NZ government to spend more as economy accelerates

Article – BusinessDesk

Dec. 8 (BusinessDesk) – The New Zealand government has earmarked an extra $2.1 billion for capital spending in its election-year budget as it benefits from a stronger forecast track of economic growth in the next few years that will swell its tax take. Read more »

English cites ‘strong support’, won’t name preferred deputy

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Finance Minister Bill English says he is “finding strong support in the caucus for his bid to replace John Key as Prime Minister next Monday after Key unexpectedly announced his resignation and departure from politics on Monday. Read more »

Fonterra total payout this year likely to be $6.40/kgMS

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Fonterra Cooperative Group has told shareholders at its annual meeting in Darfield today that the indicative payout level to its 10,500 farmer suppliers this season will be $6.40 per kilogram of milk solids. Read more »

Fairfax Media confirms approach by potential buyer

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Fairfax Media, which plans to merge its New Zealand media business with rival NZME, confirmed speculation it had been approached by a third party about the acquisition of its New Zealand unit, but said it’s not in talks with … Read more »

Review notes ‘continued low level’ of reporting by NZ firms

Article – BusinessDesk

Dec. 8 (BusinessDesk) – The Financial Markets Authority says it is “particularly concerned” about continued low levels of reporting by New Zealand financial services firms of suspicious transaction reports under requirements of the Anti-Money Laundering … Read more »

Blue Sky Meats urges shareholders to wait for more info

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Blue Sky Meats has recommended shareholders wait for more information from the board on the future prospects of the meat processor before deciding on a takeover offer from China-based Heilongjiang Binxi Cattle Industry Co, which … Read more »

RBNZ’s Wheeler sees ‘continued strong economic growth’

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Reserve Bank governor Graeme Wheeler says the prospects are good for “continued strong growth” in the New Zealand economy in the next 18 months, with monetary policy accommodative enough to ensure inflation picks up … Read more »

Reserve Bank’s Wheeler says immigration forecasts were wrong

Article – BusinessDesk

Dec. 7 (BusinessDesk) – Reserve Bank Governor Graeme Wheeler said he accepts the central bank got its migration forecasts wrong but it was hard to know how much inward migration New Zealand would attract under current policies. Read more »

Construction boom to drive growth in NZ jobs

Article – BusinessDesk

Dec. 7 (BusinessDesk) – New Zealand’s construction boom is expected to be the single biggest driver of employment growth over the next three years, generating about 29 percent of a forecast 183,900 jobs to be created by March 2019, government figures … Read more »

Chow Group reports $114k first-half profit

Article – BusinessDesk

Dec. 7 (BusinessDesk) – Chow Group, the NZAX-listed vehicle controlled by property developers John and Michael Chow, has reported a net profit of $114,029 in the six months to the end of September. Read more »

Fairfax boss warns of ‘end game’ if merger disallowed

Article – BusinessDesk

Dec. 7 (BusinessDesk) – The chief executive of Australasian news publisher Fairfax Media, Greg Hywood, warned Commerce Commission hearings on the proposed merger between NZME and Fairfax’s New Zealand assets that it would “become endgame” if the merger … Read more »

NZ dollar gains vs Aussie as Australian economy shrinks

Article – BusinessDesk

Dec. 7 (BusinessDesk) – The New Zealand dollar rose against its trans-tasman counterpart after figures showed the Australian economy shrank 0.5 percent last quarter, the first time it has contracted since 2011. Read more »

Funds required for NZ migrant investor visa to double

Article – BusinessDesk

Dec. 7 (BusinessDesk) – Wealthy overseas business owners and investors will have to invest at least $3 million in New Zealand from May next year under changes announced by Immigration Minister Michael Woodhouse. Read more »

MARKET CLOSE: NZ shares drop, led by Orion Health

Article – BusinessDesk

Dec. 7 (BusinessDesk) – New Zealand shares declined as Orion Health Group extended its slide following its first-half results, while Tower rose. Read more »

While you were sleeping: Fresh records on Wall St

Article – BusinessDesk

Dec. 8 (BusinessDesk) – Wall Street rose, pushing both the Dow and the S&P 500 to record highs, as optimism about the outlook for the US economy and corporate profits gained traction. Read more »

NZ dollar gains ahead of Wheeler speech

Press Release – BusinessDesk

Dec. 8 (BusinessDesk) – The New Zealand dollar rose ahead of a speech by Reserve Bank Governor Graeme Wheeler and before the government’s fiscal and economic update, which may paint a more upbeat picture of the outlook. Read more »

Wheeler not keen on bank deposit insurance

Article – BusinessDesk

Dec. 7 (BusinessDesk) – The Reserve Bank is unlikely to introduce state-backed insurance on bank deposits, saying the moral hazard is too high and it prefers the option of protecting those with small balances through guaranteed repayments. Read more »

Gareth Morgan says NZ’s wealthiest 20% would pay more

Article – BusinessDesk

Gareth Morgan says NZ’s wealthiest 20% including Key would pay more under Opportunities Party tax policy Read more »

NZ Thoroughbred unit narrows annual loss as sales jump

Article – BusinessDesk

Dec. 7 (BusinessDesk) – Australian retailing billionaire Gerry Harvey’s local bloodstock business, NZ Thoroughbred Holdings, narrowed its annual loss in 2016 as revenue rose 35 percent on sales of yearlings and demand for its stallions. Read more »

Fonterra likely to lift farmer payouts further this season

Article – BusinessDesk

Dec. 7 (BusinessDesk) – Fonterra Cooperative Group is expected to lift its farmgate milk price payout to farmers after a further gain in global dairy auction prices overnight. Read more »