Business News

NZ economy lost $2.8 billion due to drought

New Zealand

A whopping sum of $2.8 billion was lost by the New Zealand economy due to the drought in 2007 and 2008.

A report released by a Ministry of Agriculture and Forestry that the total cost to New Zealand's primary sector was $1.9 billion on-farm and $900 million off-farm.

It should be noted that drought drastically reduced the quality of stock going into the next breeding season, reduced quantity of milk from dairy farms and increased costs due to purchase of supplementary feed.

NAB survey: Business confidence reached plus-10 points in July

National Australia Bank

The latest National Australia Bank (NAB) monthly business survey has revealed that, presently, the businesses are more confident about the economy, than they were two years ago.

A rise in the NAB survey measure of confidence was seen by six points to reach plus-10 points in July, the highest level recorded since August 2007.

NBN Co board to reveal salary packages of top management

NBN Co

Senator Minchin said the government should reveal the salary packages of top management of the publicly funded NBN Co. Earlier, the public expressed anger over the salaries of the executives at the time of the economic downturn.

He said: "Considering Australian taxpayers will be the major stake-holder in the NBN company, I think Senator Conroy is obliged to outline details regarding remuneration arrangements for the board members and CEO, particularly after all Mr Rudd's tough talk about reining in executive salaries."

Hike seen in NZ unemployment rate

unemployment

New Zealand is seeing its rate of unemployment hitting a 10-year high, with figures displaying that 138,000 Kiwis are now jobless. The figures are very high considering that the population of New Zealand is just 4 million.

It should be noted that the rate of unemployment in New Zealand has jumped to six from five percent.

The past year witnessed nearly 48,000 more New Zealanders losing their jobs. As compared to men, more women lost their jobs, which economists put down to a further slow down in the retail sector.

Confidence related to business at seven year high

business confidence

As per the media reports, business confidence has hiked up to its highest levels for more than seven years.

The general business conditions are expected to be improved by a net 19 percent of firms in the coming 12 months, up from 5.5 percent in June. It should be mentioned here that the July reading is the highest level since March 2002.

Blue Coat streamlines its distribution line-up

As per the media reports, the distribution line-up has been streamlined by Networking vendor, Blue Coat, which has brought in changes to its Australian and New Zealand strategy.

It should be noted that the tweak will witness Westcon Group becoming the vendor's exclusive representative in New Zealand, with the Australian partnership terminated.

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