NZ media acknowledges coming crisis - sort of

This is pretty intrepid reporting from TV3 given there has been scant recognition that there is any problem.

They may lie by omission still,but they are mentioning it.

Could New Zealand be heading for another financial crisis?

 

Newshub,

4 January, 2018

A bad day on the sharemarket for one of the world's biggest companies could be a sign of looming problems for our economy.

It all started with iPhone maker Apple announcing it wouldn't meet its quarterly sales targets.

The problem? It's not selling enough iPhones in China - something the tech giant blames in part on a weakening economy there.

In October Apple was the world's biggest company worth just US$1 trillion but a steady fall since then, capped off by a 10 percent fall on Friday, means it's now worth a mere US$675 billion.

If Apple is right about China's economic growth slowing, that has major implications for us as the communist state is our second largest trading partner.

• Experts: Recession could be on its way in 2019
• New Zealand's economic cycle has almost come full circle

A decade ago, the global financial crisis - the worst since the Great Depression, hit around the world. Now experts are warning another could be on its way.

"The global economy and the New Zealand economy does tend to run in a 10-year cycle, so statistically I think a lot of people are looking over their shoulder and wondering if it's the start of something ominous," economist Cameron Bagrie told Newshub.

Friday's problems for Apple are symptomatic of a wider concern about China.

"China's a very big economy so they don't just dish out ripples when the Chinese economy slows, they dish out waves," Mr Bagrie said.

He said China isn't alone - the US and European economies are also weakening. The reasons include what he calls a "dangerous cocktail" of trade wars between the US and China and a lack of economic leadership around the globe.

"What we're seeing globally - it's a moderation in growth as opposed to what you'd call a downturn, but certainly the warning signs are there and New Zealand needs to be careful."

So what does it mean for New Zealand? Catherine Beard, the executive director of Export NZ, said it's a concern.

"It will be a worry, China's such a massive economy, and they're our number one trade partner so any slowdown in China would be something we'd be concerned about," she told Newshub.

In 2017 China imported $4.1 billion worth of New Zealand's milk powder, butter and cheese, but Ms Beard said these are more insulated from economic slowdowns because high value foods tend to be one of the last things consumers skimp on.

However New Zealand's other big earners aren't safe. 

"The education exporters are those who are trying to get overseas students to come and study here," Ms Beard said.

"They'll be watching very closely what's happening to the Chinese economy, and tourism's a big earner for New Zealand as well and a lot of those tourists are coming from China."

The saving grace for exporters of goods might be the Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade deal, which has just taken effect. 

It's opened up Mexico, Japan and Canada, giving Kiwi businesses tariff-free access to high income markets.

Not my literary style but Martyn Bradbury speaks for me with this piece. Are we the only ones?

Dow Jones plunges 660 points, NZ Herald focuses on brawls, fetish photos and naked hack scandals

the Daily Blog,

4 January, 2019

Dow Jones plunges 660 points on weak UN manufacturing data and Apple’s dire warning on China while NZ Herald leads with Hip Hop brawls, Kiwi woman fetish photos and WWE naked photo scandal.

Look I appreciate that the kids are running the newsrooms over the holidays, but these large economic meltdowns have enormous impacts on us and could be the harbinger of an economic recession. Millennials who normally staff the social media feeds are left to do the big stories and this didn’t appear as a lead until after midday.

Maybe explain to the Millennial staff the impact this will have on the price of avocados and it might get some coverage? How about suggesting the Stock Exchange liked a Louis CK joke on Twitter or did a micro aggression against trans inclusion?

Could the economic armageddon get some coverage then?

To be fair on the Herald, I didn’t;t even bother checking if Stuff covered it, because why would you read Stuff for insight?

Is there any chance at all that critical journalism like Hip Hop brawls, Kiwi woman fetish photos and WWE naked photo scandals all be behind the Herald’s looming paywall?

Please?