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New Zealand’s biggest cocaine bust: Pair found guilty

cocaine

WELLINGTON: When a gaudy and glittering horse head statue arrived from Mexico last year, one Customs officer’s suspicions proved well placed. His detective work led to New Zealand’s largest-ever seizure of cocaine as 35kg of the drug worth $14 million was pulled from inside the sculpture. It also led to American Ronald Cook Senior, 56, and 44-year-old Augustin Suarez- Juarez ... Read More »

New Zealand extends tax relief to earthquake victims

tax relief

WELLINGTON: New Zealand’s tax agency has announced tax relief measures for those affected by the Kaikoura earthquake. The change provides for tax deferral for depreciation recovered taxable income – income that will arise for taxpayers who receive compensation and insurance payouts to fully pay for the cost of replacing older plant, equipment, and certain other assets that are beyond repair ... Read More »

New Zealand GDP rises by 0.5% in Q1

gdp rise

WELLINGTON: New Zealand’s gross domestic product (GDP) posted 0.5-percent rise in the March 2017 quarter, taking New Zealand’s growth rate for the year to 3 percent, New Zealand’s statistics department Stats NZ said. The size of the economy in current prices being 265 billion NZ dollars (191.3 billion U.S. dollars), Stats NZ said, adding that GDP per capita decreased 0.1 ... Read More »

Record one million containers through Port of Tauranga in one year

port of tauranga

TAURANGA: The Port of Tauranga has set a new record after processing one million shipping containers in one year. Chief executive Mark Cairns said there was a momentous occasion was reached on Tuesday last week. “We are the first port in New Zealand to reach the milestone”. ”We have gone from a small, insignificant regional port to the largest port ... Read More »

New Zealand government received $1.7 billion in duty on tobacco sales in 2016

Tobacco

WELLINGTON: The government received a total of $1.7 billion in duty on tobacco sales in 2016 from the big three producers, British American Tobacco, Imperial Tobacco and Philip Morris, which all lifted sales in New Zealand last year. British American Tobacco Holdings (New Zealand), the biggest of the three, had sales of $1.4 billion in calendar 2016 and paid excise ... Read More »

New Zealand-EU FTA scoping paper demonstrates ambition on trade

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WELLINGTON: New Zealand Trade Minister Todd McClay released an information paper on the scope of the proposed free trade agreement (FTA) between New Zealand and the European Union (EU) as the government seeks to have 90 percent of New Zealand goods trade covered by FTAs by 2030. “The early release of this paper will give New Zealanders and New Zealand ... Read More »

New Zealand aid regional customs group with $2.5m

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WELLINGTON: The government of New Zealand yesterday provided a $2.5million grant to the Oceania Customs Organisation (OCO). New Zealand High Commissioner to Fiji Mark Ramsden while signing the Grant Funding Arrangement (GFA) said this was the next phase of New Zealand’s support for OCO. The grant which was allocated for three years was signed by the parties at the OCO ... Read More »

Horse head drug-smuggling accused an ‘ordinary family man’, lawyer says

crakecocaine

AUCKLAND: One of the men accused of smuggling millions of dollars of cocaine into New Zealand in a diamanté-encrusted horse head says he thought there was cash inside. American Ronald Cook has taken the stand in his defence on Wednesday morning at the Auckland High Court and insisted he had no knowledge drugs were inside the horse head. He, along ... Read More »

New Zealand’s government surplus already ahead of budget forecast as provisional tax take peaks early

surplus

WELLINGTON: The government’s operating surplus came in ahead of the Treasury’s forecasts in the May budget for the first 10 months of the current financial year as the corporate provisional tax take peaked a month earlier than anticipated. The operating balance before gains and losses (obegal) was a surplus of $2.53 billion in the 10 months ended April 30, $1.55 ... Read More »

New Zealand to take a bite at Aus-China exports

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WELLINGTON: New Zealand’s persistence to “upgrade” it’s Free Trade Agreement with China is set to chew a slice from Australia’s export agreement with the Asian powerhouse. A six-month trial has been struck recently between the two countries which will enable NZ to export chilled beef, goat and sheep meat to China for the first time, and is expected to commence ... Read More »

New Zealand terms of trade highest since 1973: statistics

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WELLINGTON: New Zealand’s merchandise terms of trade rose 5.1 percent in the March 2017 quarter, reaching its highest level in 44 years, Stats NZ said. Terms of trade are measure of the purchasing power of New Zealand’s exports abroad. A 5.1 percent rise in the March quarter means New Zealand can buy 5.1 percent more imports for the same amount ... Read More »

Ports of Auckland moves cranes for automation

auckland port

WELLINGTON: Ports of Auckland has successfully moved two 1,100 tonne cranes to ready Fergusson Container Terminal for bigger ships and automation. Two older, smaller cranes were lifted off their rails so the three newer, larger cranes could be positioned at the north of the terminal, where they will be able to work bigger ships. Partial automation of the Fergusson container terminal ... Read More »

Solid outlook for the New Zealand economy

economy

WELLINGTON: Strong net migration, tourist inflows and improving rural sector incomes point to a continued solid outlook for the New Zealand economy, the NZ Institute of Economic Research says. The consultancy’s senior economist, Christina Leung, says the country’s annual growth is expected to track around 3 per cent on average over the next five years. “Strong population growth and tourism ... Read More »

New Zealand budget to cut tax on lower earners

Bangladesh frozen food exporters seek tax cut in upcoming budget

WELLINGTON: New Zealand’s Parliament has passed legislation to increase income tax thresholds for lower- and middle-income earners. In its Budget, announced on May 24, the Government said that the lowest tax bracket, under which a 10.5 percent tax rate applies to income up to NZD14,000 (USD9,871), would be increased to NZD22,000. The next tax bracket, which features a 17.5 percent ... Read More »

New Zealand’s horticultural export value jumps to NZ$5.1B

KIWI FRUIT

WELLINGTON: The value of New Zealand’s horticultural exports jumped 19% year-on-year in 2016 to a record NZ$5.1 billion (US$3.6 billion), with kiwifruit representing a third of that figure. According to the new issue of industry publication Fresh Facts, key exports included NZ$1.7 billion of kiwifruit, NZ$1.6 billion of wine, primarily Marlborough Sauvignon blanc, and NZ$690 million of apples The total ... Read More »

New Zealand’s fruit exports increased by 3.4% to $444m in April

Spain: Record-breaking horticultural exports in 2016

WELLINGTON: New Zealand’s merchandise exports rose to their highest ever for an April month. Exports rose 9.8 per cent to $4.75 billion in April, setting a new record for the month and marking the third-highest month ever recorded behind the $5b of exports in March 2014 and $4.9b in March 2015, according to Statistics New Zealand. Fruit exports advanced 3.4 ... Read More »

New Zealand taxpayers favor increased spending over tax cuts

budget proposals

WELLINGTON: New Zealanders believe that tax cuts are important but not a priority, according to research published ahead of the May budget. A survey of more than 750 people from across the country found strong support among voters for tax reductions in the Budget, either by tax cuts or raised tax thresholds. Nearly half – 48.6 percent – said that ... Read More »

New Zealand splits with Malaysia over reworking TPP without USA

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WELLINGTON: New Zealand’s top trade official said his country wouldn’t gain much from major changes to a Pacific trade pact, highlighting obstacles to finalizing the deal without the U.S. after Malaysia called for more negotiations. “New Zealand believes that the agreement is very well balanced and needs little renegotiation perhaps other than the way it enters into force,” Trade Minister ... Read More »

PBC signs currency swap agreement with New Zealand

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WELLINGTON: The People’s Bank of China (PBC), China’s central bank, signed a bilateral currency swap agreement on Friday with the Reserve Bank of New Zealand, the country’s central bank. The scale of the currency swap was kept at 25 billion yuan ($3.63), and the agreement will last for three years, according to a post on the PBC’s official website on ... Read More »

$6.1M worth of drugs intercepted in the past 6 months

drugs

WELLINGTON: Thirteen cases of hard drugs amounting to more than $6.1 million dollars was intercepted by the Fiji Revenue and Customs Authority Detector Dog Unit at the Nadi International Airport in the past six months. FRCA CEO Visvanath Das says the K9 unit has also helped stop thousands of dollars from being smuggled into the country. The K9 unit comprises ... Read More »