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October, 25, 2016

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Business > Asia > New Zealand
New Zealand's central bank left interest rates at a record low of 2.0 percent Thursday but warned more cuts were likely.
New Zealand economy's maintained strong growth in the April-June quarter as record-low interest rates fuelled a construction boom, official data released Thursday showed.
New Zealand announced it was tightening rules surrounding foreign trusts Wednesday after numerous documents in the Panama Papers leak referenced the South Pacific nation.
New Zealand's central bank left interest rates at a record low of 2.25 percent on Thursday, although analysts predicted there could be further cuts if inflation does not rise.
New Zealand unexpectedly slashed interest rates to a record low on Thursday in a "shock and awe" tactic, stunning financial markets and sending the kiwi currency tumbling.
New Zealand's finance minister said Wednesday the country's multi-billion-dollar dairy industry faced a "serious or extreme" scenario as prices tumble, but downplayed the impact on the broader economy and refused help for farmers.
Big-spending tourists have helped the New Zealand economy grow faster than expected, with official figures Thursday showing gross domestic product accelerated 0.9 percent in the July-September quarter.
New Zealand dairy giant Fonterra announced a further 227 job losses Monday in a bid to remain competitive in "challenging market conditions," as global dairy prices plummet and mainland Chinese demand continues to wane.
New Zealand dairy bust shows far-reaching ripples from China
As Chinese grew wealthier while their economy raced ahead, dairy farmers more than 6,000 miles away in verdant New Zealand felt like they'd won the lottery.
New Zealand snipped a further 0.25 percentage points off interest rates on Thursday, the third reduction this year, with the central bank suggesting further easing was likely in coming months.
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