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New Zealand economy grows 0.9 percent in Q4

New Zealand's economy expanded 0.9 percent quarter-on-quarter in October-December 2013, taking annual growth to 2.7 percent, official data showed Thursday. The figures, driven by a 2.1 percent rise in manufacturing, were in line with expectations and are unlikely to alter the central bank's policy of tightening interest rates, which began earlier this month. Statistics New Zealand said manufacturing reached its highest level since March 2006 as the economy recorded its 12th consecutive quarter of growth.

New Zealand break ranks to hike interest rates

New Zealand on Thursday became first advanced economy to raise interest rates since 2012, ending a three-year freeze imposed after the devastating Christchurch earthquake. In a widely anticipated move, the Reserve Bank of New Zealand lifted the official cash rate (OCR) 0.25 points to 2.75 percent and said it planned more hikes in an economy that was growing with "considerable momentum".

New Zealand hikes rates as post-quake recovery kicks in

New Zealand on Thursday became first advanced economy to raise interest rates since 2012, ending a three-year freeze imposed after the devastating Christchurch earthquake. In a widely anticipated move, the Reserve Bank of New Zealand hiked the official cash rate (OCR) 0.25 points to 2.75 percent, saying it no longer needed to be kept at a record low because the economy's expansion "has considerable momentum".

New Zealand hikes rates for first time in three years

New Zealand's central bank lifted the official cash rate (OCR) 0.25 points to 2.75 percent on Thursday, ending a three-year interest rate freeze imposed after the devastating Christchurch earthquake. In a widely anticipated move, the Reserve Bank of New Zealand said rates no longer needed to be kept at a record low of 2.5 percent because the economy's expansion "has considerable momentum".

New Zealand hikes rates for first time in three years

New Zealand's central bank lifted the official cash rate (OCR) 0.25 points to 2.75 percent on Thursday, ending a three-year interest rate freeze imposed after the devastating Christchurch earthquake. In a widely anticipated move, the Reserve Bank of New Zealand said rates no longer needed to be kept at a record low of 2.5 percent because the economy's expansion "has considerable momentum".

Telecom New Zealand first-half profit fails to spark

Telecom New Zealand posted a flat interim profit amid declining fixed-line revenues Friday, also announcing the company will change its name to Spark as it revamps for the digital age. New Zealand's largest telecoms firm said net profit was NZ$167 million ($138 million) in the six months to December, up 2.5 percent on the same period a year earlier. It said operating revenues dropped three percent to NZ$1.85 billion, largely due to a 9.2 percent decline in fixed-line revenues, while mobile revenues grew 5.8 percent.

New Zealand cash rate steady but hikes coming

New Zealand's central bank left the official cash rate (OCR) unchanged at a record low of 2.5 percent Thursday but warned it will rise soon as the economy gains momentum. The rate has been on hold since March 2011, when it was lowered to cushion the impact of a devastating earthquake in Christchurch, but the Reserve Bank of New Zealand said it was now ready to return to "more normal levels".

Fonterra recalls cream after E.Coli contamination

By Naomi Tajitsu and Colin Packham WELLINGTON/SYDNEY (Reuters) - New Zealand's Fonterra said on Monday it was recalling products distributed in the country that had been contaminated with the E.Coli bacteria in the second food-safety scare faced by the company in less than six months. The dairy co-operative said it was recalling 8,700 bottles of fresh cream marketed under its Anchor brand with a 'best before date' of January 21, 2014 and which were distributed to retail and food service outlets around New Zealand's North Island.

New Zealand cash rate unchanged at record low

New Zealand's central bank left the official cash rate (OCR) unchanged at a record low of 2.5 percent Thursday but signalled it would rise "as needed" to keep inflation in check. The Reserve Bank of New Zealand said the high "kiwi" currency, a robust housing market and strong demand for the country's agricultural commodities were stimulating inflation. Bank governor Graeme Wheeler said the interest rate, which has remained on hold since March 2011, would be lifted if inflationary pressures threatened to exceed the bank's 1.0-3.0 percent target.

New Zealand sharemarket closes lower

New Zealand sharemarket closes lower WELLINGTON, Dec. 11 (Xinhua) -- New Zealand shares fell after Fonterra Cooperative Group unexpectedly cut its forecast dividends and earnings for 2014, while the high New Zealand dollar against the Australian dollar weighed on companies such as Ebos Group with businesses across the Tasman. The sharemarket closed 0.05 percent lower on Wednesday with the benchmark NZX-50 index fell 2.20 points to 4704.40 and a turnover of 139 million NZ dollars (115.06 million U.S. dollars).
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