Founded by Max Farndale 1947 - 2018
Better than expected balance of payments figures out this morning underscore the strength of both the services and goods sectors of the New Zealand economy, Finance Minister Steven Joyce says.
New Zealand's current account deficit narrowed to $1.6 billion in the June 2017 quarter, $1.2 billion lower than in the previous quarter. This is mainly driven by the services sector, with a surplus of $1.3 billion, the highest surplus on record.
New Zealand’s current account deficit is 2.8 per cent of GDP in the June year, down from 2.9 per cent in the last quarter, ahead of market forecasts for a deficit of 3.1 per cent.
"Today’s result is one of the dividends of an increasingly diversified economy, with both services and goods exports performing well in the quarter,” Mr Joyce says. “The services sector in particular, had a strong run in the quarter driven by $3.7 billion of spending by overseas travellers.”
Key highlights included:
- Services surplus increased $295 million to $1.3 billion
- The goods deficit decreased $677 million to $446 million
- New Zealand’s net international liability position is equivalent to 57.5 per cent of GDP, down from 57.8 per cent in the previous quarter, the lowest since records began.
"The days of New Zealand as a one-trick economy are behind us, but this does not mean we can rest on our laurels. We need to continue the government's strong economic plan so we can further diversify and grow our economy.”
| A Beehive release || September 21, 2017 |||
An apparently faceless building by Architects EAT reveals itself as a layered and sculptural home
Dubai: Emirates has had to change its ultra-long-haul flight from New Zealand to Dubai following a fuel shortage that has impacted a number of airlines flying to and from Auckland Airport.
In a statement sent to Gulf News on Tuesday, the UAE-based carrier confirmed that Emirates flight EK449 will now make a stopover in Melbourne to re-fuel, instead of flying direct to Dubai.Route change
The route change is in effect between September 18 and September 24.
“[The flight] operating from Auckland to Dubai between 18-24 September, will stop in Melbourne for refueling due to the Auckland Airport fuel shortage which has affected most international airlines,” an Emirates spokesperson said.
Passengers affected, however, will not have to disembark in the Australian city.
“Customers holding tickets with onward connections during this time are advised to contact their local Emirates office and check the status of their flight. Connecting flights will be rebooked as required,” the spokesperson added.
The airline launched its first non-stop service between Dubai and Auckland, considered to be one of the world’s longest scheduled flights, in March 2016.
The non-stop journey had an estimated flight time of 17 hours, 15 minutes from New Zealand to Dubai and just under 16 hours from Dubai to New Zealand.Related Links
Thousands stranded due to jet fuel shortage New Zealand’s fuel shortage hits more flights Nepal fuel shortage disrupts Gulf flights
Thousands of flyers have had their trips disrupted due to a fuel shortage caused by a damaged pipeline that brings fuel to Auckland.
The damage, which was discovered last Thursday, has prompted oil companies to ration the amount of fuel they are supplying to airlines operating out of Auckland.
“We are working with the airlines operating out of Auckland to minimize the impact on passengers. We are doing all we can to help people manage through this period of disruption,” Auckland airport said in its public advisory.
As of Tuesday, the fuel shortage caused the cancellation of 28 flights, six of them international, according to Reuters.
The Reserve Bank today published a revised outsourcing policy for large banks. “The revised policy aims to ensure that a bank can continue to operate in a situation where a key service provider fails,” Deputy Governor Grant Spencer said. The revision of the outsourcing policy follows a review by the Reserve Bank, which concluded that greater clarity of the policy and more consistency of application by banks would be desirable to ensure that they can continue to provide required services in times of stress. “The revised policy sets requirements that banks need to meet when outsourcing particular functions and services, especially if the service provider is a related party of the bank. “An ongoing ability by banks to provide liquidity and basic services to customers, even in times of stress, is an important part of maintaining a sound and efficient financial system,” Mr Spencer said. Under the revised policy, banks are required to ensure that a range of resolution options, including open bank resolution, are available in the unlikely event of a bank failure. This supports financial stability in times of stress. It applies to locally-incorporated registered banks with net liabilities of more than $10 billion, and comes into force on 1 October 2017. Affected banks will have five years to come into compliance with the revised policy, which replaces an earlier policy introduced in 2006. Mr Spencer acknowledged the constructive involvement of the banking industry and other interested parties who were actively engaged during the development of the revised policy. “Our engagement with the banking industry and others has been instrumental in helping to minimise costs to the banking industry while still ensuring that the key objectives of the revised policy are clearly understood and achievable.” He said the Reserve Bank would work with banks to ensure a practical path to compliance with the policy within the five year deadline. More information: * Revised Outsourcing Policy* Responses and feedback from consultation on outsourcing policy* Description of outsourcing requirements
| An RBNZ release || September 20, 2017 |||
Ground-breaking research into design’s economic contribution to New Zealand’s economy has shown that during the last year alone design contributed $10.1b to New Zealand’s GDP (approximately 4.2%). The research launched in late July 2017 by Hon. Steven Joyce Minister of Finance, was undertaken by PwC and commissioned by DesignCo. Professor Claire Robinson, convenor of DesignCo, said at the launch of the research “There is a strong correlation between national prosperity, economic growth and a thriving design sector. International evidence confirms that design leads to more competitive firms making and selling higher value products and services.
“The research reveals that if design were treated as an individual industry its contribution to the New Zealand economy would be larger than agriculture and on a par with retail trade ($10.6b), and food, beverage and tobacco product manufacturing. The sector also provides approximately 94,200 FTE design positions in New Zealand, roughly 4.4% of employment,” Professor Robinson said.
For the purposes of the research the definition of design is broad in nature — it is a process or series of processes to create a proposition in any industry. Design is dynamic and can stretch across a number of applications, industries and occupations. It is because of this broad nature that the project group determined that the current classification system for industries and occupations in New Zealand did not adequately capture design in all its forms. As such, a project reference group developed a classification system for design. The classification has five levels, including the design disciplines of design education, graphic design, innovation / invention, interactive design, motion design, product design, service design, spatial design, and strategy.
The research shows that the manufacturing industry contributed the greatest amount to design-related economic activity in 2016 with $2.7b. Product design and interactive design disciplines are the two biggest individual contributors towards design’s GDP, with over $4.5b of economic activity coming from these two disciplines (46% of the total).
The study indicates a broadening use of design as an effective process; in exporting firms, technology, health, conservation, the public sector and within cities. Ludo Campbell-Reid, head of the Auckland Design Office and Auckland’s design champion said: “There is an international movement that is centred on cities that are transforming themselves through great urban design. We need to make sure that people understand the impact that design can have. Great design is good for the environment, good for business and good for social cohesiveness. Well-designed schools reduce truancy, well designed hospitals are better for your health, and well-designed cities are better for health and happiness. Design in the 21st century, with the rise and rise of technology and interactive and open-source consumer platforms, is being harnessed more frequently, for a wider set of purposes and with increasing impact,” Ludo Campbell-Reid said.
Professor Robinson said: “DesignCo partners will continue to connect with the constituent parts of the New Zealand design eco-system in a systematic and regular manner, telling the story of New Zealand’s design excellence, rectifying the paucity of information about the design sector and gathering statistical data on the value and impact of design in New Zealand.
| A DesignCo release || September 20, 2017 |||
NADI | Local production drives down costs and gives boost to local economy. Bellingham’s decision to move production to Nadi is a win-win for the island nation and local developers.
Nadi, Fiji – 18 September 2017 – The island nation of Fiji is thriving in its seventh straight year of economic growth. From textiles to sugar, one of Fiji’s fastest growing sectors is manufacturing. The country has now expanded into pontoon manufacturing with the announcement of the partnership between Bellingham Marine and Marine Structures and Consultancy (MSC) Limited.
Two of the country’s best-known marine service operators, Hall Dredging and Bob Oldham recently took control of MSC. Both have worked on Bellingham projects over the years and maintain an excellent working relationship with Bellingham Marine New Zealand (BMNZ).
In the final week of July, the first Unifloat pontoons were manufactured in the Fiji plant under the watchful eye of BMNZ management, who gave the pontoons their stamp of approval.
There is great opportunity in the region. Favorable financial and governmental conditions have opened Fiji’s doors to companies like Bellingham Marine that are looking to set-up operations in the South Pacific.
“Having a production plant in Fiji allows us to provide clients in the region with more competitive pricing,” shared Bruce Birtwistle, General Manager of Bellingham Marine New Zealand. “Transportation and production costs are greatly reduced.”
“Our partnership with MSC not only benefits our clients, but the local community,” added Birtwistle. “The plant bring new jobs to the region and helps further bolster the local economy.”
As the world's leading marina design-build construction company, Bellingham Marine specializes in floating dock, floating platform and floating wave attenuation systems for marinas worldwide. The company also produces dry storage systems for the upland storage of boats.
| A Bellingham Marine release | September 19, 2017 |||
Leading food company Alliance has acquired the business of Goldkiwi Asia, a Singapore -based marketing and sales company, as it seeks to capture more value from its markets in Asia.
Alliance Group chief executive David Surveyor said the new business will be known as Alliance Asia.
Goldkiwi Asia is well established and has built sound customer relationships in China, Hong Kong, Thailand, Vietnam, Malaysia, Singapore and Indonesia since the early 1990s.
Mr Surveyor said the acquisition represents an important step in the company’s vision to create a stronger co - operative to benefit its 5,000 farmer shareholders and staff.
The acquisition will position Alliance directly in the market a nd accelerate the co-operative’s understanding and responsiveness to its Asia - based customers. “This will ensure we are now closer than ever to our Asian customers and end - consumers with our new Asian headquarters in Singapore connecting us to some of the world’s largest populations and their growing demand for quality foods.
It will also lift Alliance’s visibility and engagement across all steps of the supply chain.”
Alliance has worked closely with Goldkiwi Asia for more than 25 years and the company has played a key role in building Alliance’s presence in the region, he said. “This is a proven relationship and a natural next step in our strategy. Goldkiwi Asia has supported our strategic co-operation with our important Chinese in - market partner Grand Farm. This will continue as we seek to improve the returns and add value to both businesses.”
Goldkiwi Asia staff will transfer to Alliance Asia.
Paul Stephens, Founder and Director of Goldkiwi Asia, said: “The acquisition is at the right time for the business. We are moving up the value chain and we are driven to secure a better return. “Consumers want to know more – not just about the food, but also its story.
Alliance is 100% owned by farmers, who take great care and know their craft. This resonates with consumers.” Mr Surveyor said Alliance Group is developing new approaches to retail and e-commerce and product development in the Asia markets over the coming year.
“We are matching our products with markets which requires investment in product development, packaging and services.”
| An Alliance Group release || September 20, 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
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