HiFX Morning Update, May 30 2016

Press Release – HiFX

The NZDUSD opens at 0.6690 (mid-rate) this morning. The NZD continued to trade the ranges on Friday, all be it with a bias to the downside and this morning the NZDUSD has fallen below 0.6700 for the first time since late March. Read more »

PwC supports NZ Milk Futures to manage milk price risk

Press Release – PwC

The NZX today launched a NZ Milk Futures contract that will eventually provide the opportunity for large and small dairy farmers to proactively risk manage milk price movements and volatility. Read more »

Macquarie agrees to sell

Article – BusinessDesk

May 26 (BusinessDesk) – Macquarie Group, the Australian financial firm, agreed to sell the majority of its New Zealand retail wealth management business to local investment manager Warren Couillault and some of its employees, retaining a cornerstone shareholding. Read more »

$4m for extending micro-financing

Press Release – The Maori Party

Budget 2016 has provided $4 million over the next four years to provide greater access to microfinance for whnau. Read more »

NZ Budget 2016: Is there room for tax cuts next year?

Press Release – PwC

The big question after Budget 2016 is whether there is room for tax cuts in Budget 2017? The Government is caught between population growth putting pressure on core public services, low inflation leading to subdued tax revenue, and an ongoing need … Read more »

Reserve Bank Bulletin looks at liquidity management

Press Release – Reserve Bank

The Reserve Bank today published a Bulletin article that explains how the Bank manages liquidity in the banking system. Read more »

Will National’s eighth budget finally show some vision?

Press Release – Green Party

The Green Party is hoping Nationals eighth budget today will address the great challenges of our time, and not just be another exercise in papering over the cracks in New Zealand society, economy and the environment. Read more »

NZX toughens enquiry process

Article – BusinessDesk

May 26 (BusinessDesk) – New Zealand’s stock exchange operator, NZX, is to start making confidential enquiries of listed companies that experience large, unexplained share price movements, to determine whether they may be holding undisclosed “material” … Read more »

Fonterra’s 2017 opening forecast below expectations

Article – BusinessDesk

May 26 (BusinessDesk) – Fonterra Cooperative Group’s first forecast for the 2016/17 farmgate milk price has come in below expectations at $4.25 per kilogram of milk solids and the world’s biggest dairy exporter will keep using its balance sheet to … Read more »

Z confident in $30mn savings from Chevron acquisition

Article – BusinessDesk

May 25 (BusinessDesk) – Z Energy is confident of the savings it can make from the $785 million acquisition of Chevron New Zealand’s Caltex and Challenge! petrol station chains, which it predicts will be up to $30 million. Read more »

Bank of China NZ unit funds Chinese-NZ mission

Article – BusinessDesk

May 25 (BusinessDesk) – Bank of China, one of the country’s biggest lenders, funded 55 of its Chinese company clients to meet with 120 Kiwi agricultural businesses in a bid to grow trade and help meet its goal of becoming the largest Chinese bank in … Read more »

New VC fund hits NZ$38m

Press Release – NZ Private Equity and Venture Capital Ass

The Global from Day One (GD1) Fund II has raised NZ$38 million NZ$5 million more than its first close target. Read more »

Murray & Co sells wealth management arm

Press Release – Murray and Company

Murray & Co has sold its successful wealth management business to First NZ Capital to focus on expanding its investment banking operations. Read more »

FMA boss Everett gives regulator a pass mark

Article – BusinessDesk

May 25 (BusinessDesk) – Financial Markets Authority chief executive Rob Everett is giving the market watchdog a pass mark as it nears the end of its establishment phase and starts taking a closer look at ensuring firms’ conduct is up to scratch. Read more »

HiFX Morning Update. May 25 2016

Press Release – HiFX

The NZDUSD opens at 0.6734 (mid-rate) this morning. Once again the NZD has respected the recent ranges against the majority of its trading partners with the British Pound being the only exception. Read more »

UPDATE: Tower shares sink to two-month low

Article – BusinessDesk

May 24 (BusinessDesk) – Tower shares dropped to a two-month low after the general insurer posted a wider first-half loss and flat gross written premium income, raising questions about its ability to compete with larger rivals. Read more »

Mary Quin joins Westpac NZ board

Press Release – Westpac

Mary Quin joins Westpac NZ board Experienced international executive and director Mary Quin has been appointed to the board of Westpac New Zealand. Currently the Chief Executive of Callaghan Innovation Ms Quin returned to New Zealand in 2013 after a … Read more »

NPT full-year distributable profit rises 1%

Article – BusinessDesk

May 23 (BusinessDesk) – NPT, the listed property investor whose managing director Kerry Hitchcock left suddenly in March, reported a 1 percent gain in full-year distributable profit and said it will lift its dividends for 2017, a year in which it is focused … Read more »

Reserve Bank seeks submissions on proposed outsourcing rules

Press Release – Reserve Bank

The Reserve Bank is seeking submissions on proposed amendments to rules about outsourcing of services by registered banks. Read more »

World Week Ahead: US data due, Yellen speaks

Article – BusinessDesk

May 23 (BusinessDesk) – The latest US economic data as well as speeches by several Federal Reserve officials including Chair Janet Yellen will form a key focus as investors are coming to terms with the prospect of a US interest rate hike as early as next … Read more »

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