Topics

New Zealand officials are again seeking clarification from China after meat consignments were stalled on Chinese wharves for the second time in as many months. Primary Industries Minister Nathan Guy, who is in China on a trade mission, said he learned on Thursday that China had changed meat import rules and is now requiring sign off by a veterinarian directly …

Kevin Rudd’s new chief of staff Jim Murphy has strong links with New Zealand’s policy and business elites, even if his boss doesn’t. Murphy, an Australian Treasury deputy secretary, was at Peter Costello’s side when the former Australian Liberal Treasurer co-launched the Australasia single market process with former NZ Finance Minister Michael Cullen a decade ago. A taciturn man, he …

With Tony Abbott lagging as preferred PM against Kevin Rudd, Liberal frontbencher Malcolm Turnbull has cast the election as a contest between a presidential pitch and “a traditional cabinet-based, consultative team approach to government”. In a speech titled “Leadership in times of Uncertainty”, Turnbull said: “We do not see this election as a presidential contrast, a contest between Kevin Rudd …

Rakon, the second-worst performing stock on the New Zealand sharemarket in the past year, will sell 80 percent of its Chinese joint venture factory to a Chinese electronics manufacturer for US$18.8 million to reduce debt. Rakon, which will retain a 5 percent holding in the venture, is selling the stake to Shenzhen Stock Exchange listed ZheJiang East Crystal Electronic Co, …

The receiver for accused Ponzi scheme operator David Ross sold about $199,000 of family paintings and is looking at the family-owned properties as he tries to unravel the affairs of Ross Asset Management. PwC’s John Fisk and Duncan Bridgman have been appointed to preserve the assets of the Ross family and related trusts as part of the wider investigation into …

Accused Ponzi-style scheme operator David Ross made an appearance of less than five minutes in the Wellington District Court this morning, just enough time for his counsel to seek adjournment until Aug. 22 for substantive hearings on eight Crimes and Financial Advisers Act charges. Ross faces charges relating to $384.8 million of assets recorded in the accounts of a Ross …

The receiver for Strategic Finance has pushed out its deadline to cut a deal with the directors of the failed lender as it begins talking to a third party about settling a potential claim. PwC’s John Fisk has “effectively” completed a deal with Strategic’s directors over potential breaches of the Companies Act, but has put the deadline on hold while …

Penny Macdonald Many trade negotiators in Indonesia for the famous pre-Bogor APEC meetings were excited about the emerging vision of free trade.  It was hard to believe that everyone was poised to sign on to such an ambitious goal.  In a bar in Jakarta, having somewhat patronisingly congratulated one Senior Official on (finally) joining the consensus, I can still hear …

The New Zealand government posted a smaller operating deficit than forecast as the corporate tax take continued to beat expectations, while its cash balance was bolstered by a more successful float of MightyRiverPower than anticipated. The operating balance before gains and losses (obegal) was a deficit of $3.27 billion in the 11 months ended May 31, smaller than the $4.03 …

The New Zealand dollar surged against the British pound and the euro after central banks there highlighted their easing bias, increasing demand for the higher yielding local currency as rates in New Zealand are set to climb. The kiwi rose to a month high of 52.17 British pence, and recently traded at 51.95 pence, from 50.97 pence at the 5pm …