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New Zealand Customs stops thousands of fake items at border

WELLINGTON: New Zealand Customs stopped counterfeit items Smartphone, cosmetics and shoes at border.  Customs intercepted more than 400 lots of fake goods, including branded sports clothes and caps, clothing, smart phones and accessories, footwear, and toys from children’s films. Customs Manager Jonathan Morten said clothes and clothing accessories were the most common items with more than 230 interceptions of almost ... Read More »

Australian, New Zealand dollars continue to advance against other major currencies

WELLINGTON: Australian and New Zealand dollars continued to move on against the other major currencies in the Asian session, as optimism about the outlook for monetary policy in both US and Europe as well as rise in crude oil prices boosted investor sentiment. Wall Street, the continued strength, partly reflected optimism about the outlook for monetary policy following Wednesday’s release ... Read More »

New Zealand customs find 1000 kg illegal drugs in 2014

WELLINGTON:  New Zealand Customs officer foiled attempts to smuggle in more than 1,000 kilograms of illegal drugs in 2014, with stashes stuffed inside Winnie the Pooh pillows, camouflaged as breath mints and stashed in a can of porridge oats, the customs service said. Manager Jonathan Morten said customs officers were trained to have an eye for detail and a strong ... Read More »

New Zealand shares latch onto global rally

WELLINGTON: Stock markets across Asia followed Wall Street higher, boosted by better than expected US job figures and Euro zone deflation stoking expectations the European Central Bank (ECB) will embark on a quantitative easing (QE) programme, which would flow through to stock markets. Air New Zealand climbed 2.2 per cent to $2.605, as falling oil prices cut its costs. Diligent ... Read More »

New Zealand Customs seizes thousands of fake items in 2014

NEW ZEALAND: Kiwi Customs seized more than 400 counterfeit goods during the calendar year, with one haul netting 14,000 items alone almost a third of the total items intercepted. The big haul happened at the end of last year and had goods ranging from counterfeit children’s watches, hats and walkie-talkies to dolls and toys, Customs manager Jonathan Morten said here ... Read More »

More than 40pc fall in oil prices to boost New Zealand’s economy

WELLINGTON: Plunging global oil prices are a boon for New Zealanders this summer, and could stimulate worldwide economic growth this year. The global price of oil has plunged more than 40% during the past five months to trade at about $US53 ($NZ69) a barrel, or less. For motorists, households and the transport, manufacturing and retailing sectors, it is welcome relief ... Read More »

Air New Zealand-Singapore Airlines alliance service kicks off today

WELLINGTON:The alliance’s first return service between New Zealand and Singapore left Auckland in the early hours of Tuesday. The airlines will operate a daily return service between Auckland and Singapore, while Singapore Airlines will also operate a daily return service between Christchurch and Singapore. The operational launch of our alliance is an exciting way to kick off 2015, a year ... Read More »

New Zealand sells record 126,000 new cars in 2014

WELLINGTON: New Zealand new vehicle sales surged to a record in 2014, helped by a buoyant local economy and cheaper prices. New vehicle registrations surpassed 126,000 in calendar 2014, beating the previous record of 123,247 from 1984, and ahead of the 113,294 recorded for 2013, according to provisional figures provided by the Motor Industry Association. Demand for new vehicles in ... Read More »

Flight Centre profits up 28% as more New Zealanders travel overseas

WELLINGTON: Flight Centre New Zealand the local arm of the Australian travel agent, lifted annual profit 28 per cent in 2014 as more New Zealanders travelled overseas. Annual profit rose to $7.66 million in the year ended June 30, 2014 from $5.97 million a year earlier, according to the company’s financial statements lodged with the Companies Office. Revenue rose 5.9 ... Read More »

Puerto Rico govt appeals court ruling to repay $230m to Doral Bank

SAN JUAN: Puerto Rico’s government says it has appealed a court ruling that effectively means it must repay $230 million to Doral Financial Corporation. Puerto Rico’s government originally said the bank had the right to request the refund, but later nullified the deal, saying the statute of limitations had run out. Doral Bank says it is owned the money because ... Read More »

New Zealand increases 10% tax on tobacco

WELLINGTON: Its New Zealand Customs’ New Year resolution time again and if you decided at midnight to quit smoking, Quitline is on deck to help you along the way. Quitline’s Wellington office expects to be a hive of activity as staff support smokers to beat their addiction. There may be another incentive too, in the form of a 10% increase ... Read More »

NZ Inland Revenue gets power to collect tax from overseas Kiwis

WALLINGTON: New Zealand’s Inland Revenue will have more power to go after tax evaders who leave NZ under changes that come into effect this year. THE Convention on Mutual Administrative Assistance in Tax Matters, signed in 2012, enables co-operation between international tax authorities in the assessment and collection of taxes. The convention comes into effect in New Zealand on New ... Read More »

Weaker dairy prices, stronger greenback:  NZ dollar declines 4.2% in 2014

WELLINGTON:  The New Zealand dollar is heading for a 4.2 percent decline this year, pulled down by a drop in dairy prices, the country’s largest commodity export, and a stronger greenback as the US economy recovers. It may gain next year as the local economy outperforms its peers. The kiwi traded at 78.44 US cents in Wellington from 81.91 cents ... Read More »

New Zealand surpasses OECD countries with GDP growth up by 3.5%

WALLINGTON: New Zealand has beaten all the Convention on the Organisation for Economic Co-operation and Development (OECD) countries with an annualised GDP growth rate of 3.5 percent and become the most rapid developing economy among all others. 2014 was a year of the rockstar economy where New Zealand was a top performer compared to other. The economic uplift boosted business ... Read More »

New Zealander arrested in Bali for trying to smuggle methamphetamine from Hong Kong

HONG KONG: A New Zealand man named De Malmanche Antony Glen has been arrested at Ngurah Raj airport Customs personnel who tried to smuggle 1, 709 grams of crystal methamphetamine from Hong Kong. “The perpetrator landed in Bali on Monday (Dec 1) by Hong Kong-Denpasar HX 709 flight, a Hong Kong Airline, at 02.30 P.M. Central Indonesian Standard Time (Wita),” ... Read More »

NZ kiwi trades at A95.10c on Christmas Eve, breaking above 95c for 1st time in 11 months

WELLINGTON: The collapse in the oil price has led to investors eschewing assets with links to commodities, and created a divergence between hard commodities, such as oil and minerals, and soft commodities, such as food. The New Zealand dollar may continue to push near decade-highs against its transtasman counterpart as weak commodity prices sap investors’ appetite for Australia’s economic exposure ... Read More »

Britain Court sentences Kiwi woman for drugs smuggling

CHRISTCHURCH: Bournemouth Crown Court has ordered a 40 month sentence to 22 year old woman from Christchurch for supplying drugs to people on the streets of Boscombe, here the other day. Kelly Cooper received a 40 month sentence for dealing heroin and crack cocaine. Read More »

Thailand Customs nabs Kiwi citizen with 2g drugs  

WALIGTON: Thailand Customs has arrested a citizen of New Zealand for illegal drugs on the holiday island of Phuket. Taylor Grainger, 41, was arrested with 1.2 grams of ya bah methamphetamine and 0.95 grams of cocaine in Patong, a popular haunt for tourists visiting Phuket, the Phuket Wan Tourism News reported. The paper said further details were expected to be ... Read More »

New Zealand to implement tax assistance agreement next year

WALINGTON: The Convention on Mutual Assistance in tax matters will be operational in New Zealand from January 1, 2015, Revenue Minister Todd McClain has said. The Convention, signed in 2012, provides for administrative co-operation between tax authorities in the assessment and collection of taxes. It provides for all forms of mutual assistance: exchange on request; spontaneous exchange; tax examinations abroad; ... Read More »

New Zealand signs free trade agreement with South Korea

WALINGTON: New Zealand and South Korea signed a Free Trade Agreement (FTA) to upgrade the bilateral trade between the two countries. The Trade Minister said that the FTA will deliver real economic benefits to both countries. “It will secure our position in the Korean market and will create more opportunities for traders as tariffs are gradually removed,” he said. The ... Read More »