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Financial Markets Authority takes action over market manipulation concerns

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The Financial Markets Authority has taken the chief executive and two directors of Oceania Natural to court, claiming they manipulated the share market. It has issued civil proceedings in the Auckland High Court against four people in relation to trading in Oceania Natural, which at the time was listed on the NXT stock exchange board. The proceedings relate to alleged ... Read More »

Auckland developer invests in $1b Lakeview development

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An Auckland-based property investment company has taken a 25 percent stake in a billion-dollar project to develop a commercial, residential and hotel development in central Queenstown. The Lakeview development will be built on the former Queenstown campground site, the largest remaining area available for development in the centre of the town. Augusta Capital’s partner in the project is Melbourne company ... Read More »

Contact Energy leads NZ shares lower

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New Zealand shares fell for a second day as investors pared back their exposure to the equity market after the threat of lower interest rates spurred on demand for companies paying reliable dividends. Defensive stocks including Contact Energy, Mercury NZ and Infratil fell. The S&P/NZX 50 Index declined 46.66 points, or 0.5 per cent, to 9,892.60. Within the index, 19 ... Read More »

James Lee: Banking, tax reforms a threat to growth

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Against a backdrop of global volatility and geopolitical uncertainty, New Zealand’s capital markets face two significant issues with potential impacts that need real focus. First, there are the discussions underway on the proposals from Sir Michael Cullen’s Tax Working Group. Second, there are the changes proposed by Reserve Bank governor Adrian Orr. Both have potential to impact the New Zealand ... Read More »

Good news in Reserve Bank gloom as mortgage rates fall and shares soar

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The Reserve Bank’s darker tone today is clearly worrying but – in the short term at least – it is likely to be good news for KiwiSavers, mortgage holders and exporters. KiwiBank has already said it will cut its five year fixed rate by 80 basis points to 4.29 per cent from Monday – a move likely to spark a ... Read More »

NZ GDP grew 0.6 per cent in December quarter

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New Zealand’s gross domestic product (GDP) grew by 0.6 per cent in the December quarter and by 2.8 per cent over the year, Stats NZ said. The quarterly result was in line with market expectations but below the Reserve Bank’s latest forecast of a 0.8 per cent gain. The department said growth in the quarter was led by a 0.9 ... Read More »

NZ shares rise on Fed restraint, local GDP growth

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New Zealand shares rose after the US Federal Reserve signalled no rate rises there this year and local GDP data came in stronger than many economists had expected. Auckland International Airport extended its decline from a record, while also shedding rights to its interim dividend. The S&P/NZX 50 Index rose 25.61 points, or 0.3 per cent, to 9,461.31. Within the ... Read More »

New Zealand shares rise to record high in muted trading

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New Zealand shares rose to a record in quiet trading as investors digested the latest round of index re-weightings and wait on upcoming earnings. Kathmandu Holdings led the market higher. The S&P/NZX 50 index rose 41.85 points, or 0.4 percent, to 9515.12. Within the index, 25 stocks gained, 20 fell and five were unchanged. Turnover was $96 million, with just ... Read More »

New Zealand govt plans to push on with its own digital services tax despite EU ructions

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A European Union decision to shelve plans for a European digital services tax won’t affect the government’s plans to introduce a similar tax here. That’s the message from Revenue Minister Stuart Nash. The government stated in February that it was looking at introducing a digital services tax of 2-3% which would bring in $30 to $80 million a year. EU ... Read More »

Air NZ seeks millions in damages from Z Energy after fuel pipeline damaged

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Air New Zealand is seeking millions of dollars in damages from Z Energy over its failure to supply jet fuel during two weeks in 2017 leading to cancelled flights. The national carrier’s lawyer, Nathan Gedye, QC, told the High Court in Auckland that the airline had to cancel flights, and suffered losses, when the 168 kilometre fuel pipeline from the ... Read More »

Huawei opens cybersecurity center in Belgium

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Chinese vendor Huawei has opened a cybersecurity transparency centre in Brussels, Belgium, with the aim of showing concrete measures to guarantee the security of its 5G solutions Huawei said more than 200 representatives from regulators, telecom carriers and enterprises attended the opening ceremony. “Trust needs to be based on facts, facts must be verifiable, and verification must be based on ... Read More »

New Zealand’s big dry starting to hit farmers

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Dry weather throughout much of country is having an impact on farmers, Federated Farmers president Katie Milne said. “Nationwide it is definitely hurting – it’s starting to bite,” she said on NZME’s The Country radio show. Many dairy farmers were looking to dry off their herds now, Milne said. The dairy season officially ends for most farmers on May 31. ... Read More »

Customs arrangement with Hong Kong to benefit New Zealand trade

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WELLINGTON: The implementation of a Mutual Recognition Arrangement (MRA) between New Zealand and China’s Hong Kong Special Administrative Region (SAR) will bring significant benefits to New Zealand exporters, a New Zealand customs official said. The MRA between Hong Kong and New Zealand that was signed in June 2018 came into effect on Friday, following a ceremonial announcement in Hong Kong. ... Read More »

Payments NZ releases standards detailing how banks and fintechs that engage in open banking have to protect consumers’ data

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Open banking is a major step closer to being broadly rolled out in New Zealand. The bank-owned organisation that governs New Zealand’s payments system, Payments NZ, has launched a set of standards to accompany the technology it has developed to facilitate open banking. Open banking is a global phenomenon that sees banks open parts of their systems to third parties ... Read More »

Air New Zealand half year profit down 35 per cent on previous six months to $152m

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Air New Zealand has posted a $152 million profit for the second half of 2018, an $80m drop on the previous six months. The after tax profit for the six months to December 31 was a 35 per cent drop from the $232m posted for the first six months of 2018 and the airline is warning of more headwinds in ... Read More »

NZ’s plan for engaging with China’s Belt and Road intiative five months late

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New Zealand has not officially signed up to the global trade and infrastructure plan, but Ministry of Foreign Affairs and Trade (MFAT) officials are working on ways of participating, after signing a memorandum in 2017. An MFAT spokesperson said the plan had been delayed past the previous deadline of last September because they were still negotiating with Chinese officials. “We ... Read More »

Capital gains tax proposal sparks chorus of concerns

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Business groups have pushed back against a Capital Gains Tax with a chorus of concerns ranging from the impact on productivity, the destruction of shareholder value, and flow-on to an already slumping property market. Matt Goodson, managing director of Salt Funds Management, said CGT would have a negative impact on company valuations. “It will increase companies’ cost of capital, which ... Read More »

NZ dollar falls after second fruit fly discovered

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An already weak New Zealand dollar fell further on the news that a second fruit fly has been found in Auckland. It is of a different species to the adult male Queensland fly caught last week. The kiwi had already been dragged down after gloomy comments from the Reserve Bank of Australia about the housing market. It was trading at ... Read More »

NZ dollar rises on stronger China trade data

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The New Zealand dollar rose on stronger than expected trade data from China and positive news on its trade dispute with the United States. The kiwi was trading at 68.30 US cents at 5pm from 68.09 at 8am. The trade-weighted index rose to 74.16 points from 73.97. Tim Kelleher, head of institutional foreign exchange sales at ASB Bank, said the ... Read More »

A working group report looking at the feasibility of relocating the Ports of Auckland is expected soon

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Infrastructure Minister Shane Jones says he’s expecting to receive a report in the next four to six weeks which could have major ramifications for the future of the Ports of Auckland. The paper will be from the Upper North Island Supply Chain Strategy working group which the government established last year to look at the development and delivery of a ... Read More »