zealand - Shore News Network

New Zealand central bank warns Citi’s local unit over breach of international payments rule

ReutersDecember 13, 20230

(Reuters) – The Reserve Bank of New Zealand (RBNZ) said on Thursday it had issued a formal warning to Citigroup’s local unit for failing to provide sender information in international payment transfers to recipient banks. The failure arises from Citibank NZ’s “control deficiencies” to ensure measures were adequately applied to automated payments. Around 64,000 transfers had reportedly failed to pass on the true identity of the sender to the recipients. The identity requirements are crucial to mitigate the risks of anonymous use of wire transfers for money laundering and terrorism financing, the RBNZ added. Citibank NZ in an email to

New Zealand economy unexpectedly contracts in third quarter

ReutersDecember 13, 20230

By Lucy Craymer WELLINGTON (Reuters) – New Zealand’s economy unexpectedly contracted in the third quarter as a number of industries including manufacturing and construction saw activity slow and household spending eased. Official data out on Thursday showed gross domestic product (GDP) fell 0.3% in the September quarter, lower than analysts’ forecasts of a 0.2% rise. It followed a revised 0.5% increase in the second quarter. Annual GDP decreased 0.6%, Statistics New Zealand data showed. The market had expected an increase of 0.5%. All goods-producing industries were down in the third quarter, led by a fall in manufacturing, said Ruvani Ratnayake,

New Zealand house prices fall but activity up -REINZ

ReutersDecember 12, 20230

By Lucy Craymer WELLINGTON (Reuters) – New Zealand house prices fell in November, but more broadly sales activity is improving with more listings coming to market and houses selling more quickly, the Real Estate Institute of New Zealand (REINZ) said on Wednesday. Seasonally adjusted median house prices fell 1.0% in November compared with October, and were down 2.0% from a year earlier, REINZ data showed. Seasonally adjusted national home sales volumes rose 0.8% from October and were up from 16.6% from November 2022. REINZ Chief Executive Jen Baird said in a statement that November continues the trend of slow and

New Zealand foreign minister seeks closer ties with Five Eyes powers

ReutersDecember 11, 20230

By Alasdair Pal (Reuters) – New Zealand Foreign Minister Winston Peters said on Monday he would draw the country closer to intelligence partners the United States, Britain, Canada and Australia, part of a renewed focus on security under the new right-of-centre government. The four countries, which together with New Zealand are known as the Five Eyes, have shared intelligence since World War Two, though the alliance has come under pressure in recent years. Peters, a former foreign minister and leader of the populist New Zealand First Party, is a coalition partner in the government led by Prime Minister Christopher Luxon’s

New Zealand seeks to strengthen engagement with US -foreign minister

ReutersNovember 29, 20230

By Lucy Craymer WELLINGTON (Reuters) – New Zealand Foreign Minister Winston Peters said on Thursday his country would seek to strengthen engagement with the United States on strategic and security challenges while also looking to unlock potential in their economic relationship. “As a small democracy with deep relationships across the region, and focused on regional security and prosperity, New Zealand has a crucial role to play in promoting shared values in our part of the world and in growing economic opportunity and performance,” Peters said in a speech to the United States Business Summit in Auckland. The speech was Peters’

New Zealand to introduce RBNZ reforms, lift cigarette sale ban

ReutersNovember 28, 20230

SYDNEY (Reuters) – New Zealand’s new government will introduce legislation to reform the Reserve Bank of New Zealand’s mandate and lift a ban on the sale of cigarettes to future generations within its first 100 days, Prime Minister Christopher Luxon said in a statement on Wednesday. The centre-right National Party, led by Luxon, returned to power alongside the populist New Zealand First party and libertarian ACT New Zealand after six years of rule by governments led by the left-leaning Labour Party. Luxon, who was sworn in on Monday, said its 49-point action plan was focused on the economy, easing the

EU lawmakers approve New Zealand trade deal to end hiatus

ReutersNovember 22, 20230

By Philip Blenkinsop BRUSSELS (Reuters) – The European Parliament approved on Wednesday the European Union’s free trade agreement with New Zealand, its first endorsement of such a deal in more than three years. EU lawmakers voted by 524 to 85 for the deal, which may now enter force in early 2024. Daniel Caspary, the German Christian Democrat overseeing the agreement’s passage through parliament, said the vote was “overdue”, as the last trade deal to be cleared was with Vietnam in February 2020. “I had also hoped we would bring our trade agreements with Australia and perhaps also Mercosur to a

New Zealand house prices dip in October, sales activity steadily improving -REINZ

ReutersNovember 15, 20230

By Lucy Craymer WELLINGTON (Reuters) – New Zealand house prices fell slightly in October but sales activity is showing a steady improvement on 2022, the Real Estate Institute of New Zealand (REINZ) said on Thursday. Seasonally adjusted median house prices fell 0.9% in October compared with September, and were down 2.8% from a year earlier, REINZ data showed. Seasonally adjusted national home sales volumes fell 10.7% from September but were up 4.0% from October 2022. REINZ Chief Executive Jen Baird said in a statement the increasing number of listings coming to market is showing a slow, but marked, improvement to

Explainer-New Zealand voted for change, what happens now?

ReutersOctober 15, 20230

WELLINGTON (Reuters) – New Zealand’s centre-right National Party will head the country’s next government after Saturday’s general election, but it will be several weeks until vote counting is finalised and for now the country is in transition. WHERE ARE THINGS WITH FORMING A NEW GOVERNMENT? National won 50 seats and the right-wing, free-market ACT Party won 11, securing a majority of just one seat in the 121-seat parliament, according to provisional results from the Electoral Commission. While National and ACT have the numbers to form a government on the current count, roughly 567,0000 special votes, around 20% of the total,

‘Bloodbath’: New Zealand Voters Decisively Reject Liberal Party

The Daily CallerOctober 15, 20230

‘Bloodbath’: New Zealand Voters Decisively Reject Liberal Party Nick Pope on October 14, 2023 The voters of New Zealand spurned the liberal Labour Party in Saturday’s national elections, knocking them into the minority and electing a conservative coalition led by the National Party. The center-right National Party earned about 40% of the vote, while Labour managed to win just over 25% of the vote, a sharp decline from the 50% share it earned in the last election prior to former Prime Minister Jacinda Ardern’s abrupt resignation from her post, according to the AP. Labour had been in power for six

New Zealand PM-elect Luxon, National leaders to start planning coalition

ReutersOctober 14, 20230

By Lucy Craymer and Renju Jose WELLINGTON (Reuters) -Senior members of New Zealand’s National Party will meet on Sunday to plan forming a coalition government after the centre-right party and its preferred partner won a razor-thin electoral victory that could be eroded when the final votes are tallied. Prime Minister-elect Christopher Luxon, 53, a former airline executive who has only been in parliament for three years, said National’s strategy team would gather behind closed doors in the afternoon to map out how to approach negotiations. “We are going to deliver a strong and stable government that is going to get

Voting closes in New Zealand election, counting set to begin

ReutersOctober 14, 20230

By Lucy Craymer WELLINGTON (Reuters) – Voting closed in New Zealand’s general election at 7:00 p.m. (0600 GMT) on Saturday and counting was set to start, with provisional results due later this evening. Opinion polls have indicated the opposition centre-right National Party looks set to gain the largest share of the vote but is unlikely to get a majority, even with the support of its preferred coalition partner, the libertarian ACT Party. Polls predict that the nationalist New Zealand First Party will hold the balance of power. The party was Labour’s coalition partner in 2017 but has said it will

New Zealand election campaign winds down with Labour facing defeat

ReutersOctober 12, 20230

By Lucy Craymer WELLINGTON (Reuters) – New Zealand Prime Minister Chris Hipkins on Friday urged voters to get out and re-elect Labour in Saturday’s national election, as polls indicate a change in government after six years of left-wing rule. Hipkins, who took over as prime minister in January when Jacinda Ardern made the surprise decision to step down, has struggled to win back swing voters disenfranchised with the Labour Party, which they blame for long COVID-19 lockdowns and a huge rise in the cost of living. However, Hipkins, 45 said Labour was starting to see momentum build in the final

Explainer-New Zealand election on Saturday: What you need to know

ReutersOctober 12, 20230

By Lucy Craymer WELLINGTON (Reuters) – Saturday is the final day to vote in the New Zealand national election, with the Labour Party seeking a third term and the centre-right National Party hoping to return to government with the help of coalition partners. Advanced voting opened on Oct. 2. It is popular in New Zealand, with 68% voting ahead of the last election in 2020. The polls close at 7 p.m. NZDT on Saturday (0600 GMT). National looks likely to win the largest proportion of votes in the election, but polls indicate that it will need at least one minor

Factbox-The two Chrises vying for role of New Zealand prime minister

ReutersOctober 12, 20230

By Lucy Craymer WELLINGTON (Reuters) – New Zealand’s election has turned into a battle of the two Chrises. According to recent polls, Chris Hipkins, New Zealand’s current prime minister and leader of the Labour party, looks likely to lose power to Christopher Luxon, leader of the National Party. But under New Zealand’s mixed-member proportional electoral system, surprises are possible. Here are some details about Hipkins and Luxon. CHRISTOPHER LUXON * A former airline executive and 53-year-old father-of-two. * Has only been in parliament since 2020 and took over as leader of the National Party and head of the opposition in

Air New Zealand eyes lower earnings for first half as domestic demand softens

ReutersOctober 11, 20230

By Ayushman Ojha (Reuters) -Air New Zealand on Thursday flagged lower earnings for first half of fiscal 2024 on a recent softness in domestic travel demand and volatility in jet fuel prices, dragging its shares to a five-month low. New Zealand’s flag carrier expects earnings before tax for the first half to be between NZ$180 million ($108.36 million) and NZ$230 million. The company had reported NZ$299 million in the year-ago period. “With interest rates at 5.5% and inflation still well above target, people are more prudent about spending habits and air travel can take a back seat to other modes

Factbox-Kingmakers rise ahead of close-run New Zealand election

ReutersOctober 3, 20230

By Lucy Craymer WELLINGTON (Reuters) – Election polls give New Zealand’s centre-right National Party a comfortable lead going into the Oct. 14 election. However, it is unlikely to be able to govern without the support of at least one minor party and probably might need two. National has said its preferred choice is the ACT Party but that it would also be prepared to negotiate with New Zealand First. ACT PARTY Founded in 1994, the right-wing, economic libertarian ACT Party was a minor coalition partner with National from 2008 to 2017. ACT won 7.6% or 10 seats in the 2020

New Zealand current account deficit narrows in Q2

ReutersSeptember 19, 20230

By Lucy Craymer WELLINGTON (Reuters) – New Zealand’s current deficit narrowed in the second quarter, official data showed on Wednesday, but the country’s external position remains well beyond sustainable levels. The actual quarterly deficit was NZ$4.208 billion ($2.50 billion) in the three months to June, from a deficit of NZ$4.662 billion in the previous quarter, according to Statistics New Zealand. The annual deficit to June was NZ$29.76 billion, equating to 7.5% of gross domestic product, down from a revised 8.2% of GDP in the first quarter. New Zealand’s current account deficit as a proportion of GDP, a indicator that a

New Zealand banks to introduce new measures to prevent scams

ReutersSeptember 14, 20230

By Lucy Craymer WELLINGTON (Reuters) – New Zealand banks on Friday said they would introduce new steps to counter scams targeted at its customers including establishing a national Anti-Scam centre, combining resources to combat money laundering and increasing public awareness. Roger Beaumont, chief executive of the New Zealand Banking Association, which represents all large banks based in New Zealand, said in a statement that the joint commitment by retail banks is expected to have a positive impact in tackling fraud and scams. In the second quarter of 2023 1,950 scams were reported with people losing NZ$4.2 million ($2.48 million), according

New Zealand manufacturing sector again edges lower in August

ReutersSeptember 14, 20230

WELLINGTON (Reuters) – New Zealand’s manufacturing sector contracted again in August and is well below its long-term average, a survey showed on Friday. The Bank of New Zealand-BusinessNZ’s seasonally adjusted Performance of Manufacturing Index (PMI) fell to 46.1 in August from a revised 46.6 in July. New orders edged higher to 46.6 from 45 in the prior month. A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction. The August result told the tale of another tough month for the sector, BusinessNZ’s director of advocacy, Catherine Beard, said in a statement. (Reporting by

New Zealand forecasts much larger budget deficit but improved economy

ReutersSeptember 11, 20230

By Lucy Craymer WELLINGTON (Reuters) – New Zealand’s government on Tuesday predicted a larger budget deficit but better-than-expected economic conditions in the year ahead, as it updated forecasts heading into the October election. The government forecast a budget deficit of NZ$11.4 billion ($6.7 billion) for the year ending June 30, 2024, much larger than a deficit of NZ$7.6 billion estimated in May. It now expects to return to surplus by 2026/27, one year later than first planned. The global economy has deteriorated since May, which is having a direct impact on New Zealand’s economy while tax revenue is also falling,

New Zealand house prices to rise again on supply shortage, rate cut hopes: Reuters poll

ReutersAugust 29, 20230

By Anant Chandak BENGALURU (Reuters) – New Zealand house prices are forecast to rise again next year due to an ongoing supply shortage and expectations for interest rate cuts, according to a Reuters poll of property market analysts. The Reserve Bank of New Zealand (RBNZ) likely ended a 20-month tightening cycle in May after taking the overnight cash rate from near-zero to 5.50%, a campaign that helped bring down the average house price by 15% compared with the price peak in November 2021. That is short of a roughly 20% correction most property analysts predicted in May following a pandemic-era

New Zealand cuts spending plans as China, global economies slow

ReutersAugust 28, 20230

SYDNEY (Reuters) – New Zealand said on Monday it would cut its future budget allowances, reduce spending on consultants and for some government programmes citing a deterioration in the global economy, and particularly in its largest trading partner China. The government said it would require public agencies to find permanent savings, though frontline services will be excluded from savings initiatives. “Since May we have seen further deterioration in the global economy, particularly in China. This will continue to have a direct impact on the New Zealand economy,” Finance Minister Grant Robertson said in a statement. “It is important that the government

Analysis-In New Zealand, defence and security become election issues amid China’s Pacific push

ReutersAugust 10, 20230

By Lucy Craymer WELLINGTON (Reuters) – For the first time in decades, foreign and defence policy are in the electoral spotlight in New Zealand, as opinion surveys show public concern about the security environment and the major parties wrestle with how to respond to an assertive China. The first part of the country’s defence review, released last week, said that New Zealand’s military capabilities had fallen behind and that its geographical isolation was no longer a security guarantee. With a general election on Oct. 14, there is no clear path on how the country should respond – a quandary that

Reserve Bank of New Zealand: stress test shows life insurers can withstand shocks

ReutersAugust 7, 20230

By Lucy Craymer WELLINGTON (Reuters) – Reserve Bank of New Zealand said on Tuesday that its first life insurance industry stress test showed large insurers are well placed to withstand severe economic and insurance shocks, while continuing to pay out on policy claims. “Participating insurers were able to pay out substantial claims from policy holders and remain solvent during a hypothetical three-year scenario which included long COVID, a new pandemic and a period of severe economic stress,” RBNZ Deputy Governor Christian Hawkesby said in a statement. He added that stress tests play an important role in helping build understanding of