Philip Borkin News
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New Zealand’s annual trade deficit swelled to the widest since 2009 as exports fell to a 20-month low amid a decline in dairy shipments and a rising currency.
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Damage from New Zealand’s worst earthquake in eight decades may total as much as NZ$4.9 billion ($3.6 billion) and take four years to repair, according to a Goldman Sachs report.
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New Zealand consumer prices unexpectedly fell in the fourth quarter, giving the central bank scope to hold interest rates at a record-low until growth accelerates. The local currency dropped.
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Paul Ward imagined retiring in his “dream home” on Christchurch’s landmark river, the Avon, where he watched his two children grow up. Instead he’s selling his five-bedroom house to the government so it can be demolished along with half the suburb.
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New Zealand’s central bank chief faces a dilemma this week trying to guide an economy damaged by the deadliest earthquake in 80 years without appearing to buckle under pressure from the prime minister to cut interest rates .
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New Zealand will raise sales tax for the first time in two decades and cut income taxes to encourage household saving and reduce the “vulnerability” of a swelling foreign debt. The currency jumped.
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New Zealand retail spending rose in November led by cars and fuel, while so-called core sales declined for a second month amid lower food prices.
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New Zealand’s annual trade deficit unexpectedly narrowed in the year through June, boosted by overseas shipments of milk powder and logs.
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New Zealand will probably report that growth nearly stalled in the final three months of last year, leaving the economy on the brink of a recession before a Feb. 22 earthquake killed more than 160 people.
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New Zealand retail sales rose at the slowest pace in a year and house prices fell, weakening the case for central bank Governor Alan Bollard to raise interest rates next month.
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