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
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.
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.
The world's first deployment of 40G optical technology was successfully tested by Southern Cross Cables and Nortel, across a long distance submarine cable network.
Two separate trials were conducted by Southern Cross with Nortel over its trans-Pacific cable system linking Australia/New Zealand with Hawaii and the US West Coast. Southern Cross was one of the first operators to install 40G technology on the terrestrial portion of its network.
From November onwards, a sum of $80 will be fined to drivers who are found texting or talking on the cell phones while driving. The move comes following a Canterbury couple was killed in a texting-related crash.
It was forwarded by Transport Minister Steven Joyce yesterday that the change will implemented from 1st November and anyone who is found "using a hand-held cellphone while driving will be fined $80 and get 20 demerit points the same penalty for driving 11kmh to 15kmh over the speed limit."
Recently, Southern Cross Cable declared its plans to cut prices for services on its submarine cable network linking Australia and New Zealand to the US via Hawaii.
Furthermore, it also said that the company is mulling to increase capacity by more than 50 percent early in 2010. The company aims at creating a whole new cable system.
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.