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New Zealand loses $700m a year by tax shifting schemes

New Zealand Dollar

WELLINGTON: New Zealand is losing more than $700 million a year as a result of profit shifting schemes by multinational companies, a new study has found. The figure is more than double the $300m estimate given this month by ministers Judith Collins and Steven Joyce, when they announced proposals to crack down on tax-avoiding multinationals. The study, carried out by ... Read More »

New Zealand posts record annual trade deficit

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WELLINGTON: New Zealand posted a merchandise trade deficit of NZ$18 million in February, Statistics New Zealand said on Friday. That missed forecasts for a surplus of NZ$180 million following the upwardly revised NZ$257 million deficit in January (originally -NZ$285 million). Exports were down 5.5 percent on year or NZ$232 million to NZ$4.01 billion, missing forecasts for NZ$4.20 billion but up ... Read More »

NZCS, FRCA sign agreement to strengthen border management

NZCS, FRCA sign agreement to strengthen border management

SUVA: An agreement to successfully deliver the Fiji Country Plan and strengthen border management was signed by the Fiji Revenue and Customs Authority (FRCA) and the New Zealand Customs Services. A statement from FRCA stated that under the Fiji Country Plan, the New Zealand Customs Services (NZCS) would assist FRCA with its Transformation project in order to improve border management ... Read More »

Huawei to invest $400m in New Zealand over next 5 years

Huawei

WELLINGTON: Chinese telecommunications group Huawei Technologies will spend $400 million over the next five years to help drive local research and development and support the construction of a cloud data center. Economic Development Minister Simon Bridges and Tertiary Education, Skills and Employment Minister Paul Goldsmith announced the investments as the Chinese firm becomes firmly entrenched as a major telecommunications equipment ... Read More »

RBNZ to keep interest rate on hold, record low level of 1.75%

Interest_Rate

WELLINGTON: The Reserve Bank of New Zealand (RBNZ) is widely expected to keep interest rates on hold at a record low 1.75 percent on Thursday and to reiterate the risks are finely balanced. All 11 economists expect rates to remain on hold with the median showing no chance of a rate hike or cut. The odds of governor Graeme Wheeler ... Read More »

New Zealand-Argentina sign agreement to enhance bilateral relationship

New Zealand-Argentina sign agreement to enhance bilateral relationship

WELLINGTON: Primary Industries Minister Nathan Guy signed an Agricultural Cooperation Arrangement with Argentina, aimed at building closer relationships between the two countries. “This new arrangement creates a framework for greater cooperation between our two countries in the agricultural, livestock and agro-industrial sectors, including opportunities for technical exchanges, joint research, innovation and value addition. “Two-way trade between Argentina and New Zealand ... Read More »

New Zealand eyes to revive sheep meat exports to Iran

sheep meat exports

WELLINGTON: New Zealand aims to revive the export of sheep meat to Iran, as the country’s exporters consider it a lucrative trade. New Zealand’s meat exporters can start sheep meat export to Iran later this year as efforts are made to revive a trade which was at its height during the boom years of the 1980s. Nathan Guy, the primary ... Read More »

New Zealand’s petrol companies wary of customs law overhaul

Z-Energy

WELLINGTON: New Zealand’s petrol companies are welcoming a change to 20-year-old customs and excise law but want to make sure they don’t get blindsided by the way officials judge whether a blended fuel will attract more duty. Customs New Zealand has been at loggerheads with fuel companies after a Supreme Court ruling in its favor over whether locally blended butane/motor ... Read More »

Exports of gold from New Zealand hit an eight year low in 2016

goldsmuggling

WELLINGTON: The release of the December current account data also brings with it the detail of gold exports. And it shows gold mining is a declining industry here. In the December quarter, New Zealand exported just $88 mln of ‘non-monetary gold’. This is the lowest quarter in over nine years. For the full 2016 year, we exported $400 mln worth ... Read More »

New Zealand meat, wine exports to face uncertainty on U.S border tax

New Zealand meat, wine exports to face uncertainty on U.S border tax

WELLINGTON: Implementing a border tax in the United States is creating significant uncertainty for New Zealand beef and wine exporters, which count the US as their biggest market by some distance. The United States is New Zealand’s third biggest export destination after China and Australia, taking in $5.3 billion worth in 2016. Meat exports dwarf all the other New Zealand ... Read More »

NZ dollar falls to four-month low

nz dollar

WELLINGTON: The New Zealand dollar fell to a four-month low against the euro after reports the European Central Bank may begin raising interest rates even before the end of its quantitative easing programme. The kiwi dollar traded at 64.82 euro cents as at 8am in Wellington, and earlier touched 64.67 cents, the lowest since November 9, from 65.16 cents on ... Read More »

New Zealand approves Thai cooked duck imports first time ever

cooked duck

WELLINGTON: New Zealand for the first time has approved the import of cooked duck meat from Thailand, with the first shipments expected to start this month. The Livestock Development Department first approached New Zealand for permission for the imports in 2015, said director-general Apai Suttisunk. Its contact with New Zealand’s Ministry for Primary Industries was finally successful late last month. ... Read More »

Weak British Pound hits hard on NZD

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WELLINGTON: The British Pound may have had a poor week against the Euro and Dollar but it soared against the New Zealand dollar. Pushing on hard after breaking through the 1.75 level the Pound reached 1.7665. The Kiwi has been under serious pressure, the problems began with the RBNZ Governor coming out all dovish in the last central bank meeting, ... Read More »

Air New Zealand plans trans-Tasman aviation group with regional rivals

Air New Zealand plans trans-Tasman aviation group with regional rivals

WELLINGTON: Air New Zealand is teaming up with rival airlines to form a trans-Tasman aviation lobby group to tackle – among other things – the fees and facilities at the airports they use. Qantas, Jetstar, Virgin Australia, TigerAir Australia and Regional Express (Rex) will join Air New Zealand as founding members of Airlines for Australia and New Zealand (A4ANZ). Airport ... Read More »

New Zealand’s wholesale trade rises 0.7% in Q4

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WELLINGTON: Seasonally adjusted sales gained 0.7 percent in the three months ended Dec. 31, 2016, from a 1 percent gain in the third quarter, Statistics New Zealand figures show. Actual wholesale stocks rose 1.6 percent from the fourth quarter of 2015. In the latest period, four of six wholesale industries recorded gains. Grocery, liquor and tobacco products rose 2 percent, ... Read More »

New Zealand business delegation strengthens trade with Sri Lanka

New Zealand's Food Safety Minister travels to Sri Lanka to strengthen trade ties

COLOMBO: A business delegation of fourteen New Zealand companies arrived in Sri Lanka on 6 March to further strengthen business links between the two countries. Sri Lanka is New Zealand’s 23rd largest goods export market and is worth NZD$254million. New Zealand is Sri Lanka’s 54th largest goods export market worth NZD$55million. New Zealand’s top exports to Sri Lanka are fruit, ... Read More »

New Zealand’s wool exports drops 25%

wool

WELLINGTON: A new report shows that the export value of wool from December to January dropped by 25 percent, and in the past six months it has fallen 10 percent. The figures show the extent of the damage that high exchange rates, Brexit and Donald Trump’s election have had on wool exports. The wool industry has had a tough season ... Read More »

New Zealand’s Food Safety Minister travels to Sri Lanka to strengthen trade ties

New Zealand's Food Safety Minister travels to Sri Lanka to strengthen trade ties

WELLINGTON: New Zealand’s Food Safety Minister David Bennett travelling to Sri Lanka today (Saturday) with a business delegation to further strengthen ties between the two countries, a government press release said. “New Zealand’s relationship with Sri Lanka is stronger than ever, so this is an exciting time to travel with some of our business leaders and create new opportunities for ... Read More »

New Zealand expects to upgrade existing FTA with China

New Zealand expects to upgrade existing FTA with China

BEIJING: New Zealand Ambassador John McKinnon said his country is particularly interested in how free trade and climate change are reflected and discussed in the upcoming annual meeting of China’s top legislature and political advisory body. McKinnon said he expects the two countries to upgrade the existing free trade agreement, which was signed and took effect in 2008 to boost ... Read More »

New Zealand dairy exports slips down 9.4%

New Zealand dairy exports slips down 9.4%

WELLINGTON: The latest export figures from New Zealand show that the quantity of dairy commodities placed on international markets remains well below last year’s level despite a lift in prices. According to the New Zealand statistics office, the country’s milk powder exports were down 9.4% in volume in January compared with the same month last year. Butter shipments fell by ... Read More »