New Zealand

Re: New Zealand

Postby iam802 » Thu Sep 22, 2011 9:24 pm

New Zealand’s Economy Almost Stalls in Second Quarter, Weakening Currency

http://www.bloomberg.com/news/2011-09-2 ... elays.html

New Zealand’s economy almost stalled last quarter, sending the local currency to a four-month low and reinforcing the case for central bank Governor Alan Bollard to maintain record-low interest rates until 2012.

Gross domestic product rose 0.1 percent in the three months through June from the previous quarter, less than all but one of 15 forecasts in a Bloomberg News survey, a Statistics New Zealand report showed today in Wellington. The median estimate was for a 0.5 percent gain.

The local dollar slumped as investors bet weaker growth and risks of slowing global demand for New Zealand exports will prompt Bollard to keep the official cash rate at 2.5 percent until next year. The currency has fallen 10 percent from a record last month as a European debt crisis and the downgrade of the U.S. government’s credit rating led investors to reduce bets on a rate rise this year.

“This is a disappointment and suggests more spare capacity in the economy than initially thought,” said Philip Borkin, economist at Goldman Sachs & Partners New Zealand Ltd. in Auckland, who expects rates are on hold until March. “The risks are skewed toward an even further delayed tightening cycle.”

New Zealand’s dollar fell to as low as 79.53 U.S. cents after the data, the lowest level since May 25. It bought 79.67 cents as of 1:10 p.m. in Wellington. On Aug. 1, it reached 88.43 cents, the highest since exchange-rate controls were removed in 1985.

Rate Pause
Bollard on Sept. 15 left the cash rate unchanged for a fourth meeting, and reiterated that eventual increases in borrowing costs will hinge on a decline in global financial risks and a sustained domestic recovery after a Feb. 22 earthquake killed 181 people and demolished businesses, roads and houses in the South Island city of Christchurch.

“We do have a picture where we still do expect to have to push rates up,” Bollard said during a conference in New York yesterday. “However, we don’t think there is any particular rush to do that.”
Nine of 17 economists surveyed by Bloomberg on Sept. 16 predicted rates will be unchanged until at least January. Sixteen expect a rise by March. The chance of a rate increase in March fell to 48 percent from 64 percent yesterday, according to swaps prices from Westpac Banking Corp.
Bollard expected second-quarter growth of 0.6 percent, accelerating to 0.8 percent in the three months through September and 1 percent in the final three months of the year.

Rugby Spending
Aiding consumer spending, about 95,000 foreign fans are attending the Rugby World Cup due to end Oct. 23. New Zealand’s terms of trade, which measure relative export income, are at a 37-year high, Bollard said last week.

Fonterra Cooperative Group Ltd., the world’s largest dairy exporter, today said it distributed NZ$10.6 billion ($8.5 billion) to its New Zealand farmer shareholders in the year ended May 31. The company’s earnings and payout are good for the economy, Chairman Henry van der Heyden said on a conference call.

New Zealand’s economic recovery “remains patchy across different sectors,” Finance Minister Bill English said in an e- mailed statement. The nation faces challenges from global financial market volatility and the rising currency is a “headwind” for exporters, he said.

Second-quarter growth was the weakest since a contraction in the third quarter last year. First-quarter growth was revised higher to 0.9 percent from an initially reported 0.8 percent, today’s report showed.

Annual Growth
The economy last quarter grew 1.5 percent from the year- earlier period, less than the 1.7 percent pace estimated by economists.

The production-based measure of GDP last quarter was led higher by farm output, while finance, insurance and business services rose the most in more than six years. Milk and wool production led the increase in farm output. Real estate services, retail spending and accommodation rose.
Construction fell 4.3 percent, led by trade services and residential dwellings, while road and bridge building gained. A 0.1 percent decline in manufacturing was led by machinery, equipment, wood and paper.

Spending on furniture and appliances led a 0.3 percent gain in consumption, even as purchases of food, electricity and other non-durable goods declined, the statistics agency said.

Exports, which make up 30 percent of the economy, declined 0.5 percent, led by machinery and meat shipments, the report showed. Tourist spending in New Zealand dropped. Imports rose 1.7 percent as the air force purchased new aircraft parts.

Government services fell after a first-quarter increase caused by hiring and emergency responses to the earthquake. Transport and communication also declined. Business investment gained 1.3 percent.

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2. The trend will END but I don't know WHEN.

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Re: New Zealand

Postby winston » Fri Dec 23, 2011 10:04 am

5.8 Earthquake at Christchurch ...
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Re: New Zealand

Postby winston » Fri Dec 23, 2011 11:04 am

Wonder what's the damage to the P&C Insurers and the Reinsurers ?

A second 5.8-magnitude earthquake hits Christchurch, New Zealand, the U.S. Geological Survey says on its website.

Source: CNN International
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Re: New Zealand

Postby winston » Tue Jan 17, 2012 12:56 pm

Sure, why not ? :lol: :roll:

Kiwi call for shearing to become Olympic sport

The New Zealand Farmers Federation has called for sheep shearing to become an Olympic sport, hailing top wool-clippers as world-class athletes.

With the World Shearing Championships set to be held in the North Island town of Masterton in March, federation spokeswoman Jeanette Maxwell said shearing was now a bona fide sport that deserved international recognition.

"Surely, time has come to elevate shearing's sporting status to the ultimate world stage?" she said in a statement. "One way would be to make shearing a demonstration sport at a Commonwealth Games, if not, the Olympics itself."

Maxwell said competitive shearers clip up to 700 sheep over an eight-hour period, in a feat that has been likened to running two marathons back-to-back.

"I can also testify to the physical effort shearing takes... (top shearers) are athletes who take it to another level," she said.

The New Zealand's government's elite sports funding body, SPARC, already recognises shearing as a sport, providing it with grants to help run competitions.

New Zealand has a human population of about 4.4 million which is outnumbered by a national sheep flock of around 40 million, according to Statistics New Zealand.

Source: AFP Global Edition
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Re: New Zealand

Postby winston » Fri Jan 27, 2012 2:53 pm

N.Z. Quake Bill to Approach $25 Bln: Central Bank

The total cost of the Christchurch earthquakes is set to reach about NZ$30 billion ($24.5 billion), much higher than previous estimates, New Zealand’s central bank chief said on Friday.

Source: AFP ASIAN EDITION


http://www.newsmeat.com/news/meat.php?a ... &buid=3281
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Re: New Zealand

Postby winston » Sat Jan 28, 2012 3:43 pm

Pengxin a pioneer in New Zealand

Chinese investors are buying New Zealand farmland for the first time as ties between the two economies deepen, sparking anxiety in a country where livelihoods hinge on agriculture.

Source: SCMP
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Re: New Zealand

Postby winston » Wed Nov 21, 2012 9:38 pm

Mount Tongariro volcano erupts in New Zealand

A New Zealand volcano used as a backdrop to "The Lord of the Rings" films erupted on Wednesday, sending a column of ash two kilometres (1.2 miles) above the North Island, scientists and witnesses said.

http://www.france24.com/en/20121121-mou ... ew-zealand
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Re: New Zealand

Postby winston » Thu Jul 24, 2014 9:13 pm

The Reserve Bank of New Zealand on Thursday hiked its Official Cash Rate by 25 basis points, from 3.25 percent to 3.50 percent.
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Re: New Zealand

Postby winston » Thu Dec 11, 2014 12:06 pm

26 reasons why New Zealand is the world's best country

http://www.telegraph.co.uk/travel/desti ... me=3133461
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Re: New Zealand

Postby behappyalways » Wed Jul 22, 2015 9:36 am

New Zealand's Cash Rate to Sink in a Sea of Milk
http://www.bloomberg.com/news/videos/20 ... ea-of-milk
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