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WELLINGTON, Jan. 9 () -- New Zealand recorded a trade deficit in November last year with the values of crude oil and fertilizers driving up imports over November 2010, the government statistics agency reported Monday.Export values also rose by 251 million NZ dollars (195.65 million U.S. dollars), or 6.8 percent, in November due to increases in dairy products, but they failed to keep up with import values, according to Statistics New Zealand."Crude oil and fertilizers were key contributors to the 10- percent rise in imports," Statistics New Zealand overseas trade manager Stuart Jones said in a statement."The value of imports increased 382 million NZ dollars to 4.2 billion NZ dollars."While Indonesia, Brunei and countries in the Middle East accounted for much of the increase in crude oil, imports from China saw the highest rise 91 million NZ dollars or 13 percent - - led by mobile telephones, up by 32 million NZ dollars, and fertilizers, up by 23 million NZ dollars.Japan led the increase in demand for New Zealand goods, with exports there rising by 45 million NZ dollars, or 20 percent, mainly due to increased exports of green kiwifruit.Australia, New Zealand's largest trading partner, showed an increase of 11 million NZ dollars, or 1.2 percent, in the value of exports, with increases in partly refined petroleum and mechanical machinery and equipment partly offset by a fall in crude oil.China, the second-largest trading partner, also showed an increase of 11 million NZ dollars, or 2.5 percent, in the value of exports, with two-thirds of commodities exported increasing, bu partly-offset by a fall in the value of pine logs.The trade balance for November 2011 was a deficit of 308 million NZ dollars, or 7.9 percent of exports, according to Statistics New Zealand."The November trade balance is normally a deficit, with an average deficit of 16 percent of exports for the previous five November months," said the statement. "For the year ended November 2011, the trade balance was a surplus of 555 million NZ dollars."The trend for exports remained at record levels, up 27 percent from the most recent low in October 2009, while the trend for imports was up 24 percent from its most recent low in September 2009, but was still 7.5 percent below its peak in September 2008.
MADRID, May 13 () -- Valencia Football Club announced Thursday that they have reached an agreement with coach Unai Emery for him to remain at the club for next season,    Emery joined from Almeria two seasons ago and his current contract was due to expire on June 30, however he has been rewarded for an excellent season at the club.    Valencia is assured of finishing the season in third place, behind big spending FC Barcelona and Real Madrid. That assures Valencia a place in the group stage of next season's Champions League.    He also led his side to the quarterfinals of the Europa League, losing on away goals to eventual Champions Atletico Madrid after a controversial match in which Valencia was denied a clear penalty in the last five minutes of the return leg in Atletico's Vicente Calderon Stadium.    "It is excellent news that he is going to stay with us for another year. Hopefully that means that the club can continue to grow," commented Valencia captain Carlos Marchena in sports paper Marca.
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PARIS, May 6 () -- French Socialist Party leader Francois Hollande defeated incumbent French President Nicolas Sarkozy in Sunday's decisive presidential runoff as most previous opinion polls had predicted.Hollande will be the second left-wing president of the French Fifth Republic, which saw Francois Mitterrand, founder of the French Socialist Party (PS), served two seven-year terms as president from 1981.The president-elect, born on August 12, 1954 in northern France, has a shining education background with diplomas of Ecole des Hautes Etudes Commerciales de Paris (HEC), Institut d'Etudes Politiques de Paris (Sciences Po) and Ecole nationale d'administration (ENA), all elite universities in France.He served as the first secretary of the PS from 1997 to 2008, and was mayor of Tulle in central France from 2001 to 2008, as well as a member of parliament for the southwestern department of Correze.However, Hollande has never held a government post at national level, which bothered some French voters and cast doubts over his ability to lead the country out of economic crisis.Bespectacled and with a scholarly air, Hollande has successfully portrayed himself as a "normal president" as opposed to hyperactive Sarkozy, taking advantage of public's disappointment with the incumbent president.In his campaign for president, Hollande pledged to fight record high unemployment, including hiring 60,000 more teachers in his term in addition to 150,000 state-aided jobs.Hollande opposed a financial policy solely based on austerity, and planned to open negotiations on the European fiscal pact reached last December by adding new clauses focusing on economic growth and job creation.He pledged to reach zero budget gap in 2017 and urged the establishment of a European rating agency.The Socialist also proposed a 75-percent tax rate on those who earn over 1 million euros (1.3 million U.S. dollars) a year, and an increase on the minimum wage.On foreign policy, Hollande said he would pull out French combat troops from Afghanistan by the end of the year, and would only intervene in foreign countries under the United Nation's mandate in the future.Though criticized by his opponents as moderate and indecisive, Hollande had the honor of being praised by former conservative President Jacques Chirac as a "true statesman."After beating Sarkozy in the first round of the 2012 French presidential election with more than 28.6 percent of the vote, he took people by surprise in the only TV debate against the incumbent for being unusually argumentative and aggressive, revealing more strength and potential than just being "quiet" and "unflappable."Though far-right leader Marine Le Pen said she would endorse neither candidate, Hollande received endorsement from centrist party leader Francois Bayrou, who came fifth in the first round polling.Hollande has four children with Segolene Royal, who failed to challenge Sarkozy in 2007 election. His life companion now is Valerie Trierweiler, 47, a French journalist.
SEOUL, Jan. 27 () -- South Korea's ruling Grand National Party said Friday it will include the realization of economic democratization in the party platform, an attempt shed its image as a party for the entrenched interests of the rich.The party's emergency council, formed after a series of scandals and election defeats shook the conservative party, announced that the move is aimed at protecting consumers and small businesses from "corporate giants"."Our policy will be focused on strengthening corporate social responsibility" to create a "fair market," Kwon Young-jin, a ruling party lawmaker, said in a briefing.Kwon said the move is in line with the country's Constitution, which dictates state efforts to prevent "the abuse of economic power" and "democratize the economy through harmony among the economic agents."In recent elections, the conservative party, long considered business-friendly and small-government minded, has proved widely unpopular among younger voters wary of the sluggish economy and the growing income gap.Friday's move signals the governing party's intent to reform South Korea's family-owned conglomerates, often called "chaebol", as they come under criticism for dominating the market and hurting small businesses.The governing party is set to face off its liberal rivals, armed with their own vision of economic democratization, in the parliamentary and presidential elections this year.
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NEW YORK, May 17 () -- The U.S. stocks continued to fall on Thursday, with the Dow Jones industrial average posting its 11th loss in the last 12 trading sessions, amid intensified fears about European banking systems.When the market closed, the Dow Jones industrial average fell 156.06 points, or 1.24 percent, at 12,442.49. The Standard &amp; Poor' s 500 was down 19.44 points, or 1.51 percent, to 1,304.86. The Nasdaq Composite Index lost 60.35 points, or 2.10 percent, to 2, 813.69.Investors were rattled after a report showed customers at Bankia, the fourth largest bank in Spain, had withdrawn more than 1 billion euros from their accounts in the past week although the Spanish government said there had been no exit of deposits from the lender.The rumor came just a few days after Greek banks experienced 700-million-euro (889.7 million dollars) withdrawal, which scared investors and sparked risk aversion.Meanwhile, reports about Moody's possible downgrade of credit ratings of Spanish banks late Thursday also had its effect. The cut was expected as an "automatic" one, required after the agency recently downgraded the country's rating.Thursday's lukewarm economic data could hardly have any positive effect on the market. According to the Labor Department, the number of people applying for jobless benefits was unchanged at 370,000 last week, in line with previous expectations.A separate report from the Conference Board also showed that the Leading Economic Index, which gauges the economic outlook for the next three to six months, dropped 0.1 percent to 95.5 in April, after six months of increase.
by Matthew RuslingWASHINGTON, June 27 () -- Despite Sunday's victory of an Islamist as Egypt's president elect, Egypt's ties with Israel are unlikely to break down, as the military continues to hold much sway over the transitioning country, U.S. experts said.Muslim Brotherhood candidate Mohamed Morsi won the presidency in the country's first-ever democratic presidential elections, which took place in the wake of last year's popular protests in the Arab world that led to the ouster of longtime President Hosni Mubarak."In the short term we're not going to see a rapid decline in relations," said Reva Bhalla, director of analysis at Stratfor, a U.S. think tank."The Brotherhood presidential victory is largely hollow, since the military still retains significant influence in the system," she said, adding that the armed forces prefer to stay on good terms with Israel.There is still much negotiation to come, especially when it comes to the constitution, which is the most important part of the political process in determining the overall power balance in the North African country, Bhalla noted."So that's reassuring to the Israelis," she said.Observers and pundits are wary over whether Egypt will continue to sell Israel natural gas at sub-market prices, but the tiny Middle Eastern state is rapidly building up alternatives, and Bhalla said Israel has factored that into its national security plan.David Pollock, a senior fellow at the Washington Institute for Near East Policy, said there remain many question marks in regards to how the Brotherhood's victory will influence the relationship with Israel, although he foresees no drastic changes in the short term.But in the long term -- a year down the road, for example -- the picture looks cloudy. Indeed, the Brotherhood has shown that it can change its mind quite abruptly, he said, pointing out that the party last year claimed it would not run one of its members for presidency."I think the most important thing to say about Egypt's (future) policy with Israel is that we just really don't know," he said, adding that the military wants to maintain the status quo with Israel.Wayne White, a scholar at the Middle East Institute, noted that while the Brotherhood has called for a re-evaluation of the Egyptian-Israeli Peace Treaty, the Supreme Council of Armed Forces (SCAF) remains determined to sustain the agreement because it is in no position to deal with any potential Israeli retaliation against Egypt, such as Israeli military incursions into the Sinai.Since the fall of longtime president Hosni Mubarak, the SCAF ended its embargo against Gaza -- to Israel's dismay -- as a sop to the Brotherhood and other Egyptian political groups unhappy with aspects of Egypt's relationship with Israel, said White, former deputy head of the U.S. State Department's Bureau of Intelligence and Research's Office of Analysis for the Near East and South Asia.Meanwhile, the Egyptian government has been losing control over Sinai, mainly because of rising lawlessness and quite a number of attempted terrorist attacks against the Israeli border as well as Multi-National Force Observer peacekeepers, he noted.The Israelis have become increasingly alarmed, even working on a bulked-up static defensive line along the Israeli-Egyptian border, he said.Still, Egypt is likely to remain more concerned about its domestic policies after the presidential electione and put foreign policy on the backburner, the experts said.
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