Kordia to present board a trans-Tasman cable in September


September would still see state-owned communications company Kordia presenting a trans-Tasman cable to its board.

It should be noted that the process that could have led the company to spend $15 million to become a cornerstone tenant was pulled.

It was expressed by Kordia general manager for strategic development, Susie Stone that apart from having strong support from the market, Kordia also had enormous customer interest in the venture.

$150m to be invested by Bunnings NZ on Expansion Plans

Bunnings Warehouse

Over the next two years, a sum of $150 million will be invested by DIY home improvement chain Bunnings in to expansion across New Zealand.

Since the brand entered the market in 2001 the Australasian stores by now have 41 retail outlets and $250 million invested in New Zealand and an annual New Zealand turnover of $500 million.

Bunnings general manager Rod Caust said that a very keen business development team is with the company, which is constantly searching for sites across both the North and South Islands.

Six year high hit by NZ’s jobless rate

New Zealand's unemployment

In the first quarter New Zealand's unemployment rate reached a six-year high since the country experienced worsening recession.

In the three months ended March 31st, the jobless percentage increased to 5% from 4.7% in the previous quarter, the latest data from Statistics New Zealand confirms.

The entire number of people without a job was 115,000, in the three months to March 31 up by 7000.

Record high prices for lamb helps NZ’s commodity export prices to rise

NZ’s commodity

New Zealand’s commodity export prices increased for the second consecutive month due to the record high prices for lamb. 

In the month of April a 2.5% hike in ANZ product Price Index is the largest in nearly two years.

Last month the price of eight commodities increased. While apples and seafood dropped, two others were flat. 

Aluminum had the biggest rise by 6.6% for the month and lamb followed it, up by 6.4%to a record high.  

Faster growth noticed in public sector wages by latest NZ Labor Cost Index

Faster growth noticed in public sector wages by latest NZ Labor Cost Index

It has been specified by the Statistics New Zealand Labor Cost Index released today that a much faster growth was noticed in public sector wages as compared to private sector wages in the last year.   

An increase of 3.3% in salary and wage rates (including overtime) in the year to the March 2009 quarter was recorded by the index, which comes as lesser than the revised increases of 3.5% and 4% in the years to the December and September 2008 quarters, respectively.

New Zealand Treasury predicts 1% drop in GDP

New Zealand

It was put forward by the New Zealand's Treasury on Monday via a report that it hopes the real GDP to drop nearly 1% in the March quarter. Furthermore, in the first quarter, the demand and output declined again, leading to decreases in capacity utilization and the demand for labor.

It has been predicted that output in significant trading partners of New Zealand weighted by their share of exports is expected to decrease nearly 2.5% this year.