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BusinessDesk: NZ Needs More than 'Milk, Houses and Disaster', Labour Says

The New Zealand economy is overly reliant on "milk, houses and disaster" and will see a significant slowdown in economic growth rates in the near future as recent one-off stimulus wear off, said Labour finance spokesman Grant Robertson.

In a speech ahead of the May 21 government budget, he said the record migration surge explained almost half the current economic growth rate of 3.3 percent, while the Canterbury earthquake rebuild was estimated to account for about a third of current growth.More>>

 

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

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Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

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Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

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Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

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Scoop Business: NZ Net Migration Reaches New Annual Record In June

New Zealand annual net migration rose to a new record in June as arrivals continued to be bolstered by Chinese and Indian students, while fewer locals departed for Australia. More>>

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Scoop Business: NZ Services Sector Hits Most Buoyant Level In 11 Months
New Zealand’s services sector, which accounts for about two-thirds of the economy, was at its most buoyant level in 11 months in June. More>>

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Hot News: NZ Reigns Supreme At The 2015 World Hot Sauce Awards
New Zealand gained 3 World Championships and 3 Placings at this year’s World Hot Sauce Awards. The American-based World Hot Sauce Awards are considered the most prestigious and coveted Chilli awards in the world. More>>

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Little Announcement: Making Business Tax More Flexible
Labour is launching a new proposal to give businesses more flexibility and control over when they pay their tax, Opposition Leader Andrew Little announced today. More>>

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Fonterra: 523 Jobs To Go
Fonterra confirmed that it had completed consultation with its central procurement, finance, information services, human resources, strategy and legal teams. As a result, 523 roles will be disestablished... the Co-operative expected on-going payroll savings of approximately $55 – $60 million per annum. More>>

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Half Empty: Dairy Product Prices Slide More Than Expected
AgriHQ dairy analyst Susan Kilsby called the auction “a disastrous result,” adding that “the NZX Futures market anticipated whole milk powder prices would fall overnight. However the market underestimated the size of the fall.” More>>

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International Trade: NZ Joins WTO Procurement Agreement
New Zealand businesses will have guaranteed access to bid for an estimated US$1.7 trillion in annual overseas government contracts through joining the GPA, which creates new opportunities for Kiwi businesses to export more products and services to more destinations More>>

Egg News: McDonald’s Cracking On With Cage Free Eggs
McDonald’s New Zealand today announces a commitment to move towards cage free eggs in all its 164 restaurants by the end of next year. More>>

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No Public Input: SkyCity Convention Centre Consent Will Be Non-Notified
SkyCity Entertainment Group, New Zealand's only listed casino company, said the resource consent application for its planned Auckland convention centre will proceed on a non-notified basis, allowing it to be processed quicker. More>>

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Dishonesty And Corruption: Former NZ Wine Company (And Blues) CEO Gets Home Detention
Peter Scutts, the former head of New Zealand Wine Co, has been sentenced to eight months home detention after being found guilty of fraud in May. More>>

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July 10: NZ Dollar Holds Steady On Optimism Over China, Greece
The New Zealand dollar was little changed as risk sentiment improved following a bounce in Chinese equities and as Greece submitted new proposals for its creditors ahead of talks this weekend. More>>

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Suspected Black Widows: Table Grapes Withdrawn From Sale Following Spider Discovery
The Ministry for Primary Industries (MPI) is working closely with New Zealand produce retailers to have all imported Mexican table grapes withdrawn from sale following the discovery of spiders in a small number of consignments. More>>

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Crown Accounts: 11-Month Surplus Beating Forecasts
Once minority interests’ share of revenues and expenses are removed, the total Crown’s operating balance before gains and losses (OBEGAL) was a surplus of $1,176 million in the eleven-month period. This compares to a forecast surplus of $193 million. More>>

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Development: Screen Precinct Earmarked For Hobsonville Point
Auckland Council’s Auckland Development Committee has today passed a recommendation to create a screen precinct on council-owned land at Hobsonville Point. More>>

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Scoop Business: NZ Business Confidence Plummets To Lowest Level Since GFC
New Zealands business confidence plunged to the lowest level in three years in the second quarter as companies became pessimistic about profitability expectations. More>>

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Oceans: NZ Jumps Into International Shark Agreement
New Zealand has boosted the protection of sharks by signing the Memorandum of Understanding on the Conservation of Migratory Sharks. More>>

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Insurance: EQC To Double Payout, Scrap Contents Insurance
New Zealand’s Earthquake Commission may double its payout amount, scrap contents insurance and process claims through private insurers under the government’s long-running review of funding and management of the state-run earthquake insurer. More>>

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Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged
The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

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Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments
Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

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