Latest news with #Key
NZ Herald
18 hours ago
- Business
- NZ Herald
John Key is right that New Zealand needs to cut interest rates but we need more than that too
Key warns the coalition risks losing the next election. He says the Reserve Bank got interest rates wrong again – first too low, now too high – and it's crushing the economy. The data backs him. Massey University's GDPLive shows GDP growth at just 0.261% for the quarter and down 0.53% annually. It puts inflation at 2.18%. With dairy booming, most of the economy must be in recession. The Reserve Bank's Nowcast GDP tracker is down 0.288% for the quarter. Key says that with no sign of wage inflation, the Reserve Bank should cut the Official Cash Rate by 100 basis points – from 3.25% to 2.25%. The Taylor Rule that central banks use to guide interest rates indicates the OCR is 50 basis points too high. Key is also right that the central bank's money printing fuelled the inflation that destroyed the last Government. Now, with rates too high, it's strangling growth and may destroy this one. It seems the Government had no plan for replacing former Reserve Bank Governor Adrian Orr. I nominate Key. He's qualified and has the judgment the job demands. If appointed and interest rates are cut, the economy would be growing in election year. If Key is unavailable, appoint the economist who warned that $100 billion in quantitative easing would cause inflation: Auckland University's professor Robert MacCulloch. Internationally recognised for his work on central banking. If the coalition aspires to more than winning elections, it must do what Key never did: tackle why New Zealand is sliding down the OECD rankings. It's not that the world doesn't want what we sell. Dairy prices are excellent, meat sales are solid, and tourism is recovering. We're just badly managed. To lift our standard of living, we must raise our productivity which has been static for a decade. The Treasury's recent analysis highlights that 'New Zealand has much lower levels of capital per worker than OECD peers'. We lag Australia because its compulsory superannuation pumps billions into productive investment. We should have shifted to savings-based super 50 years ago. That's no reason not to do it now. Last week's abandonment of open-plan classrooms was a good start to lifting education standards. Abandoning pupil-led learning would be even better. Health is another failure. We have a Soviet-style monopoly with low productivity. Waiting lists grow despite record spending. More money is not the answer. Singapore achieves better outcomes for less – based on compulsory savings, price transparency, and private providers. We should copy it. One thing Key did achieve was restraining the growth of the civil service. According to the International Monetary Fund, Government expenditure was an estimated 41.39% of GDP in 2023. The 59% of the economy in private hands just isn't big enough to generate the investment, wealth and exports we need. We are over-regulated. The OECD's 2023 Government at a Glance ranked New Zealand last in the OECD for barriers to permits, licences and foreign investment. The Regulatory Standards Bill isn't a nice-to-have. It's essential. Key is also right about the ban on foreign home buyers. Foreigners won't bring their capital or expertise if they're told they can only rent. There are about 200,000 able-bodied adults on Jobseeker Support. That number has barely moved since Key's time, despite job vacancies and social investment strategies. Australia has had a Work for the Dole scheme since 1997. Employment Minister Peter McCardle introduced Work for the Dole scheme in 1998. Labour scrapped it. We should try again. Last year, in an international comparison, New Zealand's economy ranked 33rd out of 37. That makes it a mystery why Luxon waited so long to visit China, our biggest trading partner. And why did the Prime Minister go to a Nato summit in Europe? Every other Pacific PM stayed away knowing the summit would pledge to spend 5% of GDP on defence and criticise China. As New Zealand is not going to do either a PM focused on growth would have stayed at home. We have a bloated bureaucracy focused on political correctness rather than the hard work of delivery. An opposition that thinks New Zealand can tax its way to prosperity. An economy that's 41% government, starved of capital, and bound in red tape. Without reform, we will never climb the OECD ladder. Key's rate cut might win the next election. Only real reform will return New Zealand to the top tier of the OECD.
Time of India
a day ago
- Business
- Time of India
If you want promotion, show us…: Amazon has a new rule for employees in its smart home department
employees working in the company's smart-home division must now demonstrate how they use artificial intelligence tools to qualify for promotions, according to a new policy announced by Ring founder Jamie Siminoff. Tired of too many ads? go ad free now The requirement affects workers at Amazon's RBKS organization , which includes Ring security cameras, Blink devices, Key delivery service, and Sidewalk wireless network. The policy, effective in the third quarter of 2025, mandates that promotion applicants detail their AI usage and provide examples of projects with measurable outcomes. Managers must additionally prove they've accomplished "more with less" using AI technology while reducing or maintaining current headcount levels. Ring CEO asks the department embrace AI-driven performance metrics Siminoff's directive aligns with broader industry trends as major technology companies integrate AI proficiency into employee evaluations. Shopify announced in April that managers must demonstrate AI cannot perform a role before making new hires, while Microsoft has begun evaluating some employees based on their use of internal AI tools, Business Insider reported. The policy comes two months after Siminoff returned to Amazon following a two-year absence, replacing former RBKS division leader Liz Hamren. His return coincides with CEO Andy Jassy's push to restore Amazon's startup culture and embrace efficiency-driven practices. In an email to staff obtained by Business Insider, Siminoff emphasized the policy aims to reward "innovative thinking" and reinforce speed and efficiency—core elements of Jassy's current vision for the company. "We are reimagining Ring from the ground up with AI first," Siminoff wrote, describing the initiative as having "the same energy and potential to revolutionize how we do neighborhood safety." Tired of too many ads? go ad free now Amazon pushes workforce efficiency through AI adoption The new promotion requirements represent part of Siminoff's broader push for AI integration within RBKS operations. Since June, he has encouraged employees to use AI tools at least once daily to boost productivity levels. Amazon CEO Jassy previously indicated that AI implementation would reduce the company's workforce due to improved operational efficiency. The RBKS policy specifically requires employees to describe how they've used generative AI or other AI technologies to enhance customer experience or increase operational efficiency when applying for advancement opportunities. A Ring spokesperson confirmed to Business Insider the promotion initiative applies exclusively to RBKS employees and does not extend company-wide.
News18
2 days ago
- General
- News18
TNPSC Group 4 Answer Key 2025 Released: Candidates Can Now Raise Objections Online
The Group 4 exam was conducted on July 12, 2025 to fill 3,935 vacancies across Tamil Nadu. These posts include Village Administrative Officer, Junior Assistant, and other positions in various state departments. A total of 4,922 examination centres were set up across all districts, and question papers were distributed under tight security. (News18 Tamil) 3/9 The Answer Key contains the correct responses to all questions from the Group 4 exam. Candidates should refer to the serial number of questions as listed in the model question paper uploaded on the TNPSC website, regardless of the version of the paper they received. (News18 Tamil) If candidates wish to raise objections or offer comments regarding any answer, they must do so only through the official TNPSC website within seven days of the Answer Key release. Objections sent via post, email, or any other mode will not be accepted. (News18 Tamil) Also, any objections submitted after 5:45 pm on July 28, will not be considered under any circumstances. (News18 Tamil) For Part A - Tamil Language Aptitude and Assessment Test (Questions 90 to 92) and Part B - General English (Questions 90 to 92), candidates should provide comments based on the paragraph provided above Question No. 90 in the uploaded sample paper. (News18 Tamil)
Yahoo
3 days ago
- Entertainment
- Yahoo
Key of Shinee to return in August with first full-length solo album in three years
SEOUL, July 22 — Key of K-pop boy band Shinee is set to drop his third full-length solo album Hunter on August 11, SM Entertainment announced today. The album will feature 10 tracks, including a title song of the same name, news agency Korea JoongAng Daily reported today. Hunter also marks his first full album in three years since Gasoline (2022), and follows his third EP Good & Great, released last September, To kick off promotions, Key launched a teaser event inviting fans to dial a dedicated number (070-8143-0811), where a mystery voice hints at what's coming next. More details will be released in the coming days, the agency said. Key, whose real name is Kim Ki-bum, debuted with Shinee in 2008 under SM Entertainment. The group rose to fame with hits like Replay, Lucifer, and Sherlock, and is widely credited for shaping second-generation K-pop. Known for his sharp fashion sense, quick wit, and variety show appeal, Key made his solo debut in 2018 with Forever Yours. His return with Hunter is highly anticipated by fans for its signature visual flair and genre-blending style.
Malay Mail
3 days ago
- Entertainment
- Malay Mail
Key of Shinee to return in August with first full-length solo album in three years
SEOUL, July 22 — Key of K-pop boy band Shinee is set to drop his third full-length solo album Hunter on August 11, SM Entertainment announced today. The album will feature 10 tracks, including a title song of the same name, news agency Korea JoongAng Daily reported today. Hunter also marks his first full album in three years since Gasoline (2022), and follows his third EP Good & Great, released last September, To kick off promotions, Key launched a teaser event inviting fans to dial a dedicated number (070-8143-0811), where a mystery voice hints at what's coming next. More details will be released in the coming days, the agency said. Key, whose real name is Kim Ki-bum, debuted with Shinee in 2008 under SM Entertainment. The group rose to fame with hits like Replay, Lucifer, and Sherlock, and is widely credited for shaping second-generation K-pop. Known for his sharp fashion sense, quick wit, and variety show appeal, Key made his solo debut in 2018 with Forever Yours. His return with Hunter is highly anticipated by fans for its signature visual flair and genre-blending style.
