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New Zealand export log prices slip on higher shipping rates

WELLINGTON: New Zealand export log prices slid this month as shipping rates edged up on higher oil prices and amid weak demand in overseas markets. The average wharf-gate price for New Zealand A-grade logs declined to $119 a tonne in March, from $122 a tonne in February, according to AgriHQ’s monthly survey of exporters, forest owners and saw millers. Low oil ... Read More »

New Zealand announces oil exploration tender areas for 2016

WELLINGTON: The New Zealand government announced on Monday that it would accept bids for oil and gas exploration in five areas totalling more than half a million square kilometres (200,000 square miles) despite low oil prices. The four offshore blocks, and one small onshore site, came to a total of just over 525,000 square km, more than the approximately 430,000 ... Read More »

Zeijoa set to export more New Zealand feijoa in this season

WELLINGTON: New markets are opening up for established New Zealand feijoa company Zeijoa, with a number of commercial growers now sharing the ownership. “This will be our fourth year exporting under our premium Zeijoa brand, and it’s the first season where we’ve had shared grower ownership,” Zeijoa Director Todd Abrahams says. “That comes with big advantages as we’re now able to ... Read More »

New Zealand shares rise with international markets

WELLINGTON: New Zealand shares rose, following international markets, with Australia & New Zealand Banking Group, Genesis Energy and SkyCity Entertainment Group leading the index. The S&P/NZX 50 advanced 10.5 points, or 0.16 per cent, to 6,573.46. Within the index, 23 stocks rose, 15 fell and 12 were unchanged. Turnover was worth $205 million. The local market lagged behind the rest ... Read More »

New Zealand shares edge higher on GDP growth

WELLINGTON: New Zealand shares eked out a small gain Thursday, helped by data showing the economy grew at a faster pace than expected at the end of 2015. The NZX-50 index closed up 0.2% at 6573.45, with banks among the major gainers. ANZ (ANZ.NZ) and Westpac (WBC.NZ) added 2.0% and 0.5% to NZ$29.20 and NZ$36.90, respectively. Statistics New Zealand said ... Read More »

Postage prices set to rise in New Zealand

WELLINGTON: Sending a letter in the post will be a little more expensive in the next few months. New Zealand Post has announced price adjustments to some of its products. Standard post and fast post prices will increase slightly starting in July. Sending a medium-sized letter in the post, within New Zealand, will now cost $1, instead of 80c. The ... Read More »

New Zealand deficit narrows to $7.7b

WELLINGTON: The balance of payments deficit narrowed in the final three months of last year as the tourism boom helped to offset the impact of weak dairy exports. Official figures from Statistics New Zealand show the deficit for the three months ended December was $2.6 billion, which was lower than expected. The annual deficit also narrowed to $7.9b from $8.1b in ... Read More »

Air New Zealand to open new international lounge at Brisbane Airport

WELLINGTON: Air New Zealand is set to unveil its newest international lounge at Brisbane Airport. The 771 square-metre lounge will cater for nearly 200 customers when it opens on Wednesday, Air New Zealand said in a statement. Designed by US-based architecture firm, Gensler, the lounge features lofty ceilings, large windows and views of Brisbane city and into the lower terminal. Spaces ... Read More »

New Zealand Customs finds 1.5 kg narcotics at Auckland airport

WELLINGTON: Baby carriers and boxes of neckties were found to be concealing about 1.5 kilograms of methamphetamine when they arrived in New Zealand, Customs officials said Monday. Customs officers allegedly found the illegal drugs haul in the baggage of a 20-year-old Latvian man when he arrived at Auckland Airport on a flight from Dubai on Saturday. The amount of methamphetamine ... Read More »

New Zealand’s services index rises in Feb

WELLINGTON: New Zealand’s services sector expanded in February, boosted by a rebound in the employment index. The Bank of New Zealand-Business NZ’s seasonally adjusted performance of services index (PSI) rose 1.5 points from the previous month to 56.9. A reading above 50 indicates expansion. All of the PSI’s five sub-indices rose in February. Last week, a companion manufacturing survey (PMI) showed ... Read More »

New Zealand game sales increase 13%

WELLINGTON: New Zealand’s game industry has recorded another year of growth, with sales up 13 per cent on the previous year. The Interactive Games and Entertainment Association (IGEA) released its 2015 report on Thursday. Traditional retail sales accounted for $136 million, a 4.5 per cent increase on 2014, while digital sales rose 18 per cent to $256 million. These figures ... Read More »

Imperial Tobacco NZ full-year profit jumps 50%

WELLINGTON: Imperial Tobacco New Zealand, the local unit of the UK’s Imperial Brands Plc, posted a 50 percent jump in full-year profit by increasing Australian and domestic sales while keeping a lid on controllable costs. The maker of cigarette and tobacco brands including Horizon, JPS, Peter Stuyvesant, West and Drum reported profit of $30.7 million in the year ended Sept. ... Read More »

New Zealand shares rise 0.4%

WELLINGTON: The New Zealand equities market ended higher on Tuesday, with the benchmark NZX-50 index gaining 0.4% to 6446.73. Fonterra Shareholders’ Fund (FSF.NZ), the listed arm of Fonterra Cooperative, rose 0.5% to NZ$5.90 after the dairy cooperative cut its farmgate milk price forecast for the current season to NZ$3.90 per kilogram of milk solids from previous forecasts of NZ$4.15. Michael ... Read More »

New Zealand to discuss trade, security with Singapore

WELLINGTON: New Zealand Foreign Minister Murray McCull will visit Singapore this week with trade and security issues as the main agenda. McCully’s trip to meet Singaporean Foreign Minister Vivian Balakrishnan would be his first visit to Singapore since the country’s general elections in September 2015, Xinhua quoted the minister as saying. “Singapore is one of our top export markets with ... Read More »

New Zealand exports more cherries to China

WELLINGTON: New Zealand’s total fruit exports in January rose 32% to $ 81 million New Zealand dollars compared to last year, among which cherry exports surged 55%, setting a record of 55 million New Zealand dollars. As the largest export destination for New Zealand, China imported a value of 737 million New Zealand dollars, an increase by 25%. The fast ... Read More »

NASA plans to launch balloon flight in New Zealand

WELLINGTON: US space agency NASA is planning to set a record for the longest ever flight for a scientific balloon to be launched in New Zealand next month. NASA’s Balloon Programme team was on the cusp of expanding the envelope in high-altitude, heavy-lift ballooning with its super pressure balloon (SPB) technology, an agency statement said on Friday. NASA experts are ... Read More »

New Zealand shares rise to record

WELLINGTON: New Zealand shares rose to a record today, with Auckland International Airport, Coats Group and Fletcher Building leading the rise, while Z Energy dropped. The S&P/NZX 50 Index gained 67.8 points, or 1.1 percent, to 6380.87, surpassing the previous record, seen on Dec. 31 2015. Within the index, 34 shares rose, 12 fell and four were unchanged. Turnover was ... Read More »

New Zealand earns $2.5 bln from exports

WELLINGTON: New Zealand earned $2.5 billion more from exports than we spent on imports during the year ended December 2015, Statistics New Zealand said today. Total exports of goods and services were $69.3 billion for 2015, while imports totalled $66.9 billion. Total exports rose $1.9 billion from 2014, driven by a $2.3 billion rise in spending by international visitors and ... Read More »

New Zealand’s terms of trade fall 2% in Dec

WELLINGTON: New Zealand’s terms of trade fell 2 per cent in the December quarter last year, dragged down by the declining value of the country’s dairy exports. In statistics released today, Stats NZ revealed the export prices fell 5.7 per cent from the previous quarter, while dairy shipments values dropped 13 per cent. Export volumes were also down, because of ... Read More »

New Zealand business confidence 7.1% in Feb

WELLINGTON: New Zealand business sentiment fell in February, an ANZ Bank survey showed on Monday. The survey’s headline measure showed a net 7.1 percent of respondents are optimistic about the general economy over the year ahead. It compared with 23.0 percent in the prior survey in January. A net 25.5 percent of respondents expected their own businesses to grow in ... Read More »