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NZ terms of trade fall 1.8% in third quarter

WELLINGTON: New Zealand’s terms of trade fell in the third quarter, reflecting a decline in the value, price and volume of exports. Dairy, meat and forestry shipments led the drop. The terms of trade, a measure of the purchasing power of New Zealand’s exports, fell 1.8% in the third quarter from the second quarter, Statistics NZ said. Disruptions caused by ... Read More »

Horticulture export earnings boom

WELLINGTON: A new report shows that the Horticulture Industry has had a 40 percent growth in export earnings in just two years. It found that in the past two years horticultural produce exporters paid an estimated $190 million in tariffs, a reduction of 22 percent on 2012’s figure of $241 million. The New Zealand Horticulture Export Authority and Horticulture New ... Read More »

Prices fall for New Zealand’s key exports

WELLINGTON: Export goods prices fell for dairy, meat, and forestry in the September quarter, leaving the terms of trade lower, Statistics NZ said today.Prices fall for New Zealand’s key exports. Export goods prices fell for dairy, meat, and forestry in the September quarter, leaving the terms of trade lower, Statistics NZ said today. The merchandise (goods) terms of trade fell ... Read More »

NZ business confidence slips as credit availability tightens

WELLINGTON: New Zealand business confidence fell in November as pessimistic manufacturers offset upbeat farmers, construction firms and service companies. A net 20.5 percent of firms were optimistic about the general outlook for the economy in November, down from 24.5 percent of firms a month earlier, the ANZ Business Outlook shows. A net 37.6 percent saw their own activity expanding, just ... Read More »

NZIER estimates trade barriers costing exporters billions

WELLINGTON: Consumers are missing out as New Zealand exporters face “blatantly protectionist” shields from other countries, the New Zealand Institute of Economic Research (NZIER) says. A report released by the economic think tank on Monday estimates the cost of non-tariff measures on trade in the Asia-Pacific region (Apec) to New Zealand exporters at more than $8 billion a year. Non-tariff ... Read More »

NZ sees stronger than expected export performance in Oct

WELLINGTON: New Zealand’s trade balance improved in October and came in better than expectations, with a stronger than anticipated export performance. New Zealand’s trade balance came in at a deficit of NZD 846 million month-on-month. On a seasonally adjusted basis, the trade deficit was NZD 313 million, marking an improvement from the earlier two months. Exports recorded a marked rise ... Read More »

Dairy export rise narrows trade deficit

WELLINGTON: New Zealand’s monthly trade deficit narrowed in October as an improving global dairy market buoyed exports of dairy products. The country’s trade deficit was $846 million in October, from $1.4 billion last month and $905m in October last year, Statistics New Zealand said. The annual trade gap narrowed to $3.297b from $3.356b in September. New Zealand’s exports in October ... Read More »

Reserve bank delays bank disclosure reforms

WELLINGTON: The Reserve Bank of New Zealand has extended for two weeks its deadline for feedback on a proposed new Dashboard approach for banks’ financial disclosure aimed at making it easier for retail investors to compare how sound the lenders are, and will make a final decision on whether to proceed early next year. The proposal for quarterly disclosure arose ... Read More »

New Zealand bonds slump as Fed Dec rate hike probability hits 100%, NZX50 index rises

WELLINGTON: The New Zealand government bonds slumped Wednesday as investors moved away from safe-haven buying after the Federal Reserve December rate hike probability finally reached 100 percent, boosting demand for riskier assets. The yield on the benchmark 10-year bond, which moves inversely to its price, rose 5-1/2 basis points to 3.14 percent, the yield on 7-year note also ended 4 ... Read More »

Telstra acquires New Zealand security analytics provider Cognevo

WELLINGTON: Telstra has acquired the assets of New Zealand security analytics provider Cognevo, part of software company Wynyard Group which entered voluntary administration last month, in order to bolster its managed security services worldwide. Telstra was an existing customer of Cognevo prior to the purchase agreement — which is still subject to conditions being met — having signed a AU$3.2 ... Read More »

Coastal shipping picks up slack

WELLINGTON: Freight is being moved around New Zealand in different ways after the quake. While the military focuses on getting supplies into quake-hit Kaikoura and people out, businesses have nutted out ways of getting freight for everyone else around it. Most of New Zealand’s imports arrive in Auckland and trucks and trains take them elsewhere, along with some coastal shipping. ... Read More »

Fonterra New Zealand increases milk price forecast

WELLINGTON: Fonterra New Zealand increased its forecast milk price to $NZ6 a kilogram of milk solids ($6.33kg/MS) today. The co-operative said, when combined with the forecast earnings per share range for this financial year of 50-60 cents, the total payout available to farmers in the current season was forecast to be $NZ6.50-$NZ6.60kg/MS ($6.86-$6.96kg/MS) before retentions. Fonterra chairman John Wilson said ... Read More »

New Zealand pledges US$3M for peace efforts in Mindanao

WELLINGTON: New Zealand has vowed to donate US$3million over the next three years to support the peace efforts in conflict-affected areas in Mindanao. David Strachan, New Zealand ambassador to the Philippines, told a press conference on Wednesday evening at the Marco Polo Hotel here that they want to be involved in providing sustainable livelihood for the combatants and affected families. ... Read More »

BNZ, Kiwibank call centres may face delays

WELLINGTON: Customers of Bank of New Zealand and Kiwibank may face delays in getting through to the lenders, with both banks’ primary call-centres based in Wellington. Much of the capital city’s CBD is in shutdown as landlords send in structural engineers to assess the damage caused by the 7.5 magnitude earthquake in the upper South Island, which was felt through ... Read More »

China, New Zealand agree on mutual recognition of organic food certification

BEIJING: China and New Zealand inked an agreement on Monday to mutually recognize organic food with official certification labels to facilitate organic food development and trade. China’s Certification and Accreditation Administration and New Zealand’s Ministry of Primary Industries agreed to mutually recognize each other’s certifications for organic food imports. This is the first mutual recognition agreement for organic food certification ... Read More »

New Zealand dollar to US dollar exchange rate to end-2017

WELLINGTON: The New Zealand Dollar (currency: NZD) has been the worst-performing of the sixteen most actively traded global currencies during today’s session. The British pound continued to hit new monthly best conversion levels against the New Zealand dollar on Friday as demand for risk-correlated currencies continued to trail lower. While markets went back on some of the week’s most bullish ... Read More »

Warehouse Group profit surges to $655m

WELLINGTON: Warehouse Group, New Zealand’s largest publicly listed retailer, increased first-quarter sales with uplifts across all its brands ahead of the key Christmas trading period. The Auckland-based company said group sales rose 3.9 per cent to $655.9 million in the quarter ended Oct. 30, from the year-earlier quarter when sales increased 7.7 per cent. The company’s ‘red shed’ Warehouse stores, ... Read More »

Z Energy increases dividend after sales increase, and profits rise to $82m

WELLINGTON: Z Energy raised its first-half dividend as the service station operator posted a 22 percent gain in earnings and a 57 percent jump in fuel volumes following its acquisition of Chevron New Zealand’s Caltex and Challenge! brands. Profit rose to $82million in the six months ended Sep. 30, from $67million a year earlier, the Wellington-based company said in a ... Read More »

Mainfreight first-half profit rises 27%

WELLINGTON: Mainfreight, the transport and logistics group, posted a 27 percent gain in first-half profit as margins improved in New Zealand, Australia, Asia and Europe, and expects a continuation of stronger trading in the second half. Profit was $41.8 million, or 41.7 cents per share, in the six months ended Sept. 30, from $32.9 million, or 32.87 cents a year ... Read More »

NZME shares slump to new low

WELLINGTON: NZME shares sink 24 percent after the Commerce Commission’s early view that a merger with Fairfax New Zealand would concentrate too much power under one umbrella, irrespective of the financial gains. Traditional media companies have struggled to come to grips with shrinking newspaper audiences as they gave away their product for free online, where the likes of Google and ... Read More »