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New Zealand

TVNZ unveils new initiative to gain online revenue

WELLINGTON: Television New Zealand has unveiled a new initiative that merges entertainment and branded content and should provide more revenue from its “On Demand” site. The state broadcaster revealed the new strand of three-to-five minute entertainment clips, tentatively named “OD Shorts” at a programming launch this afternoon. The new hybrid combines entertainment clips commissioned by TVNZ and branded content and it ... Read More »

NZ police seize meth, designer bag

WELLINGTON: Police have seized $800,000 of drugs – and an $80,000 designer bag – from a North Shore home. More than 800 grams of methamphetamine was found in the house in a raid early this morning. Detective Sergeant Callum McNeill said most of the drug was found bagged up and ready for sale. A Louis Vuitton bag was also seized, ... Read More »

China’s Bright Food Group to buy 50% stake in NZ meat processor

WELLINGTON:  A unit of China’s state-owned Bright Food Group Co Ltd will take a half share in New Zealand’s biggest meat co-operative for NZ$311 million ($197 million), as China looks to import more of the country’s agricultural products. Sheep and beef exporter Silver Fern Farms said on Tuesday it would sell a 50 percent stake to food processor Shanghai Maling ... Read More »

New Zealand beef, lamb hopes farm profits to rise

WELLINGTON: New Zealand ”average” sheep and beef farmers are in for a profit lift and Beef and Lamb chief economist Andrew Burtt calls it positive news at a time when the economy would benefit from increased farm sector spending. Beef and Lamb predicted the average sheep and beef farm would see its profit before tax lift to $109,000 this season ... Read More »

Sony Computer Entertainment NZ records 52.4% increase in profit for 2015

WELLINGTON: Sony Computer Entertainment New Zealand has recorded a 52.4% increase in its profit for the year ending 31 March 2015, with the PlayStation 4 dominating the Kiwi home console market. Sony Computer Entertainment is the business responsible for the sales, marketing and distribution of the PlayStation family of products, including the game systems and associated games. The $250,000 profit ... Read More »

New Zealand sets firm on lamb export agreement

WELLINGTON: New Zealand will not agree to a review of New Zealand’s quota of lamb exports to Europe despite pressure from British farmers, the government says. The Uruguay round increased the amount of lamb New Zealand could export to the UK to 228,000 tonnes. Livestock board chairs from Britain’s farming unions, meeting in Brussels, have called for the review. They ... Read More »

Mosman Oil and Gas comments on 135% surge in New Zealand

WELLINGTON: Mosman Oil and Gas (MSMN) promised much when it began trading on AIM in March 2014. The New Zealand and Australia-focussed oil explorer’s share price rocketed fivefold to over 40p within four months, and early investors made a fortune. Since then there has been little to cheer, but a recent spurt suggests things might be about to change. That ... Read More »

Port of Auckland considers automation for container delivery

SUNDERLAND: Ports of Auckland could become the first automated container port in New Zealand if consultations with staff on the proposal proceed satisfactorily. CEO, Tony Gibson said: “Auckland freight growth is relentless. To handle it we’ve pushed our performance to world class levels but we’re reaching the limit of what we can do with our current technology. We need more ... Read More »

Ports of Auckland to open new freight hub next to rival port

AUCKLAND: Ports of Auckland is opening an intermodal freight hub nearby the Port of Tauranga in a bid to attract exporters and gain improved access to overseas markets. Tony Gibson, CEO of Ports of Auckland, said that the new inland port would provide Bay of Plenty exporters with an “easy-to-access choice of ports” to use, stating “competition is a good ... Read More »

Auckland port posts net profit of $63.2m, down 14.6 % on 2014 result

PERTH: Ports of Auckland are interested in stretching its tentacles into the South Island, possibly in partnership with another port. The port revealed its plan after releasing its annual results which showed the council-owned port had put in a relatively flat performance in the year to June 30. The port posted a net profit of $63.2 million, down 14.6 per ... Read More »

Nearly $1M spent on travel to promote oil, gas industry

WELLINGTON: Nearly $1 million was spent on international travel over the last three years promoting the country’s oil and gas industry. Figures from New Zealand Petroleum and Minerals (NZPM) show $412,186 was used for flights and transportation, while $260,634 was racked up at hotels. Another $248,528 was spent by officials attending and hosting events, functions or conferences overseas which aimed to ... Read More »

Manufacturing activity in New Zealand rises slightly in August

WELLINGTON: Manufacturing activity in New Zealand rose slightly in August due to a rise in new orders and employment, a survey showed on Friday. The Bank of New Zealand-Business NZ’s seasonally adjusted Performance of Manufacturing Index (PMI) rose to 55.0 from an upwardly revised 53.7 the previous month. A reading above 50 indicates an expansion in activity, while anything below ... Read More »

Auckland port pays out $41.7m dividend in 2015 financial year

WELLINGTON: The council-owned Ports of Auckland has declared a $41.7 million dividend in the 2015 financial year. Chief executive Tony Gibson said it had delivered another strong result for the city and was well positioned for further growth. But Mr Gibson said $7.3 million had been put aside to cover costs and provisions for the Bledisloe Wharf extensions, following the ... Read More »

New Zealand Customs staff to follow zero-hour contracts

WELLINGTON: While KFC has ditched the cruel zero-hour contracts, Customs staffs are locked into these employment conditions. “In Parliament today, the government was in denial claiming this is casual and part time work,” says New Zealand First Labour and Industrial Relations Spokesperson Clayton Mitchell. “The Minister for Workplace Relations Michael Woodhouse claimed an advert for Customs staff with hours fluctuating ... Read More »

New laws provide for property buyers in New Zealand

WELLINGTON: People who buy and sell houses in New Zealand will have to provide their tax number and other details from October 1. THE new laws were passed by the NZ parliament on Thursday. Revenue Minister Todd McClay says they mean those who buy and sell property for profit won’t be able to avoid paying their fair share of tax. ... Read More »

Value of total goods export from NZ $4.2b in July 2015

WELLINGTON: The value of total goods exported from New Zealand was $4.2 billion in July 2015, up $514 million (14 percent) compared with July 2014. Fruit exports led the rise, up 51 percent ($105 million) to $311 million. Meat exports rose $99 million (24 percent) to $505 million in July 2015 when compared with the same month last year. Milk powder, ... Read More »

New Zealand cuts extra 0.25% points off interest rates

WELLINGTON: New Zealand snipped a further 0.25 percentage points off interest rates on Thursday, the third reduction this year, and with the central bank suggesting further easing was likely in coming months. The cut in the official cash rate (OCR) to 2.75 percent was widely expected following similar reductions in June and July. “Domestically, the economy is adjusting to the sharp ... Read More »

NZ small business owners expect decline for economy over 2016

WELLINGTON: New Zealand’s small-business owners expect a downhill slide for the economy over the next year. MYOB has released its latest Business Monitor survey of 1000 businesses nationwide. It shows 51 per cent of small-to-medium business owners expect the economy to decline over the next year and almost a quarter have less work booked for the next three months. The number of ... Read More »

New Zealand shares join in global rally

WELLINGTON: New Zealand shares have joined in a global rally as investors shrugged off worries about China. Spark New Zealand, Summerset Holdings and Fletcher Building advanced as Thursday’s likely rate cut by the Reserve Bank of New Zealand saw traders buy dividend-paying stocks. The S&P/NZX 50 Index advanced 61.12 points, or 1.1 percent, to 5671.43 today. Within the index, 30 stocks ... Read More »

New Zealand manufacturing sales volumes fall in Q2

WELLINGTON: New Zealand manufacturing sales volumes have fallen in the second quarter, driven by the continued decline in petroleum and coal, and in meat and dairy. TOTAL seasonally adjusted sales volumes declined 0.2 per cent in the three months ended June 30, following a 0.3 per cent drop in the first quarter, according to Statistics New Zealand. The volume of ... Read More »