Finance

NZX says reaching 200,000 dairy derivative contracts traded across its platform shows the market operator is on track to become the global hub for trading tied to New Zealand’s biggest export commodity. Trading exceeded the trading milestone this month on the NZX Global Dairy Derivatives Market, which was launched in October 2010 to offer risk management for the dairy industry It followed the establishment of Fonterra Cooperative …

Economic reform in China, one of New Zealand’s largest trading partners accounting for 22 percent of exports, is a lower priority than trying to save the future of the Communist party, according to Wall Street Journal columnist Andy Browne.  Speaking at a WSJ-organised event in Auckland on the future of New Zealand-China relations, Browne said the Chinese economy, the world’s second largest, is under …

The economic upswing is one thing, but the New Zealand economy is also going through a material transition. We’re moving from legacy to opportunity, amidst the demands of rebuilding our second-largest city, housing shortages in our largest city, demographic shifts, global wobbles and an overvalued currency. We present six themes intertwined with this journey. A common sub-theme is the heightened importance of …

Proud New Zealander David McLean has been appointed chief executive of Westpac New Zealand after performing an “outstanding” job acting in the role since August 2014 following the resignation of Peter Clare. McLean’s appointment will be highly popular with bank executives and staff. A “people person” he is credited with bringing the bank together again after a bruising period under …

Bank of China (NZ)  signed MOU with two of New Zealand’s best known companies; Air New Zealand and NZX. The signing of the memorandum with NZX was included as part of the official state visit to New Zealand this week by China’s President Xi Jinping. Both the Chinese President and John Key witnessed the signing at a function in Karaka, South Auckland. Bank …

The world’s 7th largest bank*, the Bank of China announced that it has been granted its banking licence from the Reserve Bank of  and will formally launch its business at a special ceremony in Auckland on Friday. The granting of the banking licence will allow the Bank of China to meet the growing demand for the significant reciprocal trade opportunities between New Zealand and the People’s …

There is broad global support for moves to curb international tax avoidance, New Zealand Finance Minister Bill English said on the sidelines of the G20 Leaders’ Summit in Brisbane. Cracking down on tax avoidance is one of the key agenda items at this weekend’s G20 Summit, where New Zealand is an invited guest. The G20 countries make up 85 percent of global economic activity …

New Zealand shares jumped, led by MightyRiverPower, after the National Party’s convincing election victory on the weekend wiped out any regulatory fears for the power companies. Meridian Energy, Genesis Energy and Contact Energy paced gains. The NZX 50 Index advanced 54.947 points, or 1.1 percent, to 5236.292. Within the index, 27 stocks rose, 13 fell and 10 were unchanged. Turnover …

Neill Williams, a key manager of failed Five Star Consumer Finance, will spend longer in jail after appearing in the Auckland High Court this morning for final sentencing in the long-running case. The 78-year-old is currently serving three years, seven months’ imprisonment on charges previously laid by the Financial Markets Authority. Today’s sentencing on charges laid by the Serious Fraud …