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New Zealand Govt Initiates Economic Repair

The repair will also deliver cost of living relief and restore responsibility to the management of public finances…reports Asian Lite News

The New Zealand government is starting a massive economic repair job to fix the country’s “fragile economy”, Finance Minister Nicola Willis said on Wednesday.

The repair will also deliver cost of living relief and restore responsibility to the management of public finances, Xinhua news agency quoted Willis as saying.

The repair plan was in response to the latest half-year economic and fiscal update, which highlights high and sticky inflation, high interest rates and reduced economic output, the Minister said.

The update shows the scale of the financial challenges and fiscal risks New Zealand faces.

The government announced a “mini-Budget” setting out the immediate steps the government is taking to strengthen New Zealand’s economy, repair public finances and deliver cost-of-living relief.

The mini-Budget draws a line under six years of economic mismanagement and unveils a new chapter for New Zealand’s economy, Willis said.

The Minister also announced tax and benefit changes and a commitment to delivering further income tax relief in Budget 2024.

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India needs to work with New Zealand in agriculture sector, says Kant

Amitabh Kant noted that the National Dairy Development Board (NDDB) should work with New Zealand in diary sector…reports Asian Lite News

Former NITI Aayog CEO Amitabh Kant on Tuesday said that India and New Zealand need to openly work in agriculture sector. He stressed that New Zealand has great expertise in the agriculture productivities sector.

While speaking at the event on “Partnership Pathway: New Zealand India Economic Relations alongside New Zealand’s Minister for Trade Todd McClay, he said, “I’m a great believer that it will greatly benefit India if you were to use New Zealand’s great expertise in the field of agriculture productivities. It’s a phenomenal destination as far as agriculture product productivity is concerned.”

“It does a lot of high-value production and India is an agrarian country. Almost 40 percent of Indians are in agriculture, but we need to increase earnings from the agriculture sector in a very big way and to my mind the real linkage movement between production to the end consumer through value-added production really holds just a key to that and there’s no better destination than learning the art from New Zealand. We need to openly work with New Zealand in this area,” he added.

Amitabh Kant noted that the National Dairy Development Board (NDDB) should work with New Zealand in diary sector. He said, “You know we feel very protective about our farmers as far as the dairy sector is concerned and I am very clear about this that Fonterra etc are top class company giving massive amount of value added in milk. Now, we should not feel very threatened about it.

“We should get NDDB [National Dairy Development Board] to work with them. As you know it could be a strategic partnership so that Indian companies should gain from that and that will help us to get into a range of value of production in dairy sector. Their dairy sector is the most advanced in the world and I think there’s plenty to put India to get on that,” he added.

He said that India can greatly benefit from New Zealand’s technological expertise and knowledge of kiwis. He spoke about eating fine kiwis in Arunachal Pradesh which he said were there due to a New Zealand working in partnership with Arunachal to produce kiwis.

“I’m a great believer that you know I went to Arunachal and some the really fine kiwis that I had were in Arunachal which was thanks to a New Zealand working in partnership with the state of Arunachal to produce kiwis that were climatically very well suited and I think my personal view is Minister that don’t restrict to just one state spread across the Northeast and India, I can assure you will greatly benefit from your technical expertise and knowledge of kiwis. We are a very large country. We are bigger than 24 countries of Europe +30 thousand kilometres. So one region of India will be able to benefit radically in terms of productivity,” he said.

Hailing India’s growth in the digital sector, he said every Indian has a digital identity. He stated that all Indians have bank accounts have been linked with digital identity and mobile number.

He said, “The other area which is to my mind very important is that India is very digitally advanced. Every Indian has a digital identity. All Indians have bank accounts and we have linked it up with the digital identity and the mobile number. We do 48 percent of the fast payments in the world. We do 11x of what USA and Europe do. We do four x more fast savings than what China does.”

Amitabh Kant said that people in India do paperless and cashless lending. He said that India and New Zealand must collaborate in digital sector. He said India is more advanced in digital sector than any other country in the world.

Speaking India doing cashless transactions, he said, “we now do paperless, cashless lending. We do paperless, cashless insurance on the go in one minute. Now these are things on which India and New Zealand must collaborate. I think that can be a Winwin. I think we are more advanced than any country in the world, and yet the digital we built up a techno economic solution where the power of data remains with the citizen.”

“It gives access to it technologically on the go, and therefore it’s a very different model from the Big Tech, a model of Google and Facebook and Meta and Apple and Amazon in US and Tencent and Alibaba in China. And that’s some model from which I think New Zealand can greatly benefit as far as technological rerum in that area is concerned,” he added.

He said that India and New Zealand can also collaborate in the Micro, Small & Medium Enterprises (MSME). He noted that there are a vast opportunities across a numbr of areas.

He noted, “There are several MSMEs which collaborate with New Zealand companies and I think that opportunity is massive, it’s huge and I think we need to provide greater impetus to it so that we can benefit from the technical experities and knowledge of New Zealand and we can greatly benefit from each other’s expertise in several areas in the MSME sector.”

Praising the scenic beauty of New Zealand, he said that bollywood films can be shot in New Zealand. He further said that post-production work can also be done in New Zealand which he stressed will be beneficial for both the nations.

He said, The other area which I really feel is a great opportunity is that you know with I’ve seen a lot of the rings and I’ve seen the studio in New Zealand land where it was actually the post-production work is done. It is really top class and I really wondered as why New Zealand has not been able to attract many more bollywood films to be shot in New Zealand…..So I really feel that all these top of the line films should be shot in New Zealand and I really feel that a lot of post-production work can also be done in New Zealand which can be of great benefit to both the countries.”

He also called for collaboration between the two nations in the education sector. Kant said that New Zealand should collaborate with several Indian universities and give joint collaborative degrees. (ANI)

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Christopher Luxon Sworn In as New Zealand’s 42nd Prime Minister

Labor Party leader Chris Hipkins officially resigned as prime minister to the governor-general on Monday…reports Asian Lite News

Christopher Luxon officially became New Zealand’s new Prime Minister, as his cabinet was officially sworn in on Monday.

Luxon, New Zealand’s 42nd prime minister, confirmed to Governor-General Cindy Kiro he had the confidence to form a government in an elaborate ceremony with Maori karakia and the national anthem, reports Xinhua news agency.

A total of 20 cabinet ministers, eight ministers outside the cabinet, and two parliamentary under-secretaries were also formally appointed.

“We now have a responsibility to deliver for New Zealanders, to give them clear, demonstrable and measurable improvements in the quality of their lives,” Luxon told the ministers.

Labor Party leader Chris Hipkins officially resigned as prime minister to the governor-general on Monday.

The National Party, ACT New Zealand party and New Zealand First party announced the lineup for the new coalition government on November 24 in parliament after weeks of negotiations.

New Zealand First’s leader Winston Peters will be deputy prime minister for the first half of the three-year parliamentary term, and ACT’s leader David Seymour will be deputy prime minister for the second half of the term.

Peters will be the foreign minister and Seymour will be the minister for regulation assessing the quality of new and existing regulations.

The 20-strong cabinet will have 14 National ministers, three ACT ministers and three NZ First ministers.

National’s Nicola Willis will be the finance minister.

The new prime minister said the government will ease the cost of living and deliver tax relief, restore law and order, and deliver better public services.

The National Party won the general election on October 14, with the Labor Party to step down after six years in office.

However, with no party winning a majority of seats, the formation of a new government depended on the outcome of interparty negotiations to form a coalition government.

New Zealand uses the Mixed Member Proportional voting system to elect its parliament.

Under this system, the government is usually formed by two or more parliamentary political parties.

ALSO READ-New Coalition Government Unveiled in New Zealand

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New Coalition Government Unveiled in New Zealand

The incoming Prime Minister said the new government will ease the cost of living and deliver tax relief, restore law and order, and deliver better public services…reports Asian Lite News

Three political parties of New Zealand announced on Friday the lineup for a new coalition government after weeks of negotiations.

The new coalition government of National Party, ACT New Zealand party and New Zealand First party will be stable, effective and will deliver for all New Zealanders, National’s leader and incoming Prime Minister Christopher Luxon said during the signing ceremony at Parliament.

NZ First’s leader Winston Peters will be Deputy Prime Minister for the first half of the three-year parliamentary term, and ACT’s leader David Seymour will take up the position for the second half of the term, reports Xinhua news agency.

Peters will be foreign minister and Seymour will be minister for regulation assessing the quality of new and existing regulations.

The 20-strong cabinet will have 14 National ministers, three ACT ministers and three NZ First ministers.

National’s Nicola Willis will be the finance minister.

The new government will be sworn in on November 27.

“Despite the challenging economic environment, New Zealanders can look forward to a better future because of the changes the new government will make,” Luxon said after signing the deal to form the new coalition.

The incoming Prime Minister said the new government will ease the cost of living and deliver tax relief, restore law and order, and deliver better public services.

The National Party won the general election on October 14, with the Labor Party to step down after six years in office.

However, with no party winning a majority of seats, the formation of a new government depended on the outcome of interparty negotiations to form a coalition government.

New Zealand uses the Mixed Member Proportional voting system to elect its parliament.

Under this system, the government is usually formed by two or more parliamentary political parties.

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India, New Zealand Discuss Defense Ties, Indo-Pacific

The talks between the two also focused on several regional issues, including the Indo-Pacific….reports Asian Lite News

New Zealand’s Vice Chief of Defence Force, Air Vice-Marshal Tony Davies, called on Ministry of External Affairs Secretary (East), Saurabh Kumar and discussed “further strengthening” of defence ties with India.

The talks between the two also focused on several regional issues, including the Indo-Pacific.

“New Zealand’s Vice Chief of Defence Force, Air Vice-Marshal Tony Davies @NZDefenceForce called on Secy (East) @AmbSaurabhKumar in New Delhi today. Discussions focused on further strengthening – bilateral relations including in area of defence. Both sides exchanged views on regional issues including the Indo-Pacific,” posted MEA spokesperson Arindam Bagchi on X.

India and New Zealand have cordial and friendly relations rooted in the linkages of Commonwealth, parliamentary democracy and the English language.

Leadership of both the countries have shown significant interest in raising all aspects of the relationship to the next level.

This is reflected in a series of high-level bilateral visits and meetings. Former PM Jacinda Ardern and PM Narendra Modi had a bilateral meeting in New York on the side lines of UNGA on 25 September 2019, during which they discussed steps to intensify political, economic, defence, security and people to people relations, according to MEA.

Both countries became independent in the same year and diplomatic representation of India was established in 1950 with the opening of a Trade Commission, which was later upgraded to High Commission. Tourism and sporting links, particularly in cricket, hockey and mountaineering, have also played a significant role in fostering goodwill between the two countries.

India is the second largest source of international students in NZ pursuing higher education in various disciplines such as information technology, hospitality, science, engineering and architecture, according to MEA. (ANI)

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India News Sport Sports

Semifinal Battle: India vs. New Zealand – A SWOT Insight

As the teams gear up for the big match, which is a repeat of their clash in the semifinal stage in 2019 at Manchester. The Black Caps defeated India four years back to reach the final of the mega event…writes B Shrikant

India and New Zealand meet in the first semifinal of the ICC Men’s Cricket World Cup 2023 here on Wednesday with a place in the final of the event on the line.

As the teams gear up for the big match, which is a repeat of their clash in the semifinal stage in 2019 at Manchester. The Black Caps defeated India four years back to reach the final of the mega event.

On the eve of their biggest clash in 50-overs cricket in recent history, here’s a SWOT analysis of both India and New Zealand teams:

Men’s ODI WC: SWOT Analysis of India and New Zealand ahead of their semifinal clash

INDIA

Winners of the title in 1983 and 2011, India are firm favourites on current form as they return to the venue in which they scripted a memorable triumph against Sri Lanka in the 2011 final.

Strengths

The well-balanced side at the disposal of skipper Rohit Sharma is in top form and has won a record nine games in a row to make it to the knockout round as the first-ranked team in the points table. Their batters are in great form — especially Virat Kohli (594), skipper Rohit Sharma (503 runs), Shreyas Iyer (421) and K.L Rahul (347).

The Indian bowlers have been a revelation. Despite losing pace-bowling allrounder Hardik Pandya early in the tournament, the likes of Jasprit Bumrah (17), Mohammad Shami (16), Ravindra Jadeja (16), Kuldeep Yadav (14) and Mohammad Siraj (12) have kept India on top in all their matches. Playing at home, and their fortress Wankhede Stadium too is an advantage for the semifinals.

Weaknesses

There are underlying weaknesses in the Indian side. Though Rohit Sharma has made aggressive starts, Shubman Gill has performed in patches. Kohli is the highest scorer for India, Shreyas and Rahul have done well too. But things get a bit dicey after that, Jadeja has stood tall on a couple of occasions, and Suryakumar Yadav has not been able to perform consistently, though he has struck a crucial half-century. Hardik Pandya’s absence could be felt against a strong bowling unit. Though the team has done well so far, the middle-order batting is still a matter of concern as a collective off-day for 2-3 out of the top four will leave the team totally exposed.

The team is also under tremendous pressure as everyone wants them to win the World Cup. The team is also a bit travel-weary as the hosts played nine matches at nine different venues. Though there was ample gap between the matches, constant travel does take a toll on both the body and mind.

Opportunities

The team is in a great position to go all the way to the title. What will also give them comfort is the fact that the hosts have won the title in the last three editions of the 50-over World Cup — India won at the Wankhede in 2011, co-host Australia defeated New Zealand in the 2015 final while co-host England overcame New Zealand in the 2019 final on boundary countback. Considering their form, their mastery of the home conditions and the bruised, depleted and injury-ravaged condition of opponents New Zealand, this is a great opportunity for Rohit Sharma’s team to break the World Cup knockout jinx.

Only two countries — West Indies and Australia — have gone unbeaten in winning the 50-over World Cup. India too can do it if they manage to bring their A-game to the table two more times in this World Cup. 

Threats

The jinx against New Zealand in the knockout stage is the biggest threat for hosts India. Though India had managed to beat New Zealand in a World Cup match for the first time since 2003 at Dharamsala a few weeks back, the defeat to the Black Caps in the 2019 semifinal still rankles.

But as Lockie Ferguson said in a PC on Monday, the teams are vastly different from the 2019 matchup and therefore the team that does well on that given day will win the match.

The Indians will also have to guard against the law of averages, having remained unbeaten in nine matches, they can’t be complacent and arrogate themselves into thinking they are unbeatable. There are things against which they have to be on their guard. They need to put in their best performance once again otherwise their hopes will go up in smoke.

NEW ZEALAND

Semifinalists in five successive ICC Men’s ODI World Cups, New Zealand are unfortunately still searching for their maiden title.

Strengths

When it comes to the ICC events, New Zealand have always punched above their weight. They have reached the semifinals in nine out of the previous 13 editions of the men’s 50-over World Cups. Their bits and pieces players bring a lot of skills to the field and prove a threat to any team.

In batting, Rachin Ravindra has been a great success, raking up 565 runs at a superb average of 70.62. Daryl Mitchell has provided the impetus in the middle-order and amassed 418 runs while opener Devon Conway has shone in patches and raised 359 runs so far. Spinner Mitchell Santner has been their best bowler so far, claiming 16 wickets while Trent Boult has claimed 13. Tim Southee’s return to full fitness is the three-pronged pace attack a big gain though the loss of Matt Henry to injury has left the bowling unit depleted.

Weaknesses

The team is imbalanced because of Henry’s injury and lacks a proper fifth bowler. Injuries have also impacted the batting unit with skipper Kane Williamson had battled back to fitness while so had Tim Southee. Batting is a main concern as apart from Rachin , Mitchell and Conway, the rest have not contributed much.

Losing a few early wickets, especially on a Wankhede pitch that offers some early juice, could land them in serious trouble as the middle order, barring Daryl Mitchell, has not been able to shoulder the responsibility. They have conceded some big scores — 357 against South Africa and 388 against Australia. However, things seemed to have come together in the match against Pakistan when they scored 401/6 before DLS halted them.

Opportunities

New Zealand are seeking their maiden World Cup title after finishing runner-up in the last two editions. They have a good chance against India as history is on their side — they have won five out of eight times the two teams have met in the World Cups. If Rachin Ravindra and Conway get going at the top and Mitchell provides the thrust in the middle order, the Black Caps could put the Indian bowling to the sword. Skipper Kane Williamson is due a big one since recovering from injury and the semifinal is as good an opportunity as any.

Threats

Without Matt Henry, their bowling does not look as potent as earlier. Though Tim Southee is getting up to speed and Santner is in top form, the lack of a proper fifth bowler leaves them depending on Glenn Phillips and Ravindra for 10 overs, which is as risky as it comes.

The World Cup has been a see-saw ride for the 2019 runner-up as they started with a bang by winning their first four matches. They then went off the boil and lost their next four games, starting with the four-wicket defeat to India at Dharamsala, and barely managed to make it to the semis as the last team by beating Sri Lanka while England ended Pakistan’s hopes.

But do the Black Caps have enough in them to turn their fortunes around and their third successive World Cup final?

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South Africa Demolishes New Zealand with 190-Run Win

Batting first, South Africa posted a total of 357/4 thanks to 200-run second-wicket stand between centurions Quinton de Kock (116) and Rassie van der Dussen (133)….reports Asian Lite News

South Africa went to the top of the ICC Men’s Cricket World Cup points table after a dominating 190-run against New Zealand in the league stage match at here MCA Stadium on Wednesday.

Batting first, South Africa posted a total of 357/4 thanks to 200-run second-wicket stand between centurions Quinton de Kock (116) and Rassie van der Dussen (133). Later, the Proteas were boosted by a late charge from David Miller (53).

Later, Marco Jansen’s double strike lifted South Africa in the first Powerplay during New Zealand’s chase before Gerald Coetzee and Kagiso Rabada followed up with wickets of their own. Keshav Maharaj ensured that the spinners had their say and struck four times as they bundled out New Zealand for 167 in 35.3 overs to ensure a dominant win.

Chasing 358, New Zealand tried their best to go for quick runs but lost Devon Conway pretty early to a sharp catch from Aiden Markram off the bowling of Jansen. Will Young and Ravindra tried to open their arms and go for quick runs. But Jansen struck yet again in the ninth over to get Ravindra caught at fine leg. However, Gerald

Coetzee and Kagiso Rabada ensured that the built-up pressure wasn’t let off. Coetzee had Young caught behind with a peach, and Rabada had the New Zealand skipper Tom Latham caught in the covers.

Daryl Mitchell was holding the fort for the BlackCaps before he fell to Maharaj in the 19th over. He lofted one down the wicket, where he was expertly caught by Miller.

New Zealand crumbled under the pressure exerted by Proteas bowlers lost their next four for merely 43 runs. A number of lusty blows from Glenn Phillips against the run of play, who was the only half-centurion from the Kiwi setup, helped New Zealand bat till the 36th over.

Earlier, New Zealand ensured that South Africa had to work for their runs in Pune. And skipper Temba Bavuma led the way with a number of confident strokes, especially through the cover region. However, he was outdone by Trent Boult.

Then, Rassie van der Dussen and Quinton de Kock came together to take forward the Proteas batting effort. They kept the scoring rate in the higher ranges of four till the 20-over mark, with a number of aggressive shots.

There were concerned faces in the New Zealand camp, who already have a number of injuries in their numbers after Matt Henry walked back into the pavilion without finishing his sixth over. The pacer had pulled a hamstring after the third ball of the 27th over, and the remaining deliveries were completed by James Neesham.

After going at a steady pace, De Kock and van der Dussen picked pace after the 30-over mark. They added 39 runs off the next five overs. De Kock then brought up his fourth Cricket World Cup hundred with a maximum off Neesham in the 36th over.

The Black Caps finally had their way in the 40th over, when Southee accounted for de Kock. However, this brought the dangerous Miller onto the crease. Along with van der Dussen, he added a quickfire 78 for the third wicket.

Brief scores: South Africa 357/4 ( Quinton de Kock 116, Rassie Van der Dusssen 133; Tim Southee 2-77) beat New Zealand 167 all-out in 35.3 overs (Glenn Philips 60, Keshav Maharaj 4-46, Marco Jansen 3-31) by 190 runs.

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Afghanistan Falls To Kiwi Power

Following a precise display of batting in the initial innings, the Kiwis left no room for error in protecting their 288-run target…reports Asian Lite News

Tom Latham’s captaincy proved instrumental as New Zealand’s cricket team maintained their winning form in the 2023 ODI World Cup, securing a convincing 149-run victory over Afghanistan at Chennai’s MA Chidambaram Stadium on Wednesday.

After a clinical performance with the bat in the first innings, the Kiwis made no mistake to defend the 288-run target.

In the first inning, Devon Conway and Will Young opened for the Kiwis and played a 30-run partnership. In the 6.3 overs, Mujeeb Ur Rahman dismissed Conway for 20 runs (NZ 30/1). However, Young played a solid knock of 54 runs from 64 balls.

In the first powerplay of the game, New Zealand scored 43 runs. On the Afghani bowling only picked one wicket.

The Kiwis touched the 50-run mark in 10.1 overs. Rachin Ravindra and Young made a strong partnership.

Azmatullah Omarzai picked his second wicket after he dismissed Ravindra for 32 runs from 41 balls (NZ 109/2).

Kiwi opener Young was removed by Azmatullah in the 20.6 overs (NZ 110/3). Daryl Mitchell replaced Ravindra but could not make a mark in the game. He scored only one run from seven balls and was dismissed by Rashid Khan (110/4).

In the second powerplay, New Zealand scored 142 runs. Meanwhile, Afghanistan took three wickets. The Kiwis touched the 100-run mark in the 18.1 overs of the first inning. After two quick wickets from Mitchell and Young, New Zealand skipper Tom Latham and right-handed batsman Glenn Phillips took incharge of the run rate and played a stunning partnership to give 288 runs to chase.

Phillips and Latham’s efforts helped New Zealand to cross the 200-run mark in the 42.1 overs.

Phillips made his half-century from 69 balls after playing 4 fours and 2 sixes. On the other hand, Latham slammed fifty in 67 balls after hitting two fours and no sixes.

Tom Latham’s side made 250 runs in the 46.5 overs.

Naveen Ul Haq kept a check on the run rate after he picked up two wickets in the 48th over. In the first ball, Naveen dismissed Glenn Phillips for 71 runs (NZ 254/5). On the other hand, the Afghani pacer picked up Latham’s wicket for 68 runs (NZ 255/6).

Afghanistan made a few misfields in the first inning and failed to dominate the game. The Afghani dropped four catches in the first inning.

Naveen Ul Haq and Azmatullah Omarzai picked up two wickets in the first inning. Meanwhile, Rashid Khan and Mujeeb Ur Rahman took one wicket each in their respective spells.

In the second inning, no Afghanistan batsmen could slam a fifty in the second inning of the game.

Matt Henry made the first breakthrough of the game in the 5.5 overs after dismissing Rahmanullah Gurbaz for 11 runs from 21 balls (AFG 27/1).

In the 6.2 overs, Trent Boult picked up Ibrahim Zadran’s wicket for 14 runs from 15 balls (AFG 27-2)

Hashmatullah Shahidi scored eight runs in the game and was dismissed in the 13.6 overs by Lockie Ferguson (AFG 43-3).

The fourth wicket came on late when Boult removed Azmatullah Omarzai from the crease for 27 runs from 32 balls (AFG 97-4).

Soon after the fourth wicket in the second inning, Afghanistan failed to hold their wickets and make a solid partnership.

Rahmat Shah was dismissed by the young Rachin Ravindra for 36 runs from 62 balls (AFG 107-5).

Mitchell Santner dismissed Mohammad Nabi for seven runs from nine balls in the 30.4 over (AFG 125-6).

In the second inning, even Rashid Khan could not stand in front of the Kiwi bowling attack. Rashid was dismissed for just eight runs from 13 balls (AFG 134-7).

Following Rashid Khan’s dismissal, the Kiwi bowling attack dominated the game. Mujeeb Ur Rahman, Naveen-ul-Haq, and Fazalhaq Farooqi had to leave the crease within the 34th and 35th overs.

Afghanistan’s inning ended in 34.4 overs after they scored only 139 runs.

Mitchell Santner and Lockie Ferguson led the Kiwi bowling attack and scalped three wickets in their respective spells. Trent Boult too picked up two wickets in his seven-over spell. Meanwhile, Matt Henry and Rachin Ravindra picked one wicket each in the second inning.

Brief Score: New Zealand 245/9 (Glenn Phillips 71(80), Tom Latham 68 (74), Will Young 54 (64); Naveen-ul-Haq (2-48), Azmatullah Omarzai (2/56) vs Afghanistan 139/10 (Rahmat Shah 36 (62), Azmatullah Omarzai 27 (32), Ikram Alikhil 19* (21); Lockie Ferguson (3/19), Mitchell Santner (3/39). (ANI)

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New Zealand’s Economy Shows Signs of Recovery

New Zealand continues to feel the ongoing ripples of the economic shock from the global pandemic…reports Asian Lite News

New Zealand’s economy is “turning a corner, but the challenges remain very real”, according to the Pre-election Economic and Fiscal Update released on Tuesday.

The country’s economy is turning the corner with projected growth meaning no recession, wages ahead of inflation, and more people in work, even as the impact of challenging global conditions and the North Island Weather Events weigh on the government’s books, Xinhua news agency quoted Finance Minister Grant Robertson as saying.

New Zealand continues to feel the ongoing ripples of the economic shock from the global pandemic.

Earlier this year, the country also experienced its second-largest natural disaster, Robertson said.

This has been reflected in the government accounts.

While core tax revenue was NZ$3.9 billion ($2.31 billion) higher than last year, it was NZ$2.9 billion behind where Treasury had forecast it to be in May’s budget, he said.

The country’s debt levels are among the lowest in the world and well below the government’s debt ceiling of 30 per cent, the Minister added. 

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UAE, New Zealand enter preliminary talks on CEPA

Al Zeyoudi also shared updates on preparations for the World Trade Organisation’s 13th Ministerial Conference (MC13), which will be held in Abu Dhabi in 2024…reports Asian Lite News

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has received Damien O’Connor, New Zealand’s Minister of Trade and Export Growth, in Dubai as the two nations explore deeper economic collaboration, including the pursuit of a Comprehensive Economic Partnership Agreement.

During the meeting, which came as part of a visit to the UAE by a delegation of New Zealand’s leading trade officials, Al Zeyoudi commended the strong relations shared by the two nations and reaffirmed the common vision to enhance cooperation across key sectors such as agriculture, renewable energy, and healthcare.

Al Zeyoudi also shared updates on preparations for the World Trade Organisation’s 13th Ministerial Conference (MC13), which will be held in Abu Dhabi in 2024.

The UAE and New Zealand already share a productive trade relationship, with non-oil trade reaching US$805 million in 2022, a growth of 7 percent compared to 2021 and 23 percent more than in 2020. As of 2022, the UAE is New Zealand’s leading trading partner in the Arab World, accounting for 2.5 percent of New Zealand’s total foreign trade.

Al Zeyoudi emphasised that a UAE-New Zealand CEPA would significantly boost these figures. He said, “New Zealand is a valued partner for the UAE in the Oceania region and a nation that shares our firm belief in open, rules-based trade as a catalyst for sustainable economic growth. As we seek to expand our network of trading partners, exploring a potential Comprehensive Economic Partnership Agreement demonstrates our commitment to delivering new markets and new opportunities for our private sector. We can now look forward to establishing the parameters of a future-facing, resilient and mutually beneficial deal.”

O’Connor, in turn, said, “These exploratory discussions are an important first step toward a trade agreement with the UAE, one of our key export destinations in the region and a valued bilateral partner for New Zealand.”

The talks follow the recent visit to New Zealand by Reem bint Ibrahim Al Hashemy, UAE Minister of State for International Cooperation, and the signing of a number of bilateral agreements, including an MoU between the UAE’s Etihad Credit Export Insurance and the New Zealand Export Credit Agency on securing export credit, and an MoA on food security signed between the UAE Ministry of Climate Change and Environment and New Zealand’s Ministry of Foreign Affairs and Trade.

A cornerstone of the “We the UAE 2031” economic vision, which seeks to push non-oil foreign trade beyond AED4 trillion by the end of the decade, the UAE’s CEPA programme is solidifying ties with strategic allies at an accelerated pace. A total of five agreements have been signed to date, with India, Israel, Turkey, Indonesia and Cambodia, each designed to accelerate economic recovery and secure vital supply chains.

The New Zealand delegation to the UAE included Dr. Richard Kay, Ambassador of New Zealand to the UAE; Wendy Matthews, Director-General of the Trade Policy and Negotiations Division, Ministry of Foreign Affairs and Trade; Jonathan Curr, Director-General of the Middle East and Africa Division, Ministry of Foreign Affairs and Trade; Sean O’Brien, Press Secretary to the Minister for Trade and Export Growth; Rebecca Good, Private Secretary to Minister for Trade and Export Growth; Sammy O’Hara, Policy Officer, Trade Policy and Negotiations Division, Ministry of Foreign Affairs and Trade; and Jessica Minehan-Fitzgerald, New Zealand Embassy Abu Dhabi.

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