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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>>

 

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

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Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

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Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

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Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

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Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

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Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ
The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

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Annual Record: Overseas Visitors Hit 3 Million Milestone
Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

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The Future: Thirty Year Infrastructure Plan Released
The Thirty Year New Zealand Infrastructure Plan 2015 sets out New Zealand’s response to the infrastructure challenges we will face over the next three decades, Finance Minister Bill English says. More>>

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Shopping: Online GST Discussion Document
GST: Cross-border services, intangibles and goods contains proposals to require overseas suppliers to register and return GST when they sell services (including online products such as e-books, music and videos) to New Zealand consumers. It also outlines the way forward for improving the collection of GST on all goods, including low-value imported goods. More>>

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Keith Rankin: Auckland Slowdown?
Has the Auckland housing market turned? I went to a neighbourhood auction yesterday. Solid large 1950s' house on 1,000 square metres of land, sunny section, view over city from front of house, handy to train and to the expanding New Lynn retail and commercial hub. More>>

SOEs: Solid Energy Into Temporary Voluntary Administration
Placing Solid Energy into temporary voluntary administration gives the best chance to secure an ongoing future for the different parts of the business, Finance Minister Bill English and State Owned Enterprises Minister Todd McClay say. More>>

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Gordon Campbell: On China’s Devaluation (And Wolf Alice)
As China’s currency takes the down elevator towards the basement – and after two days of decline no one knows how far down it will eventually go – its hard to see any good news for New Zealand. Our main export commodity (dairy powder) has already lost 70 % of its value over the past 18 months – and now everything we sell into our biggest export market (China) will cost more... More>>

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Beer: Growing Focus By Kiwi Craft Brewers On Exports
Although overall beer consumption has fallen 12 percent in New Zealand since 2008, the volume of high strength beer has almost doubled since 2009 reflecting the growing demand for craft beers as the number of craft brewers also jumped to 111 from 52 in the past five years. More>>

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Forestry: CTU Wins Second Private Prosecution
The employers of 19 year old forestry worker Eramiha Pairama, Puketi Logging, were today found guilty of a charge under the Health and Safety in Employment Act relating to his death in 2013... The CTU took the this private prosecution after MBIE inspectors made the decision not to take a prosecution. More>>

Tourism: Guest Nights In June Boosted By International Visitors
National guest nights for June 2015 were 3.1 percent higher than in June 2014, Statistics New Zealand said today. "Most of the rise for June was from international guest nights," business indicators manager Neil Kelly said. "This increase was spread across both main islands." More>>

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Retail: More Warehouse Workers Reject Wage
Workers at the Warehouse Blenheim to strike after 30 cent wage offer - This follows a strike at the Warehouse Manukau on Thursday. More stores across the country to follow. More>>

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Transport: New Visiting Driver Education Code For Rental Operators
Rental vehicle companies around New Zealand are being encouraged to sign up to a new Code of Practice aimed at improving the safety of both visiting drivers and New Zealand road users. More>>

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Fonterra: Forecast Milk Payout Plummets
• Forecast Farmgate Milk Price $3.85 per kilogram of milksolids (kgMS) • Forecast earnings per share range of 40 - 50 cents per share. Fonterra has also announced Fonterra Co-operative Support of an additional 50 cents per shared-up kilogram of milksolids to support farmers this season. More>>

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Heavy Lifting: Automation Being Considered At Ports Of Auckland
“Auckland freight growth is relentless. To handle it we’ve pushed our performance to world class levels but we’re reaching the limit of what we can do with our current technology. We need more room. We can’t go out so we need to go up, and for that automation looks the best bet.” More>>

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Fuel: Regulator Sees Raft Of Issues In Z-Chevron Merger
The Commerce Commission has identified a wide range of competition issues it will need to be satisfied about before it will tick through the proposed merger of Z Energy and the Chevron NZ, operator of the Caltex chain of petrol stations. More>>

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2018 Timetable: Genesis Energy Announces End To Coal-Fired Generation In NZ
Genesis Energy announced today that its last two coal-burning electricity generators at the Huntly Power Station will be permanently withdrawn from the market by December 2018, signaling the end of large scale coal-fired generation, and associated carbon emissions, in New Zealand. . More>>

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Half Empty: Weakening Dairy Prices Weigh On Fonterra Payout
Further declines in dairy prices at last night's GlobalDairyTrade auction have prompted most analysts to pull back their expectations for Fonterra Cooperative Group's payout to farmers for this season to below $4 per kilogram of milk solids, which would make it the lowest in almost a decade. More>>

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Beer: Tui Staff In Shock As DB Proposes To Cut Staff 2/3
Staff at DB’s iconic Tui Brewery in Mangatainoka are in shock after learning that nearly two-thirds of them, including two workers who have been there more than 40 years, may lose their jobs. More>>

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