trust,” he said on his YouTube Channel.

Ramiz, who represented Pakistan during the 1980s and 1990s, said Babar needed to understand to pay the captain’s price by making strong decisions. “Sometimes you have to make strong decisions at the expense of your best friends for the team and a good combination,” he said.

Ramiz, who scored 2,833 matches in 57 Tests, said Babar had expressed his desire to idolize the leadership qualities of the 1992 World Cup-winning captain and current Prime Minister, Imran Khan. “Babar must know that Imran makes decisions based on merit and always changes his team according to the opposition,” he said.


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