12 Nov 2019

Today's business news: What you need to know

6:06 pm on 12 November 2019
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Photo: lenor/123RF

Latest - Annual net migration rose 10 percent in the year to September to 54,600.

However, more New Zealanders continue to leave the country than have been returning while more tourists are coming to our shores.

The number of visitor arrivals rose 3.8 percent in the year ending in September.

There was a total of 3.9 million visitors in the year, with 1.5m of those coming from Australia.

Economy motoring, but signs of slowing ahead

ANZ's truckometer, which follows freight movements, had tepid growth in October, suggesting lacklustre economic growth for a while yet.

The Heavy Traffic index, which looks at current conditions rose 2.5 percent - the second strong monthly lift in a row.

But the Light Traffic index, which gives a six months-ahead view of the economy, rose just 0.1 percent, pointing to flat growth.

ANZ senior economist Miles Workman says the latest results are unimpressive, but the indices aren't ringing recession alarm bells.

Vital Healthcare's property portfolio has strong growth

The manager of the hospital property investor says its core portfolio has performed strongly over the past quarter, with with like-for-like net property income rising nearly three percent on the year earlier.

Occupancy in the portfolio increased to 99.9 percent.

The company said it has $284 million of property developments underway, with another five in the pipeline, including the Wakefield Hospital in Wellington and and the Epworth Eastern Campus in Melbourne.

Extra $208m for NZ's largest wind farm

Mercury NZ will spend another $208 million building the country's largest wind farm near Palmerston North.

It had resource consent to build up to 60 turbines on the site in Turitea, but initially agreed to erect only 33 in March, at a cost of $256m.

However, it will now add the remaining 27 turbines.

The completed wind farm would produce as much as 840 gigawatt hours of electricity a year.

Read more on this story here.