Thirty-Year High in New Dwellings for February
Consents were issued for 2,529 new dwelling units in February 2004, according to Statistics New Zealand. This is the highest total for a February month since 1974. The trend series for the number of new dwelling units has been rising since April 2003.
Consents for 30,923 new dwelling units were issued in the year ended February [...]
Update on First Threshold Assessment
The Commerce Commission today announced it has identified five electricity distribution businesses in breach of the initial price path threshold set by the Commission last June. One further distribution businesses has been found to comply with the threshold.
The price path threshold applies to 29 electricity lines businesses, including Transpower. In essence, a lines business is [...]
Electricity Lines Business Disclosure Requirements
The Commerce Commission is today issuing its first set of broad information disclosure requirements for electricity lines businesses. This work is part of the Commission's development of a regulatory regime for lines businesses, as required by Part 4A of the Commerce Act.
The Commission's information disclosure requirements largely replicate and replace the existing information disclosure regime [...]
Life Expectancy Continues to Increase
The average life expectancy of New Zealanders continues to rise, according to 2000-2002 complete life tables released by Statistics New Zealand. Based on mortality in 2000-2002, a newborn girl can expect to live 81.1 years and a newborn boy 76.3 years. These represent gains of 1.4 years for females and 1.9 years for males since [...]
Economic Activity Increases 0.6 Percent
Economic activity increased 0.6 percent in the December 2003 quarter, following increases of 1.6 and 0.3 percent in the September and June 2003 quarters, respectively, according to Statistics New Zealand. For the year ended December 2003, the economy grew by 3.5 percent. Gross domestic product (GDP) per capita increased 1.8 percent in the December 2003 [...]
Background Information On Telecom Prosecution
The Commerce Commission is an independent quasi-judicial body and is not subject to direction in its enforcement and regulatory control activities. It has responsibility for enforcement and regulatory control under a number of general and specific regulatory regimes set out in the: Commerce Act 1986, Fair Trading Act 1986, Electricity Industry Reform Act 1998, Telecommunications [...]
Return to Seasonal February Trade Surplus
The provisional value of merchandise imports for February 2004 is $2,394 million, 3.2 percent higher than February 2003, according to Statistics New Zealand. The estimated value of merchandise exports for February 2004 is $2,530 million, resulting in an estimated trade surplus of $136 million, or 5.4 percent of exports. A surplus is usual for a [...]
Current Account Deficit Narrows
The Balance of Payments current account deficit narrowed this quarter, recording a seasonally adjusted reduction of $396 million in the December 2003 quarter, according to Statistics New Zealand. The December quarter narrowing of the deficit follows widening deficits in the June and September 2003 quarters. The deficit represents the difference between New Zealand’s total overseas [...]
More five star crash test results good news for NZ
New Zealand car buyers have more choice than ever when it comes to vehicles offering the highest level of occupant protection.
Crash test results released today by the Land Transport Safety Authority (LTSA) show eight more models have scored five out of five stars in independent safety tests.
New models of the Subaru Legacy and Outback scored [...]
OneSMART(tm) Mastercard(r) Launched in NZ
More smart choices in applications, platforms and designs for
financial institutions to optimise smart card programmes
Auckland, 24 March 2004 - Building on its global leadership position in smart card technology, MasterCard International has launched its OneSMART(tm) Mastercard(r) programme in New Zealand this week, offering financial institutions a myriad of technological solutions for migration to EMV-compliant smart [...]
Ports of Auckland Volumes Index Update
Total container volumes* were up 4% to 663,506 TEUs for the 12 months to end-February 2004 (as compared to the 12 months to end-February 2003) and down 3% on February 2003.
Full import and full export container volumes increased 4% and 2% respectively for the 12 months to end-February 2004. For the month of February 2004, [...]
Plastics New Zealand - Trade Organisation
The price of raw materials for the Plastics Industry continues to increase and the industry is unable to hold back price increases to recover higher costs any longer.
Internationally, polymers are priced in US dollars. A combination of higher international prices and a reversal in the appreciation of the NZ dollar against the US dollar has [...]
InternetNZ welcomes anti-spam legislation
InternetNZ, the Internet Society of New Zealand, is welcoming the announcement by the Government that it will introduce to Parliament anti-spam legislation by the end of the year.
“We believe good legislation is part of the solution to the ever growing spam problem, and support this move” said InternetNZ Vice-President David Farrar.
“Spam now makes up 65% [...]
Retirement Saving Reaching Critical Point
More New Zealanders than ever before are resisting the need to save for their retirement, according to the annual Sovereign SaverPulse survey of savings and investment attitudes.
Only 52% of respondents have started saving for their retirement, signaling a five percent drop since last year's survey. The number of respondents beginning retirement savings is among the [...]
Bee Import Backed
A new breed of bee being introduced to New Zealand will help in the fight against the devastating Varroa bee mite, said Lin McKenzie of the New Zealand Bee Industry Group (NZBIG).
“Our members support the importation of the carniolan honey bee. We are open to new strains of bees which could have a higher tolerance [...]
Reserve Bank orders withdrawal of 'bank' name
The Reserve Bank has ordered “SDC Bank” to stop using the word “bank” in its name or title. “SDC Bank” claims to operate from an office in Auckland, New Zealand and advertises for business on the Internet.
Reserve Bank spokesperson, Paul Jackman, said “A notice ordering “SDC Bank” to stop using the word “bank” in its [...]
Probe Milestone Extend Regional Broadband Coverage
An agreement to extend broadband to schools and communities in seven regions was signed today by the Government and Telecom as part of Project PROBE.
An agreement to extend broadband to schools and communities in seven regions was signed today by the Government and Telecom as part of Project PROBE.
Project PROBE aims to roll out broadband [...]
Briscoe Group Full Year Profit
The directors of Briscoe Group Limited are pleased to announce an audited net profit after tax (NPAT) of $23.62 million for the year ending 31 January 2004. The result is marginally ahead of the $23.56 million achieved for the previous year.
The result is also ahead of the revised profit estimate included in the directors' advice [...]
Local Authority Surplus Up
The combined operating surplus of New Zealand’s 86 local authorities was $60.2 million in the December 2003 quarter, according to Statistics New Zealand. The latest quarterly local authority survey shows the surplus was $10.3 million higher than the $49.9 million surplus recorded in the September 2003 quarter.
Operating revenue rose 3.7 percent to $1,137.5 million in [...]
NZX Futures and Options Rules Approved
The Securities Commission has approved New Zealand Exchange Limited's rules for regulation of NZX futures and options dealers.
The Commission considered the rules by reference to the principles for regulation of futures dealers published in its 2002 discussion paper "Securities Commission policy in Respect for Futures Dealers Authorisation".
"The rules submitted to the Commission do address these [...]
Big Shipping Heist of 2004: $150 million
Shipping companies have colluded to transfer up to $150 million from importers to their bank accounts. Government does nothing.
Our Wellington Secretary, Ivan McNicholl, warned us of freight increases of up to 80% in 2004 during our last annual meeting. Here are some of the freight rate increases announced for 1 April:
All origins in North Asia [...]
NZPost Announce Improved Half Year Performance
New Zealand Post Group today announced an unaudited net profit after tax of $21.7 million for the six months to December 2003, compared with $19.6 million for the same period last year.
New Zealand Post Chief Executive John Allen said the result was ahead of expectation and included a strong performance from the International mail business [...]
Trading in the shares of New Zealand Oil & Gas Ltd
The Securities Commission has completed a review of trading in the shares of New Zealand Oil & Gas Limited during January 2004.
The review considered whether or not directors of the company and other persons possibly in possession of non public, price-sensitive information relating to the company may have traded in the period.
The Commission has undertaken [...]
Work & Home Life Pressures Changing Way We Worry
Auckland, - One year on from the first Tower/TNS 'What Worries New Zealanders' survey, results indicate that changing roles and responsibilities at home and at work, are shifting the focus of our worries away from money, towards the family.
The latest survey looks at the differences between men and women's worries in relation to family and [...]
Guest Nights Up 5 Percent
Total guest nights in short-term commercial accommodation showed a 5 percent increase in January 2004 compared with January 2003, according to Statistics New Zealand.
Total monthly guest nights of 4.2 million in January 2004 were the highest recorded since the survey began in July 1996.
The underlying trend in total guest nights in short-term commercial accommodation has [...]
Manufacturing Sales Increase 2.3 Percent
Seasonally adjusted manufacturing sales for the December 2003 quarter increased by 2.3 percent, compared with the September 2003 quarter, according to Statistics New Zealand. With the effect of price changes removed, seasonally adjusted manufacturing sales increased by 2.6 percent over the same period.
Eight out of 15 industries recorded increases in seasonally adjusted sales in the [...]
Trade Prices Down, Import Volumes Up
The continuing appreciation of the New Zealand dollar has led to further falls in both import and export prices in the December 2003 quarter, according to Statistics New Zealand. A 4.0 percent increase in the volume of imports for the December 2003 quarter resulted in record volumes of merchandise imports for the fifth consecutive quarter.
A [...]
Tax Breather For Flood Affected Businesses
Farmers will be heartened by the generous offer of Tax Management New Zealand to provide up to one month’s tax relief for businesses badly affected by the February flooding, said Tom Lambie, President of Federated Farmers of New Zealand (Inc).
The offer allows flood-affected businesses to delay making provisional and terminal tax payments until as late [...]
Food Prices Rise in February
Food prices rose 0.4 percent in February 2004, according to the latest figures released by Statistics New Zealand. Price increases were recorded for fruit and vegetables; and restaurant meals and ready-to-eat food. These increases were partly offset by lower prices for meat, fish and poultry. Grocery food, soft drinks and confectionery prices remained unchanged. Prices [...]
Popularity of paying for work performance on rise
The practice of paying by results through performance incentives and bonuses is rising in popularity according to the Employers Salary and Wage Survey carried out nationally by the Employers & Manufacturers Association.
EMA has released data from the 2003 Survey on performance bonuses and compared it with data from 2002, 2001 and 1997.
On average chief executives [...]
January Retail Sales Increase
Seasonally adjusted total retail sales increased 2.9 percent in January 2004, compared with December 2003, according to Statistics New Zealand. This is the largest monthly increase since April 2002 and follows flat movements in both December 2003 and November 2003.
Seasonally adjusted sales for the core retailing group (which excludes the four motor vehicle related industries) [...]
TVNZ Announces Interim Result
TVNZ today announced its FY2004 Interim Result for the period 1 July to 31 December 2003. The organisation recorded a net profit after taxation of $27.6 million for the period, an increase of $4.7 million year on year.
The Television business contributed a net profit after taxation of $20.4 million, an increase of $1.9 million, and [...]
Upturn in Exports Trend Confirmed
The updated provisional value of merchandise exports for January 2004 is $2,041 million, which is virtually unchanged when compared with January 2003, according to Statistics New Zealand. The underlying trend for the value of merchandise exports has increased 3.0 percent since August 2003, despite the exchange rate having appreciated 6.0 percent over this period.
Although the [...]
New Export Rules Implemented
The New Zealand Customs Service thanks exporters, freight forwarders, shippers and port and airport companies for their support in implementing new rules for exports from March 1 2004.
Exporters are now required to electronically lodge an export entry in advance of goods being shipped. Ports and airlines are being advised not to load goods until that [...]
Value of Residential Building Work Rises
The value of residential building work put in place was $1,748 million in the December 2003 quarter, according to Statistics New Zealand. This is $326 million or 23 percent higher, when compared with the December 2002 quarter. The trend for the value of residential building work put in place has been rising since the March [...]
New Report Sheds Light on Digital Divide
Total household income has a major influence on household Internet access, according to The Digital Divide, a new report published by Statistics New Zealand. The proportion of households connected to the Internet rises with income, with households reporting incomes greater than $100,000 being five times more likely to have an Internet connection in the home [...]
Pacific Radiology to acquire Wakefield Radiology
The Commerce Commission has granted a clearance to Pacific Radiology Limited to acquire the radiology services, business and assets of Wakefield Radiology Limited.
Pacific Radiology provides radiology services in Christchurch, Nelson and the Hutt Valley, while Wakefield Radiology has clinics in the Wellington and Wairarapa regions.
Chair Paula Rebstock said that the Commission was satisfied that the [...]
Strong new vehicle market continues in February
The buoyant new vehicle market continued in February, boosted by a particularly strong performance by commercial vehicles. Although new car sales, at 5219, were slightly down on January's figure, the short selling month of February produced a 7% increase in new car sales over February 2003. 1702 new commercial vehicles were sold in the month, [...]
Lack of focus contributes to Zespri's losses in EU
Zespri’s $1million loss in Europe is a warning sign of a company losing sight of its key marketing objective, says Seeka Kiwifruit Industries Limited’s managing director Tony de Farias.
Zespri has revealed that they have lost in excess of $1 million dollars operating their year-round supply strategy. Zespri says the losses are due to their inability [...]
Making merino an international success story
The government is contributing more than $350,000 to a scientific project that will enable manufacturers to develop fabrics from New Zealand merino wool for specific, high performance sporting activities.
It will establish test methods to prove the unique characteristics of fabrics manufactured from merino wool and blends, ensuring label claims for enhanced human or fabric performance [...]
Biotechnology Venture Eyes New Horizons
Carter Holt Harvey (CHH) and Rubicon today announced the merging of their existing forestry biotechnology and propagation operations into a new venture - Horizon2. Horizon2 brings together New Zealand's two leading forestry nursery and biotechnology programmes - CHH Forest Genetics and Rubicon's Trees & Technology.
Through Horizon2, New Zealand and Australian forest owners will have access [...]
There's One Company To Rule Them All
There’s one company to rule them all when it comes to the supermarket chiller. New Zealand Dairy Foods, marketers of the hugely successful Anchor and Fresh’n Fruity brands, cleaned up the dairy category in The Foodtown Magazine People’s Choice awards last night (Thursday 5 March).
Held at Auckland’s Heritage Hotel, the inaugural awards were established to [...]
Smoother Roads As Leaders Sign On To Roadshare
New Zealand road users can expect smoother roads as key players in the utilities sector and local government today, Wednesday, 3 March 2004, signed a Charter of Understanding at Parliament Buildings, Wellington, committing them to work together for the better management of New Zealand's roading corridor.The charter signing ceremony was hosted by the Minister of [...]
Lower Electricity Generation in December Quarter
Seasonally adjusted electricity generation decreased by 0.2 percent in the December 2003 quarter compared with the September 2003 quarter, according to Statistics New Zealand.
In the December 2003 quarter, hydro generation (6,526 gigawatt hours) was 0.2 percent lower than in the December 2002 quarter, while thermal generation (2,581 gigawatt hours) was 1.0 percent lower than in [...]
Visitor Arrivals Up 11 Percent
There were 244,300 short-term overseas visitor arrivals in New Zealand in January 2004, up 23,500 or 11 percent on January 2003, according to Statistics New Zealand.
In January 2004, there were more visitors from Australia (up 14,300 or 27 percent), the United Kingdom (up 3,300 or 9 percent), China (up 1,500 or 20 percent) and Hong [...]
Banking Registration Changes
The Reserve Bank today announced that it has registered The Bank of Tokyo-Mitsubishi, Ltd. as a bank in New Zealand, and deregistered the Bank of Tokyo-Mitsubishi (Australia) Limited as a bank in New Zealand.
The Bank of Tokyo-Mitsubishi, Ltd. is a Japanese incorporated bank which will operate in New Zealand as a branch conducting the banking [...]
Niro A/S applies for clearance to acquire Colby
The Commerce Commission has received an application from Niro A/S, to acquire 100 percent of the shares of Colby Systems Limited from Siemens Dematic AG.
The acquisition is part of the global acquisition by Niro of the Colby Powder Systems group from Siemens Dematic AG. The Colby Powder Systems group has offices based in Australia, New [...]