DIRS.INFO The most relevant business & tech news

☆ New Zealand economy expands faster than expected
▼ + stars: | 2023-09-20 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

Shoppers walk in front of a retail shop displaying a sale sign in central Wellington, New Zealand, July 3, 2017. Annual growth increased to 1.8%, Statistics New Zealand data showed, above expectations of 1.2%. "It's a victory for the New Zealand economy and for the people who work hard every single day to deliver high quality jobs," Finance Minister Grant Robertson told reporters. The handling of the economy has been a central theme in this year's election with the opposition criticising the government's role in record high inflation and the slowing economy. The Reserve Bank of New Zealand (RBNZ) has been forecasting the economy would slip into recession in the second half of 2023.

Persons: David Gray, Gabrielle, Grant Robertson, Lucy Craymer, Sonali Paul Organizations: REUTERS, Statistics, New Zealand, U.S . Federal, Labour, New, Finance, ASB, Reserve Bank of New Zealand, Thomson Locations: Wellington , New Zealand, WELLINGTON, Statistics New Zealand, Zealand, New Zealand

☆ Kiri Allan: New Zealand justice minister resigns after being charged over car crash
▼ + stars: | 2023-07-24 | by ( Issy Ronald | ) edition.cnn.com time to read: +2 min

CNN —New Zealand’s justice minister, Kiri Allan, has resigned after facing criminal charges following a car crash, the country’s prime minister, Chris Hipkins, announced on Monday. New Zealand Police charged Allan with “careless use of a motor vehicle and refusing to accompany a police officer,” and also issued an infringement notice for excess breath alcohol, Hipkins said. According to CNN affiliate Newshub, Allan said in a statement Monday that she had “faced a number of personal difficulties” over recent weeks. Hipkins said Ginny Andersen will become justice minister following Allan’s resignation while Kieran McAnulty will take over her responsibilities as regional development minister. Grant Robertson will take over coordinating the response to Cyclone Gabrielle, which lashed New Zealand in February.

Persons: Kiri Allan, Chris Hipkins, Allan, Hipkins, “, ”, ” Allan, MinisterJacinda Arden, ” Kiri Allan, Mark Mitchell, Ginny Andersen, Kieran McAnulty, Grant Robertson, Cyclone Gabrielle Organizations: CNN, New Zealand Police, Newshub, NZ Herald, Labour, Reuters Locations: Wellington , New, New Zealand

☆ New Zealand, EU ink trade deal that likely goes into effect in 2024
▼ + stars: | 2023-07-09 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, July 10 (Reuters) - New Zealand and the European Union signed a free trade agreement overnight Sunday after negotiations were completed in 2022, with expectations it will come into force in the first half of 2024. New Zealand's Minister for Trade and Export Growth Damien O’Connor said the trade deal will cut costs and support exporters to grow and diversify their trade. The agreement was signed in Brussels by O’Connor and the EU Executive Vice President and Trade Commissioner Valdis Dombrovskis. The statement added it is anticipated that the NZ-EU FTA will enter into force in the first half of 2024, once both parties complete the final required legal steps. ($1 = 1.6108 New Zealand dollars)Reporting by Lucy Craymer; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Damien O’Connor, Cyclone Gabrielle, ”, Valdis Dombrovskis, Lucy Craymer, Lisa Shumaker Organizations: WELLINGTON, European Union, New, Trade, Export, O’Connor, EU, NZ, Zealand, Thomson Locations: New Zealand, Brussels

☆ Breakingviews: El Nino will brew up potent new economic storm
▼ + stars: | 2023-07-04 | by ( Antony Currie | ) www.reuters.com time to read: +8 min

It looks likely that the El Nino weather phenomenon has returned, according to both the U.S. National Oceanographic and Atmospheric Administration and the Australian Bureau of Meteorology. Reuters GraphicsBy one reckoning, a single El Nino event might seem manageable. The direct impact of El Nino- and La Nina-affected weather on sowing, growing and harvesting is not the only economic consideration. On June 8 the U.S. National Oceanographic and Atmospheric Administration’s Climate Prediction Center issued an advisory that El Nino conditions “are present and are expected to gradually strengthen into the Northern Hemisphere winter”. The highest temperature reached in any past El Nino was 2.6 degrees Celsius above average in 2016.

Persons: El, Nina, Gabrielle, It’s, there’s, Peter Thal Larsen, Katrina Hamlin, Thomas Shum Organizations: MELBOURNE, Reuters, El, U.S . National Oceanographic, Atmospheric Administration, Australian, of Meteorology, International Monetary Fund, University of Dartmouth, El Nino, Nina, Rabobank, Barclays, World Meteorological Organisation, Center, Thomson Locations: India, Thailand, Vietnam, El Nino, Brazil, Indonesia, Mexico, Europe, China, Southeast Asia, United States, Oceania, Australia, Western Australia, Delhi, Ukraine

☆ El Nino will brew up potent new economic storm
▼ + stars: | 2023-07-04 | by ( Antony Currie | ) www.reuters.com time to read: +8 min

☆ New Zealand's economy likely in recession as rate hikes take hold
▼ + stars: | 2023-06-13 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, June 13 (Reuters) - The New Zealand central bank’s aggressive hiking of the cash rate likely pushed the country into a technical recession in the first quarter, a Reuters poll found, giving traction to the idea the cash rate may have peaked. This would mean the country moved into a technical recession - two consecutive quarters of negative growth - after the economy contracted by 0.6% in the fourth quarter. New Zealand's central bank last month signalled it was done tightening after raising rates by 25 basis points to the highest in more than 14-years at 5.5%, ending its most aggressive hiking cycle since 1999. Yet a handful of economists think the boost to the economy from historically high migration and the return of tourism might force the central bank to do more. He said he expects the next cash rate move to be a cut.

Persons: ”, Jarrod Kerr, Cyclone Gabrielle, Brad Olsen, Lucy Craymer, Lincoln Organizations: Gross, Reserve Bank of New, “, Treasury, Reserve Bank, Zealand, Thomson Locations: Zealand, Auckland

☆ NZ sees bigger deficit as economy sputters, spending boost to fan inflation
▼ + stars: | 2023-05-18 | by ( Lucy Craymer | ) www.reuters.com time to read: +4 min

FILE PHOTO: New Zealand's finance minister, Grant Robertson, speaks about the "wellbeing" budget in Wellington, New Zealand, May 30, 2019. That has heaped pressure on New Zealand’s finances, as the government has had to navigate many challenges including three-decade high inflation, sharply rising borrowing costs, a stuttering economy and falling tax revenue. However, Treasury sees inflation slowing to 3.3% by mid-2024, from the current blistering 6.7% pace, levels not seen since the early 1990s. Much of the worsening in the accounts is due to falling tax revenue as the economy slows. S&P Global Ratings retained New Zealand’s AAA ratings, but warned of pressure ahead.

☆ New Zealand pledges $720 mln for cyclone and flood recovery
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +2 min

May 14 (Reuters) - The New Zealand government said on Sunday it was allocating NZ$1.1 billion ($720 million) to help communities recover from a cyclone and floods that lashed the country this year. The funds from the 2023 budget are to cover "basics" of rebuilding roads, rail and schools, as well as flood protection, it said in a statement. "The recovery package responds to the immediate recovery needs of today and invests in greater resilience for tomorrow,” said Prime Minister Chris Hipkins. Insurance companies in March reported receiving 40,000 claims worth around NZ$890 million for damage from the cyclone. ($1 = 1.5763 New Zealand dollars)Reporting by Sam McKeith in Sydney; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand student missing in cave system as heavy rain hits North Island
▼ + stars: | 2023-05-09 | by ( Tara Subramaniam | ) edition.cnn.com time to read: +2 min

CNN —New Zealand police will resume their search at first light Wednesday for a high school student missing in a flooded cave system after a school trip during heavy rain on the country’s North Island. An initial search failed to find the boy and officials suspended the search around 5 p.m. Tuesday when night fell. The school said it would open as normal on Wednesday to “maintain a sense of routine” for students and staff. An orange alert for heavy rainfall, level 2 of 3, remains in effect for the city, the Great Barrier Island and Coromandel Peninsula until midnight local time. And the month before, the city and its surrounding areas were hit by record rainfall that sparked deadly floods.

☆ New Zealand's North Island hit by heavy rain, student missing in caves
▼ + stars: | 2023-05-09 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, May 9 (Reuters) - A high school student is missing in Northland, New Zealand after getting into difficulty on a school trip to caves on Tuesday, according to police, as heavy rain and thunderstorms cause flash flooding and landslides across the upper North Island. Local newspaper the Northern Advocate said the student was missing inside one of the caves, which is described as having a canyon-like feel. Police rescue teams are in the area, which has been hit by heavy rain this morning with further rain expected this afternoon. "Auckland is experiencing widespread flooding and torrential rain. Heavy rain and thunderstorms are forecast to drench the region into the evening and potentially through to midnight.

☆ New Zealand committed to cutting spending, PM Hipkins says
▼ + stars: | 2023-04-27 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, April 27 (Reuters) - The New Zealand government is committed to reducing spending even though severe weather events earlier this year caused asset damage of roughly NZ$9 billion ($5.51 billion) to NZ$14.5 billion, Prime Minister Chris Hipkins said on Thursday. “For our part, the government is committed to reducing our proportion of spending to dampen demand in the economy,” Hipkins said in a speech to the Employers and Manufacturers Association. New Zealand is already dealing with historically high inflation and the central bank has previously raised concerns that any boost in government spending could add to the inflation problem. Hipkins said his aim is to get government spending down to around the low thirties as a percentage of GDP. ($1 = 1.6343 New Zealand dollars)Reporting by Lucy Craymer Editing by Alasdair PalOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand defence minister says military needs more resources amid growing challenges
▼ + stars: | 2023-03-30 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, March 30 (Reuters) - New Zealand's military will require big investment as it faces new challenges and greater expectations from regional allies, the country’s new defence minister, Andrew Little, said Thursday. The United States is "certainly keen to have New Zealand engaged but it’s not a decision I get to take alone,” he said. Little said that whatever New Zealand decided in terms of engaging with AUKUS, it was important that the defence force was equipped to work with its Australian counterparts. New Zealand, which spends roughly 1.5% its of GDP on its military, is undertaking a defence policy review as the country grapples with regional geopolitics and climate change. The Defence Force has been struggling with record attrition in part because of low pay, which has forced the navy to idle three of its ships and to retire its P-3 Orion fleet early.

☆ New Zealand launches global fundraiser for post-cyclone reconstruction
▼ + stars: | 2023-02-27 | by ( Lewis Jackson | ) www.reuters.com time to read: +1 min

SYDNEY, Feb 27 (Reuters) - New Zealand will launch an international fundraising appeal for the massive reconstruction work needed after Cyclone Gabrielle tore across the country's north earlier this month, forcing thousands of people into shelters and killing eleven. The appeal will fund longer term recovery projects and target wealthy expatriates, businesses and anyone with affection for New Zealand, said Prime Minister Chris Hipkins on Monday. The appeal will be modeled after the 2011 Christchurch earthquake fundraiser, which collected over NZ$94 million ($57.94 million). A national state of emergency, only the third declared in the country's history, will continue in cyclone-hit regions. ($1 = 1.6223 New Zealand dollars)Reporting by Lewis Jackson; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand police still looking for 8 people missing after Cyclone Gabrielle
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Feb 26 (Reuters) - The number of people still missing after Cyclone Gabrielle that struck New Zealand two weeks ago has dropped to eight, authorities said on Sunday, amid warnings of more wild weather for the nation's North Island. "The remaining number of people includes those who, for a variety of reasons, do not engage with authorities," New Zealand police said early Sunday. Severe weather again hit the North Island on Friday, with heavy rain prompting more evacuations in Hawke's Bay, one of the regions hardest-hit by Gabrielle. On Sunday, New Zealand weather forecaster MetService warned storms were possible later in the day, especially across the North Island and the top of the South Island. The forecaster on Saturday said it was closely monitoring a tropical low near Fiji that could turn into a tropical cyclone next week.

☆ New Zealand police still seeking 23 people after Cyclone Gabrielle
▼ + stars: | 2023-02-24 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, Feb 24 (Reuters) - The number of people still "uncontactable" in the wake of Cyclone Gabrielle that lashed New Zealand two weeks ago has dropped to 23, New Zealand police said on Friday. Police have been working to reach people that friends or family had registered as uncontactable. The number of people uncontactable topped 6,000 following the cyclone as communications were cut off to many areas. Gabrielle hit New Zealand nearly two weeks ago causing widespread havoc across the country's North Island, leaving at least 11 people dead and displacing thousands. The wild weather also triggered flash floods and evacuation warnings in and around Auckland, also on the North Island and home to a third of the country's population.

☆ Thirteen still missing after Cyclone Gabrielle in New Zealand
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Homes in the Esk Valley locality had "been unoccupied since the cyclone, but an additional 26 households evacuated yesterday", the agency said. New Zealand weather forecaster MetService said some of the heaviest rain was recorded in Auckland, with 155mm (6.1 inches) recorded there in the past 24 hours. The forecaster had a heavy rain warning in place on Saturday for large swaths of the North Island's east coast, including Hawke's Bay. "Heavy rain may cause streams and rivers to rise rapidly. It said it was also "closely monitoring" a tropical low near Fiji that could turn into a tropical cyclone next week.

☆ Air New Zealand swings to first-half profit on soaring travel demand
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Air New Zealand Ltd (AIR.NZ) swung to a first-half profit for the first time in three years on Thursday, helped by strong travel demand following the reopening of domestic and international borders, and strong cargo revenues which were above pre-COVID levels. The carrier reported statutory profit before tax of NZ$299 million ($185.95 million) for the six months ended Dec. 31, compared with a loss of NZ$376 million reported a year earlier. The company posted a loss before other significant items and taxation of NZ$725 million in 2022. Air New Zealand did not declare a dividend, but said that it will consider providing dividends for its shareholders during its full-year results in August. ($1 = 1.6080 New Zealand dollars)Reporting by Archishma Iyer and Rishav Chatterjee in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand’s Inflation Challenge Worsened by Cyclone Gabrielle
▼ + stars: | 2023-02-22 | by ( David Winning | James Glynn | ) www.wsj.com time to read: 1 min

New Zealand’s central bank said recent storms are likely to add to inflation and disrupt production in the near term, while boosting activity during the rebuild. New Zealand’s battle with inflation had shown signs of easing before Cyclone Gabrielle wrecked homes, downed power lines and washed away roads after making landfall earlier this month. Now, officials at the South Pacific country’s central bank are assessing how the rebuilding effort could complicate their campaign to bring price pressures under control. New Zealand raised interest rates by half a percentage point to 4.75% on Wednesday and signaled more increases are to come, even as some global central banks say they could soon pause tightening policy to judge how their economies are responding.

☆ JPMorgan on economic implications of New Zealand's cyclone Gabrielle
▼ + stars: | 2023-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCyclone Gabrielle isn't the first such episode New Zealand economy has had to withstand: JPMorganBen Jarman of the investment bank discusses the reconstruction and reparation costs that the country may have incurred as a result of the cyclone.

☆ NZ cenbank hikes 50bps, flags more to come as inflation 'too high'; kiwi gains
▼ + stars: | 2023-02-22 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

The RBNZ continues to expect the cash rate to peak at 5.5% in 2023, according to the monetary policy statement (MPS) accompanying the rate decision. That would mark the most aggressive policy tightening streak since the official cash rate was introduced in 1999. "While there are early signs of price pressure easing, core consumer price inflation remains too high, employment is still beyond its maximum sustainable level, and near-term inflation expectations remain elevated," the central bank said in a statement. The New Zealand dollar rose as high as $0.6246 after the decision, reflecting the hawkish tone of the statement, having traded as low as $0.6206 earlier. New Zealand's annual inflation is currently running near three-decade highs of 7.2%, well above the central bank's medium term target of 1%-3%.

☆ New Zealand cyclone missing now in single digits in Hawke's Bay, search and rescue officials say
▼ + stars: | 2023-02-22 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

[1/3] A general view of a damaged bridge after a small creek bursts its bank causing houses to flood in Havelock North, New Zealand. New Zealand Defence Force/Handout via REUTERSWELLINGTON, Feb 23 (Reuters) - The number of people missing in New Zealand's Hawke's Bay following Cyclone Gabrielle is now in single figures, search and rescue officials said on Thursday, 10 days after the worst storm to hit the country in decades tore through the region. Gabrielle killed at least 11 people and caused widespread damage across the North Island, hitting the farming, wine- and fruit-growing Hawke's Bay on the east coast particularly hard. Hawke's Bay Urban Search and Rescue (USAR) team leader Ken Cooper told TVNZ's Breakfast show that search and rescue conditions were arduous. As of Thursday morning, "we are down to single figures" in terms of the numbers of people still unaccounted for in Hawke's Bay, he added.

☆ Dollar rally loses steam as traders wait on Fed, data
▼ + stars: | 2023-02-21 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

SINGAPORE, Feb 21 (Reuters) - The dollar was parked below recent peaks on Tuesday, as a three-week rally faded and traders waited on economic data to figure on whether it's warranted to push the dollar up any further. Strong U.S. labour data and sticky inflation have raised U.S. rate expectations and supported the dollar's rally so far this month - Tuesday's European and U.S. manufacturing data and Friday's core PCE price index will guide the next steps. "I suspect that further significant dollar strength will require the Fed Funds futures market to start pricing in a 50 basis point rate hike in March," he said. The New Zealand dollar held at $0.6259 ahead of a central bank meeting on Wednesday. Overnight the Swedish crown jumped as inflation turned sticky and central bank minutes showed policymakers prepared to keep hiking.

☆ Heavy rains forecast for cyclone-hit areas of New Zealand
▼ + stars: | 2023-02-21 | by ( Lewis Jackson | ) www.reuters.com time to read: +2 min

[1/5] A view of flood damage in the the aftermath of cyclone Gabrielle in HawkeÕs Bay, New Zealand, in this picture released on February 15, 2023. New Zealand Defence Force/Handout via REUTERSFeb 21 (Reuters) - Parts of cyclone-stricken New Zealand could see heavy rains from Thursday as relief and recovery efforts continue and tens of thousands remain without power after Cyclone Gabrielle tore across the country's North Island last week. Prime Minister Chris Hipkins has called Gabrielle New Zealand's biggest natural disaster this century. Hard-hit regions across the north east, where 13,000 remain without power and 1,300 are in emergency shelters, are set for heavy rain from Thursday. ($1 = 1.6028 New Zealand dollars)Reporting by Lewis Jackson in Sydney; Editing by Lincoln Feast.

☆ Disasters lower outlook for New Zealand interest rate rise
▼ + stars: | 2023-02-20 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

Then on Feb. 12 to 15 a cyclone hit the North Island, which includes Auckland. When Cyclone Gabrielle hit, picking had just begun on pip-fruit farms, whose production is worth about NZ$1 billion a year. That would normally be a reason for a central bank to lift interest rates further, but some economists expect the RBNZ to look past the sudden rise as being temporary. Still, Kiwibank chief economist Jarrod Kerr said the central bank should pause hikes until the effect of the cyclone can be understood. After the Christchurch earthquake, the central bank cut its policy rate due to concerns about the economy.

☆ New Zealand police reach more people previously not contactable after Cyclone Gabrielle
▼ + stars: | 2023-02-19 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

[1/2] HMNZS Te Mana crew members help with a clean up after a small creek bursts its bank causing houses to flood in Havelock North, New Zealand, February 18, 2023. New Zealand Defence Force/Handout via REUTERSWELLINGTON, Feb 20 (Reuters) - As New Zealand starts its long road to recovery following the devastation from Cyclone Gabrielle, the number of people still not reachable has fallen as communications in hard hit areas improve, the country's police commissioner said on Monday. The cyclone hit the North Island's northernmost region on Feb. 12 and tracked down the east coast, inflicting widespread destruction. Police have confirmed 11 deaths in circumstances related to the cyclone, most of those have been in Hawke’s Bay. Recovery efforts are continuing with search and rescue teams still working in cyclone damaged areas, while power and telecommunications remain down for some homes.

Search resuls for: "Cyclone Gabrielle"

25 mentions found