Tracy Withers

Wellington

Reporter at Bloomberg News

Bloomberg News reporter in New Zealand. All opinions are my own. @business

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Articles

New Zealand’s Economic Recovery Gathers Pace as Exports Jump

1 week ago | bloomberg.com | Tracy Withers

(Bloomberg) -- New Zealand’s economic recovery from a 2024 recession gathered pace in the first quarter as the central bank lowered interest rates and exports surged. Gross domestic product rose 0.8% in the three months through March, accelerating from a downwardly revised 0.5% growth in the fourth quarter, Statistics New Zealand said Thursday in Wellington. The result was slightly better than the 0.7% growth expected by economists.
New Zealand Pauses Cook Islands Funding Over China Deal

1 week ago | bloomberg.com | Tracy Withers

The region of Turoa on the Southern side of the Island of Rarotonga, the largest island in the Cook Islands. (Bloomberg) -- New Zealand has paused development funding to the Cook Islands after the tiny South Pacific nation signed agreements with China without the expected level of consultation. The strategic partnership agreement signed in February with Beijing includes cooperation on seabed mining and the establishment of diplomatic missions.
New Zealand Plans Switch to Annual Data-Driven Census From 2030

1 week ago | bloomberg.com | Tracy Withers

Pedestrians cross a street in the retail area of Newmarket in Auckland, New Zealand, on Saturday, Feb. 22, 2025. New Zealand’s central bank will slow the pace of interest-rate cuts after a third straight reduction of 50 basis points, saying lower borrowing costs should begin to stoke an economic recovery.
Tourism Holdings Gets Approach From BGH Capital, Trouchet Family

1 week ago | news.bloombergtax.com | Tracy Withers

XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
Tourism Holdings Gets Approach From BGH Capital, Trouchet Family

1 week ago | news.bloomberglaw.com | Tracy Withers

Tourism Holdings received an unsolicited, conditional, non-binding indicative proposal NBIO from a special purpose vehicle representing a consortium of BGH Capital and the family interests of Luke and Karl Trouchet to acquire all the shares in the Company, either by way of a scheme of arrangement or a takeover offer.
New Zealand Immigration Decline May Impede Economic Recovery

2 weeks ago | bloomberg.com | Tracy Withers

(Bloomberg) -- New Zealand immigration fell to a two-and-a-half year low in April, adding to risks of a slower-than-expected economic recovery that could prompt more interest-rate cuts. Annual net immigration dropped to 21,317 from a revised 21,959 in the 12 months through March, Statistics New Zealand said Wednesday in Wellington. The data came just weeks after the Reserve Bank abruptly pivoted to forecast a recovery in immigration this year.
RBNZ Says Adrian Orr Resigned as Governor Over Funding Cut

2 weeks ago | bloomberg.com | Matthew Brockett |Tracy Withers

Adrian Orr(Bloomberg) -- New Zealand’s central bank said former governor Adrian Orr resigned over government cuts to the bank’s funding. Responding to Official Information Act requests from Bloomberg News and other media, the Reserve Bank on Wednesday released a raft of documents pertaining to Orr’s unexpected resignation on March 5.
New Zealand Government Faces Legal Challenge Over Emissions Plan

2 weeks ago | bloomberg.com | Tracy Withers

(Bloomberg) -- A group of New Zealand lawyers has begun proceedings against the government alleging that its greenhouse gas emissions reduction plan fails to fulfill basic requirements of the law. The Environmental Law Initiative and Lawyers for Climate Action NZ Inc have launched the action against the Minister of Climate Change Simon Watts, according to a statement Tuesday in Wellington. They allege the government’s plan fails to meet key requirements of the Climate Change Response Act.
New Zealand All Blacks Rugby Team Agrees Sponsorship Deal With Broker Gallagher

3 weeks ago | insurancejournal.com | Tracy Withers

New Zealand Rugby agreed a sponsorship deal with Gallagher insurance that will give the US-based insurance brokerage naming rights on the playing kit of the All Blacks rugby team. Gallagher’s brand will appear on training and match-day shorts of the All Blacks as well as the national women’s side the Black Ferns, the Maori All Blacks and the men’s and women’s seven-a-side teams, New Zealand Rugby said Wednesday in Wellington. No commercial terms for the multi-year deal were disclosed.
New Zealand House Prices Fall Further Even as Loans Get Cheaper

3 weeks ago | bloomberg.com | Tracy Withers

(Bloomberg) -- New Zealand house prices fell for a second straight month, suggesting the property market lacks momentum even as interest rates fall. Prices fell 0.1% in May from April, when they declined a revised 0.1%, property consultancy Cotality said Thursday in Wellington. The April result was previously reported as a 0.3% increase.