RBNZ Says Adrian Orr Resigned Due to Disagreement Over Funding
New Zealand's central bank said former governor Adrian Orr resigned over government cuts to the bank's funding.
Responding to Official Information Act requests from Bloomberg News and other media, the Reserve Bank on Wednesday released a raft of documents pertaining to Orr's unexpected resignation on March 5.
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Yahoo
34 minutes ago
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US review of Aukus submarine deal ‘understandable'
The Government has played down suggestions the US could scrap a major defence deal with the UK and Australia, saying it was 'understandable' for America to review the project. The US is reported to have launched a review of the Aukus pact, raising fears Donald Trump's administration could pull out if it concluded the deal did not meet its 'America first' agenda. The review is headed by Elbridge Colby, an official at the US defence department who has previously described himself as 'sceptical' of the Aukus partnership. But a UK Government spokesperson sought to play down the prospect of an American withdrawal, saying Aukus was 'one of the most strategically important partnerships in decades'. They added: 'It is understandable that a new administration would want to review its approach to such a major partnership, just as the UK did last year. 'The UK will continue to work closely with the US and Australia at all levels to maximise the benefits and opportunities which Aukus presents for our three nations.' Announced in 2021, Aukus involves the three nations building a new generation of nuclear-powered attack submarines and cooperating in other areas of advanced defence technology. The deal will also see Australia buy three Virginia-class submarines from the US ahead of the new vessels being built. That provision has led some in Washington, including Mr Colby, to question the deal on the grounds that the US may need those submarines if it finds itself in a war with China over Taiwan. But last month, the new US ambassador to London used his first major speech in the job to back Aukus. Warren Stephens told an audience in Parliament, including Prime Minister Sir Keir Starmer, that the US was 'proud to stand alongside Britain and Australia, two of our closest allies, as we deepen our collaboration to respond to a changing world'.
Yahoo
40 minutes ago
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‘Catastrophic': Rural public media stations brace for GOP cuts
Public media stations around the country are anxiously awaiting the results of Thursday's House vote that could claw back $1.1 billion from public broadcasting, with leaders warning that the cuts present an existential crisis for public media's future. For smaller stations — many of which are in rural parts of the country — the funding makes up critical chunks of their yearly operating budgets. Many of them are being forced to plan how they'll survive the cuts, if they can at all, public media executives say. Local leaders say the cuts would not only deprive their audiences of news and educational programming, but could also lead to a breakdown of the emergency broadcast message infrastructure that is critical for communities with less reliable internet or cellular service. 'That would mean an almost immediate disappearance of almost half our operating budget,' David Gordon, executive director of KEET in Eureka, California, said of the rescission proposal. 'Assuming [KEET] would continue, it would be in a very, very different form than it is right now.' The Corporation for Public Broadcasting, the entity that distributes federal money to public media stations via grants, said about 45 percent of public radio and TV stations it provided grants to in 2023 are in rural areas. Nearly half of those rural stations relied on CPB funding for 25 percent or more of their revenue. But that funding is being targeted for a vote as part of a push from President Donald Trump that also aims to cut $8.3 billion in foreign aid. The rescissions package would cut CPB funding already approved by Congress for the next two fiscal years. The proposal, which only needs approval from a simple majority, must pass both chambers of Congress within 45 legislative days from the day it's introduced. The House is set to vote on Thursday. If the House and Senate follow their current schedules, the deadline to vote on the cuts is July 18. If the deadline passes and Congress has not approved the cuts, the White House will be required to spend the money — but funding could still be cut in future budgets. If approved, the package would codify a series of cuts first picked out by the Department of Government Efficiency earlier this year. Both Trump and Elon Musk, former head of DOGE, have repeatedly accused NPR and PBS of bias against Republicans. In 2023, the Musk-owned social media site X labeled NPR as "state-affiliated media," falsely suggesting the organization produces propaganda. Trump regularly suggested cutting federal funding for public media during his first term. But his second term has brought increased hostility to mainstream media outlets, including the Associated Press, Voice of America, ABC News and CBS News. Approximately 19 percent of NPR member stations count on CPB funding for at least 30 percent of their revenue — a level at which stations would be unlikely to make up if Congress approves the rescissions, according to an NPR spokesperson. Ed Ulman, CEO of Alaska Public Media, predicts over a third of public media stations in Alaska alone would be forced to shut down 'within three to six months' if their federal funding disappears. PBS CEO Paula Kerger said in an interview she expects 'a couple dozen stations' to have 'significant' funding problems 'in the very near term' without federal funding. And she believes more could be in long-term jeopardy even if they survive the immediate aftermath of the cuts. 'A number of [stations] are hesitant to say it publicly,' she said. 'I know that some of our stations are very, very worried about the fact that they might be able to keep it pieced together for a short period of time. But for them, it will be existential.' Smaller stations with high dependency on federal funding may be forced into hard choices about where to make cuts. Some stations are considering cutting some of what little full-time staff they have, or canceling some of the NPR and PBS programming they pay to air. Phil Meyer, CEO of Southern Oregon PBS in Medford, Oregon, said his station will have to get creative just to stay afloat. 'If we eliminated all our staff, it still wouldn't save us enough money,' Meyer said. 'It becomes an existential scenario planning exercise where, if that funding does go away, we would have to look at a different way of doing business.' Some rural stations are worried they won't be able to cover the costs to maintain the satellite and broadcast infrastructure used to relay emergency broadcast messages without the federal grants. In remote areas without reliable broadband or internet coverage, public media stations can be the only way for residents to get natural disaster warnings or hear information about evacuation routes. After Hurricane Helene devastated Western North Carolina last year, leaving the region without electricity for days, Blue Ridge Public Radio in Asheville, North Carolina, provided vital information on road closure and access to drinking water for people using battery-powered and hand-cranked radios. 'I think it's pretty catastrophic,' Sherece Lamke, president and general manager of Pioneer PBS in Granite Falls, Minnesota, said of the potential consequences of losing the 30 percent of her station's budget supplied by CPB. Station managers around the country have made direct pleas to their home congressional delegations in the past year, urging them to protect public broadcasting from the rescission proposal and publicly opposing Trump's executive order calling on CPB to stop providing funding to stations. PBS, NPR and some local stations have sued the Trump administration to block the order. Brian Duggan, general manager of KUNR Public Radio in Reno, Nevada, said he's optimistic about the chances of the House voting down the funding cuts, particularly after talking with his local member of Congress, Rep. Mark Amodei (R-Nev.), who co-signed a statement opposing cuts to public media on Monday. 'I maintain optimism … based on my conversations with the congressman,' Duggan said. 'I will just hold out hope to see what happens ultimately on the House floor.' Republican Sen. Lisa Murkowski of Alaska, whose public media stations are among the most dependent on federal grants in the country, told POLITICO on Wednesday she's concerned about stations in her state and is trying to get the package changed. In the wake of Trump administration pressure, some stations have seen an uptick in grassroots donations. But while larger stations in well-populated metro areas have broader, wealthier donor bases to draw on for additional support, many rural stations can only expect so much help from their community. Some of the stations in rural areas are forced to navigate the added complication of asking for donations from Republican voters as Trump rails against the public media ecosystem. 'We live in a very purple district up here,' Sarah Bignall, CEO and general manager of KAXE in Grand Rapids, Minnesota said. 'If we started kind of doing the push and the fundraising efforts that were done in the Twin Cities, it would be very off-putting to a lot of our listeners.' Increases in donations, sponsors and state funding — only some states fund public broadcasting, and other states are pushing their own cuts to public broadcasting — would be unlikely to cover the full loss of smaller stations with heavy dependence on federal grants. 'It's not like we can just go, you know, 'Let's find a million dollars somewhere else.'' Lamke said. 'If we knew how to do that, we would have.' Longtime public media employees have experience in managing the lack of certainty that comes with the nonprofit funding model. But some said that the federal cuts, along with the White House effort to eliminate the public media model, have made forecasting the future of their stations more difficult than ever. 'I think this is the biggest risk that we've had, certainly in the time that I've been in public broadcasting,' Kruger said. 'And I've been in this business 30 years.' Calen Razor contributed to this report.
Bloomberg
an hour ago
- Bloomberg
Peru Expected to Hold Rates After Surprise Cut
Peru is expected to hold rates steady on Thursday after a surprise cut last month, while the central bank assesses international economic conditions. The central bank is expected to keep its benchmark interest rate at 4.5%, according to 13 of 14 economists surveyed by Bloomberg. Just one analyst expects the central bank to cut rates for a second month in a row to 4.25%.
