Finance

Prices of dairy products surged to the highest since June 2011 in Fonterra’s latest GlobalDairyTrade auction with the prospect of New Zealand production curtailed by drought in the North Island. The GDT-TWI Price Index rose 10.4 percent compared to the last sale two weeks ago, the biggest increase since the June 5, 2012, sale and the sixth straight gain. The …

The New Zealand dollar may fall in a week that will be punctuated by central bank meetings, Australian data and US non-farm payrolls, and as risk appetite abates. The kiwi recently traded at 82.11 US cents, down from 82.42 cents in late New York Trade on Friday. It will trade in a range of 80.50 cents to 83.50 cents this …

The New Zealand dollar is heading for a 1.2 percent weekly fall against the greenback as weaker than expected Chinese manufacturing added to a souring mood among investors looking for reasons to sell. The kiwi traded at 82.71 US cents at 5pm in Wellington from 82.77 cents t 8am, down from 83.15 cents yesterday. The trade-weighted index decreased to 75.78 …

APN News & Media plans to go to the High Court to defend an IRD claim to $48m (plus 50% penalties and interest) over interest claimed on “certain financing transactions”. The dispute involves tax of NZ$48 million for the period up to 31 December 2012. The IRD is seeking to impose penalties of 50% of the tax in dispute and …

BNZ has launched ‘YouMoney’ – an innovative new online banking system built from the ground up to capture a bigger share of the youth “digital natives” banking market. “Young people told us they want their personal banking to be easy and intuitive – so that’s what we’ve created,” says BNZ director of retail, Andy Symons. In contrast to the standard …

President Barack Obama and congressional Republicans have reached a deal to avert the fiscal cliff on the last day of 2012. mobile phone tracking uk The upshot is income-tax rates will rise, unemployment benefits will be maintained and tax breaks for families of modest means. The deal also delays for two months part of the $US110 billion in spending cuts …

SAME OLD SAME OLD IN JAPAN .  According to exit polls the Liberal Democratic Party has won a large majority in Japan ’s parliamentary elections. The return of Shinzo Abe marks Japan ’s seventh PM in fewer than seven years. Watch for a potential increase in tensions with China as Abe has talked tough regarding the disputed islands. The LDP has …

GLOBAL MARKETS:  This morning was all about the US Federal Reserve and it duly delivered. The big change was a shift in the Fed’s communication strategy for it’s zero-interest rate policy, which is now dependent on the US unemployment rate falling below 6.5% (while inflation remains below 2.5%); from the Fed’s earlier mid-2015 forward guidance. The Fed also announced it would …

Getting along to the Trans Pacific Partnership stakeholders’ day was rather like being involved in a mad-cap version of speed-dating with less-than-optimal results. There were close on 80 presentations in four separate streams. All these in just over five hours with stakeholders and media zooming off like a giant locust swarm whenever word got out (usually via text) that someone …

The NZ Superannuation Fund has been named the world’s most innovative sovereign fund. The fund won the prestigious Sovereign Wealth Fund category in the 2012 aiCIO Industry Innovation Awards in New York. The other finalists were the Australian Future Fund; Singaporean fund GIC; Norges Bank Investment Management and the State Oil Fund of Azerbaijan. Chairman Gavin Walker said the award …