Loading...

Rice rises cause riots

1,008 views

Loading...

Loading...

Transcript

The interactive transcript could not be loaded.

Loading...

Loading...

Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
Published on Apr 17, 2008

http://www.interest.co.nz

The oil price hit a fresh record overnight of US$115 a barrel on renewed fears about demand rising from Asia and supply from Russia and the Middle East being under threat.

Meanwhile internationally traded rice prices hit fresh record highs over US$1,000 a tonne overnight after a range of Asian countries, including Vietnam, India, China, and Indonesia either banned or restricted rice exports, causing panic on global markets. The price of rice has risen nearly 50% in the last month.

The Reserve Bank of New Zealand, which is expected to announce next week it will keep rates on hold for now, has said it is watching the Asian growth and inflation outlook closely.

Global investment bank Merrill Lynch has reported new sub-prime losses totaling US$6.5 billion and said it plans to lay off 2,900 staff as a result. Citigroup's Chief Executive Vikram Pandit has told the Financial Times he wants to cut the global giant's costs by 20%, which could mean job losses totaling 29,000.

Loading...

When autoplay is enabled, a suggested video will automatically play next.

Up next


to add this to Watch Later

Add to

Loading playlists...