NZX at mercy of overseas investors,  How Fonterra’s competitors compare, Oz joins NZ at macro prudential tools party

In NBR Print today: Calida Smylie reveals about half of New Zealand’s sharemarket is in foreign hands, an historic high Forsyth Barr dubs the “elephant in the room.” It’s the result of offshore institutions enticed here by high dividends in a low interest rate environment during the past five years.

Now analysts fear if the “elephant” takes fright – at the immigration tap being turned off due to September’s election, for example – it will cause a stampede for the exit and share prices to plunge.

Phil Barry explains that in spite of being dwarfed by Fonterra’s 84% share of New Zealand’s milk market, six main competing dairy processors are sizeable businesses in their own right.

Together they have total assets of above $2 billion and annual sales of $2.3 billion. A recently released report reveals they have adopted markedly different organisational forms and business strategies – and identifies common ingredients for success.

Jenny Ruth writes mounting anxiety about housing has prompted Australia’s banking regulator to slap restrictions on interest-only mortgages. “Don’t expect similar moves any time soon here, though – despite the Reserve Bank talking about needing more tools.

“As economists note, it’s unlikely in an election year. And besides, wouldn’t that be trying to saddle a horse that’s already bolted?”

Nathan Smith says real-time monitoring of municipal services will offer councils incredible insights to drive efficiencies. But wired cities are also vulnerable to havoc wreaked by hackers, he warns.

Tim Hunter explains the “consortium of high net-worth New Zealanders” that bought the troubled Nosh grocery chain in February is a limited partnership whose general partner is directed by a twice-discharged bankrupt. But Sydney-based director Andrew Phillips insists Jonathan Denize’s role is minor, as is his ownership interest.

Nevil Gibson finds beer baron-turned-philanthropist Sir Douglas Myers and comedian and satirist John Clarke made vastly different – but vital – contributions to the country they were both born in and chose to leave.

All this and more in today's NBR Print edition. Out now