Rabu, 15 Februari 2012

Aussie & NZ dlrs jump on yen, China hope


Aussie & NZ dlrs jump on yen, China hope

On Wednesday 15 February 2012, 17:57 NZDT
* Risk assets rally on hopes China to support Europe
* Yen retreats in wake of surprise BOJ easing
* A$ clears major resistance to hit 6-mth high on yen
By Cecile Lefort and Gyles Beckford
SYDNEY/WELLINGTON, Feb 15 - The Australian and New Zealand dollars scaled multi-month peaks against the yen and rallied on the U.S. dollar on Wednesday after China reiterated its support to euro zone government debt, lifting risk sentiment.
The Antipodean currencies had already been up on the yen after the Bank of Japan surprised on Tuesday by launching another round of quantitative easing, boosting stocks there.
The Australia dollar surged to 84.35 yen, its highest since August and clearing key resistance at 83.93. It is now up 7 percent so far this year.
The kiwi jumped to 65.87 yen, its highest since September. It was last at 65.74, having gained a whopping 9 percent this year.
"The Aussie benefited from general weakness in the U.S. dollar following comments made by China about its support of Europe," said Masafumi Yamamoto, chief forex strategist at Barclays Capital.
Verbal reassurance by China's central bank governor Zhou Xiaochuan that Beijing would continue to invest in euro zone debt, gave a lift to sentiment which had earlier been subdued by simmering concerns about Greece.
"It is surprising we are still reacting the way we are given a lot of this had been stated before," said Hamish Pepper, a strategist at Barclays in Singapore.
The Chinese have often offered verbal support for the euro zone without necessarily acting on it.
"This is an indication of the environment we are in... We are playing tennis headline," he added.
Still, there were enough hope for real Chinese assistance to lift Asian share markets and risk sentiment in general.
The Aussie responded by rallying to $1.0731, from a two-week low of $1.0629 hit on Tuesday. It was still short of last week's six-month high of $1.0845, but a move above Tuesday's top of $1.0739 would suggest an end to corrective consolidation.
Australian government bond prices eased with three-year future contracts down 0.07 points to 96.420 and the 10-year 0.03 lower at 95.920.
Local data were overlooked but showed consumer confidence was surprisingly upbeat for February while sales of new cars rebounded in January.
The New Zealand dollar got a lift to $0.8380, from $0.8300 late in New York and an overnight low of $0.8273.
The kiwi was weighed on one hand by persistent concerns about Greece's debt woes and then lifted by much stronger than expected local retail data.
"For now it looks like it's topped out at around 84 U.S. cents and struggling to make any more ground, and it will pay attention to European headlines for the most part," said Westpac senior strategist Imre Speizer.
Near-term support for the kiwi is seen at the previous session's low around $0.8270, with $0.8400 still major resistance.
Speizer said if the kiwi broke convincingly through $0.8250 then it may signal the start of a significant reversal in the next few months.
Exceptionally strong fourth-quarter New Zealand retail sales, which saw a 2.2 percent rise in volumes against expectations of a 0.8 percent gain, gave the currency a modest boost.
The data reflected one-off effects -- the Rugby World Cup, changed school holidays, and retailers discounting prices to shift stock -- and was not seen as a game changer for the central bank.
"The RBNZ will place more weight on spending trends evident over early 2012 ... (and) continue to look for a tightening cycle to begin in the fourth quarter 2012, with the risk skewed towards this being pushed into 2013," said Goldman Sachs economist Philip Borkin.
New Zealand has a slew of data due Thursday ranging from snapshots of the manufacturing and jobs markets and consumer confidence, while the government issues an outline of its policy and spending priorities in the May budget.
New Zealand government bonds mostly slipped in price, sending yields as much as 3.5 basis points higher. (Reporting by Naomi Tajitsu)

Australia on track to halve Aboriginal child mortality


Australia on track to halve Aboriginal child mortality

February 15, 2012, 6:31 pmAFP
SYDNEY (AFP) - Australia is on track to halving Aboriginal child mortality and progress is being made in raising indigenous life-expectancy rates overall, Prime Minister Julia Gillard said Wednesday.
Aborigines are the most disadvantaged Australians, with indigenous children twice as likely to die before their fifth birthday as other children and Aboriginal men estimated to die 11.5 years earlier than other males.
Delivering her annual report on the nation's indigenous people, Gillard said bridging the gap on the overall life expectancy was a 25-year project and "while the challenge is very large... some progress is being made."
"The target of halving the infant mortality rates for indigenous children under five by 2018 is on track," the prime minister said.
The Closing the Gap report presented on Wednesday said the gulf in mortality rates has been narrowing and under-five mortality rates were declining for indigenous children due to improvements in antenatal care, sanitation and public health conditions.
But it also noted that child mortality rates were volatile due to small numbers. Just nine fewer deaths in the target year of 2018 are needed to meet the government goal.
The report said the biggest gap in mortality rates was not for children but for adults under 55, with indigenous Australians aged 35-44 more than four times more likely to die than non-indigenous Australians.
Circulatory conditions, cancer and injury -- including suicide and traffic accidents -- were the leading causes of death among indigenous people between 2005 and 2009.
While many Aborigines live in urban areas, large numbers also live in remote, outback regions where access to health and other services are lacking and alcohol abuse rife.
Gillard said in three key states and territories -- Western Australia, South Australia and the Northern Territory -- the indigenous mortality rate had declined by 36 percent from 1991 to 2010.
"Four years into a 25-year project, this much is true: health outcomes, employment outcomes, education outcomes are improving, they need to keep improving and to improve more quickly," Gillard told parliament.
The prime minister said decades of under-investment in services and infrastructure in areas with high Aboriginal populations were "unquestionably a major cause of disadvantage, especially for the very young."
As she called for greater unity between Aboriginal Australians, who make up about 2.0 percent of the population, and the rest of the country, Gillard backed a proposal to recognise indigenous peoples in the constitution.
Describing it as "perhaps the ultimate manifestation of respect", Gillard said it would build on the apology given to indigenous people for past wrongs four years ago.

Costa Concordia Sunk


Cruising in the wake of Concordia disaster

February 14, 2012, 12:20 pm Kerri Westenberg of the Star Tribune AAP
The cruise industry was jolted, but not grounded, after the Costa Concordia passenger ship struck a rock and capsized off the Italian island of Giglio on January 13, leaving at least 17 people dead and more than a dozen people missing.
Since the accident, the cruise industry has announced plans to re-examine its emergency procedures even as it asserts the safety of its ships. And while some Americans are now wary of heading out to sea, others seem to view the tragedy as a horrific anomaly that has no bearing on cruise safety.
"I don't understand why anyone would be leery of taking a cruise," said Matt Mayfield of St Paul, who will set sail in the Caribbean in mid-February on his honeymoon with Rachel Hultman.
Both are first-time cruisers. "If you see someone else in a traffic accident, you feel bad, but do you stop driving" he asked.
In a poll at www.cruisecritic.com, a website that caters mostly to veteran cruisers, about 65 per cent of the 6000 who responded said that they are unfazed. An online poll conducted by the Wall Street Journal, which presumably reaches a broader audience, found that 52 per cent of more than 3000 respondents are less likely to take a cruise after the disaster.
Most people understand that human error was to blame, said BJ Hall, a travel adviser and cruise expert with Indigo Journeys. No clients of the Twin Cities-based travel agency have expressed fears about taking a cruise. In fact, since the accident, Hall has been busy with customers looking to book cruises.
"The ship was safe," she said. "Somebody made a stupid decision. I think people understand that."
The Costa Concordia, which was carrying 4200 passengers and crew members, ran aground after the captain steered to within 500 feet of the shoreline, well off course, for a look at Giglio. A rock slashed the hull, leaving a 49 metre hole.
About 70 minutes passed before the evacuation alarm sounded. Making matters worse, about 700 passengers who had joined the cruise at Civitavecchia, the port of Rome, had not taken part in a muster drill designed to instruct passengers about what to do in the event of an evacuation. Cruise ships are required by international law to conduct such a drill at least 24 hours after embarkation. The Concordia drill was scheduled for the following morning, when more passengers would embark at Savona, Italy. That would have been within the legal time frame.
Cruise ships, many of which carry enough people to populate a small town, all have voyage plans and deviations from those plans require at least a two-person review. Italian authorities have recovered the ship's voyage data recorder, equivalent to an airline's black box, so they're likely to learn if such a check occurred on the Costa Concordia.
In the meantime, the industry is taking action to review safety practices. Carnival Corporation, the parent company of Costa and nine other cruise lines including Princess Cruises, Seabourn and Holland America Line, announced on January 19 that it would assess emergency response practices.
The Concordia accident raises questions about the company's safety, Carnival Chairman and CEO Micky Arison acknowledged in a statement.
"While I have every confidence in the safety of our vessels and the professionalism of our crews, this review will evaluate all practices and procedures to make sure that this kind of accident doesn't happen again," he is quoted as saying.
Cruise Lines International Association, which represents 25 of the major cruise lines serving North America, has also begun a review of safety operations among its members, and "is fully committed to understanding the factors that contributed to the Concordia incident," according to a statement on its website.
As a travel agent, Hall has received letters from many cruise lines outlining their safety practices and standards since the Concordia accident. She said cruise lines will be looking at their hiring, training and evacuation plans. But she sees no major changes in what the sailing public will see.
"Ships are extremely safe," Hall said. "They just aren't meant to be run in shallow waters when they are that big."
SAFETY FIRST
For our vacations, we anticipate sunny skies and smooth sailing. But sometimes the worst occurs. Cruise ships are quite safe. According to Cruise Lines International Association, which represents 25 of the major cruise lines serving North America, between 2005 through 2010 there were 16 marine casualty-related deaths out of nearly 100 million passengers worldwide. Still, it never hurts to know ways to protect yourself if the unexpected occurs.
1. Attend the muster drill and pay close attention. Cruise lines must conduct these safety drills at least 24 hours after setting sail; most do so before ever leaving port. As boats have grown in size, the drills have moved from decks near the lifeboats to large areas, such as a dining room or theater, from which passengers would be led to their lifeboat in an emergency. If that's the case, ask a crew member to show you your lifeboat so you know how to get there.
2. Study the ship's layout and carry a map of the ship everywhere you go onboard.
3. Wear shoes with good treads, especially if you're going on deck, where surfaces may be wet.
4. Crime, though not common, poses the likeliest threat onboard a cruise ship. Combat it the same way you might at home: Don't flaunt cash or jewels, avoid walking alone through unpopulated areas and don't drink excessively. By law, doors must have peepholes. Always use them