Tuesday, 19 January 2016

Distortion and media censorship from Radio New Zealand (RNZ)

New Zealand media as a whole, but most especially Radio New Zealand (which has recently reinvented itself as 'RNZ') needs to be called out.

Ever since news of crisis in the world economy since the New Year the publicly-owned radio station has ignored the story and downplayed it while totally neglecting to report information that is headlines elsewhere in the world.

I can only conclude that this is an editorial policy (and not the result of 'understaffing' and/or ignorance) that has come down from the top, possibly part of an 'informal' discussion with the political masters. This is designed to make sure that the public of New Zealand (except for a tiny minority that make the effort to keep up with international news via the internet) totally ignorant and blindsided by events that will come like a 'bolt-out-of-the blue').

If you talk to people you will get stories that already truck deliveries are not being made (very similar to what is happening with international shipping).

Instead, on the day when the report comes out with cooked figures from China (everyone with an ounce of understanding knows they are a lie) Radio New Zealand comes up with a propaganda story, Business confidence bounces back while not even reporting the bare facts (or, in such a way that only the most dedicated will ever find them.

This morning's Morning Report came up with what was actually a good report from someone from the Financial Times despite the bored indifference of reporter Suzy Ferguson


China GDP drops to 25-year low
China's economic growth edged down to 6.8 percent in the final quarter of 2015, dragging the full year's growth to a 25-year low of 6.9 percent.

19 January, 2016

Chinese leaders are trying to steer their economy to more sustainable growth driven by domestic consumption and services to replace a worn-out model based on trade and investment. But the unexpectedly sharp decline over the past two years prompted fears of a politically dangerous spike in job losses and prompted Beijing to cut interest rates repeatedly and take other steps to shore up growth.

The quarterly growth reported this afternoon was China's weakest since the aftermath of the 2008 global crisis. It was down from 6.9 percent in the previous quarter.Before the release of the data Chinese stocks headed for their first two- day gain this year.
The Shanghai Composite Index added 0.3 percent to 2,921.66 at 9:35 a.m. local time, led by consumer-staples producers.
The Chinese government will probably report annual gross domestic product growth of 6.9 percent on Tuesday, the slowest pace since 1990, according to the median estimate in a Bloomberg survey.
The National Bureau of Statistics is also scheduled to report GDP data for the fourth quarter, along with industrial production, retail sales and urban fixed-asset investment figures for December at 10 am.
The benchmark equity index has declined 20 percent since the December high on waning confidence that the government can manage the country's transition to a new growth model and to a more freely traded currency.
Traders reduced holdings of shares purchased with borrowed money for a 12th straight day on Monday, cutting the outstanding balance of margin debt on the Shanghai stock exchange to 584 billion yuan ($88.8 billion), a four-month low.
China's securities regulator denied a Reuters report that its Chairman Xiao Gang offered to resign.
Reuters reported that the chairman of the China Securities Regulatory Commission submitted his resignation last week, citing unidentified people. It wasn't clear whether the government had accepted his offer, the news agency said
This was the spin from Radio New Zealand this morning
China economic data expected to point to growth, not recession

A New Zealand investment analyst says the release of Chinese economic data, this afternoon, is more likely than not to point to steady economic growth, which should help alleviate fears of a looming global recession.

Business confidence bounces back 
Business confidence has bounced off a near five-year low, with firms more confident about their own prospects and looking to hire more staff. 

Radio NZ,

19 January, 2015

The New Zealand Institute of Economic Research (NZIER) survey of business opinion for the December quarter showed a seasonally adjusted net 13 percent of firms expect the economy to improve in the coming months, compared with a net 10 percent pessimism level in the previous quarter.

Business improved for companies in the final quarter of last year, and a net 18 percent expect a further improvement in the first quarter of 2016.

Respondents expected to hire more staff in coming months but a growing number said it was becoming increasingly difficult to find skilled staff. Investment intentions were also flat, pointing to some caution.

Inflation pressures remain low as companies find there is little leeway to raise prices, which in turn is squeezing profit margins, although low fuel prices are also helping to keep costs constrained .

NZIER senior economist Christina Leung said the economy was growing at a solid pace, which she expected to reach 3 percent by the end of the year.

"Businesses are more confident across the board, it's shaping to be a reasonably good year."

"All things considered the Reserve Bank can keep its official cash rate steady [at 2.5 percent] for the rest of the year," she said.

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