Wall Street fell as investors eyed the Federal Open Market Committee which started its two-day meeting today but will have to wait until tomorrow to find out if there will be an easing this month of the central bank’s pace of bond-buying. In afternoon trading in New York, the Dow Jones Industrial Average slipped 0.05 percent, the Standard & Poor’s …
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Dairy product prices rise 0.2 percent in GDT auction; casein hits record, WMP falls
Dairy product prices held at elevated levels in the last GlobalDairyTrade auction for 2013, with rennet casein rising to its second straight record while whole milk powder fell. The GDT Price Index rose 0.2 percent compared to the last sale two weeks ago. The average winning price was US$4,990 a tonne compared to US$4,973 a tonne. The average winning price …
Read More »Treasury takes a knife to bond programme as finances improve
Improving government finances mean the Treasury will issue $2 billion less in government bonds in the current financial year, will buy back up to $3 billion of bonds on issue, and will delay the launch of a new long-dated bond until the next financial year, at the earliest. A statement from the New Zealand Debt Management Office accompanying today’s Half …
Read More »NZ govt sees wider deficit in 2014 on ACC levy cut, lower SOE profits
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Read More »Chorus will avoid capital-raising for a couple of years, Deutsche Bank says
Chorus is likely to delay any new capital-raising to help fund the ultra-fast broadband rollout until after the Commerce Commission completes its redetermination of copper network-based broadband pricing under an alternative methodology, says Deutsche Bank. In a research note to clients following the weekend release of the government-ordered Ernst & Young Australia report on Chorus’s UFB funding challenge, research analyst …
Read More »ComCom to issue proceedings against ASB, ANZ, Westpac over interest rate swaps
The Commerce Commission intends to issue legal proceedings against three of the major Australian banks over their sale of interest rate swap contracts to farmers, which the regulator says may have breached the Fair Trading Act. The commission intends to file proceedings against ASB Bank, ANZ Bank New Zealand, and Westpac New Zealand in March next year, and is also …
Read More »MARKET CLOSE NZ shares rise; SkyCity gains, Chorus falls after report
New Zealand shares rose as investors were drawn to companies with a growth story, such as SkyCity Entertainment, while Chorus fell on disappointment a report on its funding issues hasn’t swayed the government. The NZX 50 Index gained 18.552 points, or 0.4 percent, to 4735.611. Within the index, 25 stocks rose, 15 fell and 10 were unchanged. Turnover was $149 …
Read More »TUANZ calls for inquiry into Chorus share price movements
NZX, the stock exchange operator, is declining comment on a claim by telecommunications lobbyists that there's an emerging pattern of spikes in the Chorus share price ahead of the release of market-sensitive information from the government. The chief executive of the Telecommunications Users Association of New Zealand, Paul Brislen, cited two incidents, in August and in the last five days, …
Read More »NZ dollar extends gains vs. Australian dollar before RBA minutes; FOMC looms
The New Zealand dollar extended its rally against its trans-Tasman counterpart as the divergence between the neighbouring economies makes local interest rates more attractive, ahead of tomorrow’s release of minutes to the last Reserve Bank of Australia policy meeting. The kiwi rose as high as 92.49 Australian cents, the highest since October 2008, trading at 92.40 cents at 5pm in …
Read More »Avatar deal part of long-term fix for local film sector
A government deal that's upped the rebate incentive scheme for big budget movie productions and secured the next three installments of James Cameron's Avatar series is part of a longer-term solution for an industry at risk of stalling. The deal will give Avatar's producers Lightstorm Entertainment and Twentieth Century Fox a 25 percent rebate for spending of at least $500 …
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