Israel-Iran attack: AA says petrol price panic pointless, severity of strikes will dictate impact on consumers
Israel's attack on Iran today has sent oil prices up.
But any impact on New Zealand motorists and flyers should at least be delayed, the Automobile Association said.
'I saw the pre-attack indicators,' AA principal policy adviser Terry Collins told the Herald.
'The price of oil jumped about US$5
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NZ Herald
20 hours ago
- NZ Herald
Israel-Iran attack: AA says petrol price panic pointless, severity of strikes will dictate impact on consumers
Israel's attack on Iran today has sent oil prices up. But any impact on New Zealand motorists and flyers should at least be delayed, the Automobile Association said. 'I saw the pre-attack indicators,' AA principal policy adviser Terry Collins told the Herald. 'The price of oil jumped about US$5
National Business Review
a day ago
- National Business Review
One survivor reported after Air India crash; UK economy contracts
Ata mārie and welcome to your Friday recap of the main international business and political headlines. In developing news, Al Jazeera reported on the crash of an Air India plane bound for London. It crashed into a medical college in the city of Ahmedabad shortly after takeoff, killing at least 240 people. It was reported that there was one survivor among the passengers. That person was rushed to hospital for treatment. Officials said medical students at the college hostel were among the dead. Air India said it was working with local authorities on the emergency response, while it was still too early to identify the cause of the crash. Boeing, the manufacturer of the 787-8 Dreamliner, said it was in contact with Air India and 'ready to support them'. Elsewhere, China is ready to drop tariffs on imports from 53 African nations, the BBC reported. China has been Africa's largest trading partner for 15 years. Africa's exports to China were worth about US$170 billion in 2023. A joint statement criticised "certain countries' [efforts to] disrupt the existing international economic and trade order" through the unilateral imposition of tariffs, the BBC noted. Yesterday, it was reported that a trade deal between the United States and China had been 'done', according to US President Donald Trump. Reuters reported that negotiators from both sides had agreed on a framework to get a fragile trade truce back on track and remove Chinese export restrictions on rare earth minerals and other critical industry components. Federal Reserve chair Jerome Powell. Meanwhile, pressure between Trump and Federal Reserve chair Jerome Powell intensified after Trump called him a 'numbskull', and repeated a call to cut interest rates, CNBC reported. Trump claimed that lowering rates by two percentage points would save the US US$600b each year. 'We can't get this guy to do it.' 'We're going to spend US$600b a year…because of one numbskull that sits here [and says] 'I don't see enough reason to cut the rates now,'' Trump said. Staying with economics, the UK economy contracted by 0.3% in April, as businesses slashed jobs and shelved investment plans in response to higher taxes and global trade tariff uncertainty, the Guardian reported. Official data showed the economy fell after expanding 0.2% in March and 0.5% in February. The contraction was the worst monthly drop since October 2023. Chancellor Rachel Reeves refused to rule out future tax rises and acknowledged the latest figures were 'clearly disappointing', she told the BBC. 'No chancellor is able to write another four years of Budgets within a first year of government, you know how much uncertainty there is in the world at the moment.' Elon Musk. Over the Ditch, the ABC reported that Tesla drivers had reported 'phantom' braking in autopilot mode, with the electric cars slowing down for no particular reason while driving. Allegations of phantom braking led to legal action overseas and the Australian class action against Tesla was due to return to the Federal Court later this year. Tesla said autopilot mode was designed to make driving safer, but in the US, Tesla was sued over several deadly crashes after the system was enabled, the ABC said. It was reported that Elon Musk's company had settled some cases but not admitted wrongdoing and blamed driver error. About 10,000 Tesla drivers in Australia had registered their interest in a class action against the company, with allegations that consumers were misled over phantom braking, battery range, and self-driving capability, the ABC reported.
Scoop
2 days ago
- Scoop
‘Devil Will Be In Detail': Luxon Reacts To Possible USA-China Trade Deal
Article – RNZ But the prime minister says it can only be a good thing as the global trading environment seeks more certainty. Morning Report Prime Minister Christopher Luxon says a possible USA-China trade deal is positive news, but time will tell what it means for New Zealand and the rest of the world. US President Donald Trump said a deal with China is 'done' after two days of high-level talks in London. Luxon welcomed the news but wanted to see the finer details. 'What we want to see is more certainty in the global trading environment, and I've read the reports as well,' he said. 'The devil will be in the detail, but that can only be a good thing.' Luxon said he expected to discuss the matter with China President Xi Jinping on his next trip the global giant. 'I'm sure that will be a topic of conversation about how we see the global trading environment and how we're observing in the region, but also around the world,' he said. Despite the trade uncertainty, Luxon said New Zealand exporters to the US had been making good progress. 'They'll still finding really great opportunities to grow their businesses, they're doing a great job of targeting the right channels and customers,' he said. 'But yes, of course that will be a big top of conversation when I do catch up with both President Xi and Premier Li (Qiang) in due course.' Agriculture Minister Todd McClay also welcomed the news of a possible US-China trade deal. The overnight announcement comes as the government welcomes the state of the country's agriculture sector. The Ministry of Primary Industries' Situation and Outlook report is projecting a double digit increase in New Zealand export revenues this year – though it warns about global uncertainty. It estimates New Zealand's agricultural export revenue could reach just under $60 billion by the end of June, up from a dip in 2023-4. McClay told Morning Report if a US-China deal has been done it would be 'good news'. At an OECD trade ministers meeting in Paris last week he had met with the trade ministers of both China and the US. Both had then gone off for joint talks so some momentum had been building to try and find a solution to their tariffs impasse. If things calmed down for international trade it would bring 'welcome relief' for exporters and result in some 'sensible decision-making'. Exporters 'go for value' McClay said the remarkable growth in primary exports was very positive. Dairy had enjoyed a solid season with a good supply of grass which had increased milk production. The meat sector was performing well and for the first time $5 billion worth of kiwifruit had been exported. Even the US market faced with tariff uncertainty was providing some opportunities for Kiwi exporters, citing the example of NZ King Salmon which has talked of increased sales at a higher price. Kiwi exporters were working hard to add value to their products, McClay said. One example was selling ready to eat burger patties to China which resulted in greater returns for farmers. 'So we're seeing Kiwi exporters go for value, not competing on price anywhere as much as they used to.' Luxon said the government, particularly McClay and Finance Minister Nicola Willis could take a 'tremendous credit' for the growth. 'We've created the conditions for growth; it's ultimately up to the businesses themselves to go out and seize on those opportunities,' he said. 'But if I think about the work that Todd's undertaken to make sure we're opening new markets, whether it's the GCC, the UAE, a 21 percent growth in the UK just in the last 12 months, a 28 percent in the EU by virtue of Todd bringing that agreement into earlier acceptance. 'There's been tremendous progress made on the trade front, and I think Nicola's work to make sure that she's cleaning up the books, good financial management, good fiscal management to lower inflation, to lower interest rates to get the economy growing, to get people employed – that's the work we've been doing as a government.' Luxon reiterated the government's belief in the importance of growth and said it was the primary industry sector pulling New Zealand out of a recession. 'We've got a really exciting future to shape it despite all the volatility that's out there in the world. 'Really proud of the primary industry sector, but also proud of the work of both Nicola and Todd and all of our team to create the conditions for growth as well.' On building in sustainability A government-backed grass certification standard for dairy and meat exports had been launched at Mystery Creek Fieldays yesterday, McClay said. This would be highly desirable for markets in China, other parts of Asia and the Middle East, McClay said. 'Grass fed now is increasingly wanted by consumers and they're willing to pay more.' On sustainable products, Groundswell has been calling for New Zealand to exit the Paris Agreement on Climate Change. McClay said that was not going to happen mainly because it would make exports to many markets untenable. He believed Groundswell and others were worried about higher costs and lower production if they adopted sustainable measures. 'We've been really clear – we think through technology and other things we can meet these obligations without putting farmers out of business.' Alternatives to farmers going into the Emissions Trading Scheme were being worked on and would be announced soon. McClay said the requirement of reducing methane by 10 percent by 2030 was on track to be met. 'So it shows farmers are willing to do it but we have to lean heavily into technology rather than just planting trees.' A number of products, known as methane inhibitors, have been developed already although they might have to overcome consumer resistance. McClay said anything developed would have to go through rigorous scientific testing. There would be a range of solutions developed and farmers would decide which ones they wanted to pick up. 'The overseas customers through the dairy company should be paying for this, not the New Zealand farmer.'
