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The Reserve Bank of New Zealand is expected to slow the pace of interest rate easing after February, following a third consecutive half-percentage point cut. Assistant Governor Karen Silk indicated that pauses may be integrated into the cycle, as inflation is projected to rise to 2.5% next year, necessitating a mildly restrictive monetary policy to maintain pressure on price-setting.
Rural communities in Australia face significant financial challenges due to the closure of over 650 bank branches and ATMs since 2020, limiting access to cash. CoinFlip's crypto ATMs are emerging as a vital solution, providing cash access and facilitating the conversion to digital currencies, including stablecoins pegged to the Australian dollar. This integration of cash and crypto aims to enhance financial services for underserved regions, ensuring economic stability and accessibility.
Sonata Software has secured a multi-million dollar modernization deal in Australia with a global leader in access solutions. This project will standardize business processes across 13 countries, migrate data from legacy systems, and enhance warehousing processes, utilizing Microsoft Fabric for improved decision-making. The deal was finalized in Q1FY25 and follows previous contracts in the region focused on data modernization and system upgrades.
The global VR in healthcare market is rapidly expanding, projected to grow from USD 4.05 million in 2023 to USD 21.89 million by 2032, with a CAGR of 27.26%. This growth is driven by increasing R&D spending, technological advancements, and the rising demand for immersive healthcare experiences. Key applications include surgical training, pain management, and mental health therapy, while challenges such as motion sickness and regulatory complexities persist.
China's industrial profits fell 10% in October year-on-year, following a 27.1% drop in September, indicating that stimulus measures have yet to boost corporate earnings. In the Asia-Pacific, markets reacted to Australia's cooling inflation and New Zealand's interest rate cut. On the political front, President-elect Trump appointed Kevin Hassett to lead the National Economic Council, while China dismissed his tariff threats, attributing blame for the fentanyl crisis elsewhere.
The US dollar steadied against major currencies as investors assessed President-elect Trump's tariff promises and awaited key inflation data. The New Zealand dollar rose following a 50 basis point rate cut by its central bank, while the Israeli shekel reached a three-month high amid a ceasefire agreement between Israel and Hezbollah. The dollar index dipped slightly, reflecting recent volatility influenced by political developments.
New Zealand's central bank has cut its benchmark interest rate by 50 basis points to 4.25%, marking the third consecutive reduction as the economy struggles. Economic activity remains subdued, with GDP contracting for four consecutive quarters, while inflation has eased to 2.2%. The Reserve Bank anticipates further rate cuts in early 2025 to stimulate growth, although employment growth is expected to remain weak until mid-2025.
New Zealand's central bank has cut interest rates by half a percentage point for the second consecutive meeting, lowering the Official Cash Rate to 4.25%. However, the Reserve Bank of New Zealand indicated a slower pace of easing ahead, with inflation expected to rise, projecting an average OCR of 3.83% by mid-next year. The local dollar experienced a surge following the announcement.
The FCC has granted SpaceX conditional approval to use Starlink satellites for direct-to-smartphone services in partnership with T-Mobile, aiming to connect users in cellular dead zones. This initiative allows SpaceX to operate up to 7,500 Gen2 satellites at lower altitudes to reduce latency, while ensuring no interference with existing networks. The approval follows successful emergency connectivity efforts during recent hurricanes and paves the way for similar partnerships with other mobile carriers globally.
SolarZero, a New Zealand solar panel installation company backed by BlackRock Inc., has entered liquidation due to unsustainable losses and liquidity issues. The company has ceased operations and requested that senior lenders appoint a replacement service provider to maintain customer services while a liquidator is appointed.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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