What happened Thursday

A review of things you need to know before you go home on Thursday; wholesale rates unchanged, currency rises, mortgage approvals strong, Fonterra fix-ups, China beef demand strong

24th Apr 14, 4:00pm by David Chaston

For Thursday, April 24, 2014. <a href="http://www.shutterstock.com/">Image sourced from Shutterstock.com</a>

Here are the key things you need to know before you leave work today.

RBNZ HIKES OCR AGAIN
No news here as this was an expected rise to 3%. Another is almost certain on June 12. That one comes with a monetary policy statement. Before then on May 14 (the day before the Budget), the RBNZ will review financial stability. May hear something important then on their LVR policy.

ANZ RAISES ITS VARIABLE MORTGAGE RATE
They are the first to move, and as we publish this, ANZ is the only one who has changed home loan rates. ANZ also raised its bonus saver rate the full 25 bps. Kiwibank announced some minor term deposit rate rises.

MORTGAGE APPROVALS SURPRISE
The data for the week ending April 18 is for the short Easter week, but it was actually quite strong, revealing more than $1 billion in approvals in those 4 days.

FONTERRA FIX-UP RESPONSES
The Government is continuing its rollout of beefed up oversight and testing rules, and today the Chinese have advised their new rules for imported infant formula. They will be toughest on brand owners who are not the manufacturer.

CHINA BEEF MARKET TO GROW STRONGLY
Rabobank sees the export markets for beef growing +20% per year as their local industry is restructured. New Zealand should benefit from the greater demand, they say.

WHOLESALE RATES UNCHANGED
Swap rates were basically unchanged today, although 5 to 10 year rates eased 1 bps in response to softer international bond yields. The 90 day bank bill rate is unchanged also at 3.30%.

OUR CURRENCY
The NZ dollar strengthened on the OCR hike by about 40 bps. The NZD is now at 86.2 USc and 92.8 AUc. The TWI is back up to 80.2.

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2 Comments

by Henry_Tull | 24th Apr 14, 6:55pm 1398322509

early in the month the customer list of the white label ipowder manufacturers have been under question.

a little look at virtual sales alli:

143 Product(s) from 65 Supplier(s) + Manufacturers

http://www.alibaba.com/new-zealand-milk-powder-manufacturers.html

Company Description

Producers of infant milk powder formula and colostrum milk powder. The products have chinese certification and are ready for export by the container, all products are of very high quality milk powder produced in New Zealand. A small company growing fast with excellent export potential. Website is not available all products on Alilbaba.We can also provide New Zealand Wine. High qualitity honey and vegetable seeds.Shipments are currently being exported to China on monthly basis at a increasing rate. If your company wants to join the growth of selling a premium infant milk powder product ,contact us as soon as possible before factory capacity is reached.

Company Description

New Zealand Oohc-Oohc Dairy Marketing Limited is an emerging and energetic company that specialises in a range of nutritional dairy products from milk powders to UHT milk. Based in Auckland, New Zealand, we strive to redefine the meaning of premium quality milk products under our brand name of Oohc-Oohc.

Our recipe for consistent quality is supported by the food manufacturer state-of-the-art facilities, expertly trained and experienced staff that have a professional love affair with all things dairy, and New Zealand nutrient-rich environment ideally suited to pastoral farming. Coupled with stringent food safety control by the government, you can trust Oohc-Oohc to provide the finest dairy needs.

In line with our company slogan of Our Reliability is Your Opportunity, we pledge to deliver superior customer service through continuously providing high quality dairy products as well as flexibility in all aspects of marketing and distribution. Our focus on implementation and collaboration ensure that we keep our promises to all we serve.

Company Description

We have developed channels of supply that enable customers to obtain NZ produce products without going directly to a major supplier and being denied because of the following reasons

- "We have too many customers"

- "We cannot supply our own customers let alone new customers"

- "We do not deal with any new clients"

We have trusted industry connections with decades of experience. Some are the most respected persons in their field in the New Zealand produce industry.

If you have interest in obtaining product beginning at a MOQ of 1x40ft container PER MONTH then please contact us. We can ship globally.

We arrange a supply chain for your needs and payment is required but kept in a trust account in New Zealand in NZD, completely protected under New Zealand Law. All client funds are protected 100% and complete transparency for clients is key to our operations. Because of the way we source our product specifically for the client- the funds are required up front however are completely protected under New Zealand Law. We are a nation of zero-corruption and all funds are protected in a manner that not many other nations can provide. If you have concerns or questions about this aspect of the product- then please contact us and if you are of high integrity we can discuss part-payment to secure stock then full payment at time of shipment...............

by cowboy | 28th Apr 14, 7:37am 1398627422

Henry, the legislation is about making sure producer-processors have market dominance.... Which producer-processors, you might ask? Well....like those in China for example....

There is no interest in opening the field, just establishing early supply control....after all we have FTA, so they can't limit import directly, they have to keep pushing up "quality" to suit their preferred suppliers.