Manufacturing activity in New Zealand expanded for the first time in nearly two years, with key sub-index results for both production and new orders in positive territory, a survey showed on Friday, Reuters reported. The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) jumped to 51.4 in January from a revised 46.2 in December. New orders rose to 50.9 from 46.8 in the prior month.
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New Zealand
New Zealand relaxed its visa requirements for remote workers on Monday, as the country looked to spur economic growth by courting “digital nomads,” the skilled professionals who can work from anywhere in the world that has an internet connection, the New York Times reported. With the new policy, a New Zealand visitor visa, which allows foreigners to remain for up to nine months, now also permits them to work for overseas employers during that time, which had been forbidden.
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The New Zealand government said it expects the economy to exit years of recession in early 2025 supported by significant reductions in interest rates, the Wall Street Journal reported. A midyear update of the budget forecasts the farm-rich economy to grow 0.5% for the fiscal year ending June 30, 2025, before accelerating to 3.3% in the next fiscal year. However, the stronger growth momentum won’t speedily patch up the government’s budget bottom line with a return to surplus not expected until 2029.
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The Reserve Bank of New Zealand has continued to slash interest rates, extending its campaign to restore momentum to the country’s stalled economy while signaling that more cuts are likely next year, the Wall Street Journal reported. The official cash rate was lowered by 50 basis points for a second successive time at a policy meeting on Wednesday. That brings total cuts to 125 basis points since mid-year and cements the RBNZ’s position as one of the most aggressive central banks in terms of easing.
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New Zealand's central bank slashed rates by 50 basis points on Wednesday and said policy is still restrictive even though inflation has returned to target, prompting markets to bet on yet more aggressive easing and sending the kiwi dollar skidding, Reuters reported. “The Committee agreed that it is appropriate to cut the OCR (official cash rate) by 50 basis points to achieve and maintain low and stable inflation, while seeking to avoid unnecessary instability in output, employment, interest rates, and the exchange rate," the central bank said in its policy statement.
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Synlait Milk said on Tuesday it aims to raise NZ$217.8 million ($133.34 million) from its top two investors in a bid to reduce its debt, a failure of which could lead to the New Zealand-based dairy producer's insolvency, Reuters reported. Synlait will issue shares worth NZ$185 million to Bright Dairy & Food Co at NZ$0.6 apiece, raising the Chinese company's stake in Synlait to 65.25% from 39.01%.
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