NZ economy performing despite global jitters

Forward-looking indicators show the New Zealand economy continuing to improve despite nervousness in global markets, according to the BusinessNZ Planning Forecast for the September quarter 2011.

The BusinessNZ Planning Forecast incorporates BusinessNZ's Economic Conditions Index (ECI) which tracks 33 indicators, including GDP, export volumes, commodity prices and inflation, debt and confidence figures.

Australian retail sales better than expected in July

AUSTRALIA'S economy is performing slightly better than expected, with a small pick-up in retail sales in July and strong growth in business investment plans for capital expenditure.

Retail sales rose half a per cent in July, the Australian Bureau of Statistics (ABS) said today.

That was above economists' forecasts of an 0.3 per cent rise.

More significantly, new private capital expenditure rose 4.9 per cent in real terms, seasonally adjusted, in the June quarter, the ABS said.

The median market forecast was for a rise of 4.0 per cent in the June quarter.

RBC Capital Markets senior economist Su-Lin Ong said both releases had surprised to the upside....

Read more: http://www.news.com.au/business/retail-sales-capex-strength-surprise/story-e6frfm1i-1226127287801#ixzz1WgFTu6Gm

NZ Wool Market firms despite strong NZ Dollar

New Zealand Wool Services International Ltd reports that prices firmed at today’s wool sale, despite a rising New Zealand dollar over the last week.

Of the 7800 bales on offer at the auction of South Island wool, 86 per cent sold.

According to New Zealand Wool Services International general manager John Dawson, the impact of a resurgent New Zealand dollar was negligible as short supply combined with steady demand to drive prices up.

“Compared to last week’s sale on 25 August, the dollar rose 2.93 per cent against the weighted indicator for the main wool trading currencies. However, this potentially negative factor had practically no impact on a market that is under the influence of demand and supply.

“A small volume of merino fleece on offer today was up to 1.5 per cent dearer than prices for the nominal offering at the previous sale.

NZ Trustees to come under much stricter supervision

Trustees will face a new licensing regime and tougher minimum requirements once a new supervision scheme comes into effect in October.

Commerce Minister Simon Power announced the regime for all corporate trustees, including trustees of non-restricted KiwiSaver schemes and retirement village supervisors, will start on October 1 under the Securities Trustees and Statutory Supervisors Act 2011.

Under the legislation, trustees will have to meet certain conditions to monitor issuers of various securities.

The regime addresses failures highlighted in the finance company collapses, and will help to protect investors' interests, and enhance market confidence, Power said.

Australian 'Fair Work' clauses 'too risky' for small business

SMALL businesses in Australia are too afraid to take advantage of confusing "flexible" contracts, a peak body said.

The Individual Flexibility Arrangements were introduced as part of the Fair Work Act – which replaced the controversial WorkChoices legislation.

They allow employees to negotiate changes in ....

Read more: http://www.news.com.au/business/your-business/fair-work-clauses-too-risky-for-small-business/story-fn9evb64-1226126192263#ixzz1WZ1TuFo2

NZ Wineries open and waiting for business

Wine industry operators aimed at the upper end of the market are reporting sluggish bookings ahead of the Rugby World Cup but are hoping for a late rush.

The event is forecast to attract up to 95,000 visitors from overseas, many expected to be high-income earners and interested in wine tourism.

One tour operator, Phil Parker, said it appeared as if rugby tourists would book once they were here.

RBA boss paints a brightish picture

A grip on inflation, banks in good health and a strong currency will keep Australia in a secure economic position, says RBA governer Glenn Stevens.

Speaking at today's public hearing of the House of Representatives Economics Committee, Stevens told the committee that even the tendency of Australians to save rather than spend wasn't such a bad thing, despite the complaints of the retail sector.

"If we are entering another period of weaker international conditions, this is a pretty good starting point from which to do so," Mr Stevens said.

Read more: http://www.news.com.au/business/rba-boss-paints-a-brightish-picture/story-e6frfm1i-1226122978234#ixzz1WBP3RQSQ