New Zealand’s new Prime Minister Bill English has overhauled the government’s ministerial team in the wake of John Key’s shock resignation. English confirmed that Steven Joyce would be promoted to finance minister and Deputy Prime Minister Paula Bennett would add three portfolios to her existing two, when announcing his first Cabinet in Wellington yesterday. The ruling National Party overwhelmingly endorsed English as new leader on Dec. 12. “This new Ministry is focused on providing prosperity, opportunity and security for all Kiwis, including the most vulnerable in our communities,” English said.
Singapore dollar likely to slide
The Singapore dollar is likely to slide to levels seen in the aftermath of the global financial crisis as the Monetary Authority of Singapore resumes easing policy in April. So says an analyst who’s correctly predicted the last three central bank decisions. The authority, which uses the currency as a tool to manage the economy rather than interest rates, is set to lower the center of the band within which it steers the local dollar as Singapore’s export-driven economy feels more pain from China’s slowdown in 2017, according to Vaninder Singh, an economist at NatWest Markets, part of Royal Bank of Scotland Group Plc. The currency is set to weaken past SGD1.45 against the greenback within the next six months, Singh said, a level last seen in August 2009.
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