Author: Press Room

ADVERTISEMENTThe trade war between the European Union and the United States is heating up.Donald Trump’s decision to slap the bloc with a 20% across-the-board tariff has upended deeply intertwined commercial bonds between the two sides of the Atlantic, threatening to dismantle reliable supply chains, hike production costs, fuel inflation, wreck profitable businesses and wipe off untold value in imports and exports.The tariffs, which Washington has described as “reciprocal” but which Brussels has called “neither credible nor justified”, are seen as a forceful attempt to unilaterally redesign the multilateral economic order established after World War II – the same order that…

New Zealand China Council’s executive director believes the trade war between China and US will continue until the two countries have “their hands on each other’s throats”. With the two countries being New Zealand’s largest export markets, it could mean tough times for Kiwi businesses. On Wednesday (NZT), dozens of US President Donald Trump’s tariffs on imports came into force, including 104% tariff on goods from China. Trump had given China 24 hours to roll back its decision to place “reciprocal duties” on US goods. Instead, China returned the fire calling Trump’s ultimatum “blackmail” and vowed to “fight to the end”.…

A Nelson man has been sentenced to two years and three months in prison for possession of over 2000 images and videos showing children being sexually exploited and abused.Ian Durbin, 56, pleaded guilty to six charges of possessing objectionable material at Nelson District Court. The Department of Internal Affairs (DIA) say Durbin was found after “uploading 21 child sexual exploitation and abuse images to a visual search engine, in an effort to seek out similar illegal material”.A search warrant at his home in April 2023 led to the seizure of several devices where police found Durbin was in possession of…

ADVERTISEMENTThe list is the result of a consultation process with member states and industry, and is designed with an eye to dodge retaliation most harmful to the European economy.EU Member states will vote on Wednesday afternoon to impose tariffs of up to 25% in response to US 25% tariffs on aluminium and steel which came into force on 12 March.The list, which was subject to intense recent industry and national lobbying, includes boats, coffee, copper, iron, live poultry, motorcycles, orange juice, steel, soybeans and  yachts. 1680 codes are listed each referring to a family of different products.Bourbon whiskey dodged inclusion after France and…

Alpine Energy will refund customers $16.9 million after it was found to have overcharged them. The amount of the credit depends on the type and size of the customer, with householders receiving $261.69, or about an average month’s power bill, the South Canterbury-based lines company said in a statement.The Commerce Commission said a warning had been issued and enforceable undertakings negotiated from the company after an accounting error resulted in the overcharging. Commissioner Vhari McWha said the focus of the commission was on ensuring Alpine Energy returned the money that customers had been overcharged, with additional funds to make up…

US President Donald Trump’s “reciprocal” tariffs on dozens of countries have taken effect, including a massive 104% duties on Chinese goods, deepening his global trade war even as he prepared for negotiations with some nations. Trump’s punishing tariffs have shaken a global trading order that has persisted for decades, raised fears of recession and driven worldwide stocks sharply downward. The S&P closed below 5000 for the first time in nearly a year on Tuesday and is nearing a bear market, defined as 20% below its most recent high. S&P 500 companies have lost $US5.8 trillion ($NZ10.5 trillion) in stock market value since…

A man has been charged with the murder of 65-year-old Simon Bird, who was found dead at his property in Wellington’s Northland last week, police say.Bird was found dead at his Albemarle Rd property on April 1.He had not been heard from in several days when a concerned friend made a welfare check and discovered his body.Detective Inspector Nick Pritchard said police charged the suspect this morning.”This is a positive development for his family and friends, but there are still many unanswered questions that we are working hard to answer.”A scene examination is ongoing at Bird’s home and police still…

The Reserve Bank has cut the official cash rate by 25 basis points to 3.5%, as widely expected, while warning of rising economic risks. The central bank played safe with a smaller rate cut, which it had signalled in February after three consecutive larger cuts. “Economic activity in New Zealand has evolved largely as expected… Higher-than-expected export prices and a lower exchange rate have supported primary sector incomes and overall economic growth,” the Monetary policy Committee (MPC) said in a statement. Economists had overwhelmingly forecast the more modest cut, as the economy remained fragile with various headwinds keeping households and…

Tensions between rival gangs spilled over at a High Court hearing in Auckland on Wednesday morning for a Head Hunters member accused of murder.Justice Matthew Downs took the “extraordinary step” of clearing the public gallery to avoid violence, before Sione Tupou pleaded guilty to murdering Texas Jack Doctor last year.He also pleaded guilty to unlawfully possessing a pistol.About a dozen supporters of Tupou had packed into the courtroom to watch the arraignment, as had others wearing t-shirts commemorating Doctor.As Tupou was brought into the dock, a woman from the latter group called out, “look at you”, and the groups began…

By Susan Edmunds of RNZ Kiwibank, ASB and Westpac have announced reductions to their variable home loan rates in response to a drop in the official cash rate. As widely expected and signalled, the rate was cut by 25 basis points, to 3.5%. Commentators have suggested that the widespread economic turmoil sparked by US President Donald Trump’s tariffs could lead to lower interest rates than might otherwise be the case. Kiwibank said its variable term loan had dropped to 6.5%. ASB’s was 6.64% and Westpac’s choices floating was dropping to 6.74%. Westpac general manager of product Sarah Heran said the bank…