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NZ Anticipates Boost To Economy With UK Bid To Join CPTPP

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Following Brexit, the UK has now opted to pursue new trade alliances, with the Comprehensive and Progressive Agreement of Trans-Pacific Partnership (CPTPP) next on their agenda. The government, led by its Trade Minister, Liz Truss, has begun the process by formally making a request to officials from New Zealand and…

Queenstown Tourism Economy Struggles Amid Lack Of International Visitors

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Queenstown Lakes Mayor, Jim Boult, anticipates that many businesses could end up boarded up by the time international visitors return to the tourism hub. This is supported by a recently released report by the Treasury that indicates that Otago and Southland will be amongst the hardest hit regions by the…

Pyramid Schemes Rising as Bitcoin Values Peak

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The end of 2020 saw Bitcoin hitting a new peak of US$29,000, after nearly quadrupling in value over the past 12 months. Heavy interest by investors and traders continues, due in large part to the cryptocurrency’s ability to deliver quick financial returns as well as its potential to become a…

NZ Economy Showing Signs of Improvement

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New Zealand’s economy is expected to improve amidst the pandemic, although increased debt and hefty deficits will pose a challenge moving forward. Grant Robertson stated that the government’s swift reaction to mitigate the spread of COVID-19 was a significant factor in aiding the economic recovery, despite ongoing obstacles. According to…

NZ Investment Scams On the Rise

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The Financial Markets Authority (FMA) published a report regarding an increase in scams towards investors in the country. Most of the scammers target consumers, while pretending to be respectable businesses operating in New Zealand. With COVID-19 triggering a boom for online business and e-commerce activities online, scammers have treated the…

New Tourism Solutions Needed to Boost NZ’s Economy

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Every little bit helps. Such is the thinking behind a variety of steps currently being considered or implemented, to try to get New Zealand’s struggling tourism industry back on its feet. The idea of incentivising domestic tourism, opening travel bubbles between New Zealand and other ‘safe’ countries, and tasking the…

COVID Pushes New Zealand into Worst Recession in Years

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New Zealand fell into its deepest economic recession on record in the second quarter, due to the Covid-19 pandemic. Overall GDP declined by 12.2% within three months (April – June). This is New Zealand’s first recession since the global financial crisis hit in 2007. The impact of this recession has…

Privacy Issues Arise as IRD Requests Data on Cryptocurrency Users

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The Inland Revenue Department is asking cryptocurrency companies to hand over their clients’ personal details as well as their digital currency holdings for tax payment purposes. The New Zealand tax agency claims that this kind of data sharing will increase their understanding of crypto assets in New Zealand, “so we…

NZ Treasury Anticipates a NZ$1 Billion Blow

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Authorities expect the most recent nationwide lockdown, prompted by the return of new COVID-19 cases, to cost the NZ economy a billion dollars. BNZ bank economists estimate that the lockdown measure will impose a 1-2% impact on NZ’s 3rd quarter GDP. A spokesperson for the bank explained: “This estimate will…