New Zealand

Maori businesses are more optimistic and recording stronger profit growth than non-Maori firms as the focus of the sector shifts from righting historical grievances to looking to the future, ANZ Bank’s 2015 Maori business report says. The ANZ Privately-Owned Business Barometer found 72 percent of Maori businesses surveyed were upbeat about the next three years, up from a reading of 70 percent …

By Jonathan Underhill July 28 (BusinessDesk) – NZX, the stock market operator, said advertising in its portfolio of agricultural publications dropped 17 percent in the first half, reflecting the slump in dairy prices and the impact of drought. The company’s agricultural titles include New Zealand Farmers Weekly, the nation’s biggest newspaper for farmers, Country-Wide and New Zealand Dairy Exporter. Agricultural information accounted for …

The Labour Party is giving conditional support for the controversial Trans-Pacific Partnership, with party leader Andrew Little saying Labour is “pro-free trade” but will only support TPP if it contains “key protections” for New Zealanders. “Labour supports free trade,” he said. “However, we will not support a TPP agreement that undermines New Zealand’s sovereignty.” The Labour caucus had agreed five ‘bottom line’ …

Meat processor Silver Fern Farms has suspended trading of its shares on the Unlisted exchange until further notice as it continues with its capital raising initiatives. The company said it would make no further comment at this stage. Shares in the co-operativee last traded at 35 cents, valuing SFF at $35.1 million The farmer-controlled co-operative has more than 6,200 shareholders …

New Zealand posted its first trade deficit for a June month in six years as imports rose more than expected. Statistics New Zealand said the country had a trade deficit of $60 million in June, its first deficit for the month since 2009, and contrary to economist expectations in a Reuters poll for a $100 million surplus. It compares with …

The government doesn’t want to spend any more money or stay any longer in the build of New Zealand’s ultra-fast broadband network for fear it might “stuff it”, says Finance Minister Bill English. The government wants to extend the UFB programme to 80 percent of the nation’s population from its original 75 percent target and has also expressed a desire to …

By Suze Metherell July 23 (BusinessDesk) – Light regulation in the New Zealand dairy industry has insulated the wider economy from the sharp decline in prices for the country’s largest export commodity, according to minister of finance Bill English. Prices for whole milk powder, the country’s key commodity export, have plunged this year and dropped an unexpectedly large 10.7 percent …

Reserve Bank governor Graeme Wheeler cut the official cash rate a quarter-point to 3 percent and flagged more reductions are likely, while saying a lower kiwi dollar is needed to prop up the nation’s export sector. The New Zealand dollar jumped higher. “A reduction in the OCR is warranted by the softening in the economic outlook and low inflation,” Wheeler said in …

The New Zealand dollar fell along with other commodity currencies ahead of an expected Reserve Bank interest rate cut this morning. The kiwi dropped to 65.82 US cents at 8am in Wellington, from 66.16 cents at 5pm yesterday. The trade-weighted index declined to 69.99 from 70.20 yesterday. Commodity currencies, including the New Zealand, Australian and Canadian dollars, declined as oil …

New Zealand accounting software pioneer Xero expects to double global revenue to more than $200 million in the year to March 2016, based on current exchange rates, having taken eight years since listing on the NZX in June 2007 to reach its first $100 million. However, it is no rush to fulfil its intention to list on the US stock exchange before the release of …