Failed Mosgiel businessman Malcolm Burns - who owes creditors millions - has finally been declared bankrupt despite a last-ditch effort to delay the decision a fourth time, the Otago Daily Times reported. Associate Judge Dale Lester declared Mr Burns bankrupt in the High Court at Dunedin on June 12 after the previous week giving him "a last chance" to pay what his company Otago Excavation owes vehicle leasing business FleetPartners Group.
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The Reserve Bank of New Zealand cut interest rates further Wednesday in a bid to stoke an economic recovery that some economists are warning is under threat, the Wall Street Journal reported. The official cash rate was cut by 25 basis points to 3.25%, the latest in a string of cuts that started in mid-2024. In making its decision, the RBNZ highlighted growing concerns about the global growth outlook amid a destabilizing trade war between the world’s largest economies. “The recently announced increases in global trade barriers weaken the outlook for global economic activity.
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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 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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