The Reserve Bank of New Zealand hosted the 22nd annual Executives' Meeting of East and Asia-Pacific (EMEAP) central banks in Auckland yesterday.
EMEAP is a co-operative forum of eleven central banks and monetary authorities in the East Asia and Pacific region comprising the Reserve Bank of Australia, the People’s Bank of China, the Hong Kong Monetary Authority, Bank Indonesia, the Bank of Japan, the Bank of Korea, Bank Negara Malaysia, the Reserve Bank of New Zealand, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore and the Bank of Thailand.
Governor Graeme Wheeler, who chaired the meeting, said governors exchanged views about recent global economic and policy developments. Discussion focused on the potential impact of global factors on EMEAP monetary policy, as well as recent supply-side developments in EMEAP economies. Governors welcomed the improving prospects for regional growth and noted that EMEAP financial markets have generally functioned well over the past year. Governors emphasised that communication among authorities in the EMEAP region and other parts of the world is especially important at a time when global uncertainty is heightened.
It is the second time the meeting of EMEAP Governors has been held in New Zealand, and follows a meeting of EMEAP Deputies in Auckland in April.
More information read the EMEAP media release
Primary Industries Minister Nathan Guy has welcomed the latest progress report of the Sustainable Dairying: Water Accord project, showing dairy farmers have now fenced off over 97 per cent of waterways.
“The Water Accord is a voluntary project led by the industry to improve farming practices and water quality. This Year Three update shows a range of targets have been achieved, including stock exclusion from 26,197 km of measured waterways which is the equivalent of Auckland to Chicago and back again,” says Mr Guy.
“99.4 per cent of regular stock crossing points on dairy farms now have bridges or culverts to protect local water quality, and over 10 million dollars has been spent on environmental stewardship and farmer support programmes.
“9,517 nutrient budgets were processed and nitrogen information provided to farmers, representing 83% of the industry.
“Dairy farmers deserve credit for the leadership they have shown in recent years. There has been a major reduction in pollution entering our lakes and rivers from dairy sheds, factories and town effluent systems.
“From the Government side, a huge amount of work has generated new rules, standards and monitoring which simply didn’t exist 10 years ago. This includes new regulations to keep livestock out of waterways to reduce E.coli and improve water quality.
“Achieving our goal of 90% swimmability by 2040 will be a long-term project. It will take decades because water quality issues have built up over decades and there is no quick fix.
“There are still challenges ahead but we are going to achieve it in a practical, realistic and sustainable way that doesn’t ruin our economy at the same time. This is a long term issue and we’re all in it together.”
The Sustainable Dairying: Water Accord was launched in July 2013 setting out the dairy industry’s commitment to New Zealand and improving water quality.
It includes a set of national good management practice benchmarks aimed at lifting environmental performance on dairy farms, along with commitments to targeted riparian planting plans, effluent management, comprehensive standards for new dairy farms and measures to improve the efficiency of water and nutrient use on farms.
It has been developed with the input of farmers, dairy companies, central Government, regional councils and the Federation of Māori Authorities.
| A Beehive release || May 16, 2017 |||
Māori Development Minister Te Ururoa Flavell has told Malaysian businesses they can rely on high quality, fresh and safe food and beverage products from Aotearoa New Zealand.
Speaking at a business matching event to introduce Malaysian businesses to Māori business leaders Mr Flavell says there is a huge untapped potential to work together in the food and beverage sector.
“It’s one we know well, because we have been growing and gathering kai in Aotearoa New Zealand for hundreds of years,” says Mr Flavell.
Mr Flavell, who is on his first Māori business and cultural mission to Malaysia this week, says the Māori business leaders in the delegation were in charge of major operations – with all already exporting successfully overseas, and looking to grow their business in South East Asia.
Representatives of Miraka Ltd, Kahungunu Asset Holding Company, Fonterra, Māori Kiwifruit Growers Forum, Zespri and Watson & Son Ltd are accompanying Mr Flavell on the mission.
“We are here to send a strong message that Māori food and beverage businesses want to be serious partners in the Malaysian market,” says Mr Flavell.
“We are trusted exporters of food products and we place a premium on taste and care for the way food is grown, gathered, packaged, marketed and distributed. We can provide integrity in supply chains and the cultural identity, origins and sustainability of our products.”
What set Māori business apart was its focus on culture, and the key principles that underpin how they do business, says Mr Flavell.
“We measure success not just against financial results but also social, environmental and cultural objectives,” says Mr Flavell.
“When we think of investment we look to those who have gone before us and those yet to be born – we have the long-term game in mind. For us, developing export markets means going to the place we want to sell our products, meeting our partners face to face or as we say ‘kanohi ki te kanohi’.”
Also at the business matching event were five young New Zealand food and business entrepreneurs who are visiting to facilitate trade and build connections between business in New Zealand and South East Asia.
The ASEAN Young Business Leaders Initiative and has been timed to coincide with the Māori business and cultural mission.
| A Beehive release || May 16, 2017 |||
With its KTS and KTX product families, SICK is presenting new, powerful contrast sensors from a forward-looking, innovative platform. The patented TwinEye technology for improved contrast detection and sensing distance tolerance (+- 5 mm), the specially developed three-color LED with its high-precision, color-mixed light spot, and the jitter that has been minimized to a level never before seen, coupled with absolute high-speed switching frequencies, open up a world of new possibilities when it comes to detecting contrasts and – for the first time in a sensor – colors too.
IO-Link and additional integrated functions such as recipe management ensure maximum versatility, while the innovative, multifunctional 7-segment display guarantees simple yet customized sensor setup, operation, and visualization.
Familiar applications such as the detection of print marks or the control of industrial labeling processes benefit from even greater process stability and performance. The sensors detect high-gloss materials and complex contrasts, even on heavily jittering materials. The integrated color mode also enables reliable detection of even the most minor contrast differences and color features.
More applications, more flexibility
The KTX product family offers compatibility without compromise: Both the hole pattern for mounting the sensors and the electrical connectivity facilitate a 1:1 migration from the SICK product families that are already proven and widespread on the market to the new technology platform. In its space-saving compact housing, the KTS meets all requirements of modern machine concepts. The KTS contrast sensors come in “CORE” and “PRIME” configurations; these offer different levels of functionality, enabling a variety of different automation needs to be met individually and cost-effectively. The even more finely granular grayscale resolution of the KTS and KTX, the integrated color mode, and the large number of other technical innovations in both product families are setting a new standard in the market for contrast sensor technology – and opening up additional areas of application at the same time, such as the detection of wafers, the management of reel changes, or quality control.
SICK is one of the world’s leading producers of sensors and sensor solutions for industrial applications. Founded in 1946 by Dr.-Ing. e. h. Erwin Sick, the company with headquarters in Waldkirch im Breisgau near Freiburg ranks among the technological market leaders. With more than 50 subsidiaries and equity investments as well as numerous agencies, SICK maintains a presence around the globe. In the fiscal year 2016, SICK had more than 8,000 employees worldwide and achieved Group sales of just under EUR 1.4 billion.
| A SICK release || May 16, 2017 |||
DairyNZ is hailing the fact that 97 percent of dairy cattle are now fenced off from waterways, but its latest Water Accord report reveals a significant worsening of reported nutrient leaching in the areas with the biggest new conversions, reports Lynn Grieveson on NewsroomPro
DairyNZ described the fencing on waterways as going from Cape Reinga to Bluff 12 times, and Primary Industries Minister Nathan Guy had it going to Chicago and back - but they both agreed the 26,197 kilometres of fencing stopping cattle from getting into streams, rivers and lakes was something to celebrate.
And while farmers are congratulating themselves on the fencing achievement, critics say it is still not enough. Continue to read the full article here on Newsroom
| A Newsroom release || May 16, 2017 |||
Drones, driverless vehicles, 3-D printing, wearable technology and robotics that will have the largest impact on the supply chain over the next five years is the subject of a study carried out by the University of Tennessee, Knoxville's Global Supply Chain Institute. Of the technologies, studied robotics will be byfar the greatest potential disrupter over the next five years.
"Robotics have been around for more than 50 years, but they have become dramatically more dynamic in the last five," said Paul Dittmann, executive director of the Global Supply Chain Institute. "They are no longer stationary, blind, expensive and unintelligent but can work alongside people and learn as jobs change."
The Lang Technik Robotic Systems who are represented in New Zealand by WorthyCAM are a good example of the advances made in automated systems that now make short runs very competitive. And as far as Drones are concerned only have to turn to the TV News to see how footage taken by a Drone enhances the viewing experience.
| A Materials Handling & Logistics release || May 16, 2017 |||
Ξ Top goes on Wellington's new airport control tower
Ξ Government announces plans to build 34,000 homes in Auckland
Ξ Latest Water Accord update shows good environmental progress by farmers
Ξ Methven shares drop to 15-month low on profit warning
Ξ China's One Belt One Road plan explained
Ξ Urgent systems outage at Lyttelton Port
Ξ A Dunedin contract manufacturer scores contract with Artemis
Forecasting is a valuable part of the monetary policy process, helping the Bank plan for the future, communicate its current understanding and intentions, and react to unexpected events, Reserve Bank Assistant Governor and Head of Economics Dr John McDermott said today.
During a speech to the New Zealand Manufacturers and Exporters Association (NZMEA) in Christchurch, Dr McDermott outlined the reasons why the Bank regularly produces and publishes forecasts and Official Cash Rate (OCR) projections.
“Forecasting is not supposed to be prophecy; rather, it is about being precise about our thinking. It requires the Bank to be rigorous, unbiased, and open to new ideas in formulating and implementing monetary policy. Being numerically precise about our view of the future allows us to test ideas, which in turn accelerates our ability to learn and understand what is going on,” said Dr McDermott.
Dr McDermott said the economy is populated with thousands of households and businesses responding to their own particular circumstances and opportunities, and therefore the range of possible outcomes is vast. Because of the complexity of the economy and the developments continually affecting it, the Bank’s forecasts are inevitably subject to change.
“The Bank’s forecasts are highly conditional on the information currently available and are revised when important additional information comes to light. In recent Monetary Policy Statements the Bank has published scenarios to illustrate how the forecasts would change should the economy develop differently,” said Dr McDermott.
Forecasts also help people form expectations of the future and therefore guide current actions. By building people’s understanding of how the Bank is likely to react to news, and by explaining its forecasts and policy stance, the predictability of monetary policy decisions is enhanced and policy uncertainty is reduced.
More information: The value of forecasting in an uncertain world
| A RBNZ release || May 15, 2017 |||
The year’s winner of the international Swedish Steel Prize is Kiruna Wagon from Sweden on whom we ran an article on earlier in May. The prize was awarded for the company’s innovative wagon solution, the Helix Dumper. Kiruna Wagon has used high-strength steel to develop a highly durable and far more efficient wagon solution than other ore wagons on the market.
“Kiruna Wagon has successfully updated a good idea and used high-strength steels to turn it into a brand new, superior wagon solution,” says Eva Petursson, Chairman of the Swedish Steel Prize jury and head of SSAB’s Strategic R&D.
This year is the 17th time the Swedish Steel Prize has been awarded and the runners-up, were Fermel from South Africa, JMG Cranes from Italy and Wabash National from the USA.
Read more about the Swedish Steel Prize on www.steelprize.com and see the original article here.
The latest New Zealand Manufacturers and Exporters Association (NZMEA) Survey of Business Conditions, completed during April 2017, shows total sales in March 2017 increased 2.93% (year on year export sales decreased by 8.10% with domestic sales increasing by 17.95%) on March 2016.
In the 3 months to March, export sales decreased an average of 9.4%, and domestic sales increased 7.1% on average.
The NZMEA survey sample this month covered NZ$360m in annualised sales, with an export content of 51%.
Net confidence rose to 23, up from 0 in February.
The current performance index (a combination of profitability and cash flow) is at 97, down from 98.3 last month, the change index (capacity utilisation, staff levels, orders and inventories) was at 102, up from 100 in the last survey, and the forecast index (investment, sales, profitability and staff) is at 105.33, down on the last result of 106.33. Anything over 100 indicates expansion.
Constraints reported were 78% markets, 11% skilled staff and 11% capital.
A net 38% of respondents reported a productivity increase in March.
Staff numbers increased 4.31% year on year in March.
Supervisors, tradespersons, managers, professional/scientists and operators/labourers reported a moderate shortage.
“Domestic sales lead growth for manufactures in March, increasing an impressive 17.95% on March 2016. Average monthly growth for domestic sales over the last three months was 7.1%. Staff numbers have also picked up, increasing 4.31% on the same month last year, a break from a recent trend of staff number decreases.” Said NZMEA Chief Executive Dieter Adam.
“In contrast, export sales have continued to struggle, falling 8.10% on March 2016, resulting in an average decrease of 9.4% in the past three months. Exports experienced a monthly average decrease of 4.8% in the last 12 months, compared to the same months in the previous year.
“Net confidence rose from the neutral position of 0 in February, to a more positive 23, while two out of three index measure (performance and forecast) experienced a slight decrease on last month. Market conditions remained the highest reported barrier to growth, significantly higher at 78% than skilled staff and capital, both at 11%.
“The challenges in export sales in this survey was reflected in the recent Overseas Merchandise Trade release by Statistics New Zealand. Mechanical machinery and equipment export values felt a fall of 6.13% in March on the same month last year, while electrical machinery and equipment experienced a 1.61% decrease in the same period.
“Exports are an indispensable part of the path to a more prosperous New Zealand. However, the backward movement in exports over the last year presents a real challenge that needs addressing. As the election approaches, we need to see all political parties put ideas forward on how to create an environment where our high value exports can grow and thrive.” Said Dieter Adam.
The New Zealand Manufacturers and Exporters Association survey gathers results from members around New Zealand. It provides a monthly snapshot of manufacturers and exporters’ sales and sentiment.
For results tables and graphs, click here.
| An NZMEA release || May 15, 2017 |||
Palace of the Alhambra, Spain
By: Charles Nathaniel Worsley (1862-1923)
From the collection of Sir Heaton Rhodes
Oil on canvas - 118cm x 162cm
Valued $12,000 - $18,000
Offers invited over $9,000
Contact: Henry Newrick – (+64 ) 27 471 2242
Mount Egmont with Lake
By: John Philemon Backhouse (1845-1908)
Oil on Sea Shell - 13cm x 14cm
Valued $2,000-$3,000
Offers invited over $1,500
Contact: Henry Newrick – (+64 ) 27 471 2242