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New Zealand, Australia Prime Ministers discuss free trade

New Zealand, Australia Prime Ministers discuss free trade

WELLINGTON: New Zealand Prime Minister Bill English and his Australian counterpart Malcolm Turnbull cemented their commitment in trans-Tasman leader meetings in Queenstown during the last two days. Before returning to Australia after his brief 23-hour trip, Turnbull said one of the intentions of the TPP was to continue to grow it. “So from New Zealand and Australia’s point of view ... Read More »

NZ warns PM over company tax


WELLINGTON: Malcolm Turnbull was looking for some staunch moral support from Bill English for company tax cuts, but got a lukewarm reply. The Australian government has made a 10-year cut to company taxes the centrepiece of its economic plan, with the prime minister arguing it would make the country more attractive for investors. At a joint media conference with Mr ... Read More »

Hungary to discuss EU trade with New Zealand

Hungary New Zealand Flags Collage

WELLINGTON: A free trade agreement between the European Union (EU) and New Zealand will be on the agenda when Hungarian Foreign Minister Peter Szijjarto visits New Zealand on Friday, a media report said on Thursday. New Zealand Foreign Minister Murray McCully said he will meet with Szijjarto in Auckland on Friday. “This visit presents an opportunity to deepen this relationship, ... Read More »

Plans to double trade between Italy, New Zealand


WELLINGTON: Italy’s ambassador to New Zealand says some of the best coffee in the world can be found in Wellington, which was not his experience when he last visited as a tourist 15 years ago. Fabrizio Marcelli said this evolution showed how far New Zealand had come, and was part of the reason why there has been a recent push ... Read More »

New Zealand dollar rises from 4 month low


WELLINGTON: The New Zealand dollar bounced from a four-month low against the Australian dollar as some investors found the levels attractive after a sharp sell-off last week. The kiwi rose to 93.92 Australian cents as at 5pm in Wellington from 93.55 Australian cents at 8am and 93.66 cents in late New York trading on Friday. New Zealand’s currency was still ... Read More »

2 Singaporeans jailed overseas for drug offences


WELLINGTON: Two Singaporeans caught smuggling drugs were jailed in separate cases in New Zealand and Australia. Sole breadwinner Mohamad Nazjib Abdul Majit said he tried to smuggle 100g of methamphetamine in his underwear because of financial stress related to his business. He was caught in March last year by Customs officers at Auckland Airport. In judgment grounds released on Feb ... Read More »

New Zealand dollar slips as RBNZ cuts inflation target


WELLINGTON: The New Zealand Dollar fell against the Pound and other currencies after the Reserve Bank of New Zealand (RBNZ) cut its inflation forecasts at its monthly policy meeting. The RBNZ left its basic cash rate unchanged at 1.75%, as widely expected, but the statement released alongside the decision gave no hint that interest rate rises were in the pipeline. ... Read More »

Wheat prices to rise until Jan 2018


WELLINGTON: Over the last 40 years wheat futures have maintained a fixed recurring pattern of 11 months of rising prices every 4 years. There have been 7 such periods, each of them successful for an average rise of 25%. The next 11 month period begins this week and ends the second week of January 2018. The discoverer of the pattern, ... Read More »

Russia bans imports of New Zealand beef


WELLINGTON: Russia has banned the import of beef and beef byproducts originating in New Zealand, Russia’s Interfax news agency has reported. Russia’s state agriculture agency Rosselkhoznadzor claimed that traces of ractopamine had been found in samples of beef on three separate occasions. The drug, which is used to build muscle mass in cattle, is banned within Russia. The ban could ... Read More »

Trans-Tasman investigation leads to largest seizure of cocaine


WELLINGTON: New Zealand Customs intelligence has led to the largest seizure of cocaine in Australia’s history. The Australian Federal Police said more than 1.4 tonnes of cocaine with a street value of about $312 million had been seized. Six people, including a New Zealander, were arrested in the bust, which was the culmination of a police operation that spanned more ... Read More »

Russia to ban imports of NZ’s beef


WELLINGTON: The Russian agricultural safety watchdog has announced that it will temporarily ban imports of beef from New Zealand from 6 February. The ban is being introduced following the feed additive ractopamine being found in some samples of beef, the Russian agricultural safety watchdog has said. Ractopamine promotes muscle growth and is a derivative of angel dust. It is not ... Read More »

New NZ Prime Minister prioritises trade, investment


WELLINGTON: New Zealand must defend free trade, foreign investment and migration amid a global rise in nationalism, Prime Minister Bill English said. Setting out his vision in a State of the Nation speech in Auckland on Thursday, English, who became prime minister less than two months ago, said there are “tensions building up in world politics” including “a newly assertive ... Read More »

Man allegedly tried to smuggle people to NZ


WELLINGTON: An alleged kingpin of Indonesia’s people smuggling network has faced court over organising a boat on which Australian officials allegedly paid crew more than $US30,000 ($NZ41,380) to turn back from New Zealand. Captain Bram’s involvement with the boat at the centre of the cash for turn-back scandal began when he met the alleged “mastermind” of the failed journey in ... Read More »

Wellington Drive delivers 44% revenue growth


WELLINGTON: Wellington Drive Technologies is pleased to update earlier guidance on its 2016 trading performance, with significant improvement on the previous year and an improvement on previous guidance. This update is based on unaudited results –audited results will be released at the end of February 2017. Revenue for the 2016 year was $35.3 million, a 44% increase on the $24.6m ... Read More »

NZ meat, dairy exports down in 2016


WELLINGTON: The total value of all export goods was $48.4 billion for the year ended December 2016, down $544 million from the previous year. This is the second annual fall in a row for exports. The latest annual total is $1.6 billion less than the high of the 2014 year. The biggest fall by value was for meat and edible ... Read More »

US wine market looks promising for NZ


WELLINGTON: The United States is shaping up as an increasingly attractive market for wine exporters, barring any major adverse trading changes under President Donald Trump’s Administration. Rabobank’s latest wine quarterly report showed US wine imports continued to grow in 2016, rising 2% by value and 3% by volume. Italy remained the largest source of imports but growth was being driven ... Read More »

New Zealand dollar to remain strong


WELLINGTON: Expect further NZD strength say analysts at Westpac Bank who cite the economy’s continued solid performance as a reason to expect further gains. Expectations for further strength come as we observe the New Zealand Dollar is at its highest level in nearly two years when considered on a trade-weighted basis. When talking about a currency from a trade-weighted perspective ... Read More »

NZ to introduce new excise duties on tobacco products from Jan 1


WELLINGTION: The annual indexation increase to excise and excise-equivalent duty rates together with a separate 10 percent increase will take place on 1 January 2017. The annual indexation increase is based on the movement in the All Groups Consumers Price Index (excluding credit services) over the 12-month period to 30 September 2016. In addition to the annual indexation increase, the ... Read More »

5000 NZ dairy cows heading to China on Saudi businessman’s ship


WELLINGTON: More than 5000 New Zealand dairy cows are due to be shipped to China by a Saudi businessman, amid complaints from an animal welfare group and opposition politicians. But livestock agent Peter Walsh, who has not arranged the shipment, said dairy cows shipped to China and other overseas markets were too valuable to be treated badly. Saudi businessman Hmood ... Read More »

Air NZ’s passenger revenue falls sharply


WELLINGTON: Passenger revenue in the first six months of Air New Zealand’s financial year has fallen sharply, even when the impact of foreign exchange fluctuations are eliminated. In an update to the NZX, the country’s national airline said for the financial year to date, short haul passenger revenue through its preferred metric had fallen 6.3 per cent, while long-haul passenger ... Read More »