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New Zealand central bank cuts interest rate

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Wellington: New Zealand’s central bank cut 25 basis points off its official cash rate (OCR) on Thursday and indicated more cuts were likely as economic growth slowed and inflation continued to track near zero.

The cut, which brings the OCR to 3 percent, is the second in six weeks, following a 25-basis-point cut in early June and comes ahead of a previously indicated cut later in the year, as per reported.

Reserve Bank of New Zealand (RBNZ) Governor Graeme Wheeler said global economic growth remained moderate, and recent developments in Europe had led to heightened uncertainty and increased financial market volatility.

“Particular uncertainty remains around the impact of the expected tightening in US monetary policy,” Wheeler said in a statement.

New Zealand’s economy was currently growing at an annual rate of around 2.5 percent, supported by low interest rates, construction activity, and high net immigration, but the annual outlook was now softer than it had been in June.

The rebuild activity in the earthquake-battered Canterbury region appeared to have peaked, and the global price for New Zealand’s dairy exports had fallen sharply, he said.

Headline inflation was currently below the RBNZ’s target range of 1 percent to 3 percent, due largely to the recent strength of the New Zealand dollar and a large drop in world oil prices.

However, annual consumer price index was expected to start tracking towards 2 percent in early 2016, due to the falling value of the New Zealand dollar and the rebound in oil prices.

The New Zealand dollar has declined significantly since April and, with lower interest rates, has led to an easing in monetary conditions.

Further depreciation of the currency is necessary given the weakness in export commodity prices.

“A reduction in the OCR is warranted by the softening in the economic outlook and low inflation. At this point, some further easing seems likely,” said Wheeler.

National

Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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