New Zealand

Fall seen in farm sales

Real Estate

The Real Estate Institute is of the viewpoint that though stable outlook was maintained by farm sale prices in July; there are explicit indications that the dairy boom is well and truly dead.

The month of July, the national median sale price for farms, coming at $1,200,000, was slightly up on the $1,155,000 fetched in the previous month. As of now, the price level is somewhat aligned with 2007 levels. However, it is well below 2008 levels, where high dairy prices saw a boom in farm trading and shot the median sale price to $1,800,000.

Property sale help Freightways to enhance its profit

Post Haste

A 7% rise in full year profit has been reported by New Zealand's largest listed courier company Freightways.

It was Monday that a $34.6 million profit for the year ended June 30 was posted by the company - whose brands include New Zealand Couriers and Post Haste. The profit was up from $32.3 million last year.

A $3.9 million gain from the sale and lease back of a property in Wellington also contributed in the rise.

A rise by 3% was seen in earnings before interest, tax, depreciation and goodwill amortization (ebitda) to $70.5 million.

Worst is over for the job market

Next few months may be tough for the job sector with unemployment figures touched nearly 140,000. However, there is little or no possibility of worst cuts given to the signs of improvement in the global economy.
TradeMe Jobs, the biggest online vacancy site of the country, has painted an uncertain picture of job market in coming times through its recently released employment figures.

Rakon asks for stability in exchange rates

Rakon asks for stability in exchange rates

Expressing concerns over the frequent currency fluctuations in New Zealand, Technology exporter Rakon said that dollar's instability has been hurting the country's export-based prospects. The company may shift more of its manufacturing to other nations, if the trend continues in coming days.
The representatives of the company, addressing the shareholders at annual meeting, said that overall position of business is quite sound, but uncertain NZ exchange rates against US dollar may force it to shift more manufacturing offshore.

Ten-month high hit by NZ dollar

Ten-month high hit by NZ dollar

Friday saw the New Zealand dollar hitting a fresh 10-month high, after another push of positive economic data at home and abroad strengthened demand for riskier higher
-yielding currencies.

The gains in the neighboring Aussie dollar also helped the kiwi reach $0.6825, after Reserve Bank of Australia Governor Glenn Stevens said that normal interest rates would be well above current record low levels.

On Thursday, the kiwi was at $0.6790/96 at 0510 GMT, compared with $0.6728/34 in late local trade.

Marac Finance's Credit Rating lowered by S&P

Marac Finance's Credit Rating lowered by S&P

It seems that Pyne Gould Corp (PGC) is not happy with the decision taken by Standard & Poor's - that of lowering the credit rating of its finance company Marac. The decision was described as unexpected and disappointing by the PGC.

A decrease in the long-term rating was seen to BB plus from BBB minus. A negative outlook is held on the rating, which means there is a one-in-three likelihood of a downgrade within the next two years.

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