South Island News
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New Zealand will offer as much as 49 percent of state-owned power company Meridian Energy Ltd. in an initial public offering in the second half of this year, Finance Minister Bill English said in today’s budget.
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New Zealand’s government projected a small budget surplus in 2015, the first in seven years, as rebuilding earthquake-devastated Christchurch city bolsters economic growth and tax revenue.
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New Zealand’s central bank said economic growth has accelerated and it’s concerned about rising home prices after keeping borrowing costs unchanged today, sending the nation’s currency higher.
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New Zealand will probably keep a drought declaration until September, even as rains in some regions boosted soil moisture after the most widespread dryness in three decades curbed pasture growth, the government said.
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New Zealand’s North Island may receive further rainfall today, helping ease the most widespread drought in at least 30 years that curbed milk output, as residents assess damage from a weekend of heavy showers.
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Rio Tinto Group, majority owner of New Zealand’s only aluminum smelter, rejected an offer of a short-term government subsidy to keep the plant running.
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Contact Energy Ltd., New Zealand’s largest publicly-traded energy supplier, fell after Meridian Energy Ltd. said it was unlikely to agree to new price terms with Rio Tinto Ltd.’s South Island aluminum smelter, stoking concerns that the facility may close and leave a power glut.
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The kiwifruit disease that is infecting orchards in New Zealand has spread beyond the North Island town where it was first discovered and has been found on the nation’s South Island.
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Whole milk powder climbed to an all-time high as New Zealand’s most widespread drought in at least 30 years curbs supply in the world’s largest exporter, according to Fonterra Cooperative Group Ltd.
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Christchurch, New Zealand’s second- largest city, declared a state of emergency after the nation’s South Island was rocked by a magnitude 7.0 earthquake that cut power, damaged roads and ripped facades off buildings.
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