New Zealand's central bank on Wednesday announced measures to cool Auckland's red-hot property market, saying a potential real-estate bubble posed a significant risk to the economy. House prices in the South Pacific nation's largest city have skyrocketed in recent years, resulting in Auckland being named as the world's ninth least affordable major city in an international survey released this year. Reserve Bank of New Zealand Governor Graeme Wheeler said the median house price in Auckland was up 60 percent since 2008, including a rise of almost 17 percent in the past year alone. He said the boom contrasted with the rest of New Zealand, where prices have edged up just 3.2 percent in the past 12 months. "Prices in the Auckland region have become very stretched, increasing the risk of financial instability from a sharp correction in prices," he said in a report released Wednesday. To cool the market, Wheeler said the central bank was targeting property investors in the Auckland region, who account for about a third of new mortgages. He said the reform meant Auckland property investors -- those who do not intend to live in the house they buy -- would need a 30 percent deposit to get a mortgage, up from 15 percent. Meanwhile the loan-to-value ratio in the rest of the country will be dropped from 15 percent to 10 in a bid to encourage investment. "The objective of this policy is to promote financial stability by reducing the rate of increase in Auckland house prices, and to improve the resilience of the banking system to a potential downturn in the Auckland housing market," he said. Wheeler said factors driving the price rise included low interest rates, increased investor activity and record immigration -- with Auckland the favoured destination for most migrants. Industry data for March put the average house price in Auckland -- a city of 1.5 million -- at NZ$711,000 (Aus$698,000, US$527,000), higher than the Aus$680,000 (US$543,000) in Sydney, Australia's most expensive city, which has a population of 4.6 million.
Florida Sen. Marco Rubio says he'll fight against a federal relief bill that would assist his state's recovery from Hurricane Ian if it has 'pork in it'
Rubio on Sunday told CNN he would fight against the bill if it includes spending unrelated to the hurricane damages. "That's the key," he said.
Russia's first mobilisation since World War Two, declared by President Vladimir Putin on Sept. 21, has led to widespread discontent among officials and citizens over the way the draft has been handled, including complaints about enlistment officers sending call-up papers to clearly ineligible men. "In 10 days, several thousand of our countrymen received summons and arrived at the military registration and enlistment offices," Mikhail Degtyarev, the governor of the Khabarovsk region in Russia's Far East, said in a video post on the Telegram messaging app. Degtyarev said the removal of the commissar, Yuri Laiko, would not affect the mobilisation plan set by Putin.
- Business Insider
In the span of a week, Marco Rubio voted against hurricane relief, asked for additional hurricane relief, and praised the Biden administration's hurricane relief
The Florida senator this week demonstrated a now-familiar Republican routine around taking federal money for hurricane relief.
- Steelers Wire
Chris Boswell gets record-breaking field goal in first half.
Rep. Matt Gaetz was one of several House Republicans who voted against a resolution to allow FEMA to use up to $15 million in the Disaster Relief Fund.
Terry Bradshaw, a Pro Football Hall of Fame quarterback and one of the co-hosts on Fox NFL Sunday, revealed Sunday on air that he has battled cancer twice in the last year. Bradshaw had an incident during the pregame show last week and addressed them on Sunday’s episode before the rest of the schedule kicked off. “Last week on […]
The New Official Palace Portrait Shows a Shift in Who the Royal Family Wants the Public to Consider the 'Fab Four'
It seems that along with pushing Prince Harry and Meghan Markle down to the lowest level on the official royal family website, they don’t want either of them to be considered part of the “Fab Four” anymore. While Prince William and Kate Princess of Wales continue to hold that title, it seems the other half […]
The fishing duo posed for a photo with their catch just minutes before an official discovered something inside the animals.
- The Daily Beast
CNNSen. Rick Scott (R-FL) tried his best at justifying former President Donald Trump’s racist Truth Social post from Friday, in which the ex-commander in chief said Senate Minority Leader Mitch McConnell had a “DEATH WISH” and called his former transportation secretary Elaine Chao "Coco Chow.” The senator, flailing after being asked during a CNN appearance about the post, defended Trump's predilection for "nicknames."Trump Claims McConnell has ‘Death Wish’ in Stinging Attack“As you know, the pre
- ABC News
Florida Sen. Rick Scott, a member of Republican leadership in the upper chamber, said Sunday that he does not "condone violence" after Donald Trump lashed out at Senate GOP leader Mitch McConnell and suggested McConnell had a "death wish"-- but Scott stopped short of condemning the former president. Trump, in a post on his Truth Social website last week, wrote that McConnell must have a "death wish" after supporting a continuing resolution to fund the federal government. Trump went on to criticize McConnell's wife in racist terms, writing that he should "seek help and advise [sic] from his China loving wife, Coco Chow!" Trump was referring to Elaine Chao, who is Taiwanese.
- Miami Herald
Bottles of medication designed to keep blood pressure down contained medication designed to help prevent strokes and blood clots in people with heart conditions, causing a recall of one lot of each.
- Kansas City Star
Chiefs quarterback Patrick Mahomes etched his name in the NFL record book. Again.
Football fans are scratching their heads after footage captured Antonio Brown exposing himself to guests while swimming in a pool at a posh Dubai hotel.
One of the most highly-anticipated films of 2022 was Blonde—a Netflix drama based on the Joyce Carol Oates novel of the same name, which tells a fictionalized version of Marilyn Monroe's life and stars Ana de Armas (Knives Out) in the lead role. And although the film met a mixed reception (including from PureWow) upon its release, it still managed to sit strong at the number-one spot on Netflix's most-watched movies list from the day it premiered. That was, until a new movie just overtook it. Th
- Road & Track
While some of the soil supporting the track's famous high banks was washed away, a track executive reports no structural damage to the track or its foundations.
- Miami Herald
A pair of disturbances are in the Atlantic Ocean Sunday afternoon, one of which the National Hurricane Center estimates has a high chance of becoming a storm system by next weekend and one of which has a high chance of becoming nothing in its 2 p.m. update.
Putin allies bashed Russia's retreat from a city in Ukraine, calling military leaders 'garbage' and saying they should be sent 'barefoot with machine guns straight to the front'
After Russian troops retreated from Lyman, a Ukrainian city Putin claimed was part of Russia, powerful Putin supporters ripped military leadership.
- Country Living
Danica McKeller, the 47-year-old actress, author, and Domino Masters host, will star in Christmas at the Drive-In on Great American Family.
- The Hill
Alyssa Farah Griffin denounces Trump after Elaine Chao attack: ‘He’s not even trying to hide the racism’
CNN commentator and “The View” co-host Alyssa Farah Griffin denounced former President Trump for comments he made attacking Senate Minority Leader Mitch McConnell (R-Ky.) and his wife, former Transportation Secretary Elaine Chao. Trump said on Truth Social on Saturday that McConnell had a “death wish” for supporting bills that Democrats sponsored and referred to Chao…
- Country Living
Singer Garth Brooks revealed the reason behind his weight loss journey in a new interview.