New Zealand

Dairy prices fall along with confidence of NZ farmers

Dairy prices

Due to a surge in currency and fall in dairy prices, confidence of New Zealand farmers plunged for the third consecutive time since November.

As per Rabobank Groep NV, last month 450 farmers were surveyed, out of which 49% hope that the rural economy will fall over the next year.

In an emailed statement, Rabobank's New Zealand unit said that the number of pessimists rose from 33 percent in April and 29 percent in November.

Agreement to reduce tax evasion signed by Key and Cook Islands

John Key

As per the media reports, a Tax Information Exchange agreement has been signed by Prime Minister John Key with Cook Islands Prime Minister Jim Marurai, which is being seen as a part of their efforts to bring down tax evasion and avoid another wine-box affair.

Full exchange of information on criminal and civil tax matters between the two countries is provided by the Tax Information Exchange Agreement, said Revenue Minister Peter Dunne.

Westpac agrees to lend more to home buyers


The third biggest bank of New Zealand, Westpac has specified that it is ready to lend to home-buyers with less than a 20% deposit - but at a cost.

SkyCity reduces its debt burden

SkyCity reduces its debt burden

New Zealand-based SkyCity Entertainment Group Ltd has reduced the debt burden of US Private Placement debt, buying back debt of US$53m, due to mature in March 2012. This buy back has helped the firm reduce its debt burden by 9.0%.

The company was under debt pressure of $NZ627m in the US private placement debt market. The holders of $NZ84.5m of debt, out of total debt, sold their shares at 2 percent discount to its face value, but the remaining stakeholders declined to sell their equities at the given discount.

New Zealand Oil to acquire 10% stake in Petroleum Exploration

New Zealand Oil to acquire 10% stake in Petroleum Exploratio

New Zealand Oil & Gas Ltd has finally agreed to acquire a 10% stake in Petroleum Exploration Permit 38401, which lies in the offshore Taranaki Basin, approximately 150 km northwest of New Plymouth.

ING Medical declares preliminary result of Trust’s annual property revaluation

ING Medical declares preliminary result of Trust’s annual property revaluation

The Board of ING Medical Properties Limited, the manager of ING Medical Properties Trust, today announced the preliminary results of the Trust's annual property revaluations.

The Trust's portfolio value has decreased by 2.2% or NZD$6.5m over the past 12 months to 30 June 2009. Importantly, whilst a small decline in the overall portfolio value, the result reflects the resilience of the Trust's portfolio of quality medical properties, despite the recessionary environment.