LATEST UPDATES
New Zealand cuts rates in bid to boost economy
The Monetary Policy Committee in New Zealand agreed to lower the Official Cash Rate by 50 basis points to 3.75 %. If economic conditions continue to evolve as projected , the Committee has scope to lower the OCR further through 2025 .
Economic activity in New Zealand remains subdued . With spare productive capacity , domestic inflation pressures continue to ease . Price and wage setting behaviours are adapting to a low-inflation environment . The price of imports has fallen , also contributing to lower headline inflation .
Economic growth is expected to recover during 2025 . Lower interest rates will encourage spending , although elevated global economic uncertainty is expected to weigh on business investment decisions . Higher prices for some of the country ’ s key commodities and a lower exchange rate will increase export revenues . Employment growth is expected to pick up in the second half of the year as the domestic economy recovers .
Global economic growth is expected to remain subdued in the near term . Geopolitics , including uncertainty about trade barriers , is likely to weaken global growth . Global economic activity is also likely to remain fragile over the medium term given increasing geoeconomic fragmentation .
Consumer price inflation in New Zealand is expected to be volatile in the near term , due to a lower exchange rate and higher petrol prices . The net effect of future changes in trade policy on inflation in New Zealand is currently unclear . Nevertheless , the Committee is well placed to maintain price stability over the medium-term .
Alghanim Industries expands Saudi Arabia ’ s industrial export power with new Kirby facility
Alghanim Industries , one of the MENA region ’ s largest privately owned companies , has broken ground on a new Kirby Building Systems pre-engineered building ( PEB ) and structural steel manufacturing facility in Saudi Arabia . This strategic investment is set to transform the Kingdom into a global hub for high-quality steel structure exports , reinforcing Saudi Arabia ’ s position as a major industrial player on the world stage .
Abdullateef Al Sharikh , VP at Alghanim
Industries welcoming His Excellency Bandar Alkhorayef , Minister of Industry and Mineral Resources
The new facility in Sudair Industrial City , spanning 256,000 sqm , is designed to bolster Saudi Arabia ’ s export capabilities , with a planned annual production capacity of 100,000 metric tons of structural steel and 100,000 metric tons of PEB . This expansion directly supports the Kingdom ’ s ambition to become a leading exporter of advanced industrial solutions , supplying high-quality steel structures to international markets across the GCC , Africa , the Indian Subcontinent and Southeast Asia .
With this expansion , Kirby Building Systems solidifies its position as the largest PEB manufacturer outside North America . The new plant will not only serve domestic infrastructure projects but will also be a key supplier to regional and global markets , ensuring that Saudi-made steel structures meet growing international demand .
www . intelligentcxo . com
9