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Bar high for NZ rate cut – economists

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Economists agree the risk of a New Zealand rate cut is real but most don’t actually expect it to happen. The central bank kept the official cash rate at a record low 1.75 percent last Thursday and pushed out the timing of the first rate hike. Governor Adrian Orr reiterated that “the direction of our next OCR move could be ... Read More »

New Zealand determined to stamp out people smuggling

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The global fight against people smuggling and human trafficking will be more effective when governments and businesses combine their powers, continuing the momentum of the Government Business Forum at the Bali Process, says Minister of Immigration Iain Lees-Galloway. Minister Lees-Galloway highlighted the need for government and business to work together at the Seventh Bali Process on People Smuggling, Trafficking in ... Read More »

Tanker smuggling migrants intercepted on way to NZ

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Authorities said the tanker was carrying 131 Sri Lankans when it was intercepted on Tuesday. There were 98 men, 24 women, four boys and five girls. Three Indonesians and four Malaysians on a fishing boat used to transport the migrants to the vessel were also arrested. Malaysia’s national police chief Mohamad Fuzi Harun said the large-scale and cunning human smuggling ... Read More »

NZ business confidence hits 10-year-low in ANZ survey

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Pessimism among New Zealand businesses has reached its worst point in a decade, according to a bank survey, continuing a trend emerging since the Labour-led Government took power. ANZ’s latest survey today showed a net 45 per cent of respondents in July expected the country’s economy to worsen in the year ahead, compared to 39 per cent last month. ANZ ... Read More »

Drug couriers caught smuggling $2m of ecstasy into New Zealand jailed

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Two drug couriers caught trying to smuggle 5kg of ecstasy, with a rough street value of $2 million, into New Zealand hidden in a suitcase, have today been jailed for nearly six years. Israeli citizens Vadim Shkolnitski, a 36-year-old truck driver, and 33-year-old dive shop owner Vladimir Turovsky were caught with vast quantities of the powdered drug stashed inside a ... Read More »

Drug couriers caught smuggling $2m of ecstasy into New Zealand jailed

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Two drug couriers caught trying to smuggle 5kg of ecstasy, with a rough street value of $2 million, into New Zealand hidden in a suitcase, have been jailed for nearly six years. Israeli citizens Vadim Shkolnitski, a 36-year-old truck driver, and 33-year-old dive shop owner Vladimir Turovsky were caught with vast quantities of the powdered drug stashed inside a Samsonite ... Read More »

Microsoft announces 2018 New Zealand Partner Awards winners

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The Microsoft New Zealand Partner Awards recognise innovative partners who are demonstrating inventive use of digital technology, with the awards open to all Microsoft partners big and small. The streamlined ceremony saw the awards pivot to a greater focus on customers. This year’s winners include Lexel Systems for their innovative approach to My Food Bag in the Modern Workplace category. ... Read More »

Mark Lister: Is it time to panic about the sharemarket?

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Interest rates in the US are a major focal point at the moment. They’re going up because the US economy is strong, but if they rise too much they could derail that growth story. The American equivalent of the OCR is higher than ours for the first time since March 2000, while the US 10-year Treasury yield is oscillating around ... Read More »

Baby-faced crypto billionaire mulls next move

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With his baby face, eyeglasses and go-to outfit of T-shirt, jeans and sneakers, Jihan Wu looks more like a geeky teenager than a self-made billionaire. But thanks to an early foray into cryptocurrencies, the soft-spoken 32-year-old is sitting on what may be one of the industry’s largest fortunes. Wu runs Bitmain Technologies, the world’s dominant producer of cryptocurrency mining chips. ... Read More »

Wendy’s staff plan protest outside Auckland store after Employment Court injunction

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Wendy’s workers will be gathering outside on the company’s Auckland stores this evening to protest issues around annual leave, lieu days, and a controversial training programme. This despite the fast food joint getting an injunction to stop picketers trespassing on company land. Unite national director Mike Treen said negotiations with the fast food company had broken down after a year ... Read More »

Economy ‘over the hill’ with aches and pains setting in – Westpac

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New Zealand’s economy is past its prime and is now “over the hill” according to Westpac’s chief economist. But far from knocking on death’s door Dominick Stephens says the economy is ageing gracefully. “At seven years old, New Zealand’s economic expansion is now entering its “mature” phase. “Two years ago the economy was really in its prime, but now the ... Read More »

It’s time to be more open about what NZ troops are doing in Iraq

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The Government and state agencies need to be more open about New Zealand’s military role in Iraq, Harmeet Singh Sooden argues. OPINION: On the eve of New Zealand’s military deployment to Iraq, Chief of Defence Force Lieutenant General Tim Keating told the New Zealand public that the NZDF was determined, as was the Government, to be transparent about New Zealand’s ... Read More »

EU Green-lights Talks On Australia, NZ Trade Deals

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Brussels,:The EU officially launched free trade talks with Australia and New Zealand on Tuesday, part of Europe’s desire to promote free trade deals against the increasingly protectionist stance of the United States. “Today’s decision to open trade talks with Australia and New Zealand is … a reminder to the world of the EU’s commitment to openness, free trade and global ... Read More »

‘Unrealistic’ to expect EU to ditch all agricultural tariffs, business body warns

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A free-trade deal between the European Union and New Zealand could boost exports by $2 billion a year and save Kiwis “hundreds of millions of dollars a year” in cheaper imports, a business body says. Business groups have welcomed the prospect of a free trade agreement between the European Union and New Zealand, with agriculture bodies seeing a big upside. ... Read More »

Air NZ domestic fares to increase by 5pc due to ‘operational cost pressures’

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An Air New Zealand spokeswoman said it was raising domestic airfares by 5 per cent because it was unable to continue absorbing “operational cost pressures” such as labour, fuel, goods and services. Jetstar spokesman Phil Boeyen said it had “nothing to report” in regards to raising airfares. Operational costs, in particular fuel, were regularly reviewed by Jetstar, he said. “It’s ... Read More »

Dairy prices reach highest level in months at auction

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Dairy prices have risen to their highest level in eight months in the latest global auction overnight. The average price was up 1.9 percent to $US3637 ($NZ5301) a tonne, compared with a 1 percent fall in the previous auction two weeks ago. The price of whole milk powder, a key factor in setting returns to local farmers, was marginally higher ... Read More »

New Zealand ‘people’s’ budget sees Ardern put billions more into health and education

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Prime minister says she wants her child to look back and judge efforts favourably rather than want to change their name The first Labour government in close to a decade has pledged to make New Zealand a kind and equitable nation where children thrive, and success is measured not only by the nation’s GDP but by better lives lived by ... Read More »

Third arrest in suspected gang related Mangere shooting case

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A third man has been arrested in relation to a fatal shooting in Mangere last week. Epalahame Tu’uheava, 28, died in the shooting on Greenwood Road. Police said a 25-year-old man had been charged with his murder and the attempted murder of his wife. He shared the charge with two other men arrested yesterday. The man is set to appear ... Read More »

‘Pay up or get arrested’: Kiwis hit by IRD scam

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Police have warned New Zealanders to be vigilant with scam callers telling people they are under investigation by the IRD (Inland Revenue). The scam, which has been targetting people around the country, alleges people owe money to the IRD and would be arrested if they don’t pay up. The automated message is recorded in a New Zealand accent and asks ... Read More »

ASB debt rating outlook cut ‘negative’ after parent CBA slammed in regulator’s report

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The outlook on ASB Bank’s debt rating was lowered by Fitch Ratings following a damning report into the culture and governance of its parent Commonwealth Bank of Australia (CBA). The outlook on ASB’s AA- long-term foreign and local currency debt ratings was cut to ‘negative’ from ‘stable’ after the Australian Prudential Regulation Authority (Apra) report released late last month criticised ... Read More »