Building Consents Strong in March
Consents were issued for 3,037 new dwelling units in March 2004, according to Statistics New Zealand. This is the highest total for a March month since 1976. The trend series for the number of new dwelling units has been rising since April 2003.Consents for 31,423 new dwelling units were issued in the year ended March [...]
Television Advertising breaks records
Television advertising revenue totalled $591.7 million ($516m in 2002) for the 12 months to 31 December 2003. This is an increase of $75.7 million or 14.7 per cent over the same period in 2002 and breaks last year’s record return. Revenue for the quarter ending 31 December 2003 was $176 million compared to $151.1 million [...]
Symantec Closes Fiscal Year With Record Revenue
Symantec Corp. (Nasdaq: SYMC), the global leader in information security, today reported results for the fiscal fourth quarter and the fiscal year ended April 2, 2004. Symantec posted revenue for the quarter of $556 million, a 43 percent increase compared to $390 million for the same quarter last year. Revenue for fiscal year 2004 was [...]
Skycity Buys Tainui's 15% In Skycity Hamilton
SKYCITY Entertainment Group Limited (SKYCITY) today advised the New Zealand stock exchange that it has reached an agreement to purchase Tainui Group Holdings Limited’s (TGHL) 15% shareholding in Riverside Casino Limited, the owner of the SKYCITY Hamilton gaming and entertainment complex.
This increases SKYCITY’s equity position in the Hamilton business to 70%.
SKYCITY Entertainment Group Managing Director, [...]
Imports Rise 7.1 Percent
The seasonally adjusted value of merchandise imports rose 7.1 percent in the March 2004 quarter, according to Statistics New Zealand. The import trend has risen since the second half of 2003 after being flat for nearly three years. The value of the New Zealand dollar, measured by the trade weighted index, rose 4.7 percent during [...]
Decision to Investigate Mobile Termination Rates
The purpose of this paper is to set out the Commission's reasons for deciding to investigate mobile termination rates.
The Commission has received complaints that the lack of competition in the mobile termination market results in unreasonably high charges for fixed-to-mobile calls in New Zealand.
Mobile termination relates to the termination of calls to mobile customers, and [...]
OCR increased to 5.5 per cent
The Reserve Bank today increased the Official Cash Rate from 5.25 per cent to 5.5 per cent.
Commenting on the decision, Reserve Bank Governor Alan Bollard said “The New Zealand economy continues to perform strongly and this is being supported by further improvements in the global economy. However, domestic inflation pressures remain strong and annual CPI [...]
Population Growth Eases
The resident population of New Zealand was estimated at 4,054,200 at 31 March 2004, according to the latest population estimates released by Statistics New Zealand. In the March 2004 year, the estimated population growth was 56,700 (1.4 percent). This was lower than the growth of 68,400 (1.7 percent) recorded in the March 2003 year. The [...]
NZ company wins international rail contracts
The new breed of super fast trains coming into service throughout the world may soon be relying on door control units created in New Zealand.
The high tech units replace older systems that are no longer reliable or robust enough to meet the demanding requirements of high speed passenger trains, and are the work of Palmerston [...]
Kiwi Income Property Trust Raises NZ$50 million
Auckland - Kiwi Income Property Trust has successfully raised NZ$50 million through a placement of units to institutional investors to fund the acquisition of Unisys House in Wellington.
The Trust has an unconditional contract to purchase Unisys House in Wellington's CBD and government precinct for $44 million, with settlement due on April 30, 2004. The property [...]
Panel exemption for Rubicon Forests Limited
On 26 April 2004 the Panel granted an exemption to Rubicon Forests Limited from compliance with rule 43(5) of the Takeovers Code in relation to a partial takeover offer for Tenon Limited.
Under rule 43(5) of the Code, Rubicon is required to send the offer document, within a prescribed timeframe, to every person who is registered [...]
Sapphire sales shine
The spectacular maiden New Zealand visit of Princess Cruises’ giant Star Princess has led to unprecedented demand for big-ship cruising, with a 350% increase in bookings for her big sister, Sapphire Princess.
On the back of the 109,000 ton Star Princess’ sell-out season last summer, more than 2000 Australasian passengers have already booked on the 116,000 [...]
Smuggling In The Hauraki Gulf
There’s a bit of smuggling going on the Hauraki Gulf this week, but surprisingly, it’s all kosher.
Exercise FORGE, a joint agency exercise between the New Zealand Customs Service and the Department of Conservation (DOC) kicks off this week in the Hauraki Gulf. With a focus on testing operational capabilities in a joint response to illegal [...]
TAX FREEDOM IS APPROACHING
Tax Freedom Day in New Zealand is important because it represents the day in the year when the average New Zealander stops working for the government and starts working for themselves, the executive director of the New Zealand Business Roundtable, Roger Kerr, said today.“As far as central government is concerned, today, April 22, is the [...]
Fastlane Autos' appeal dismissed: 'mistake of law' no defence
Following a recent High Court decision, the Commerce Commission is highlighting to businesses that they cannot avoid liability under the Fair Trading Act by claiming they were ignorant of or misunderstood the law.
The Auckland High Court has dismissed an appeal by Fastlane Autos Limited against a conviction of six charges of breaching the Fair Trading [...]
Visitor Arrivals Up 9 Percent
There were 211,700 short-term overseas visitor arrivals in New Zealand in March 2004, up 17,900 or 9 percent on March 2003, according to Statistics New Zealand.
In March 2004, there were more visitors from Australia (up 14,200 or 23 percent) and the United Kingdom (up 3,200 or 13 percent) than in March 2003.
The number of stay [...]
CHH Announces Strong Start
Carter Holt Harvey (CHH) today announced that the company's consolidated net earnings before tax for the three months ended 31 March 2004 were $54 million, up $3 million on the same period last year. Net earnings were down $13 million on that period due to the company recording a tax expense as advised at the [...]
Trans-Tasman Agreement Follows Historic Meeting
The plantation forest and wood products industries on both sides of the Tasman have concluded their first ever joint meeting, with an agreement to co-operate in the fields of international trade, climate change, and research.
The inaugural Trans-Tasman Forest and Wood Products Forum, held in Canberra today, involved industry leaders from the newly formed Australian Plantation [...]
Ports of Auckland Volumes Index Update
Total container volumes* for the 12 months to end-March 2004 were up 4% to 662,707 TEUs (as compared to the 12 months to end-March 2003) and down 1% on March 2003.
Full import container volumes rose 2% and full export container volumes were down 1% for the 12 months to end-March 2004. For the month of [...]
Sales of IT Goods and Services Decrease
Sales of information technology (IT) goods and services (excluding communication services) were $7.0 billion for the 2003 financial year, according to Statistics New Zealand’s Information Technology Survey. This is a 1 percent decrease from the 2002 financial year.
Total exports of IT goods and services (excluding communication services) decreased 30 percent to $677 million in the [...]
Fonterra Raises $100 Million From NZ Institutions
Fonterra Co-operative Group Ltd has raised NZD100 million in medium-term debt from New Zealand institutions.
The issue of NZD50 million of seven-year notes, maturing April 2011, and NZD50 million of 10-year bonds, maturing April 2014, was managed by National Bank of New Zealand Ltd.
Fonterra Group Treasurer Mary-Jane Daly said the issue attracted strong interest from the [...]
CPI Rises 0.4 Percent
The Consumers Price Index (CPI) increased by 0.4 percent in the March 2004 quarter, according to Statistics New Zealand. The housing group continues to make the most significant upward contribution to the CPI, with prices rising by 1.4 percent. The increase in the March 2004 quarter also reflects higher prices for petrol and vehicle insurance. [...]
Food Prices Rise 1.0 Percent in March
Food prices rose 1.0 percent in March 2004, according to latest figures from Statistics New Zealand. The most significant increase in March came from higher fruit and vegetable prices (up 3.9 percent). These were driven by increased prices for fresh vegetables (up 7.7 percent). Fruit and vegetable items that made significant upward contributions included potatoes [...]
Kiwis will Support Growth if it Supports Kiwiness
Kiwis do not scare easily when it comes to threats of impending economic doom or of a slide down the OECD ratings. They have heard these threats too often and they have lost impact, according to research undertaken by the Government-sponsored Growth and Innovation Advisory Board made up of influential New Zealanders who advise Government [...]
ihug Parent, iiNet, to list on NZSX
ihug, New Zealand's original internet pioneer, today announced its plan to list on the NZSX. This will be through its parent company, ASX-listed Australian ISP, iiNet Limited (ASX: IIN), which intends to become an Overseas Listed Issuer on the NZSX, on Monday 19 April.
The Company will list 79,461,916 ordinary shares. At today's prices, iiNet will [...]
Innovation Leads to Increased Profitability
Of the 44 percent of New Zealand businesses reporting innovation activity during the last three years, 80 percent report increased profitability as a result, according to Statistics New Zealand.
Results from the Innovation Survey 2003 show that New Zealand businesses spent $1.8 billion (or 1.5 percent of total expenditure) on innovation activities in their last financial [...]
Prospect of NZ-China FTA Good News
A free trade deal between China and New Zealand has the potential to bring many benefits to both countries, but in particular to New Zealand agriculture, said Tom Lambie, President of Federated Farmers of New Zealand (Inc).”We each stand to gain from the substantial boost such a partnership would give to bilateral trade,” said Mr [...]
March Quarter Retail Sales Increase
Seasonally adjusted total retail sales increased 2.8 percent in the March 2004 quarter, compared with the December 2003 quarter, according to Statistics New Zealand. Excluding the motor vehicle related industries, seasonally adjusted retail sales increased 2.1 percent over the same period. On a monthly basis, seasonally adjusted total retail sales increased 2.3 percent in March [...]
Work Stoppages Decrease for December
Twenty-eight work stoppages ended in the year to December 2003, according to Statistics New Zealand.
This was a decrease of 18 stoppages from the December 2002 year. The number of employees involved, loss of wages and salaries, and person-days of work lost, also decreased over the same period.
The 28 work stoppages that ended in the December [...]
Does Anyone Understand The Foreshore Policy?
The government’s foreshore and seabed policy creates deep uncertainty for all landowners, said Tom Lambie, President of Federated Farmers of New Zealand (Inc).”Landowners were anticipating that this package would clearly distinguish between public rights associated with Crown ownership, and private property rights. But instead landowners are left more confused and the package most definitely hasn’t [...]
Guest Nights Up 3 Percent
Total guest nights in short-term commercial accommodation were 3.2 million in February 2004, a 3 percent increase compared with February 2003, according to Statistics New Zealand. The underlying trend in total guest nights has been increasing since June 1998. In February 2004, the trend level in total guest nights was 4 percent higher than the [...]
Kerr Speech: 5th Annual Superfunds Summit
Many of our politicians act as though retirement income policy is the 'third rail' of New Zealand politics: touch it and you're dead. Arguably, however, the trauma is self-induced. Its sources are largely the broken political promises and abrupt, unforeshadowed decisions on superannuation by governments. But if we stand back and take a longer view, [...]
AA Petrol Watch
AA Petrol Watch has shown that changes in petrol prices at the pump throughout March, have followed a similar pattern to that during February. This reflects continuing volatility in the international price of oil and changes in the exchange rate.
The nation-wide average price of 91 Octane rose from a low of 108.5 cents per litre [...]
Brownlie Brothers misleading juice fined $35k
Hawkes Bay juice company Brownlie Brothers Limited has been fined a total of $35,000 after pleading guilty to breaching the Fair Trading Act in relation to misleading labelling of its Simply Squeezed and Supreme Orange Juice products.
In his reserved judgment released today, Justice Clapham commented that this was a committed endeavour in a difficult supply [...]
New vehicle sales continue strongly in March
A total of 8820 new vehicles was registered in March (6506 cars and 2314 commercial vehicles), confirming that the recent cycle of strength in the new vehicle market shows no sign of abating. The new car market grew by almost 25% from February to March, and the commercial market by a staggering 36%.
For the first [...]
Warning - follow-up scam calls increase
The Securities Commission is warning people not be taken in by follow-up approaches from overseas boiler rooms.
"Many New Zealanders have been scammed by overseas callers who have sold them shares which turn out to be worthless," Director of Enforcement Norman Miller said, "or who have taken the money and not bought any shares at all."
These [...]
Transfield Services signs sale contract
Transfield Services Limited today announced the execution of a conditional sale contract with Serco Group plc, to acquire its wholly owned subsidiary, Serco Group NZ Ltd (Serco NZ). Completion of the sale is conditional on obtaining consents and other administrative matters and is anticipated to be completed by 31 May 2004.
Serco NZ is a leading [...]
Trans-Tasman Statisticians Meet
A greater interest in consistent statistical standards between New Zealand and Australia is a major issue for a meeting this week between the Australian Bureau of Statistics and Statistics New Zealand. Australian Statistician Dennis Trewin and five colleagues are meeting their New Zealand counterparts for a three-day meeting in Wellington this week.
New Zealand Government Statistician [...]
February Trade Surplus Updated
The provisional value of merchandise exports for February 2004 is $2,517 million, 8.9 percent higher than for February 2003, according to Statistics New Zealand. This is $13 million lower than the estimated merchandise exports figure published on 25 March 2004. The provisional value of merchandise imports is $2,394 million, resulting in a merchandise trade surplus [...]
New Report Shows Changing Face of Older NZers
The number of people aged 65 years and over has doubled over the last 50 years and is expected to double again in the next 50 years. By 2051, older people will have exceeded the one million mark and will account for one out of every four New Zealanders. These findings are contained in Older [...]