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PRESS DIGEST-New Zealand newspapers - Nov 19

Tue Nov 18, 2008 1:46pm EST

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WELLINGTON, Nov 19 (Reuters) - Following are some of the lead stories from New Zealand metropolitan newspapers on Wednesday.

Stories may be taken from either the paper or Internet editions of the papers.

Reuters has not verified these stories and does not vouch for their accuracy.

DOMINION POST(www.stuff.co.nz)

Lean pickings likely in first National Budget: John Key says his first Budget is likely to be "lean pickings" as he stares down the barrel at a global economic slowdown that is expected to get worse before it gets better.

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Property price fall expected to hit 13pc: House prices are expected drop by up to 13 percent for the 12 months to early next year, according to economic forecasters Infometrics.

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Conditions will get worse, Pumpkin Patch warns: Extraordinarily difficult market conditions meant 2009 looked even more difficult than 2008, Pumpkin Patch (PPL.NZ) chief executive Maurice Prendergast told shareholders at the annual meeting in Auckland of the children's clothing retailer.

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Jetstar tipped to take over Qantas routes: Qantas (QAN.AX) is laying the groundwork to hand over at least part of its domestic New Zealand network to budget offshoot Jetstar, experts say.

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NEW ZEALAND HERALD (www.nzherald.co.nz)

Key reviews carbon tax as NZ gets 'dirty' rating: New Zealand's poor record of growing greenhouse gas emissions has been exposed internationally, just as the incoming National-led Government goes back to the drawing board to decide how to reduce emissions.

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Farmers face big drop in dairy cash: Fonterra will this week make an unscheduled update to its forecast which could cut payouts to farmers by more than NZ$350 million.

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St Laurence offers investors 13-year plan: St Laurence Finance's 9000 debenture investors are being asked to accept up to 13 years of drip-fed repayments on the NZ$250 million they are owed by the company, which wants to begin lending again in a bid to earn enough money to pay them back.

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NZ 'attractive' for bond investors: New Zealand is still seen as one of the most attractive places for global bond investors despite the country being more than six months into a recession.

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