Read Barack Obama's inauguration speech; biggest drop in inflation in 10 years; ANZ and ING being investigated by Commerce Commission; melting ice shelf could cause sea level rise; bullying fears outweigh most others for teens; Paula Bennett wins kudos for breaking up fight
New Zealanders have joined American presidential inauguration celebrations this morning with parties at the American Embassy in Wellington and supportive messages from the Prime Minister and the Opposition Leader. The Dominion Post reports that John Key wrote to Mr Obama, "You can count on New Zealand to be a good friend and partner as we face the common challenges ahead," while Phil Goff said, "The world will be looking to initiatives in the US as the world's most powerful economy to remedy the causes of financial failure and to generate international recovery." President Barack Obama's inaugural speech is available on the Herald's website.
The biggest drop in inflation in 10 years is no surprise to economists who say it is "a mere sidebar" to the world's economic woes, reports the Dominion Post. Reserve Bank governor Alan Bollard is expected to cut the cash rate by another percentage point on January 29. Falling petrol prices are credited with easing inflation pressure, says the Press.
ANZ Bank and ING are being investigated by the Commerce Commission for potential breaches of the Fair Trading Act in their marketing of an investment fund, reports the Herald. Customers have complained that ING's Diversified Yield Fund--partly owned by ANZ--was represented as being "as safe as a bank". The fund was frozen last March.
Scientists fear an Antarctic ice shelf threatened by global warming will break off and cause the sea level to rise, reports the Dominion Post. The Wilkins Ice Shelf is 22 times the size of Lake Taupo. Tim Naish, of Victoria University's Antarctic Research Centre, described the ice shelf as "the cork in the bottle". Once broken up it will release a trapped ice sheet and glaciers, adding new water to the sea.
Children and young people fear bullying and friendship problems above child abuse or sexual assaults according to a helpline, reports the Dominion Post. The What's Up free helpline says peer relationships were the single biggest problem for callers in 2008. Twelve and 13-year-olds are the most frequent clients.
Social Development Minister Paula Bennett says she has had a positive response from the public to her role in breaking up a fight outside a mall, reports the Herald. Colleagues in Cabinet might feel differently, she says. "My colleagues are a little more wary of me, I think. They're not going to take me on in a hurry." Prime Minister John Key said, "It's something that happens to New Zealanders every day. In some form or another a member of the public will undertake their civic duty and look to defuse a difficult position or show some leadership or kindness."