Red meat exports slump, thanks to China
Weaker pricing and demand from China continue to impact New Zealand red meat export earnings.
BNZ senior economist Craig Ebert says he doubts the crisis on the Chinese sharemarket will trigger a wholesale collapse of the Chinese economy.
But he says there could problems if the present situation continues long term. Ebert says the Chinese sharemarket rose quickly earlier in the year and has now fallen back to what it was.
"In many ways it's a healthy correction, but we are watching to see if it has any ramifications and any effect on the wider Asian region. We have noticed that it's starting to affect some of the other Asian equity markets, dragging them down and knocking confidence. But it is still a moot point as to how economically important this is," he told Rural News.
Ebert says the boom on the Chinese sharemarket was caused by officials promoting it, prompting a "collective rush to the door" and people going crazy and investing on the market.
Some of the rules for trading on the Chinese sharemarket are immature by western standards, he says.
Ebert doubts whether this crisis will cause the wheels to fall off the Chinese economy. But he says with China being NZ's major market the turmoil in the market is clearly not good news.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
The Ministry for Primary Industries (MPI) has informed staff it will cut 391 jobs following a consultation period.
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