New Zealand

Hellaby cuts more than a third of its core bank debt

Hellaby cuts more than a third of its core bank debt

More than a third of its core bank debt has been wiped out by investment group Hellaby Holdings over the past six months, thus reducing it by $20 million more than expected.

A drop by 36% was seen in the core bank debt at the company between the start of the year and the end of June, plunging from $80 million to $51 million.

It was revealed by Hellaby in February that it expected to decrease the figure to $70 million by June.

Inflation focused upon by N.Z. Reserve Bank Plans

Inflation focused upon by N.Z. Reserve Bank Plans

According to a recent statement by New Zealand's central bank, it would concentrate on inflation risks over the next year, whilst the global economy recovers from recession.

In its annual "statement of intent" released in Wellington today, the bank said a prominent challenge appears in inflationary risks once confidence returns to normal in global markets; particularly when there is so much liquidity around. It added: "We will be focused on these risks as we consider the likely nature of a recovery."

Increase seen in IT outsourcing in call centres

Increase seen in IT outsourcing in call centres

It has been found by new research that due to the budget constraints, IT outsourcing in call centers is on the higher side.

An IDC study has revealed that the 'budget and outsourcing' gap widened by 6.9 per cent year-on-year in 2008; with outsourcing expected to comprise 47.6 per cent of the IT services market by 2013.

Adam Lee, a market analyst at the organization informed that that in times of economic instability many organizations such as call centers prefer managed and outsourced IT capabilities.

Change or lose out, meat industry told

Change or lose out, meat industry told

According to a recent government study, New Zealand's meat industry could miss out on opportunities for international growth and lose out to rivals if it does not change its ways.

Yesterday, a Ministry of Agriculture and Forestry (MAF) discussion document was released, which specified that the industry could significantly be a world leader of high quality, sustainably produced meat; however, it warned there was little desire to make the substantial steps needed to take the meat industry forward.

7000 off dole in McDonald's deal

7000 off dole in McDonald's deal

It has been learnt that a McJobs combo deal with the aim to provide about 7000 jobs to those in who are out of jobs due to recession, has been signed between Work and Income and McDonald's.

Nearly 7000 staff will be recruited and trained through Work and Income over the next five years to work at McDonald's under this deal. 
 

Drop in current account deficit due to lower oil prices

Drop in current account deficit due to lower oil prices

The country's present account deficit for the year to 31 March suffered a fall due to dropping import costs, mainly because of lower oil prices.

This morning, Statistics New Zealand announced that the deficit plunged from 9% of GDP to 8.5% or from $3.72 billion to $2.68 billion. 
 
It should be noted that this is quite as per high both international and historical New Zealand standards. As of now the annual deficit is below $3 billion for the first time since March 2005.

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