NZ teens hope NZ govt follows UK's lead to let u-18s vote
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RNZ News
4 hours ago
- RNZ News
EU's new Russia sanctions aim for more effective oil price cap
By Andrew Gray and Lili Bayer , Reuters EU Commission Vice-President and High Representative for Foreign Affairs and Security Policy Kaja Kallas. Photo: JONATHAN RAA / NurPhoto via AFP The European Union has agreed an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry. The EU will set a moving price cap on Russian crude at 15 percent below its average market price, EU diplomats said, aiming to improve on a largely ineffective US$60 cap that the Group of Seven major economies have tried to impose since December 2022. "The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said on X. "We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow." Yet Russia has so far managed to sell most of its oil - the lifeblood of its state finances - above the previous price cap as the current mechanism makes it unclear who must police its implementation. Traders doubt the new EU sanctions will significantly disrupt Russian oil exports. Kremlin spokesman Dmitry Peskov shrugged off the EU move, which would, at current prices, aim to cap the price of Russian crude at roughly US$47.60 per barrel. Benchmark Brent futures rose marginally on Friday to about US$70. "We have repeatedly said that we consider such unilateral restrictions illegal, we oppose them," Peskov told reporters. "But at the same time, of course, we have already acquired a certain immunity from sanctions, we have adapted to life under sanctions." The package also bans transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea, and with Russia's financial sector. Kallas said 105 ships in Russia's "shadow fleet", the term used by Western officials for ships that Moscow uses to circumvent oil sanctions, had been blacklisted, along with Chinese banks that "enable sanctions evasion", which she did not name. Ukrainian President Volodymyr Zelensky called the decision "essential and timely" as Russia intensifies its air war on Ukrainian cities and villages. Foreign Minister Andrii Sybiha added: "Depriving Russia of its oil revenues is critical for putting an end to its aggression." The European Union and Britain have been pushing to lower the G7 cap for the last two months after a fall in oil futures made the level of US$60 a barrel largely irrelevant. But the United States has resisted, leaving the EU to move forward on its own, but with only limited power to enforce the measure, analysts and oil traders say. As the dollar dominates global oil transactions, and US financial institutions play the central role in clearing payments, the EU cannot block trades by denying access to dollar clearing. Agreement on the new EU package was held up for weeks as Slovakian Prime Minister Robert Fico demanded concessions on a separate plan to phase out EU dependence on Russian oil and gas. Fico announced on Thursday night that he was ending his opposition. Countries such as Greece, Cyprus and Malta had expressed concerns about the effect of the oil price cap on their shipping industries. But Malta, the last of the trio to hold out, also came on board on Thursday. - Reuters
RNZ News
10 hours ago
- RNZ News
The Panel with Denise L'Estrange-Corbet and Chris Wikaira Part 1
Tonight on The Panel, Wallace Chapman is joined by panellists Denise L'Estrange-Corbet and Chris Wikaira. First, they're joined by political analyst Grant Duncan to discuss the UK's landmark decision to lower the voting age to 16, and the position that puts New Zealand in. Then, school holidays can put a huge strain on parents - should they be shortened? Photo: 123RF
RNZ News
11 hours ago
- RNZ News
New Zealand looks to learn from China's technology innovations
From left: Dr Liang Zheng from Tsinghua University, professor Michael Witbrock from the University of Auckland and Suzannah Jessep, chief executive of Asia New Zealand Foundation Photo: RNZ / Liu Chen New Zealand's politicians and business leaders are looking to tap into China's science and technology expertise. Artificial intelligence, robotics, electric vehicles and new forms of energy were frequently referenced by speakers and panelists at the 11th China Business Summit in Auckland on Friday. The event coincided with Technology Minister Shane Reti's announcement of a new institute to advance technology to be created in the country's largest city. Zheng Liang, deputy director of the China Institute for Science and Technology Policy at Tsinghua University, outlined the three stages of China's science and technology development. Initially, China just adopted technology from Western nations before integrating practice from around the world for indigenous innovation, he said. After entering the third stage, China was now striving for breakthroughs in more fundamental research and development, Liang said, adding that AI and electric vehicles were just some of the achievements. "What has made this happen [is] continuous investment in research and development in the past four decades," Liang said. He said ongoing policy support, China's openness to the world and successes in developing an internet economy also drove China's breakthroughs in AI. Liang highlighted China's use of AI in agriculture to help with harvesting, in healthcare to help with diagnosis and treatment, in pharmaceuticals to help with administration and stock control, in tourism to create virtual experiences, as well as in education manufacturing and governance. "I think New Zealand ... [can] do [something] similar," Liang said, pointing to agriculture and tourism specifically. Liang said the two countries complemented each other and could work together. "Maybe China could [provide] some practices [and] experiences, and New Zealand can [offer] the new potential scenarios [in terms of] how to adopt this kind of technology and experience," Liang said. One of Zheng Liang's slides, which outlined some reasons for China's AI breakthroughs. Photo: RNZ / Liu Chen Michael Witbrock, a professor of computer science at the University of Auckland, said New Zealand had "serious AI capability". "We can't replicate the power of AI research of China or the United States or the European Union," Witbrock said. "But we can - and we do - have the capability to significantly contribute to its development and, therefore, be part of determining our future and the future of our fellow humanity. "I hope you'll join us in helping us to build an AI capability in New Zealand ... and to direct it into technology as well for our economic advantage and for hopefully China's economic advantage as well." Witbrock expected growing pains while the country embraced AI but said it was better to face up to challenges. "New Zealand in the past has had a history of facing up to social reality and social change and doing the right thing and doing a thing which has, at those times, actually were periods of great innovation and great growth for New Zealand culture," he said. "I think we can do this again for AI and it's going to happen," Witbrock said. "The sooner we face up to it, the sooner we start to work out [such things as] how does economy work, how does resource allocation work, how do people get what they need to live their lives, the better we'll do. "In that transition period, there are enormous short-term gains for the country as well by ... exploiting ... the economic benefits of those productivity gains." Prime Minister Christopher Luxon speaks with summit chair and moderator Fran O'Sullivan on Friday. Photo: RNZ / Liu Chen Prime Minister Christopher Luxon said China's advancement in technology was "impressive" and "inspiring". "There are some real areas of expertise ... that's coming through some world-class universities, amazing research programmes and then obviously being able to convert that technology," he said. "We need to adopt a lot more technology and science innovation into our system as well because that tells me how we're going to get some of those productivity gains that we're so desperately looking for." Chinese Ambassador Wang Xiaolong speaks at the China Business Summit on Friday. Photo: RNZ / Liu Chen Chinese Ambassador Wang Xiaolong also highlighted China's success in satellite technology, quantum communications and computing, new energy solutions and AI. He said China valued its ties with New Zealand - "a consistent position that remains unchanged". Wang said China was ready to work with New Zealand to benefit people in both countries and to "inject more stability and certainty into this turbulent world".
