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New Zealand share market bounces back

WELLINGTON: New Zealand shares have rebounded, tracking broad gains on Wall Street, after a week of declines. THE NZX 50 Index advanced 32.056 points, or 0.6 per cent, to 5781.761 on Friday. Within the index, 26 stocks rose, 19 fell and five were unchanged. Turnover was high at $277 million, including $40m of Meridian Energy and $31m of Trade Me. ... Read More »

New Zealand export log prices rise from 3-year low in June

WELLINGTON: New Zealand export log prices rose from a three-year low this month, helped by a decline in the kiwi dollar and increased demand in China, the country’s largest market. The average wharf gate price for New Zealand A-grade logs increased to $86 a tonne from $83 a tonne in May, snapping three months of declines, according to AgriHQ’s monthly ... Read More »

Australia’s Qantas airways to expand New Zealand domestic flights

WELLINGTON: ” Australia’s largest airline Qantas Airways on Thursday announced plans to expand flights within New Zealand in a significant shakeup of the market. Qantas subsidiary Jetstar said it planned to add at least four new destinations starting December to the five cities in New Zealand it already serves. That will increase its competition with Air New Zealand, which currently ... Read More »

Fronde suspends to announce further revenue decline in Wellington

WELLINGTON:  based IT services company Fronde has confirmed market rumours it is about to announce a further decline in sales. Chief executive Ian Clarke said trading for the year ended 31 March 2014 was complicated, with Fronde’s Australian business doubling sales and Auckland trading well. However, sales in Wellington were subdued. Clarke said there had been an overall decline in ... Read More »

New Zealand posts current account deficit NZ$1.8B in Q1 of 2015

WELLINGTON: New Zealand posted a seasonally adjusted current account deficit of NZ$1.8 billion in the first quarter of 2015, Statistics New Zealand said on Wednesday. That follows the NZ$2.551 billion shortfall in the previous three months. The balance of goods was a deficit of NZ$90 million in Q1, mainly due to a fall in imports of goods, the bureau said. ... Read More »

NZ Auckland Airport’s revenue estimated to beat

WELLINGTON: Auckland Airport’s revenue is expected to be hit by an anticipated reduction in what it can charge airlines for aeronautical services. The Commerce Commission is just beginning a review of the way it works out what prices electricity and gas network operators and airports can charge users. The Commission has put out its first paper as part of the ... Read More »

New Zealand to invest $87.27m in China’s AIIB

BEIJING:  The New Zealand government announced that the country will invest 125 million NZ dollars (87.27 million U.S. dollars) in the China-led Asian Infrastructure Investment Bank (AIIB) paid over five years. New Zealand has agreed to become a founding member of the AIIB, which is being established to invest in new infrastructure across Asia, Finance Minister Bill English said in ... Read More »

New Zealand McDonald’s posts lift as global empire struggles

WELLINGTON: Kiwis are chomping their way through more McDonald’s burgers, with the fast food giant’s New Zealand arm posting a lift in annual revenue as the business grapples with falling sales globally. The local division of the Golden Arches has reported a 2 per cent lift in revenue to $221 million for the 12 months to December 31, according to ... Read More »

New Zealand apple growers of industry looks set to hit the goal of $1b

WELLINGTON: New Zealand apple growers have enjoyed another strong season and the industry looks set to hit the goal of $1 billion in export receipts earlier than the 10-year target of 2022. In the season just finished, the harvest is forecast to reach 551,000 tonnes, eclipsing the previous record, set in 2013, of about 550,000 tonnes. Pipfruit New Zealand chief ... Read More »

Australian and NZ ships hamper terrorism drug revenue worth more than $800m

CANBERRA: Australian and New Zealand frigates operating in the Middle East over the past six weeks have seized almost a tonne of drugs worth more than $800 million. The ships were operating in the region as part of a two-month combined counter-terrorism and counter-narcotic maritime operation. Australia’s HMAS Newcastle netted 724kg of drugs worth an estimated $597 million and New ... Read More »

Australian, New Zealand navy ships seize 981kg narcotics worth $700m

SYDNEY: Australian and New Zealand navy ships have seized more than $700 million in narcotics in the Middle East in a bid to cut off funding to terrorists. Royal Australian Navy frigate HMAS Newcastle netted 724kg of narcotics worth an estimated $597 million. During the same operation, New Zealand ship HMNZS Te Kaha seized 257kg of narcotics worth an estimated ... Read More »

PNG banks blocks 47 million US dollars worth of state fraud

WELLINGTON: A Papua New Guinea bank says its checks and balances have stopped 47 million US dollars worth of fraudulent payments from the government system in the past 18 months. The bank’s general manager of paramount banking, Aho Baliki, who heads the division which handles the government’s accounts with the bank, says the system has enabled the detection and prevention ... Read More »

Air New Zealand set to cut up to 60 engineering jobs

WELLINGTON: Up to 60 engineering jobs are to be cut at Air New Zealand as the airline moves much of its heavy maintenance work to Singapore. The staff will learn by the end of the week if they’ll lose their jobs. Air NZ says there are potential opportunities for staff in other areas of the company. The airline says there ... Read More »

New Zealand going to become founding member of Asian Investment Bank

WELLINGTON: New Zealand is going to become a founding member of the Asian Investment Bank. It’s a China-led initiative aimed at providing infrastructure investment in the region. New Zealand Finance Minister Bill English says the bank’s initial capital will be close to $US100 billion ($A129 billion). It will be financed by individual country contributions, relative to their size. New Zealand ... Read More »

New Zealand ferry trials emulsion fuel

WELLINGTON: Interislander passenger and vehicle ferry ‘Arahura’ will run an auxiliary engine on a fuel oil emulsion for three months, after an initial two-day test in 2013 showed reduced emissions and fuel consumption, reports Dag Pike. The fuel mix is a watered down version of diesel fuel, developed by Blended Fuel Solutions NZ. Arahura is a 148m ferry built is ... Read More »

LA, NZ and Guangzhou establish Ports Alliance

WELLINGTON: The Port of Los Angeles has signed a memorandum of understanding with the Ports of Auckland, New Zealand, and Guangzhou, China, at a Tripartite Ports Summit sponsored by Los Angeles Mayor Eric Garcetti and the City of Los Angeles. The document establishes the Tripartite Ports Alliance, which represents a new level of cooperation between the three port authorities that ... Read More »

New Zealand authorities seize meth, cannabis, cash

CHRIST CHURCH: Ten people have been arrested and several clan labs uncovered in a months-long operation targeting the sale and supply of methamphetamine. The investigation, which began in April, has resulted in the discovery and dismantling of three meth labs in the Bay of Plenty and one in Paeroa. Six arrests were been made in Palmerston North, Paeroa, Hamilton, Tauranga, ... Read More »

Cuba invites New Zealand to invest in revolutionary trade

HAVANA: Leaders from embargo-hit Cuba have invited New Zealand businesses to invest in the revolutionary island’s economy. The country, which struggles under a tough US trade, economic and financial blockade, says it wants other nations around the world to realise it is “open for business.” On a whistlestop, three day-tour of Auckland, the President of the independently-run Cuban Institute for ... Read More »

Reserve Bank of New Zealand tightens investor lending rules

WELLINGTON: Australia’s banks aren’t the only ones feeling the pressure to hold more capital, with similar rules being introduced in New Zealand. The Reserve Bank of New Zealand (RBNZ) has announced that lenders will now need to hold more capital against investment loans, just weeks after tightening investor LVRs for Auckland. The RBNZ proposed that the new classification and capital ... Read More »

Animal welfare concerns for NZ’s largest ever sheep export

WELLINGTON: Welfare concerns surround New Zealand’s largest ever live sheep export consignment as the animals are loaded onto a ship bound for Mexico. Fifty thousand sheep will be loaded aboard a ship in the Port of Timaru overnight before its departure to Central America tomorrow morning. The sheep will be part of a breeding programme in Mexico. A week-long ONE ... Read More »