As is usual ahead of a government bond maturity, and as advised by the New Zealand Debt Management Office on 25 May 2017, the Reserve Bank offers to purchase NZ government bonds maturing 15 December 2017 for liquidity management purposes. Purchases will either be held to maturity on the Bank's balance sheet, or on-sold to the New Zealand Debt Management Office (where the bonds will be cancelled).
This offer opens at 10:00am on 19 June 2017 and will remain open until further notice. Interested parties should telephone their offers, volume and rate, to the Domestic Markets section on (04) 472 0074/472 0075, preferably between the hours of 10:00am to 12:00pm and 2:00pm to 4:00pm daily.
Preferred settlement dates will be determined by projected liquidity flows. Transactions will be priced using the yield to maturity discount (T-bill) formula. This operation has been undertaken to manage near term liquidity flows and has no implications for the Bank's monetary policy stance.
For further operational details contact the Reserve Bank’s Domestic Markets team on 04 472 0074 / 04 472 0075 or email This email address is being protected from spambots. You need JavaScript enabled to view it.
| A RBNZ release || June 14, 2017 |||
Modern, science-based farming is the way to achieve a future for New Zealand where dairy farming has a lower environmental footprint, says DairyNZ’s chief executive, Dr Tim Mackle.
His comment follows today’s announcement of the Dairy Action for Climate Change at National Fieldays.
The Dairy Action for Climate Change lays down the foundation to reduce greenhouse gasses on dairy farms. The plan is spearheaded by DairyNZ, which represents all dairy farmers in New Zealand, and is in partnership with Fonterra. The plan has the support of the Ministry for the Environment and the Ministry for Primary Industries.
Dr Mackle says dairy farmers, and the scientists working alongside them, are serious about improving the environment.
“This plan lays down the foundation for dairy’s sustained, strategic approach to a lower carbon future. We’re taking the first steps in understanding what dairy can do – in conjunction with the wider agricultural sector, plus industry and urban communities – to help meet New Zealand’s Paris Agreement emissions reduction target.
“Our farmers are ready to work on lowering emissions – they are used to rising to the challenge, and they’re dedicated stewards of their land who want to do the right thing by the environment.”
Dr Mackle says addressing on-farm emissions – methane, which is formed when ruminant animals burp, and nitrous oxide, formed when nitrogen escapes into the atmosphere – is one of the most challenging issues facing the dairy and food producing sectors, globally and in New Zealand.
“Tackling the reduction of on-farm emissions is not going to be easy. It requires our Government and the agricultural sector to work together, and, as such the plan is an important part of a broader work programme underway.”
Fonterra’s Chief Operating Officer Farm Source, Miles Hurrell, says it is crucial to take an integrated approach to all the challenges facing dairy – from climate change and animal welfare, to the protection of waterways – and all the while maintain productivity and the profitability of dairy.
“The plan complements the environmental commitment dairy farmers have voluntarily undertaken through their work under the Sustainable Dairying: Water Accord.
“Some of their work – such as tree planting, better soil management and reducing nitrogen leaching therefore reducing the release of nitrous oxide – is already helping to address emissions. Then there are the other science-based endeavours that are well underway, like the research to breed cows that produce fewer methane emissions, and a methane inhibiting vaccine.”
Dr Mackle adds that the Dairy Action for Climate Change dovetails with the work of the Biological Emissions Reference Group (BERG), a joint sector and Government reference group. The BERG’s purpose is to build robust and agreed evidence on what the sector can do on-farm to reduce emissions, and to assess the costs and opportunities of doing so. The BERG’s final report in late 2017 will be necessary to inform future policy development on agricultural emissions.
“New Zealand’s agricultural output of greenhouse gas is accentuated because we have a relatively small population, and we are not heavily industrialised. In other countries where there are larger populations the greater contribution is from the transport, manufacturing, construction, and energy sectors.
“Our agricultural sector is a very efficient producer of high-quality food – food that feeds many millions, not only in our country, but also around the world.”
New Zealand is acknowledged as a world-leader for efficiently producing milk on a greenhouse gas per unit of milk basis, as identified in a 2010 report from the United Nation’s Food and Agriculture Organisation.
Dr Mackle says this positioning is the result of New Zealand dairy cattle being healthier and largely grass fed, unlike animals in many other agricultural countries which are fed grains and other supplements that are harvested and transported. Added to this, their animals are often housed in barns, sometimes year around, not just over the winter months.
The Dairy Action for Climate Change was launched during the opening of the 49th National Fieldays by Deputy Prime Minister Paula Bennett.
| A DairyNZ release || June 14, 2017 |||
New Zealand’s primary industries need to latch on to technology faster to support the economic growth of its agri sector and become a world leader in a fast growing agritech market, NZTech chief executive Graeme Muller says.
NZTech members have joined hundreds of other firms at Fieldays in Hamilton this week as technology becomes increasingly important for the New Zealand agri sector.
A growing awareness of the value of technology in agriculture can be seen by the number of farmers looking into technologies such as IoT, drones, sensors and robotics, Muller says.
“A report by the IoT Alliance, due for release on June 29 looks into the economic value that IoT could bring the New Zealand economy, has identified that better use of IoT by dairy farmers could potentially generate as much as $448 million worth of net economic benefit for New Zealand.
“For example, even firms like Xero have identified how effective business processes are now critical for modern farmers promoting Xero Farming. Xero Farming in the Cloud delivers New Zealand farmers with a tool for effective farm management. Xero is delivering a farming eco-system of partners which will connect farmers with digital tools to save time.”
New Zealand is achieving good agritech export growth rates relative to other nations. Global agritech investment is expanding rapidly, with investment in agritech firms in 2014 was estimated at over $US2.36 billion making investment in agritech higher than fintech.
“With our traditional strengths in agriculture and our growing strengths in tech, this is an opportunity we should pursue with vigour. Agriculture is a big user and creator of technology,” Muller says.
“Tech sector innovations are being adopted in many agricultural areas with examples such as the application of precision agriculture on-farm and industry-wide information capture and utilisation through activities such as the development of initiatives such as the Dairy Data Network and Agrigate.
“Production costs have placed pressure on the competitive position of New Zealand agriculture in world markets. Reversing a slowdown in productivity growth is critical given the challenges the sector faces with strengthening environmental regulation.
“Digital agriculture, in the form of precision farming, big data, sensor technology and drones, delivers a new potential for productivity gains across rural New Zealand,” he says.
The tech sector is the country’s third largest and fastest growing export sector, worth over $6.3 billion in 2015 and employing 5 percent of the New Zealand workforce.
| A MakeLemonade release || June 14, 2017 |||
Trade Minister Todd McClay says a new era of closer economic relations with the Pacific has dawned following the signing of the PACER Plus trade and development agreement in Tonga today.
“This is a landmark moment for the economic future of the Pacific. Pacer Plus will help sustainably develop the countries involved through trade and help raise the standard of living for their people. A more resilient and prosperous Pacific is in all of our interests,” Mr McClay says.
“In the short-term, the Pacific countries who have signed this agreement will benefit economically and socially through the joint NZ Australia $55 million development package. Long-term, trade will help transform their economies by providing reliable income and sustainable growth.”
“PACER Plus also benefits New Zealand businesses by establishing a common set of trading rules covering goods, services and investment. These rules will reduce tariffs and red tape for New Zealand exporters and investors as well as future-proof competitive access for our companies.”
More information on PACER Plus will be available to business and the general public in a series of other upcoming public engagements on New Zealand’s full trade agenda.
More information about PACER Plus: www.mfat.govt.nz/pacer
Public engagement opportunities: www.mfat.govt.nz/tradeengagement
| A Beehive release || June 14, 2017 |||
Building trading contacts is at the top of the list for a delegation of businesses that arrives today in Taipei, the capital of Taiwan, for a five-day visit.
The delegation consists of six companies, and is being led by Wellington Chamber of Commerce Chief Executive John Milford.
Members will attend the 70th anniversary of the Importers and Exporters Association of Taipei, before visiting the New Zealand Commerce and Industry Office (NZCIO), the Wellington Chamber's office in Taipei that is responsible for the development of trade, economic and cultural interests with Taiwan, given New Zealand does not have diplomatic relations with Taiwan.
Mr Milford will also visit the Confederation of Asia-Pacific Chambers of Commerce and Industry on behalf of the New Zealand Chambers.
Mr Milford said he hoped there would be opportunities for the company representatives to develop new trade contacts and cement existing ones.
"Taiwan is currently our 8th largest market for goods exports, and in the two years following the signing of our economic agreement with Taiwan, apples exports increased by 200 percent, cherry exports by 150 percent and wine exports by 56 percent.
"We also saw a 52 percent increase in our services exports since the agreement came into place in 2013.
"The opportunities for business in Taipei are endless, so I'm confident this trip will open new doors."
The delegation has been organised in partnership with the Taipei Economic and Cultural Office in Wellington.
The Wellington Chamber operates NZCIO, which offers a range of support services for New Zealand businesses doing business in Taiwan, and Taiwanese businesses doing business with New Zealand.
| Wellington COC release || June 14, 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