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Sunday 10th November 2013

New Zealand Market Report: New Zealand shares rose, led by retirement developer and operator Metlifecare and milk processor Synlait after MSCI announced the stocks be added to its Global Small Cap Indices at the close of Nov. 26, increasing demand for the stock by professional investors who track the global benchmark. The NZX 50 Index rose 28.670 points, or 0.582 percent, to 4,951.361. Within the index, 22 stocks rose, 23 fell and five were unchanged. Turnover was $199.4 million.

The New Zealand dollar is heading for a 0.8 percent weekly gain against the greenback as investors pause ahead of US employment figures, which is seen as a bellwether for the recovery of the world's biggest economy. The kiwi rose to 83.29 US cents at 5pm in Wellington from 82.63 cents at the start of the week, and was little changed from 83.37 cents at 8am and down from 83.54 cents yesterday. The trade-weighted index edged down to 77.51 from 77.62 yesterday, and is poised for a 1.1 percent week...

Treasury's NZDMO raises interest rates on its KiwiBond and Earthquake bonds as domestic wholesale rates rise

Three months into the Government's financial year its tax revenue was running 6.1 per cent higher than in the same period last year, while core Crown expenses were up 1.1 per cent. The Crown accounts for the three months to September 30 include a 6.2 per cent increase in source deductions (PAYE) compared with the September 2012 quarter and a 7.3 per cent increase in corporate tax.

The South leads the way on employment. The latest labour market data shows that South Island unemployment continues to be considerably lower than the North Island, with the South Island regions helping lead New Zealand out of the GFC, Tertiary Education, Skills and Employment Minister Steven Joyce says. “While the regional unemployment data does move around quite a lot from quarter to quarter and should be treated with a degree of caution, it’s great to see regions like Otago and Ca...

Builders have a clear message for the Government: Hands off our industry. Housing Minister Nick Smith and Commerce Minister Craig Foss revealed an options paper this week that is the second stage of a proposal to bring down the cost of house building materials. Smith said: "Building materials costs are too high and can be as much as 30 per cent more in New Zealand than in Australia according to the Productivity Commission. The industry needs a shake-up through increased competition and gre...

ASB offers market leading two-year fixed home loan rate special For a limited time ASB is offering a special two year fixed home loan rate of 5.59% p.a.

A bill that will require insolvency practitioners to be registered and meet minimum requirements has passed its second reading in Parliament, Commerce Minister Craig Foss announced.

Portability not a no-brainer. Moving superannuation savings from Australia to a New Zealand account is not a straightforward transaction, says one adviser who specialises in KiwiSaver.

Fonterra chief admits sustainability failings. Fonterra chief executive Theo Spierings says the company is "eight to 10 years" behind other dairy players overseas when it comes to sustainability. Addressing the Trans Tasman Business Circle Luncheon in Auckland this afternoon, he said he was "a little bit disappointed" that Fonterra was so far "behind the pack".

Chinese new big cheese in Kiwi dairy. Chinese conglomerate with diverse businesses, Shanghai Pengxin, is arguably already in the big league, with 8000 hectares of dairy land brought from the failed Crafar business in the North Island late last year. Now it is proposing with two Kiwi dairy operators to buy another 4000ha through a takeover of Synlait Farms in Canterbury, costing $87.5 million. The land is irrigated and some of the most productive in New Zealand. Synlait Farms milks 13,600 cows...

Report shadow hangs over airport's bright profit. Higher revenue from landing fees, terminal charges and lease income has seen Wellington International Airport post an underlying six-month operating profit of $42.5 million, up almost 8 per cent. The profit increase comes after a Commerce Commission report cautioned the airport, which is co-owned by Infratil and Wellington City Council, about boosting profits by overcharging.

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