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Economy – Rise of the machines: How could artificial intelligence impact financial stability? – Reserve Bank of NZ

Source: Reserve Bank of New Zealand

5 May 2025 – The rapid acceleration of artificial intelligence (AI) adoption in financial services presents both opportunities and risks to financial stability, according to the Reserve Bank of New Zealand in a special topic from the upcoming May 2025 Financial Stability Report.

As AI tools and models become increasingly sophisticated and widely integrated across the financial services sector, they offer significant potential benefits. These include improved productivity, greater modelling accuracy, enhanced risk assessment capabilities, and strengthened cyber resilience – helping financial institutions better detect and manage threats.

Alongside these opportunities lie potential vulnerabilities. Errors in AI systems, data privacy concerns and market distortions could amplify existing risks. The growing reliance on a small number of third-party AI providers may also contribute to market concentration, creating new channels for contagion and increasing the potential impact of cyber-attacks.

“There is still considerable uncertainty around how AI will shape the financial system,” said Kerry Watt, Director of Financial Stability Assessment & Strategy. “While its impact could be positive, especially in enhancing resilience, it could also introduce or amplify vulnerabilities.”

Regulated entities are expected to understand and manage AI-related risks as part of their existing obligations. The special topic notes that it is important that regulatory frameworks keep pace with technology developments to support effective risk management by industry.

We will continue to closely monitor developments in AI technology, adoption trends, and the evolving regulatory landscape, to ensure that the financial system remains well-positioned to manage emerging risks.

https://youtu.be/pkG81U95Pyk

More information

AI Special Topic (extract from Financial Stability Report, May 2025) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=a6bc4d90d0&e=f3c68946f8
The May Financial Stability Report (FSR) will be released on Wednesday 7 May 2025 at 9:00am.

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Weather News – A settled start gives way to a wet finish across Aotearoa – MetService

Source: MetService
 
– Cold nights with widespread single-digit temperatures; frost risk for the central North Island.
– Monday morning saw some of the lowest temperatures recorded so far this year, including Christchurch: -0.5°C, Taumarunui: -1.7°C, Taupo: -1.8°C and Masterton: -0.5°C.
– Clear skies dominate early in the week under a ridge of high pressure.
– Rain and warmer, humid air arrive late week as a trough moves in from the Tasman.
– Strong northwesterlies develop over the lower South Island ahead of rain on Thursday.

MetService is forecasting a week of two halves, with frosty mornings, clear days and chilly nights to kick off the week, then wet weather looming toward the end.

Settled weather and cool overnight temperatures are expected for many, as a broad ridge of high pressure dominates Aotearoa New Zealand early this week. Single digit overnight temperatures will be felt by much of the country over the next few days, with the potential for central North Island areas to drop into the negatives on Tuesday morning.

The ridge will bring clear skies for most, but it does push some coastal cloud and a few showers onto the east of the North Island, and the west of the South Island. A return to more normal temperatures is expected heading into Wednesday and Thursday, as northerlies begin to build, drawing warmer air down from the tropics.

“Warmer doesn’t always mean better,” says MetService meteorologist Devlin Lynden. “These relatively settled conditions aren’t expected to last. A band of rain is building in the Tasman, pulling warm, moist air from the tropics, resulting in some wet weather later this week.” As this system approaches, strong northwesterlies are expected to develop over the lower South Island late Wednesday, potentially bringing gusty conditions to exposed areas. This extends to the lower North Island on Friday.

The wet weather is set to move onto the south of Te Waipounamu/South Island early Thursday morning, and quickly move north, affecting much of the country come Friday.

“With a crisp, clear start to the week, and wet conditions approaching, don’t be caught off guard and keep up to date with the latest forecasts at metservice.com” says Lynden.

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RSA – Hurricanes Donate Jerseys to Support New Zealand’s Veterans

Source: RSA

 

Following their hard-fought victory over the Brumbies in Canberra last month, the Hurricanes have demonstrated that their strength extends beyond the rugby pitch.

 

In a meaningful gesture, all 23 jerseys worn by Hurricanes players during the DHL Super Rugby Pacific’s Anzac Round have been donated to the RSA. The aim is to help generate funds in support of New Zealand’s military veterans and their whānau. Each jersey, featuring the RSA’s iconic red poppy, has been personally signed by the player who wore it.

 

RSA National President Sir Wayne Shelford expressed deep gratitude for the Hurricanes’ ongoing generosity.

 

“Time and again, the Hurricanes prove they’re not just fierce competitors but compassionate community leaders. Last year’s jersey auction raised more than $11,000 for our support services, and we’re truly thankful to have the chance to raise even more this year.”

 

Hurricanes CEO Avan Lee echoed those sentiments, emphasizing the alignment between the two organizations’ values.

 

“We’re proud to support the RSA and the crucial work they do for our veterans,” said Lee. “Giving back is a big part of who we are as a club. Connection and humility are two values we hold dear, and the RSA’s Poppy—such a powerful national symbol—will always be worn with honour by our team.”

 

The jerseys are listed for sale on auction site Trade me and close on Thursday 8 May and can be viewed here:https://rnzrsa.info/TMstore

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Health – “Please don’t die today” – a mother’s fight against asthma – Asthma and Respiratory Foundation

Source: Asthma and Respiratory Foundation

“I love you, Mummy. Please don’t die today.”
That’s what Jade Steven’s five-year-old son whispered to her one morning before school.
For Jade, a mother-of-three from Wellington, those words captured the fear that comes with living – and parenting – while battling asthma.
This World Asthma Day (on Tuesday 6 May), Jade, 37, is sharing her story to raise awareness of those living with asthma.
Jade was diagnosed in her late 20s with brittle asthma – a rare and severe form of the disease, more commonly referred to now as severe or difficult-to-control asthma.
At the time, she was being admitted to hospital nearly every month, with long stays in intensive care and repeated courses of oral steroids. All this while raising three young boys.
“I wanted to be the kind of mum who could be there for everything – every school pickup, every bedtime story – but instead, hospital beds replaced family dinners.
“I’ll never forget the moment I dropped my youngest off at school one day. He was just five. He kissed me goodbye, paused, and whispered, ‘I love you, Mummy. Please don’t die today.’
“I reassured him, but inside I was breaking. That fear – his and mine – was all too real.”
Today, thanks to a biological treatment, Jade’s condition is under control and her symptoms are manageable.
“The treatment gave me my life back.
“The hospital visits have become rare, and I’ve finally been able to stop taking steroids.”
Her children are now teenagers and she’s able to be the mum she always wanted to be at the beginning, she says.
“I can go to my eldest son’s band Intercite gigs, school events, quad bike adventures, or just sit on the couch and watch a movie without them having to worry that Mum might be going to hospital again.”
Asthma and Respiratory Foundation NZ Chief Executive Ms Letitia Harding says Jade’s story shows the reality of asthma that many New Zealanders are still unaware of.
“Jade’s experience is a reminder that asthma can affect people in very different ways, and for some, it’s far more serious than many realise.
That’s why World Asthma Day is so important in raising awareness, Ms Harding says.
“We need to lift the stigma, increase awareness, and ensure everyone understands just how serious this condition can be.”
This year, the Foundation is marking World Asthma Day by launching its first-ever Blue Shirt Day campaign.
Blue Shirt Day calls on all Kiwis to wear blue, share stories like Jade’s, and support better research, education, and access to life-saving treatments.
In New Zealand, asthma affects 1 in 8 adults and children, kills an average of 96 people each year, and is responsible for the hospitalisations of thousands of children – many of whom will have had a potentially life-threatening asthma attack.
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Livestock numbers fall over the last 10 years while area planted in fruit increases – Stats NZ media and information release: Agricultural production statistics: Year to June 2024 (final)

Source: Statistics New Zealand

Livestock numbers fall over the last 10 years while area planted in fruit increases – 5 May 2025 – The total number of sheep was 23.6 million at June 2024, a fall of 6.2 million (21 percent) compared with 10 years ago, according to figures released by Stats NZ today.

The total number of dairy cattle also fell by 861,000 (13 percent) over this period to 5.8 million.

“Bucking the trend of falling livestock, however, is beef cattle. There were 3.7 million beef cattle in 2024, similar to the total in 2014,” agricultural statistics spokesperson Tehseen Islam said.

Deer had the highest percentage fall of all livestock types, down 26 percent in the 10-year period. Numbers are down by 250,000 since 2014, bringing the total to 709,000 deer.

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Government Cuts – Auditor-General urged to investigate cuts to experts stopping health fraud – PSA

Source: PSA

The PSA is today requesting that the Auditor General investigate the proposed axing of fraud and audit experts which would see millions of health dollars no longer recovered through overpayment or theft.
The Audit and Assurance Directorate at Health New Zealand Te Whatu Ora is a critical unit focused on ensuring some $12 billion of annual funding of the primary health care sector is paid out correctly and not subject to fraud.
But Health NZ is proposing to remove 23 roles, a cut of 28% of the workforce, along with other changes.
“Millions of dollars of precious health funds will be lost if this proposal goes ahead so the Auditor General as the watchdog of the public purse should be concerned,” said Fleur Fitzsimons, National Secretary for the Public Service Association for Te Pūkenga Here Tikanga Mahi.
“We have written to the Auditor General asking him to challenge the Government’s decision which will erode rigorous oversight and good governance over billions of scarce public dollars.
“The impacted workers are highly specialised auditors and fraud investigators who save the Government millions of dollars each year. Each investigator recovers around $430,000 a year. These changes will cost money, not save money – there is no more blatant example of false economics.
“If these jobs are axed, fewer investigations and audits will take place. It just makes no sense to save money through job cuts when you weigh that against the huge loss of money that will no longer be clawed back if this team is gutted. Any costs savings from job losses will be lost through mistakes and fraud going undetected.
“The PSA strongly opposes these cuts which come at a time of huge pressure on the public health system and when the health dollar has never been scarcer because of Government decisions to underfund and cut health spending.
“If the Government is so worried about the state of its books, it should urgently rethink this reckless proposal.”
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GAZA – Attack on life-saving aid boat proves the reach of Israel’s out-of-control genocide through starvation is now global

Source: Palestine Solidarity Network Aotearoa

 

Israel’s drone attack on the Freedom Flotilla boat ‘Conscience’ shows Israel’s genocide strategy has now gone global, according to PSNA.

 

The Palestine Solidarity Network Aotearoa says the attack in international waters is a thoroughly predictable war crime, committed by an out-of-control Israel, intent on violence anywhere to uphold its starvation strategy for Gaza.

 

The ‘Conscience’ was loaded with life-saving humanitarian aid for Gaza and was attacked and disabled off the coast of Malta.

 

“It’s another war crime to add to Israel’s blood-soaked reputation” says PSNA Co-National Chair John Minto. “This is a cowardly attack on the best of humanity trying to get aid to more than two million desperate and starving people.”

 

“Israel has blocked all aid for more than two months in an attempt to starve them to death.”

“This brazen attack in international waters shows how emboldened Israel has become by the silence of Western governments such as New Zealand.”

 

Minto is pointing to the UN Panel of Inquiry in 2011 on a similar Israeli attack on the Turkish aid vessel the Mavi Marmara the year before.  It was chaired by former New Zealand Prime Minster Sir Geoffrey Palmer.

 

Palmer found that Israel used ‘excessive and unreasonable force’ in boarding the vessel and killing ten people on board.

 

“But Palmer also said that Israel had conducted a ‘legitimate security measure’.  I wonder how Geoffrey Palmer feels about legitimising that action now,” Minto says.

 

“Palestinian Solidarity Network Aotearoa is calling on the New Zealand government to condemn the aggression on what is an unarmed, civilian vessel in international waters.”

 

“When Ansar Allah (Houthis) in Yemen did this to Israeli vessels to try to stop the genocide in Gaza, New Zealand involved itself by sending military support to western countries to bomb Yemen.”

 

“We are not calling on the government to send military support for the bombing of Israel. However, if New Zealand really believes in the freedom of passage of unarmed vessels in international waters, it must condemn Israeli outright for this cowardly attack on the ‘Conscience’.”

 

 Minto says to maintain any credibility the government is also overdue and obligated to end its months long silence over other Israeli actions.

 

“Top of the list is Israel’s war crime use of starvation in Gaza as a weapon of war.  But the government must also condemn the Israeli army ethnic cleansing and assisting settler attacks in Occupied East Jerusalem and the West Bank.”

 

“Israel is building new illegal settlements there at an unprecedented rate.”

 

“Israel has also just conducted unprovoked major military assaults on Syria. Our Foreign Minister must surely know about these things, and we are at a loss to know why he says and does nothing.” 

 

John Minto

Co-National Chair

Palestine Solidarity Network Aotearoa

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Advocacy – World Press Freedom Day 2025: Standing with the Palestinian Press

Source: Palestine Forum of New Zealand

On this World Press Freedom Day, we pause to honour journalists and media workers across the globe who risk their safety to report truth and amplify the voices of the oppressed. Nowhere is this commitment more courageous, or more perilous, than in occupied Palestine.

For decades, Palestinian journalists have operated under constant threat — targeted, detained, censored, and even killed for doing their jobs. In Gaza, the West Bank, and Jerusalem, Palestinian reporters document human rights violations, military assaults, home demolitions, and the daily realities of life under occupation, often at great personal risk.

In the latest war on Gaza, media offices have been bombed, journalists and their families deliberately targeted, and communication blackouts imposed to silence Palestinian narratives. As of May 2025, over 140 journalists have been killed in Gaza alone since October 2023, marking one of the deadliest periods for media professionals in recent history. Many others face arbitrary arrest, harassment at checkpoints, equipment confiscation, and restrictions on movement.

Despite these dangers, Palestinian journalists persist — their cameras, pens, and microphones bearing witness to what much of the world might otherwise never see. From the frontline photographers in Gaza to the independent media outlets in the diaspora, their work ensures that Palestinian stories remain in public view.

On this day, we also remember iconic voices like Shireen Abu Akleh, the veteran Al Jazeera journalist killed by Israeli forces in May 2022 while reporting in Jenin. Her legacy is carried by the next generation of Palestinian journalists, who continue to speak truth to power in her name.

Freedom of the press is a cornerstone of justice. In Palestine, this freedom is under siege. And yet, the resilience of Palestinian media workers is a testament to the enduring power of truth.

 Today, we say:
We see you. We hear you. We stand with you.

We demand protection for journalists in Palestine.

We affirm the right of Palestinians to tell their own story.

Press freedom is not a privilege — it is a right. And in Palestine, that right remains worth fighting for.

Maher Nazzal
Palestine Forum of New Zealand

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Health – RACS calls on all levels of government for reform

Source: Royal Australasian College of Surgeons (RACS)

The Royal Australasian College of Surgeons (RACS) today issued an urgent call to governments across Australia to engage in genuine negotiations to resolve the pressing issues facing the NSW Health surgical workforce.

Australians are now waiting almost twice as long on average for elective surgery than they were 20 years ago. Workforce pressures and chronic understaffing have contributed to a decline in performance across the country, putting immense strain on both clinicians and patients.

“Our surgeons are dedicated to providing the highest standard of care for patients across NSW Health public hospitals, however, they cannot continue to do so under the current conditions,” said outgoing RACS President, Associate Professor Kerin Fielding.

“We are increasingly seeing bureaucratic overreach and planning without senior clinician input, which has escalated over the past year. This has significantly impacted surgeon work practices, workforce wellbeing, surgical training, and most importantly, patient safety.”

Associate Professor Fielding warned that the current conditions have led to resignations and industrial action across multiple jurisdictions, exemplified by recent strikes in NSW and the resignations in ACT.

“The industrial action reflects the consequences of chronic understaffing, unmanageable workloads, and poor working conditions. These issues threaten the quality of patient care and jeopardise the sustainability of our healthcare system both in Australia and Aotearoa New Zealand,” Associate Professor Fielding said.

In addition to advocating for systemic reform, surgeons will come together this weekend at the College’s Annual Scientific Congress to discuss strategies for working with governments to reduce elective surgery waiting lists. The gathering aims to foster collaborative solutions to improve access and reduce delays for patients awaiting vital procedures.

The College’s concerns are backed by a recent national survey conducted by the Australian Salaried Medical Officers Federation, which revealed mounting fears of a widespread exodus of medical professionals from public hospitals across Australia.

“Without meaningful reform and collaboration, the system is under serious threat, many surgeons will leave the public sector, costing the government millions in training and support. We must work together now to turn this situation around before it’s too late.”

The Royal Australasian College of Surgeons urges all stakeholders to prioritise dialogue and action to ensure a sustainable, safe, and high-quality surgical care system across Australia and Aotearoa New Zealand.

About the Royal Australasian College of Surgeons (RACS)

RACS is the leading advocate for surgical standards, professionalism and surgical education in Australia and Aotearoa New Zealand. The College is a not-for-profit organisation that represents more than 8000 surgeons and 1300 surgical trainees and Specialist International Medical Graduates. RACS also supports healthcare and surgical education in the Asia-Pacific region and is a substantial funder of surgical research. There are nine surgical specialties in Australasia being: Cardiothoracic Surgery, General Surgery, Neurosurgery, Orthopaedic Surgery, Otolaryngology Head and Neck Surgery, Paediatric Surgery, Plastic and Reconstructive Surgery, Urology and Vascular Surgery. www.surgeons.org

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Africa – Turkey Strengthens Global Energy Influence with Strategic African Partnerships

SOURCE: African Energy Chamber

Turkey is deepening its energy ties across Africa, launching new projects in Libya, Somalia and Senegal as part of a broader strategy to strengthen its role in the continent’s evolving energy landscape.

CAPE TOWN, South Africa, May 2, 2025/ — Turkey is making bold strides in expanding its energy footprint, with a series of strategic moves aimed at securing long-term energy resources and boosting its global influence. The Turkish Petroleum Corporation (TPAO), the country’s state-owned energy giant, is set to launch oil and gas exploration projects in Libya, aligning with Turkey’s broader strategy to diversify its energy supplies and tap into Africa’s vast resources. Turkey, which currently imports over 90% of its energy, is actively working to reduce its energy import bill by tapping into new domestic and international resources – making markets like Libya a key part of its long-term energy security agenda.

Turkey’s energy diplomacy is also gaining momentum in other parts of Africa, with recent agreements signed in Somalia and Senegal. As Africa continues to build stronger energy ties with G20 nations, Turkey is positioning itself as a reliable partner and growing pillar of energy security. The upcoming African Energy Week (AEW) 2025: Invest in African Energies, set to take place in Cape Town later this year, offers a key platform  for Turkey to expand its engagement with African energy markets and foster collaboration on exploration, infrastructure and investment.

Turkey and Somalia Deepen Energy Cooperation

Earlier this month, Turkey and Somalia signed a new hydrocarbon exploration and production agreement covering 16,000 km² of onshore territory. Under the deal, TPAO will conduct 2D and 3D seismic studies across three blocks, followed by drilling activities based on the findings. Turkey’s Minister of Energy and Natural Resources, Alparslan Bayraktar, has described the agreement as a strategic milestone in bilateral cooperation, building on a previous offshore production-sharing agreement signed last year.

In addition, seismic activities in Somalia’s maritime zones are underway, with Turkey’s Oruç Reis vessel having completed 78% of a 3D seismic survey over 15,000 km². The survey is expected to conclude by May 2025, after which drilling decisions will follow. Turkey is also eyeing cooperation in the mining sector, and further collaboration will be discussed at a Natural Resources Summit in Istanbul next month.

Energy Diplomacy Extends to West Africa

Last October, Turkey signed a Memorandum of Understanding with Senegal to cooperate on oil and gas exploration, production and trade. The agreement, signed during a meeting between Turkish President Recep Tayyip Erdoğan and Senegalese President Bassirou Diomaye Faye, includes Turkish participation in both onshore and offshore seismic surveys and extends to renewable energy, critical minerals and rare earths. This deal follows similar agreements with Somalia and Niger, as Ankara strengthens its energy ties across the continent.

Ankara’s Growing Influence Across Africa

Through these initiatives, Turkey is positioning itself as a leading partner to Africa, distinguishing itself from traditional Western powers by prioritizing co-development and mutual benefit. Under President Erdoğan, Turkey has quadrupled its diplomatic presence on the continent, expanded defense cooperation with countries including Somalia, Libya, Nigeria and Ethiopia, and boosted trade through major infrastructure investments. In 2023 alone, Turkish contractors completed $85.5 billion worth of projects across Africa. Turkish Airlines now serves 62 destinations on the continent, including Mogadishu, where Turkey has played a pivotal role in rebuilding the capital’s airport.

AEW 2025: Invest in African Energies, taking place from September 29 to October 3 in Cape Town, will serve as a valuable platform for Turkey to strengthen its energy partnerships across the continent. The event convenes African producers, global investors and policymakers to drive new deals and shape Africa’s energy future. As Turkey expands its engagement with African energy markets, AEW 2025 is expected to be a pivotal venue for forging partnerships, launching projects and advancing long-term collaboration.

About AEW: Invest in African Energies:
AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.