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NZ youth minister promises $905000 to grow ‘future business leaders”

WELLINGTON: Youth Minister Nikki Kaye has said that $905,000 would be invested under the Youth Enterprise Fund. Young people across New Zealand will receive a boost to develop their entrepreneurial skills and knowledge. According to Kaye, eight organisations will receive funding to help deliver a range of business enterprise initiatives to a diverse range of youth, including young people not ... Read More »

Indonesia, NZ agree to enhance cooperation in agriculture, trade, investment, defense

JAKARTA: Indonesian Foreign Minister Retno Marsudi and her New Zealander counterpart Murray McCully have agreed to enhance the two countries’ relationship in many sectors including agriculture, trade, investment and defense. The agreements were reached when the two concluded the 7th Indonesia-New Zealand Joint Ministerial Commission (JMC) in Auckland here the other day. In the agriculture sector, Retno and McCully agreed ... Read More »

NZ youth minister promises $905000 to grow “future’s business leaders”

WELLINGTON: Youth Minister Nikki Kaye has said that $905,000 would be invested under the Youth Enterprise Fund. Young people across New Zealand will receive a boost to develop their entrepreneurial skills and knowledge. According to Kaye, eight organisations will receive funding to help deliver a range of business enterprise initiatives to a diverse range of youth, including young people not ... Read More »

NZ Antony de Malmanche drug smuggler’s trial adjourned in Bali

WELLINGTON: Antony de Malmanche had arrested in December after he was allegedly caught trying to smuggle 1.7 kilograms of methamphetamine into Bali. The trial of the New Zealand man accused of smuggling drugs into Bali has been adjourned due to further problems with finding a translator. If found guilty he could face the death penalty. His trial began yesterday but ... Read More »

Kiwi dollar slips against Australian dollar

WELLINGTON: The New Zealand dollar has weakened against the Australian dollar as traders have already priced in an interest rate cut by the Reserve Bank of Australia. The kiwi slipped to 96.64 Australian cents at 8am in Wellington, from 96.88 cents at 5pm on Monday. The local currency declined to 75.09 US cents from 75.21 cents after US manufacturing data ... Read More »

NZ meat industry says US ports resolution brings assistance for NZ exporters

WELLINGTON: Meat industry association’s chief execuive Tim Ritchie has said that it was a relief to have the nine month stand-off between employers and workers at West Coast ports resolved. But he said it could take a while to free up the cargo traffic jam that had built up at the ports. “Clearly there’s a lot of product in transit ... Read More »

NZ, China talk on expanding free trade agreement

WELLINGTON: New Zealand’s Trade Minister Tim Grosser has traveled to China on February 28, 2015, to engage in talks on expanding the nations’ free trade agreement. The customs authorities of New Zealand and China recently agreed to establish a system to enhance trade facilitation under the existing FTA between the two countries. “The FTA continues to serve us well, with ... Read More »

New Zealand’s terms of trade plunge on falling dairy export prices in 2014

WELLINGTON: New Zealand’s terms of trade have fallen for a second straight quarter in the final three months of 2014, as prices and volumes of dairy exports declined, while import prices rose. The merchandise terms of trade declined 1.9 per cent in the fourth quarter as prices of exported goods fell 1.8 per cent, seasonally adjusted, and import prices gained ... Read More »

NZ business confidence pushes higher in February

WELLINGTON: New Zealand business confidence has pushed higher in February +34.4% while in December+30.4% with firms’ own activity expectations, employment and investment intentions all robust. “In cricketing parlance, New Zealand’s innings is progressing nicely; there are runs on the board – the economy is into the fifth year of an economic expansion with depth down the order,” said ANZ Bank ... Read More »

NZ dollar falls to 75.31 US cents on better-than-expected

WELLINGTON: The New Zealand dollar has fallen as the greenback advanced after better-than-expected US data on inflation and business orders bolstered confidence about the outlook for the world’s largest economy. The kiwi slipped to 75.31 US cents at 8am in Wellington, from 75.63 cents. The trade-weighted index was at 78.22 from 78.26 yesterday. The dollar index, which measures the greenback ... Read More »

NZ wine sales increase by 19% in North America

WELLINGTON: New Zealand premium wine and an improved economy have boosted by 19 percent in North American sales to 425,000 cases for New Zealand’s largest listed wine company, Delegate Group. The Auckland-based company confirmed record operating profit of $20.5 million for the six months ending December 31, up 2 per cent from $20.2 million in the previous corresponding period, following ... Read More »

Air NZ announces 20% increase in interim

WELLINGTON: The airline has announced a 20 per cent increase in interim normalised earnings before taxation to a record $216 million, although its statutory net profit slipped 6 per cent to $133 million after a 26 per cent lift in tax paid. Shares in the company jumped by 18.5c per cent to close at $2.76 yesterday after it said its ... Read More »

NZ superannuation fund probes on failed investment

WELLINGTON: The New Zealand Superannuation Fund has decided to not change its policy substantially after its own internal review found the loss of almost $200 million in taxpayers’ money was a unique event. The fund’s chief executive Adrian Orr said he was confident legal action could claw back the money. About $153,000 has already been spent on what could be ... Read More »

NZ govt plans debt remission tax relief

WELLINGTON: The Government of New Zealand has released a paper seeking public feedback on proposed changes to debt remission rules. Debt remission, the extinguishing of a borrower or debtor’s liability – often causes the borrower to derive taxable income on their gain, covering the amount they no longer have to repay. In this context the debt remission is usually associated ... Read More »

New Zealand bank profits increase 20% in 2014

WELLINGTON: New Zealand bank profits have increased 20 percent to a record last year as low global interest rates made it easier for lenders to compete for mortgage customers in a highly competitive market. Net profit across New Zealand’s registered banks rose to $4.84 billion in calendar 2014 from $4.02 billion in 2013, according to KPMG’s 2014 financial institutions performance ... Read More »

Air NZ chief executive says time for Virgin Australia to turn a profit

WELLINGTON: Air New Zealand chief executive Christopher Luxon has declared that it is time for the Australian carrier to “get profitable”. Air NZ is the largest shareholder in Virgin with a 25.9 per cent stake. As a result of Mr Luxon joining the Virgin board last July, the Kiwi carrier had to include Virgin’s results within its own bottom-line results ... Read More »

NZ strong tax receipts narrow budget deficit to NZD381m

WELLINGTON: New Zealand has reported that tax receipts in December were above forecasts, contributing to a reduction in the budget deficit during the six months to December. New Zealand’s Finance Minister, Bill English, said that the gap between revenues and expenditure – known as the operating balance before gains and losses (OBEGAL) deficit in New Zealand – narrowed to NZD381m ... Read More »

NZ dollar achieves new high of 97.07c against Aussie

WELLINGTON: The kiwi dollar has touched a post-float high of 97.07 Australian cents overnight, and was trading at 96.51 cents at 8am in Wellington, from 96.54 cents. The local currency slipped to 75.19 US cents from 75.64 cents. The Aussie dollar has weakened as softer demand for iron ore from China, the country’s largest trading partner, dents exports and weighs ... Read More »

Trading at 95.75 Australian cents: NZ dollar decreases against Australian dollar after record high

WELLINGTON: The New Zealand dollar has fallen from its high record against the Australian dollar. The kiwi touched 95.75 Australian cents and was trading at 95.85 cents at 8am in Wellington, from 96.43 cents at 5pm on Friday. The local currency was trading at 75.20 US cents from 75.18 cents at the New York close and 75.31 cents on Friday. ... Read More »

NZ Bunnings operations revenue up 12.6pc to $865m in Dec 2014

WELLINGTON: NZ Bunnings operations have achieved revenues of $865.3 million in the December 31, 2014. The New Zealand operations of big-box DIY, hardware, home improvement, outdoor living and garden chain Bunnings pushed up revenue 12.6 per cent to make $865.3 million in the December 31, 2014 half year. “The good trading performance is a direct outcome of a strategic agenda, targeting ... Read More »