Edition:
United States

Charlotte Greenfield

UPDATE 1-Global dairy prices fall, dragged down by whole milk powder

Nov 06 2018

* Further falls likely on strong NZ supply -analyst (Recasts, adds analyst comment, detail)

NZ regulators, with eye on Australian inquiry, urge tighter bank controls

Nov 05 2018

WELLINGTON New Zealand's central bank and financial markets regulator said on Monday they had found "significant weaknesses" in banks' risk management and called on the government to tighten up regulation.

NZ central bank to stand pat in final review for 2018, seen on hold near term

Nov 04 2018

WELLINGTON New Zealand's central bank is expected to leave interest rates unchanged this week and over the near term, as policy makers wait to see if a recent acceleration in inflation and better-than-expected growth figures are sustainable.

NZ bank review urges tighter regulation in the wake of Australian inquiry

Nov 04 2018

* Widespread problems found in Australian banking sector not seen in NZ

Countering global protectionism, Pacific trade pact nears takeoff

Oct 31 2018

WELLINGTON A landmark 11-country deal that will slash tariffs across much of the Asia-Pacific region will come into force at the end of December, New Zealand said on Wednesday, a rare bright spot for global commerce as the U.S.-China trade war intensifies. | Video

Meghan and Harry name newly hatched kiwi chicks on final day of Pacific tour

Oct 31 2018

WELLINGTON Britain's Prince Harry and his wife Meghan bestowed names on Wednesday to two newly-hatched young of New Zealand's national bird, the kiwi, in the northeastern town of Rotorua, on the final day of their two-week tour of the Pacific. | Video

Meghan defeats Harry in New Zealand gumboot toss

Oct 30 2018

WELLINGTON Britain's Prince Harry and his wife Meghan threw rubber gumboots on Tuesday as children cheered in a competition in New Zealand's largest city of Auckland, though Harry's team ended up losing to his wife's side. | Video

British royals and 'little bump' visit New Zealand beach on final leg of Pacific tour

Oct 29 2018

WELLINGTON Britain's Prince Harry and his wife Meghan braved the rain on a New Zealand beach on Monday for an encounter with a "cheeky" native bird in the picturesque Abel Tasman national park during the final leg of their Pacific tour.

UPDATE 1-Global dairy prices fall for fourth auction in a row on boosted supply

Oct 02 2018

* Dairy prices dip 1.9 pct * Increased supply putting pressure on prices * Demand remains strong, especially from Asia - analyst (Recasts; adds analyst quote, market reaction) By Charlotte Greenfield WELLINGTON, Oct 3 Global dairy prices fell for the fourth time in a row at an auction held early on Wednesday as ramped-up supply outpaced robust demand. The GDT Price Index dipped 1.9 percent, with an average selling price of $2,901 per tonne at the fortnightly auction. The index had fallen 1.3 percent at the previous sale. Prices for the most widely traded item, whole milk powder (WMP), fell 1.2 percent, much further than futures market expectations of a roughly 0.4 percent drop. A strong recovery in production out of New Zealand, the world's largest dairy exporter, was pushing down prices even as demand, particularly from Asia, climbed. "Demand for WMP was high ... North Asia (which includes China) bought more than half of the WMP that was sold," said Amy Castleton, dairy analyst at NZX. "China is likely to be buying product to ship in December at this time so that it lands during the period in which a lower tariff rate applies, from 1 January 2019." Overall, a total of 41,981 tonnes was sold at the latest auction, an increase of 7.3 percent from the previous one, the auction platform said on its website. The auction results can affect the New Zealand dollar as the dairy sector generates more than 7 percent of the nation's gross domestic product. The kiwi currency fell from around $0.6608 to $0.6590 in the hours after the auction. GDT Events is owned by New Zealand’s Fonterra Co-operative Group Ltd , but operates independently from the major dairy company. The New Zealand milk co-operative, which is owned by about 10,500 farmers, controls nearly a third of the world dairy trade. U.S.-listed CRA International Inc is the trading manager for the Global Dairy Trade auction. A number of companies, including Dairy America and Murray Goulburn , use the platform to sell milk powder and other dairy products. The next auction is scheduled for Oct. 16. (Reporting by Charlotte Greenfield Editing by James Dalgleish)

New Zealand regulator halts Tegel's purchase of land for huge chicken farm

Oct 01 2018

WELLINGTON New Zealand's overseas investment regulator on Monday turned down an application by Tegel Group Holdings Ltd to buy land on which it planned to build a huge chicken farm in the country's north.

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