Posts tagged "Westpac"

More farmers feeling financial pressure from banks

[5 June/NBR] Even with improved dairy market conditions, more farmers were falling under undue pressure from their banks. Federated Farmers Vice-President, Andrew Hoggard, said confidence and satisfaction with banks remained reasonably high, and thought non-financial pressures were also impacting farmers. He cited government climate change policies and the emerging risk of Mycoplasma bovis as factors...

Slowdown ahead for forestry

[21 May/Otago Daily Times] New Zealand’s forestry sectors has had a strong few years with China purchasing as many logs as they could. Times however are expected to change according to Westpac Industry Economist, Paul Clark. He cautioned forestry participants that times were changing as Chinese building activity was expected to ease in the year...

Swaps case comes at uncomfortable time for Kiwi banks

[21 May/NZ Herald] Controversy over how New Zealand lenders sold a complicated financial product to farms have resurfaced during a bad time for the reputation of the Australasian banking sector. It was revealed that former Dargaville farmer, Renie Gibson, is suing Westpac after she lost her farm during the financial crisis. The action remains live. ...

Economy set to gain from 7 per cent drop in NZ dollar in just a month in a month

[21 May/NZ Herald] The New Zealand export sector and general economy looks likely to benefit from the 7 percent fall in the New Zealand Dollar relative to the U.S. dollar. A weaker local currency stimulates export earnings. In the case of Fonterra, the substantially lower NZD would be supportive for farmgate milk prices. ANZ Senior...

NZ farmers eye third straight year of strong dairy prices

[14 May/NZ Herald] Economists said New Zealand dairy prices were set to be $6 plus for the third year in a row. Fonterra was expected to issue its opening forecast for the coming 2018/19 season later this month. While rural lending specialist, Rabobank, said the season would ultimately deliver a $6.40 per kgMS, ANZ Rural...

Economic growth takes a hit due to weather

[16 March/Otago Daily Times] Weather related events over the last three months have affected economic growth. Gross Domestic Product increased by 0.6 percent in the three months ended December which was weaker than most forecasts suggested. Growth was also impacted by the fall in NZD/USD exchange rate. According to Statistics New Zealand, higher activity in...

Dairy prices rise again at latest auction

 [4 May/ Otago Daily Times] Dairy prices have reached their highest level since early February, increasing 3.6 percent in this week’s GlobalDairyTrade auction. Whole milk powder prices increased 5.2 percent and strong demand for milk fat increased anhydrous milk fat and butter prices. Skim milk powder decreased 0.9 percent. Westpac Economist Sarah Drought said dairy...

Forestry sector poised for banner year

 [9 March/ National Business Review] Pruned export logs hit their highest level in almost ten years last month, with log exports seeing a 9 percent increase over the December quarter year on year. ASB Senior Rural Economist Nathan Penny said says local and international demand for New Zealand timber is strong, partially due to increases...

Rural debt appears to have topped $60 billion

 [2 March/ Stuff] Agricultural debt has likely risen above $60 billion over the last few years. Westpac’s manager of corporate agribusiness at Palmerston North, Dave Hutchison, believed the downturn in dairy returns experienced over the past few seasons had contributed to an increase in agricultural debt, noting that a lot of dairy farmers are taking...

Milk makes money in global market

 [9 February/ Otago Daily Times] Although market expectations showed a decline in Fonterra’s overnight global dairy trade auction, overall auction prices rose 1.3 percent. The crucial whole milk powder price rose 1% to in the auction. These gains were due to Chinese demand and global milk shortages, and support prices above the break-even point after...

Meat, wool lack NZ brand: report

 [12 November/ Otago Daily Times] According to Westpac’s latest Industry Insights report, one of the biggest weaknesses in the New Zealand meat and wool sector was the lack of a coherent brand internationally. Report Author, David Normal said each New Zealand exporter was doing their own marketing and focusing on securing export quantities, rather than...

Brexit dairy blip proves modest

 [8 July/ Farmers Weekly] Westpac Senior Economist, Michael Gordon said the 0.4 percent fall in the Global Dairy Trade price index was the best outcome that could have been hoped for after widespread uncertainty in world markets following the British vote to exit the European Union. Mr Gordon explained that although the United Kingdom and...

Fonterra $4.60 milk payout in doubt

[7 January/ Otago Daily Times] Fonterra’s farmgate payout of $4.60 per kilogram of milksolids appears to be in doubt after whole milk prices fell by 4.4 percent at the first GlobalDairyTrade auction of the year. Westpac Senior Economist, Anne Boniface warned that the current El Nino weather pattern could impact New Zealand milk production. Ms...

Five biggest rural lenders to conduct ‘stress test’

[11 November/ NZ Herald] The Reserve Bank has asked New Zealand’s top five rural lenders, ANZ, ASB, BNZ, Rabobank and Westpac, to conduct stress tests of their exposure to dairy farm debt. The central bank has also encouraged the five banks to set aside provisions to reflect a likely increase in problem loans to the...

Confidence takes a hit

[22 September/ Otago Daily Times] Rabobank New Zealand General Manager, Hayley Moynihan said the bank’s rural confidence survey indicated that 53 percent of farmers believed that conditions would worsen over the coming year. Ms Moynihan added that some beef and sheep farmers were becoming more positive, with 27 percent now having an optimistic outlook for...

Westpac invests in agtech innovation

[22 September/ The Australian Financial Review] Westpac has indicated that it has a long-term interest in the emerging market for innovative agricultural start-ups. The bank awarded a $40,000 prize to start-up AgTasker, as part of its first Agtech innovation challenge. Westpac Commercial and Business Bank Chief Executive, David Lindberg said agrtech was a good long...

Westpac latest to settle, admits marketing of interest rate swaps likely to mislead or deceive some customers

[18 February/ NZ Herald] A Westpac settlement with the Commerce Commission revealed that it will pay up to $2.5 million to 38 farmers affected by its marketing of interest rate swaps in a way likely to mislead or deceive customers. The bank will also pay $250,000 to Rural Support Trusts and another $250,000 to the...

Westpac to pay over rural swap rates

[17 February/ Newstalk ZB] Westpac is to pay almost $3 million in a settlement with the Commerce Commission over the sale, marketing and promotion of interest rate swaps to its rural customers between 2005 and 2012, with $2.47 million being allocated to customers who made complaints and $500,000 in costs to the Commerce Commission and...

Bank gears up for drought support

[16 January/ Rural News Group] Westpac is preparing to assist its South Canterbury and North Otago customers that have been most impacted from the drought like conditions. Westpac Head of Agribusiness, Mark Steed said they are aware of the water and feed challenges and costs that farmers are facing in some areas around of Timaru...

Falling dairy price hits regional confidence

[14 January/ Otago Daily Times] Dairying centres, Southland and the Waikato’s regional economic confidence has plummeted, as seven regions reflect pessimism over the year ahead, with the potential of the lower Fonterra Co-operative Group payout reflected in the latest Westpac McDermott Miller regional economic confidence survey. The survey indicates that the national regional economic confidence...

Campbell named to head AbacusBio from next April

[10 December/ Otago Daily Times] AbacusBio has appointed the winner of the 2012 Westpac Otago Chamber of Commerce business award, Anna Campbell, as its managing director, replacing Neville Jopson. Dr Campbell has a science degree from the University of Otago and a PhD in cereal biotechnology from Lincoln University and Crop and Food Research. She...

Wool farmers to buy yarn mill

[24 October/ NZ Farmer] A recently established company, NZ Yarn, has entered an unconditional agreement to acquire the work in progress and working capital of the Christchurch Yarns NZ from its receivers. It is understood that the company has approximately $5.5 million of capital and bank debt for the purchase. Elders Primary Wool has secured...

Fed Farmers warns dairy farmers face ‘austerity’ this season

[2 October/ The National Business Review] In light of the decline in international dairy prices, Federated Farmers said New Zealand dairy farmers are facing an austere 2014/15 season, with prices having more than halved since the beginning of 2014. Rabobank warned of a protracted bear market for dairy products, which will only ease in 2015...

Milk powder not leader of the pack

[26 September/ Otago Daily Times] According to Statistics New Zealand, the trade balance for the 12 months to August continued its surplus at $2 billion, the biggest surplus since August 1992. Statistics New Zealand said that the 16 percent rise in combined milk powder, butter and cheese was led by milk fat and cheese, rather...