New Zealand’s economy is showing signs of a full blown recovery with manufacturing activity surging in December to its highest level since 2021, the Wall Street Journal reported. The BusinessNZ performance of manufacturing index rose 4.4 points to 56.1 points in December from November, well above the average of 52.5 points since the survey began. All five sub-index values were in expansion during December, led by new orders, which achieved its highest level of activity since July 2021.
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Two large outstanding accounts, cited as the reason for the liquidation of a long-running South Canterbury electrical, refrigeration and heat pump company last year, are yet to be paid, ThePress.co.nz reported. Siebers International provided services across South Canterbury for more than 40 years, before it was put into liquidation by shareholder resolution in November 2024, with owner Peter Siebers saying he hoped liquidators would “pick up the fight” over “two very large contractual disputes”.
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A fifth report on the liquidation of Wishbone has raised the possibility that action could be taken against company directors after indications the company had been trading while insolvent for several months prior to liquidation in New Zealand, during which time it racked up debts it was unable to pay back, The Post reported. And, liquidator Mohammed Jan said, there would also be investigations into whether payments to certain creditors and related parties were voidable, or able to be clawed back. By law payments made when a company is insolvent can be voided in this way.
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New Zealand late on Sunday welcomed the United States' announcement that it would remove additional tariffs on a range of New Zealand agricultural products, including beef, offal and kiwi fruit, but said it would like to see all the additional U.S. tariffs on New Zealand goods removed, Reuters reported. President Donald Trump on Friday removed tariffs he had imposed on more than 200 food products, including beef, amid consumer concerns about rising U.S. grocery prices. The products represent around 25% of New Zealand's exports to the U.S.
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The New Zealand dollar and interest rate swaps tumbled in the wake of the move that took the official cash rate to 2.5%, as investors bet on more stimulus in the coming months to shore up demand and buffer the economy from rising global headwinds, Reuters reported. “The Committee reached consensus to reduce the official cash rate by 50 basis points to 2.5 percent,” the Reserve Bank of New Zealand said in its accompanying policy statement.
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